Petrobras experienced a significant drop in market value following the unexpected resignation of its president. A new leader, formerly with the National Agency of Petroleum, Natural Gas, and Biofuels (ANP), was appointed. This change resulted in a loss of over R$35.5 billion ($6.89 billion) in market value in a single trading session. During the session, […]
In early 2024, Mexico set a record with $20.313 billion in foreign direct investment (FDI), marking a 9% increase from 2023. However, only 3% of this was new investment, showing investor caution despite nearshoring opportunities. During a May 15 press conference, President Andrés Manuel López Obrador celebrated this as a historic achievement. He highlighted how […]
Global oil demand will increase by 1.1 million barrels per day (mb/d) in 2024, according to the International Energy Agency (IEA). This projection is 140,000 barrels per day (kb/d) lower than last month’s estimate. Weaker deliveries, especially in Europe, caused OECD demand to contract in the first quarter. However, the outlook for 2025 remains stable. […]
Nicolás Maduro, facing internal challenges, has increased Venezuela’s military presence near the disputed Esequibo region. Since February 9, the Venezuelan military has deployed substantial personnel and equipment to this area. The Center for Strategic & International Studies (CSIS) documented these developments, incorporating satellite photos as evidence in their report. Despite tensions and a case at […]
President Luiz Inácio Lula da Silva has officially nominated Magda Chambriard to lead Petrobras, a critical company for Brazil’s economy. Brazil’s state-owned oil company will now have an experienced engineer at its helm. Chambriard brings extensive experience in the oil and gas sector. She previously served as General Director of Brazil’s National Agency of Oil, […]
Port-au-Prince Airport reopened after being closed for over two months due to a violent attack by armed groups on March 5th. Haiti’s National Police (PNH) announced the resumption of commercial flights. The reopening included a cargo flight and two Sunrise commercial flights. Enhanced security measures enabled this move. Local authorities collaborated with the United States […]
On May 14, Venezuela’s UN ambassador, Samuel Moncada, announced a notable new initiative aimed at achieving transactional freedom. The country plans to propose the creation of a sanctions-free economic zone that aims to allow countries to conduct business without the crippling impact of sanctions. “We are proposing an economic zone where such measures have no […]
The Brazilian Central Bank’s Economic Activity Index (IBC-Br) revealed an unexpected drop in March 2024, surprising analysts. The index fell by 0.34% compared to February. This decline followed a 0.40% increase in February. The Central Bank released this data on Wednesday. Analysts had predicted a smaller decline of 0.30%. This surprise raised concerns about the […]
Multi (MULT3), formerly Multilaser, reported a net loss of R$69 million ($13.4 million) in Q1 2024. This represents a 78.8% decrease from Q4 2023 and a 79.9% decrease from Q1 2023. Multi’s EBITDA was negative R$27.3 million ($5.3 million), a 90.4% drop from the previous quarter and a 90.8% drop from the same period last […]
Positivo (POSI3) reported a net profit of R$64.3 million ($12.5 million) for the first quarter of 2024. This profit is a significant increase, 7.5 times higher than the same period in 2023. It marks 65 percent annual growth. According to the company, this is the highest first-quarter net profit ever recorded. The company’s EBITDA for […]
Google has announced bold plans to deeply integrate artificial intelligence (AI) into its search engine and Android smartphones. These advancements underscore AI’s growing role in daily technology. This move is part of a broader effort by tech giants to dominate the AI industry. At the Google I/O 2023 conference, Google introduced several AI-powered updates. They […]
Recent disruptions to undersea cables have highlighted the vulnerability of East Africa’s internet infrastructure, with several countries experiencing significant outages. This incident, marking the third major disruption this year, affected internet users across Kenya, Uganda, Tanzania, Rwanda, Mozambique, Malawi, and Madagascar. The disruption followed damage to the EASSy and Seacom cables. Recovery efforts are underway, […]
In 2023, the automotive landscape in Southeast Asia underwent notable changes, with Malaysia surpassing Thailand to become the region’s second-largest market, just behind Indonesia. This shift reflects the dynamic nature of global automotive competition, where strategic economic moves and market adaptability shape standings significantly. ASEAN nations saw varied performances in light vehicle (LV) sales. Indonesia […]
State-owned BASIC Bank and Rajshahi Krishi Unnayan Bank (Rakub) have sought clarity from the finance ministry on their proposed mergers. This request follows substantial deposit withdrawals after the merger announcements, destabilizing both institutions. In early April, after merger news broke, BASIC Bank saw deposit withdrawals totaling around Tk2,500 crore ($215 million). This massive outflow, initiated […]
A day after the Copom minutes release, the market shifts focus to lesser but still important economic indicators. This shift follows the Monetary Policy Committee’s analysis and decisions. It impacts Wednesday, the 15th’s market landscape significantly. Today’s key economic highlights include the Eurozone’s first-quarter GDP. Additionally, April retail sales in the United States will be […]
Porto, formerly Porto Seguro, reported a net profit of R$ 651 million ($126.3 million) for the first quarter. This marked a 90.2% increase from the same period in 2023. The company’s profit surge highlights its influence in the Brazilian insurance market. Porto’s total revenue rose by 14.2% to R$ 8.6 billion ($1.67 billion). Growth in […]
In a notable first-quarter turnaround, JBS achieved a profit of R$ 1.6 billion ($310 million), reversing the losses from the previous year. Brazil-based JBS is one of the world’s largest food companies, processes beef, pork, and other products, playing a vital role in supplying essential proteins globally. Analysts had predicted a profit of only R$ […]
The Chilean government raised its economic growth forecast for 2024 to 2.7%, up from 2.5%. This optimistic projection comes from the Ministry of Finance’s first-quarter Public Finance Report. The report was presented to the Senate. Several factors contribute to this revised outlook. The Ministry of Finance attributes the increase to accumulated momentum since mid-2023 and […]
The Central Bank of the Argentine Republic (BCRA) announced a new interest rate reduction yesterday night. They lowered the reference rate from 50 percent to 40 percent. This announcement followed the release of the official April inflation data. The data showed a monthly rate of 8.8 percent, the lowest in six months. It was also […]
As Mexico strides into 2024, it encounters a significant economic slowdown paired with an anticipated growth of 2.2 percent. Meanwhile, a surge in federal spending has escalated the national budget deficit to about 6 percent of the GDP. Since 1988, this represents the largest fiscal gap, pushing the nation toward possible drastic spending cuts or […]
Venezuela’s oil production reached 878,000 barrels per day in April, hitting its highest level since May of the previous year. This increase of 4,000 barrels from March shows a steady rise despite ongoing challenges. The Organization of the Petroleum Exporting Countries (OPEC) reported that Venezuelan crude oil prices reached $74.91 per barrel in April. This […]
Brazil’s Supreme Court President, Luís Roberto Barroso, sparked intrigue by advocating for artificial intelligence (AI) in the judiciary. He suggested AI might eventually draft court rulings. At a J20 meeting in Rio de Janeiro, attended by G20 supreme court leaders, Barroso shared the Supreme Court’s AI usage. This includes organizing cases by type and categorizing […]
On Tuesday evening, Petrobras (PETR4) announced that CEO Jean Paul Prates requested an early termination of his tenure. Prates, appointed by President Luiz Inácio Lula da Silva in January 2023, will step down as a board member once the termination is approved. Weeks of pressure from Lula’s administration led to his resignation. Debates over the […]
(Analysis) The latest update from Brazil’s Monetary Policy Committee (Copom) indicates the nearing end of the interest rate reduction cycle. Expectations are setting the stabilization rate between 10% and 10.5%. This update comes as the nation addresses shifting economic forecasts influenced by recent adjustments in government fiscal policies. The disclosed minutes from Tuesday’s meeting highlighted […]
Nubank reported a net profit of $378.8 million in the first quarter of 2024, marking a 167% increase from the same period last year. Despite this impressive growth, the figure fell short of the $404.8 million analysts had projected. Compared to the previous quarter, the net profit grew by nearly 5%. The company’s revenue hit […]