NEWSLETTER OCTOBER 2024
MURRAY ADVOGADOS
Entries by Gelcy Bueno
Lower House rejects wealth tax, advances tax reform regulation
Proposal was introduced by the Socialism and Freedom Party (PSOL) in bill establishing Goods and Services Tax committee 10/31/2024 Brazil’s Lower House rejected the creation of a Wealth Tax (IGF) and, with this decision, completed the second phase of tax reform regulation on Wednesday (30). The proposed tax was introduced by the Socialism and Freedom […]
Banks become shareholders in restructured companies
Strategy is being used in bankruptcy processes involving multiple creditors 10/31/2024 The conversion of debt into equity during company restructurings has firmly established itself as a debt reduction and deleveraging strategy in the Brazilian market. This mechanism has been increasingly employed in major bankruptcy processes, with more creditors, including financial institutions, more comfortable with the […]
CSN to sell up to 11% of mining unit, still eyeing InterCement
Exclusive agreement for the acquisition was renewed this week, with expectations that the deal will be finalized by year-end, according to people close to the Brazilian steelmaker 10/31/2024 Benjamin Steinbruch’s Companhia Siderúrgica Nacional (CSN) announced the sale of up to 11% of its mining subsidiary to Japan’s Itochu Corporation, in a deal potentially exceeding R$4.3 […]
IBAMA upholds denial for Petrobras drilling in Amazon basinrazil’s environmental agency listed technical issues they believe prevent reversing previous decision against permit
10/30/2024 Twenty-six analysts from the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) signed a report recommending the environmental permit denial for Petrobras to drill a well in Block FZA-M-59, located in the Foz do Amazonas Basin on the Equatorial Margin, should be upheld. The team listed technical issues they believe prevent reversing the […]
CVM streamlines regulations for public takeover bids
New guidelines, part of the 2024 regulatory agenda, take effect on July 1, 2025 10/30/2024 The new rules concerning the so-called OPAs—public takeover bids—were issued on Tuesday as part of the Brazilian Securities and Exchange Commission’s (CVM) regulatory agenda for this year. These measures will come into force on July 1, 2025. Public takeover bids, […]
China to demand full traceability for beef supply chain
First shipments of 100% traceable beef expected by 2025, according to Chinese NGO Global Enviromental Institute 10/28/2024 China, the main destination for Brazilian beef exports, signaled during its last technical visit to Brazil in December that it will soon require full traceability across the beef supply chain, from the birth of the animal to its […]
Municipal election results weaken Lula-Bolsonaro polarization
Centrist Social Democratic Party emerges as the big winner, electing 887 mayors; Brazilian Democratic Movement secures 854 10/28/2024 This year’s municipal election results have diluted the national polarization between President Lula and former President Jair Bolsonaro. In most of the 50 runoff contests, candidates occupying the political center emerged victorious. Those who remained strictly within […]
Petrobras tops dividend yield rankings for the year
Metric derived from the ratio of shareholder payouts to stock price 10/25/2024 Petrobras has emerged as the Brazilian company with the highest dividend yield this year. The preferred and common shares of the oil giant are leading the list of stocks with the highest “dividend yield” (DY) percentage, according to a report by financial information […]
High inflation reading shows challenging outlook
ith a rise of 0.54% in October, the IPCA-15 presents concerning data, according to economists, and inflation estimates for this year may worsen 10/25/2024 Mid-month inflation index IPCA-15— a barometer for Brazil’s full month official inflation—presented “concerning” data in the eyes of economists, potentially triggering upward revisions in inflation estimates for 2024. The index rose […]