Brazilian Business Roundup - February 23
The Brazilian Report
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Welcome to your go-to source for the latest in Business and Tech across Brazil and Latin America! Each week, we bring you a curated roundup of the most intriguing stories, ensuring you stay informed and ahead of the curve.?
In just 5 minutes, you'll get a concise overview of the region's key developments, from groundbreaking tech innovations to pivotal business moves. Our mission is to provide you with valuable insights to drive smarter decisions and spark new ideas. Ready to dive into the highlights? Let's get started!
??Here’s our Top Stories:
??Javier Milei on the defensive after USD 100 million online scam
As a libertarian economist, Argentina’s President Javier Milei rose to fame preaching the virtues of unregulated markets. But one of them could prove to be his undoing, as his government is under fire for promoting a cryptocurrency scam that cost users as much as USD 100 million in a matter of hours.? Read more
??Petrobras launches its biggest-ever offshore platform.
Brazil launched its largest-ever offshore oil platform, marking a significant expansion of its pre-salt oil production capabilities and strengthening its position in global energy markets. Read more.
?? Testing Brazil’s grid limits
Solar power generation has gone through the roof in Brazil in recent years, with the operator of Brazil’s electricity grid foreseeing a near 50% supply increase in a form of solar energy production known as distributed generation over the next five years. However, the grid sees a risk of this deluge of solar power overloading substations in the medium to long term, potentially causing blackouts in scores of substations nationwide.? Read more
??Worth keeping an eye on!
??Mine over matter: Brazil's potash gamble. Read more
????Labor lawsuits make a comeback in Brazil Read more
??Affordable but hollow health care plans. Read more
?Heavenly ceilings, earthly cracks. Read more
??#ChartOfTheWeek: Bidenomics in the Tropics?
When left-wing economists André Roncaglia and Nelson Barbosa — planning minister under former President Dilma Rousseff — published “Bidenomics in the Tropics” in 2022, they aimed to laud then-US President Joe Biden’s ambitious public investment agenda to revitalize American industry and support the working class, while encouraging Brazilians to consider similar policies at home. Yet, the book revealed itself to be prescient in an unexpected way:
Driving the news. Pollster Datafolha has recently published its latest presidential popularity survey, with scathing numbers for Lula. His approval rate dropped a whopping 9 points since December to 24% — a personal low for him, who served as president between 2002 and 2010.
?? Why it matters. According to Datafolha, Lula lost ground among every voter cohort — echoing the dissatisfaction flagged by other polls. That erosion of support also happens among his most loyal constituencies, such as low-income and black voters.?
What’s happening. Presidents often bear the brunt of public opinion when it comes to economic performance, for better or worse. In this case, however, much of the current market volatility and economic uncertainty can be directly attributed to the government’s actions.?
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??? On this week’s podcast …
??This week on the #ExplainingBrazil Podcast: Bolsonaro faces criminal charges for coup plotting. Trump’s media group is suing a Brazilian Supreme Court justice. And Brazil’s organized crime groups are expanding far beyond the drug trade. Tune in now for the full story! ?? Listen to the full podcast here!
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That wraps up this week’s edition. See you next Sunday evening! Subscribe to the Brazilian Business News Roundup, your essential weekly recap to never miss a beat in Brazil’s business environment.
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Founded in 2017, The Brazilian Report is an English-language media outlet uniquely positioned to provide an insider’s view of current affairs in Brazil and Latin America, with a mission to make Latin Americans’ voices heard and become the reference for Latin American news worldwide. An award-winning newsroom, The Brazilian Report has just received recognition for its portfolio of newsletters at this year’s Wan Ifra Awards.
Within 6 years of existence, The Brazilian Report has gained international recognition. It has become the go-to source for several embassies, think tanks, and international news outlets, including Time Magazine, CNBC, BBC Worldwide, Vox, Axios, Radio France, CGTN, among others.