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The global economy is expected to continue expanding at a moderate pace over the coming two years, but policymakers must ensure that instability in financial markets and underlying fragility in some major economies are not allowed to derail growth, according to the OECD’s latest Economic Outlook. Growth in the United States is projected at a 2.9% rate in 2014 and a 3.4% rate in 2015. In Japan, GDP is expected to drop to a 1.5% growth rate in 2014 and a 1% rate in 2015. The euro area is expected to witness a gradual recovery, with growth of 1% in 2014 and 1.6% in 2015 (Rotterdam Week).
Brazil’s economy added 94,893 net payroll jobs in October, the labor ministry said, below market expectations in a sign that job creation in the South American country is cooling (Reuters).
The preview of the Industry Confidence Index (ICI) of November indicates an increase of 0.7% regarding the final outcome of October, considering data free of seasonal influences . If confirmed, this increase would interrupt the trend of deteriorating confidence started in June and would lead the index to 98.5 points, the highest since last August (FGV-IBRE).
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“They Don’t Speak Spanish in Brazil” is the go to resource for learning the culture and for conducting business in Brazil by Joseph and Claudia Brito Low.
The Portuguese version of Professor Cees van Riel’s highly acclaimed book entitled “The Alignment Factor – Leveraging the Power of Total Stakeholder Support”, published last year, has now been presented in Brazil as well with talks in Itaú, São Paulo and Belo Horizonte. Entitled “Reputação: o valor estratégico do engajamento de stakeholders”, this book is the first title in Portuguese about reputation, alignment and the strategic role of communication (Rotterdam Week).
BNDES decided to run the loan guarantee of approximately US$ 252 million made to the naval company OSX, from Eike Batista, who filed for bankruptcy last week. With this, Votorantim bank, which gave surety letter for the financing, takes over the position as creditor from the public bank (Folha).
Swiss Re, the world’s second-largest reinsurer, said it agreed to acquire a $334 million stake in Brazilian insurance group SulAmérica . The deal is expected to be completed in the fourth quarter (Reuters).
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Infestations of the Helicoverpa caterpillar in Brazil’s grain belt prompted the agriculture ministry to declare a state of emergency in the leading soy state of Mato Grosso, highlighting the potential risk to large parts of the crop (Reuters).
Fibria Celulose SA , the world’s largest producer of eucalyptus pulp, agreed to sell about $600 million of land in a bid to win back its investment-grade debt rating. Shares of Fibria rallied to a three-year high as executives forecast a return to investment grade for its foreign debts by June 2014 – the capstone in a two-year push to cut a hefty debt load (Reuters).
Embraer Executive Jets announced the purchase agreement for an ultra-large Lineage 1000 to Arab Wings. The aircraft will be managed on behalf of an undisclosed customer and be available for third party charter. The aircraft will join a super midsize Legacy 600 and large Legacy 650 already on Arab Wings’ AOC, operating out of its Jordan base. Delivery of the aircraft is scheduled for the first semester of 2014 (Embraer).
The government breathed a sigh of relief yesterday, as it was confirmed that there will be more than one competitor in the bidding for the airports of Galeão, in Rio de Janeiro, and Confins, in Belo Horizonte. The government had delayed the bidding for over a year, changing several times the format under which it was to take place. It had also conducted publicity campaigns outside the country in order to promote the sales. Five groups have submitted proposals for the bidding, which will take place on Friday. All will bid for Galeão, and three of the five will also bid for Confins. The government has not published their names, in order to avoid cartel formation. However, Folha has learned that they are large construction companies linked to organizations that run some of the largest airports in the world, including airports in London, Paris, Frankfurt, Amsterdam, Munich, Zurich and Singapore.
OIL & GAS
It’s going to be a nail-biting few days ahead for Petrobras’s investors, Brazil’s ethanol industry and anyone with a car in the Latin American country. Next Friday at Petrobras’s board meeting, the government is set to decide on whether to increase fuel prices in the country and, more importantly, whether to keep prices in line with international levels in the future (FT Beyond Brics).
OGX’s request to include offshore units in Brazil’s biggest bankruptcy case was rejected by a Rio de Janeiro court. Judge Gilberto Matos agreed to begin bankruptcy protection proceedings for Eike Batista’s oil company while refusing to include the Vienna-based unit that sold $3.6 billion of dollar-denominated bonds, according to a decision published on the Rio State Tribunal’s website. OGX will appeal the foreign units’s exclusion, the company said in a statement (Bloomberg).
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BRAZIL WEEKLY’S BRAZIL’S NEXT 10 HOTTEST BUSINESS CITIES
Check out our revised, 2013, edition! No doubt the biggest and most important business centres of Brazil are the megacities of Sao Paulo and Rio de Janeiro and do not forget most other state capitals like Belo Horizonte, Salvador da Bahia, Recife, Fortaleza, Curitiba and Porto Alegre. But Brazil is big and there are plenty of other fast developing cities, not being state capitals. So for a minute forget Sao Paulo, Rio and those other 2014 World Cup host cities and check out Brazil Weekly’s Brazil’s Next 10 Hottest Business Cities 2013.