10/21/2025 

 — Foto: Pixabay
— Photo: Pixabay

FictorPay, a fintech, was the target of a hacker attack that stole company funds on Sunday. The information was first reported by Platô Br and confirmed by Valor.

FictorPay offers financial services for businesses, such as accounts, loans, advance payments, and payment tools. According to one source, Brazil’s Central Bank observed unusual financial transactions through FictorPay on Sunday and alerted Celcoin, the company to which FictorPay is affiliated. Celcoin is linked to Pix, the Central Bank’s digital payment system, but FictorPay is not.

Sources following the case say that it was “a direct attack” on FictorPay, unlike other attacks occurred this year. In these other cases, the attacks were carried out through information technology service providers (ITSPs), which are the companies that connect financial and payment institutions, on the one hand, and BC’s systems, such as Pix itself, on the other.

According to the sources, no systems managed by the Central Bank were attacked.

In a statement, FictorPay said it was notified of “irregular activity in the technology environment of a service provider that serves several companies, including [our] company.” According to the fintech, “the incident is being investigated by the provider itself, with the support of information security specialists, and to date, there is no record of any impact on FictorPay’s own systems.”

Celcoin also released a statement saying that there was no invasion, attack, or compromise of its technology infrastructure or transactional environment. “Atypical activity was identified in a customer’s account, which was promptly detected by our monitoring systems. As soon as the behavior was noticed, we preventively blocked the transactions and immediately alerted the customer.”

“Analysis indicates that the origin of the incident lies with a white-label application solutions provider used by this customer and other companies in the market, impacting several BaaS and Core Banking players, with no connection to Celcoin,” it stated. The company says it is “supporting the customer in the investigation and recovery procedures.”

When contacted, the Central Bank declined to comment.

*By Estevão Taiar and Álvaro Campos — Brasília and São Paulo

Source: Valor International

https://valorinternational.globo.com/

10/21/2025


Reactor fire in Paraná disrupted electricity across Brazil for up to 2.5 hours — Foto: Divulgação/Bombeiros
Reactor fire in Paraná disrupted electricity across Brazil for up to 2.5 hours — Photo: Divulgação/Bombeiros

A fire at a power substation in the southern state of Paraná triggered a nationwide blackout in the early hours of Tuesday (14), highlighting structural vulnerabilities in Brazil’s electricity grid.

The incident occurred at a reactor in the Bateias substation operated by Eletrobras, which is part of a 500-kilovolt (kV) high-voltage transmission line. The fire caused the shutdown of about 10 gigawatts (GW) of power. While some regions experienced only brief outages, others were left without electricity for over two hours.

President Luiz Inácio Lula da Silva met with Mines and Energy Minister Alexandre Silveira at the presidential palace just hours after returning from an overseas trip to discuss the incident.

The blackout activated the Regional Load Relief Scheme (ERAC), a safety protocol that automatically disconnects parts of the system to prevent broader damage. Authorities downplayed the event and rejected the notion of a systemic crisis. Mr. Silveira called it a one-off infrastructure issue, saying Brazil’s national grid operator, ONS, responded promptly.

ONS said the fire severed the connection between the southern grid and the Southeast and Central-West regions, prompting a preventive supply cut across the country in varying degrees. The Ministry of Mines and Energy classified the incident as a “severe contingency.”

In a statement, ONS said it began a coordinated response to restore power as soon as the situation was identified. Electricity was reestablished in the North, Northeast, Southeast, and Central-West regions within 90 minutes. Full restoration in the South took about two and a half hours.

ONS Director-General Marcio Rea said in the statement that the agency quickly reestablished the system, “demonstrating the robustness of the National Interconnected System (SIN).” He described the event as a controlled power interruption caused by a “fortuitous incident,” the type of failure that could happen in any country.

Eletrobras said the shutdown was triggered by a “reactor incident” and that power was restored shortly after. “ONS will determine what led to the larger disturbance in the national system. Eletrobras will collaborate in identifying the causes,” the company said.

System resilience

While experts acknowledged the system’s general robustness, the scale of the outage raised concerns. Luiz Carlos Ciocchi, former ONS director-general, said the blackout was “very different” from a 2023 incident that did not involve a fire. “The first question that needs answering is what exactly happened at the substation and why a fire in one component shut down an entire plant,” he said.

Mr. Ciocchi added that the automatic protection scheme worked as intended, but further analysis was needed. “System security must always be a top priority in the power sector,” he said. He noted that the fire happened during low consumption hours and in a region without high renewable output. “The key is understanding what went wrong.”

Power systems engineer Celso Torino pointed out that the 10GW outage was almost equivalent to power plant Itaipu’s capacity of 14 GW.

“We need to better understand why a reactor fire at a 500kV substation caused the complete shutdown of 750kV lines connecting Itaipu’s 60-hertz output to Southeast Brazil,” said Mr. Torino, a former Itaipu operations director. “The N-1 security criterion tells us this shouldn’t happen.” He referred to the N-1 standard, which requires the grid to withstand the loss of a key component without triggering cascading failures.

Mr. Torino said the episode calls for a broader governance review of the national grid, including planning, operational stability, and consumer cost structures.

Carlos Adolfo Pereira, who heads the transmission division at the Brazilian Infrastructure and Basic Industry Association (ABDIB), said it was too soon to conclude there was a substation failure and a more detailed assessment was needed.

He noted that the industry has been investing in modernizing transmission systems, especially replacing outdated equipment. “Transmission companies are expected to invest about R$40 billion through 2034 to upgrade old infrastructure,” he said.

“Reliability issue”

Edvaldo Santana, former director at energy regulator ANEEL and a columnist for Valor, said the blackout was one of the most significant in recent memory. The August 2023 outage cut 22.5GW of supply, while a 2010 failure involving Itaipu lines knocked out about 11GW.

Mr. Santana questioned how a fire in a single reactor—typically considered a minor contingency—could affect the entire country, especially during low demand at around 12:30 a.m. “Even for a critical substation, a reactor fire should have been contained locally. This is a serious reliability issue,” he said.

Industry sources described the Bateias substation as strategically important, part of a high-capacity 500kV line, but said it should have withstood the failure. The widespread impact indicates the system is “sensitive” to minor incidents, they said.

Experts warned the event reinforces a troubling conclusion: Brazil’s grid remains “on a knife’s edge,” not due to energy shortages but because of a combination of structural weaknesses. These include fragile transmission infrastructure, equipment failures, excessive daytime solar generation followed by steep nighttime demand ramps, and networks that remain ill-equipped for extreme weather events.

Repeat of a known pattern

The event echoed a familiar pattern seen since the August 15, 2023 blackout. An ONS report blamed that outage on voltage control failures in wind and solar farms. Since then, the operator has adopted a more conservative management approach.

Still, Brazil has experienced at least five major blackouts since then. Even minor incidents have had an impact. In August last year, a short circuit at an Eletrobras substation caused by a stray kite left 942,000 households without power in São Paulo and Guarulhos.

Heavy rains also knocked down transmission lines and damaged dams in Rio Grande do Sul, while storms cut power to millions in the São Paulo metro area. In both cases, authorities struggled to respond quickly, leaving consumers in the dark for days.

Specialists advocate for capacity auctions and technologies such as batteries and reversible power plants to improve grid resilience.

“Until 2021, utilities invested R$18 billion a year. By 2025, that number will rise to R$46 billion. From 2025 to 2029, we expect R$235 billion in total investments, with 40% focused on modernizing networks,” said Ricardo Brandão, executive director for regulation at the Brazilian Association of Electricity Distributors (ABRADEE).

The blackout comes just as Brazil prepares to transition from the dry season to the rainy period, which starts in November. There is still uncertainty over rainfall patterns and the recovery of hydropower reservoirs. Operational challenges are compounded by the rapid growth of renewables and pricing distortions that create additional costs for consumers and threaten the sector’s balance.

Brazil narrowly avoided two national blackouts this year, one in April and another on Father’s Day, August 10. With low daytime demand, rooftop and small-scale solar generation surged to record levels, forcing ONS to disconnect large wind and solar parks to avoid overloads. Such incidents occur when the grid lacks infrastructure to carry excess generation, or when supply outpaces demand.

(Renan Truffi contributed reporting from Brasília.)

*By Marlla Sabino, Fábio Couto and Robson Rodrigues — Brasília, Rio de Janeiro, and São Paulo

Source: Valor International

https://valorinternational.globo.com/

10/20/2025 

 — Foto: Pete Linforth/Pixabay

— Photo: Pete Linforth/Pixabay
 

Online scams are part of Brazilians’ daily lives—some of the most common involve criminals posing as relatives in need and asking for help paying an upcoming bill or faking the kidnapping of a family member and demanding ransom. In 2025, however, the country saw more serious incidents affecting the national financial system. Hackers broke into C&M and Sinqia, two companies that provide tech services for Pix, Brazil’s instant payment system, and stole more than R$1.5 billion. In September, the Brazilian Federal Police arrested eight cybercriminals before they could pull off another billion-real hack against the Pix ecosystem, this time targeting Caixa Econômica Federal, a state-owned bank.

These cases are examples of crimes that have increasingly concerned governments and large corporations: attacks on critical systems, such as payment platforms, port and airport navigation systems, and the operation of power plants, including nuclear power plants. It’s no surprise that cybersecurity was the main topic of discussion at this year’s Futurecom in São Paulo. Hacks into critical systems have disruptive potential and can have a similar effect to a terrorist attack, except that the attackers can be miles away and easily conceal their identities. This is what happened last September, when a cyberattack hit several European airports, including Heathrow (UK), Brussels (Belgium), and Dublin (Ireland), among others.

The objective, in attacks on both government and corporate targets, is economic, whether by stealing large sums, demanding ransoms to “return” tech systems’ control to their original owners, or stealing citizens’ data for use in other crimes. “There’s [a lack of] punishment and difficulty in tracking and identifying these hackers. Furthermore, payments [to criminals] are made with cryptocurrencies, which can be untraceable,” says Márcio Kanamaru, leading partner for technology, media, and telecommunications (TMT) at KPMG.

The losses reach hundreds of billions of dollars. According to a study by Cybersecurity Ventures, published last March, ransomware attacks are expected to cause losses of $57 billion this year, and the figure is expected to reach $276 billion per year by 2031. According to an IBM global survey on the cost of data breaches conducted with approximately 600 companies, these attacks caused, on average, losses of $4.4 million for companies. Furthermore, some industries face more problems than others. The average loss among healthcare companies, for example, is $7.42 million per system breach. Criminals target databases containing patient information, which are then used to defraud insurance companies and impersonate people, among other crimes.

Losses vary from the ransom paid to criminals to the time it takes companies to fully restore their systems after a breach. The IBM survey indicates that 76% of organizations took more than 100 days to recover from an attack, while 26% took more than 150 days to resume normal operations—only 2% of the companies surveyed said they took less than 50 days to restore their systems. “This calculation compares similar situations. We try to understand how long the company’s system was down. But it’s still a very subjective metric,” explains Eliane Rodrigues, director of information security at VTEX.

Another problem is underreporting, as many crimes are not reported to authorities to avoid damaging the organization’s reputation. “Generally, companies don’t want their names involved; they often don’t even file a police report to avoid exposure,” says Paulo Baldin, director of cybersecurity at CLA Brasil. Underreporting is even more common in companies targeted by organized crime. “When a police operation and a company’s name appear in connection with a criminal group, it causes significant reputational damage,” emphasizes Paula Leite, director of business intelligence at security consultancy Control Risks.

But cybercrimes can take on even greater dimensions, especially when attacks are carried out between nations. “One of the first measures Russia took against Ukraine was to attempt to take down the enemy country’s digital infrastructure,” highlights Carlos Barroso, IP head for Latin America at Nokia. “These invasions are intended to demoralize governments and destabilize regions,” Mr. Barroso believes. “On a broader geopolitical level, it is possible to compromise energy and water infrastructure and cause very serious accidents for the population,” adds Arthur Capella, general director of Tenable Brazil.

These attacks are also becoming more frequent. In July, the Singapore Ministry of Defense said its critical systems were being targeted by hackers, allegedly Chinese, who were attempting to spy on essential sectors such as energy, telecommunications, and the public healthcare system. In October 2024, the servers of American Water, the largest public sanitation utility in the United States, were hacked, putting the water supply to 14 million Americans at risk. The company managed to shut down its systems before a major loss occurred, but the customer service portal, as well as the billing system, was down for a few days, creating problems for consumers.

The biggest challenge in the coming years will be building mechanisms to mitigate these risks, as the cybersecurity industry faces challenges such as a lack of skilled labor and the need for more investment, says Mr. Kanamaru of KPMG. “As the trend is for infrastructure to become increasingly digital, it’s important to consider a long-term government policy for cybersecurity. We will have to continually invest and have budgetary provisions to ensure these critical systems are always protected.”

*By Pedro Marques — São Paulo

Source: Valor International

https://valorinternational.globo.com/

 

 

 

 

10/17/2025 

Economic uncertainty and unchecked inflation expectations prompted Brazil’s Central Bank to keep borrowing costs at a higher level than in previous cycles, said Nilton David, the monetary authority’s monetary policy head.

Mr. David spoke at an event hosted by UBS BB in Washington, D.C. The Selic benchmark rate currently stands at 15% per year.

“The Central Bank decided [in July, when it halted the tightening cycle] that it had already accumulated enough rate hikes to place us at a more restrictive level of interest rates and monetary conditions than would be prescribed under normal circumstances,” he said. “Why set the Selic at 15% and keep it there? Because inflation expectations were unanchored, and because there are many more layers of uncertainty in this cycle than in past ones.”

According to Mr. David, these “tighter conditions” in monetary policy require a “microscopic look” at all sets of data. Only then, he said, will it be possible to assess whether the Central Bank’s stance remains appropriate and whether inflation is effectively converging toward the target.

“This is the phase we’re in now. We believe we need to stay at this level for a fairly prolonged period until we’re convinced that the data are converging toward where we believe they should be,” he said.

In public remarks, Mr. David has repeatedly stressed the need for a tighter monetary stance than would be necessary if inflation expectations were anchored, and for a longer period than would be warranted in a less uncertain environment.

At its most recent meeting, when it kept the benchmark rate at 15% per year, the Monetary Policy Committee (COPOM) said it would remain “vigilant” and assess whether holding the rate at this level for a “prolonged period” will be enough to bring inflation back to target. The 12-month Extended National Consumer Price Index (IPCA) through September stood at 5.17%, compared to the 3% target, with a tolerance band of 1.5 percentage points above or below.

The Central Bank director underscored the importance of analyzing the full range of data during this extended period, “because the lagged effects are different in each sector” of the economy. “The data we’ve seen so far are consistent with what we’ve planned up to this point,” said Mr. David, who is in the United States to attend International Monetary Fund meetings.

He also noted that inflation expectations captured by the Central Bank’s Focus survey rose last year but have since fallen “consistently,” though they remain well above the 3% target. “Even if I’d hoped they would be moving faster than they are, they are moving in our direction and are likely converging toward what we believe will help bring inflation to target,” he said.

In setting the benchmark interest rate, the COPOM focuses on the first quarter of 2027, for which it projects an IPCA rising 3.4%. Median market projections from the Focus survey currently point to inflation of 3.9% in 2027 and 3.68% in 2028.

*By Gabriel Shinohara — Brasília

Source: Valor International

https://valorinternational.globo.com/

 

 

 

10/17/2025

The concession for the access channel of the Port of Paranaguá (Paraná), set to be auctioned on Wednesday (22), has drawn strong interest from both domestic and foreign groups. At the bid submission session held on Thursday (16) at the B3 stock exchange, in São Paulo, at least four groups were present, including representatives from Brazil’s DTA Engenharia, Belgium’s Jan De Nul, and China’s CHEC Dredging, part of China Communications Construction Company (CCCC). According to sources, Deme also submitted a proposal.

The project foresees R$1.2 billion in investments and a 25-year contract, renewable for up to 70 years. The main work involves deepening the channel from 13 meters to 15.5 meters, which will allow larger vessels to access the port. The deepening is expected to be completed by the fifth year of the concession. The winning group will also be responsible for maintaining the channel’s depth through regular dredging and managing vessel navigation.

The Paranaguá project is one of the most anticipated in Brazil’s port sector because it is the first concession focused exclusively on a port’s waterway channel. As such, it is expected to serve as a model for other similar projects under study.

According to Frederico Dias, director-general of the National Waterway Transport Agency (ANTAQ), ports that may follow the same model include Santos (São Paulo), Itajaí (Santa Catarina), Rio Grande (Rio Grande do Sul), and several terminals in Bahia.

The Itajaí project has already been submitted to Brazil’s public spending watchdog (TCU) and is the most advanced, with an auction planned for the first half of 2026. The Santos channel concession will enter the public consultation phase in November, Mr. Dias said.

Studies are also underway for a partial concession in Bahia covering the ports of Salvador, Aratu, and Ilhéus, which could include channel management, though discussions are still ongoing. The project for the Port of Rio Grande channel is at an early stage, but authorities are working to hold the auction in 2026.

“The private sector is better equipped to manage port channels, which is why we are pursuing this concession model,” Mr. Dias said. “The public sector faces administrative complexities that hinder quick and efficient delivery, whereas the private sector can ensure better channel maintenance, more frequent hydrographic surveys, and safer monitoring.”

According to Rafael Schwind, partner at Justen, Pereira, Oliveira & Talamini, port authorities—currently responsible for channel maintenance—have long struggled to hire dredging services. “Brazilian legislation does not allow long-term contracts for dredging or construction works. Historically, that has been a major issue,” he said.

The process has also faced a number of challenges from interested companies. ANTAQ has so far disclosed four formal objections to the auction.

DTA Engenharia, Brazil’s leading dredging company, criticized the lack of restrictions on foreign state-subsidized players and requested mechanisms to prevent vertical integration among port operators, especially since the Paranaguá Container Terminal (TCP), the port’s main operator, is owned by China Merchants.

“By failing to consider potential market concentration, authorities overlooked that a Chinese dredging firm like CHEC could result in two Chinese state-owned companies operating in the same port,” said Renan Beloto, DTA’s legal manager. “We have nothing against the Chinese government, but it poses a national sovereignty risk.”

The company also requested clearer rules for vessel operations and docking, arguing that having the channel operator under the same control as one of the terminals could create conflicts of interest in managing ship traffic.

ANTAQ rejected the objections, stating that the project includes legal safeguards to ensure competition and that many of DTA’s criticisms had already been reviewed and dismissed in earlier stages, including by the TCU.

Mr. Dias said that objections are common in complex auctions of this kind, but added that the arguments raised had been properly addressed. “As for foreign participation, restricting it would affect all auctions that allow international bidders. On the contrary, we want more competition,” he said.

The Dutch dredging group Van Oord also filed an objection, arguing that the timeframe to analyze the auction documents was too short and requesting a 60-day deferral, which was denied. The other two objections came from Etesco Construções and CTC Infra, both rejected by ANTAQ. In addition, DTA and Etesco have filed separate petitions with the TCU.

  • By Taís Hirata — São Paulo
  • Source: Valor International

https://valorinternational.globo.com/

 

 

 

10/17/2025 

Shares of foreign mining companies with rare earth projects in Brazil have risen since Thursday (9), following China’s announcement that it would impose stricter controls on exports of the group of elements. Some of these stocks reached record highs this week.

According to Valor Data, shares of Brazilian Rare Earths, listed on the Australian exchange, jumped 14.8% in just one week (from October 9 through 16), hitting an all-time high of A$5.72 on Thursday (16).

Aclara Resources, listed on the Toronto Stock Exchange in Canada, gained 5% over the same period and also reached a record high on October 14, trading as high as C$4.45. As of Thursday (16), the stock was stable at C$3.15.

Meanwhile, shares of Meteoric Resources and Viridis Mining, both listed in Australia, rose 15% and 15.08%, respectively, during the period.

According to the latest edition of the Critical Minerals Investment Guide, published by Brazil’s Ministry of Mines and Energy (MME), these four companies hold four or fewer of the ten rare earth mining projects currently in the pre-operational phase in the country.

“If we look at what’s happening globally, there are hundreds of projects under development, but the rise in the stock prices of miners operating in Brazil signals confidence, a bet that the country could become an important player compared to other regions,” said Fernando Landgraf, professor at the Polytechnic School of the University of São Paulo (USP) and former president of the Technological Research Institute (IPT).

Today, China dominates nearly the entire global rare earth supply chain, from production to processing. Brazil holds the world’s second-largest reserves but still plays only a minor role in production. The country’s only commercially operating mine, run by Serra Verde in Minaçu (Goiás), began operations in 2024 and aims to produce 5,000 tonnes of rare earth oxides per year.

Last year, global rare earth oxide production totaled 390,000 tonnes, with China accounting for 270,000 tonnes, or about 70% of the total, according to the U.S. Geological Survey (USGS).

Under China’s new rules, which will further tighten its grip on critical minerals, foreign companies will need Beijing’s approval to export magnets that contain even trace amounts of rare earth materials of Chinese origin, or that were produced using Chinese extraction, refining, or magnet manufacturing technologies.

Klaus Petersen, Brazil country manager for Viridis, said the company’s stock likely rose in response to the pressure China has been putting on the West. He noted that this environment makes rare earth companies, including those still in pre-operational stages, appear as potential future alternatives to China’s monopoly.

“China has increased export restrictions on rare earths, setting conditions such as knowing where the material is going and whether it will be used for military applications, which they oppose but can’t fully control,” Mr. Petersen said. “Everyone wants this material, especially for defense, not to mention electric vehicles. In any case, China has shut its doors even tighter, putting pressure on the entire Western world.”

Viridis’s project lies on the geological structure of an ancient volcano in the Poços de Caldas Alkaline Complex in Minas Gerais, with an expected average production of 9,400 tonnes of rare earth oxides per year, extracted from ionic clays that concentrate these elements.

For Marcelo Carvalho, CEO of Meteoric, the recent rally in the company’s shares will not necessarily accelerate investment decisions for its project, also located in the Poços de Caldas complex. Meteoric expects to produce 13,600 tonnes of rare earth oxides per year.

“Our investment depends on hitting certain milestones, such as environmental licensing and economic feasibility studies, which aren’t market-driven,” he said. “Of course, investor appetite grows, but the timing doesn’t change much.”

Mr. Carvalho added that investors are closely watching U.S. dependence on Chinese rare earths. “When the market sees restrictions, it invests in what could break those restrictions in the future,” he said.

As Valor reported in September, Viridis and Meteoric are pursuing strategies to diversify both financing sources and future buyers for their production, seeking paths that reduce exposure to Chinese influence.

Aclara and Brazilian Rare Earths did not comment before publication.

Aclara’s project is located in Goiás, and, in September, the company secured a commitment of up to $5 million from the U.S. International Development Finance Corporation (DFC) to fund its feasibility study in Brazil.

Brazilian Rare Earths’s project is located in Bahia, and the company announced this week it had raised 120 million Australian dollars (US$78 million) to accelerate the development of its rare earth initiatives in the country.

*By Michael Esquer — São Paulo

Source: Valor International

https://valorinternational.globo.com/

 

 

 

10/14/2025 

At a time when marketing seeks to reconnect with purpose and humanity, Luiz Lara, chairman of TBWA Brazil, has released “A alma brasileira do negócio” (“The Brazilian Soul of Business,” Matrix Editora), written in collaboration with journalist Thales Guaracy. The book serves as both a portrait of the golden age of Brazilian advertising and an essay on the future of an industry that, as he puts it, “has lost some of its emotion by submitting to the cold logic of algorithms.”

“My therapist told me it might be time to write—to write everything,” says Mr. Lara. “And I realized that was it—it wasn’t an ego trip; it was a way to make peace with my story,” he says.

What began as a therapeutic exercise, a way to mourn the loss of three close friends—including his former partner Jaques Lewkowicz—became a reflection on the meaning of communication in a rapidly changing world. Mr. Lara also wanted, in a symbolic way, to let his “children” fly: Lew’Lara\TBWA and ID\TBWA, now led by Marcia Esteves and Camila Costa, respectively.

More than an autobiography, “A alma brasileira do negócio” offers an emotional and critical perspective on advertising, told by someone who lived through a time when “advertising was driven by dreams, courage, and optimism.” Born from grief, the book celebrates the people, ideas, and brands that helped shape Brazil’s imagination.

Mr. Lara revisits a period when advertisers became part of the country’s cultural fabric—when advertising taught Brazilians to brush their teeth, dream of owning their first car, and believe in the future. “It was a Brazil that believed it could succeed, and advertising was a way of teaching that,” he says.

Yet nostalgia soon gives way to challenge. In his view, the industry has lost part of its soul by becoming captive to metrics, performance, and hollow rhetoric. “Brands still need to move people. Only the language has changed,” says Mr. Lara.

He also calls for more authentically Brazilian advertising—work that reflects the country’s character and creativity. “It can’t be done just in front of a computer, copying dull references from abroad,” he argues, underscoring the “Brazilian soul” invoked in the book’s title.

A lawyer by training, Mr. Lara became captivated by communication in the 1980s, inspired by figures such as Alex Periscinotto and João Doria. In 1992, he founded Lew’Lara with Jaques Lewkowicz, then an experienced creative professional who had worked at agencies such as Salles and Ogilvy. What began as a small agency soon grew into a powerhouse, eventually becoming the second-largest in Brazil.

In its early days, Lew’Lara’s clients were still considered modest, including brands such as Schin, Banco Real, Natura, and Minuano. The Talentos da Maturidade (Talents of Maturity) campaign, created for Banco Real in 1999, was among the first in Brazil to portray longevity in a positive light. Young, entrepreneurial, and somewhat of an outsider—“I wasn’t a prince, like Washington Olivetto,” he says in the book—Mr. Lara demonstrated exceptional talent for building relationships.

“Advertising is people,” he often repeats. The book is filled with characters, stories, and encounters that reveal the human side of the industry’s backstage.

In 2007, the sale of Lew’Lara to the TBWA group brought him the recognition he had long pursued—but also an unexpected sense of emptiness. “That was the moment I understood that success has a price,” he admits. In the book, he recounts the frustration of parting with brands he had helped build to integrate them into the network’s global portfolio.

“Telling Carlucci from Natura—Alessandro Carlucci, Natura’s former CEO—‘I can’t serve you anymore’ was like ending a marriage,” he recalls. “The relationship wasn’t commercial; it was emotional. It was an exchange of trust.”

After joining TBWA, the agency expanded its portfolio to include brands such as Visa, Absolut, Nivea, Nissan, and Friboi. Lew’Lara pioneered the transformation of a product that had long been treated as a commodity—meat—into a brand of value and desire. Its landmark campaign for Friboi (JBS), featuring actor Tony Ramos and later singer Roberto Carlos, redefined the category.

“Friboi was a game changer,” says Mr. Lara. “We were able to show that Brazilians were proud of what they put on the table. It was the first time meat gained identity, voice, and purpose in communication.”

The strategy repositioned the country’s entire meat sector, paving the way for new brands to emerge and reshaping how Brazilians consume and perceive quality.

The book also serves as a reckoning with the present. Mr. Lara reflects on the need to restore the true meaning of communication in an environment increasingly dominated by technology and performance.

“Brazilian advertising has always been recognized for its creativity and emotion. Today, we need the courage to move people again,” he says.

Weaving memories with reflection, the author explores themes such as ethics, purpose, and legacy. In his view, the future of brands depends on embracing a new logic of impact—one that Lew’Lara had already begun to champion in its early campaigns for clients like Natura and Banco Real.

“Companies can’t just be good. They need to do well, with method and measurement. Profit is important, but impact is what will ensure relevance,” he says.

Restless and still a self-proclaimed workaholic, Mr. Lara divides his time between his activities within the TBWA group, chairing the Cenp (Advertising Market Self-Regulation Forum) Council and the ESPM General Assembly, and running his advocacy and communication consultancy, To Be Good, which currently serves three clients.

When speaking about purpose, he avoids any hint of a messianic tone. “It’s not about being nice; it’s about doing good in a structured way. Brands need to understand the impact they generate—economic, social, and symbolic,” he concludes.

Written in just three months, the book emerged from long, candid conversations between Mr. Lara and journalist Thales Guaracy. “Even if no one reads it, I’ll be happy,” he says, with the calm of someone who writes not to persuade, but to understand.

*By Claudia Penteado — São Paulo

Source: Valor International

https://valorinternational.globo.com/

 

 

 

10/14/2025 

Less than a month before the United Nations Climate Change Conference (COP30) in Belém, Brazil’s environmental agenda in Congress shows little progress. In contrast, according to the Observatório do Clima, 50 bills with high potential for social and environmental harm are currently moving forward. Among the main concerns is this week’s scheduled review of presidential vetoes to the environmental licensing bill, which environmentalists see as a troubling sign just as the country prepares to host the pre-COP30 meeting.

The leadership of both the Chamber of Deputies and the Senate declined to comment. Behind the scenes, however, lawmakers say the polarized political climate has made it difficult to advance a constructive legislative agenda.

According to Nilto Tatto (Workers’ Party, PT, São Paulo), coordinator of the Joint Parliamentary Front for the Environment, there is a disconnect between the urgency of the climate crisis and Congress’s actions.

“While the government works to show results in reducing deforestation and seeks international financial support, Congress moves in the opposite direction, prioritizing regulatory rollbacks such as relaxed licensing and land regularization,” Mr. Tatto said.

For Suely Araújo, policy coordinator at the Observatório do Clima, the vote on the licensing vetoes—scheduled for Thursday (16)—is particularly worrisome.

“The farm caucus is expected to fight for the vetoes’ overturn. Another red flag is the Foreign Affairs Committee’s rejection of the Escazú Agreement,” she noted. Signed in New York in 2018, the Escazú Agreement is the first environmental treaty in Latin America and the Caribbean to guarantee access to information, justice, and protection for environmental defenders. Although Brazil signed it, congressional ratification is still pending.

The bill’s rapporteur, Congressman Evair Vieira de Melo (Progressives Party, PP, Espírito Santo), recommended rejecting the treaty, citing “practical implications and potential risks to national sovereignty and Brazil’s economic interests.”

“It’s extremely rare for Congress to reject an international agreement,” Mr. Araújo explained. “It reflects pressure from the ruralist bloc, criticism of environmental regulation, and fears about transparency—for instance, concerns that rural property data could become publicly available.”

Environmentalists are prioritizing the preservation of the presidential vetoes this week, though the likelihood of their being overturned is high. “If Congress overturns them, the only recourse will be to challenge the law before the Supreme Court through a direct action of unconstitutionality,” said Mr. Araújo.

Mr. Tatto attributes the lack of progress to the influence of the ruralist bloc—aligned with conservatives and the political center—and to polarization ahead of the municipal elections. “Today’s Congress is out of sync with the climate crisis,” he argued.

He noted that 2024 saw some positive developments, including the regulation of carbon markets, biofuels, and energy transition, often with support from agribusiness lawmakers.

“This year, however, there’s no long-term perspective—only short-term political interests. That endangers not just sustainability but also agriculture itself, which will suffer from climate impacts,” Mr. Tatto warned.

The environmental caucus believes that the anti-environmental agenda harms Brazil’s international image. “Congress undermines Brazil’s climate diplomacy. International observers interpret our votes as the country’s position, regardless of the government’s efforts in multilateral negotiations. It leaves us in a contradictory position as COP host,” Mr. Tatto said.

In March, Environment Minister Marina Silva met with 30 lawmakers to align a legislative strategy for COP30, but little progress has been made. According to ministry sources, efforts have focused on defending the environmental licensing framework from setbacks, leaving “little room” for advancing new positive initiatives.

Mr. Tatto said he plans to ask Chamber President Hugo Motta (Republicans of Paraíba) to bring at least a few pro-environment bills to the floor before the summit.

The 2025 Legislative Agenda, published by the Observatório do Clima and backed by 22 environmental organizations, identifies a “destruction package” of bills that could severely harm ecosystems, traditional peoples’ rights, and Brazil’s climate targets. These include measures that weaken licensing and land laws, alter the Forest Code and the Atlantic Forest Law, and even allow privatization of coastal zones.

On the positive side, environmentalists hope to advance proposals such as the Law of the Sea (creating a national marine conservation policy), the Circular Economy Bill (setting plastic reduction and recycling targets while compensating waste pickers), and the National Policy for Biodiversity Economy (PNDEB).

Other key proposals include a constitutional amendment recognizing climate security as a fundamental right, tougher penalties for environmental crimes, and the Agenda 2030 Bill, which aligns national policy with the UN’s Sustainable Development Goals (SDGs).

“It’s important for Congress to send a signal before COP30,” Mr. Tatto emphasized. “We’ll work to move at least part of this agenda forward. Right now, Parliament is disconnected from the climate crisis—and from the government’s own, albeit imperfect, efforts to confront it.”

*By Beatriz Roscoe — Brasília

Source: Valor International

https://valorinternational.globo.com/

 

 

 

10/14/2025 

Gol announced on Monday night (13) a corporate restructuring that will result in the airline’s delisting from Brazil’s stock exchange B3.

The move had been widely expected since the creation of holding company Abra Group in 2022 and aligns with plans for a future international listing, although no date has been set. Abra also controls Colombian carrier Avianca. Following Gol’s Chapter 11 bankruptcy filing in the United States, Abra increased its stake in the airline from around 52% to more than 80%.

The group has now proposed a structure designed to minimize further dilution of minority shareholders, aiming to avoid a repeat of past tensions. In 2021, Gol clashed with minority shareholders during the delisting of its Smiles loyalty program.

“The merger aims to reorganize the company’s operations, seek synergies, and reduce costs. Implementation of the transaction remains subject to corporate approvals, including from general meetings of the company, as well as third-party consents,” Gol said in a regulatory filing.

The transaction will be carried out through the merger of Gol and Gol Investment Brasil (GIB) into Gol Linhas Aéreas (GLA), a privately held company. Once completed, both GIB and Gol will cease to exist.

Each Gol shareholder will receive one GLA common share for each common share owned and 35 GLA common shares for each preferred share owned.

“In line with the Guidance Opinion No. 35 from CVM [Brazil’s Securities and Exchange Commission], the board of directors approved the formation of an independent committee, made up exclusively of independent board members, to negotiate the terms and conditions of the merger and the resulting share swap,” the airline said.

Gol has called an extraordinary general meeting and a preferred shareholders’ meeting for November 4 to vote on the merger.

Investors will be given the option to exit through a tender offer or remain shareholders in the group, which will become a privately held company under Abra’s control. The process is expected to be completed by February 2026.

Following the Chapter 11 process, shareholder dilution was substantial, while Abra’s control expanded. Gol’s preferred shares now have a free float of just 0.78%.

Abra declined to comment before publication.

Gol’s next moves are likely to face scrutiny from minority shareholders, with whom the company has had a contentious history.

In 2021, the company faced resistance from Smiles’ minority shareholders during the delisting of the loyalty program, which had become an independent company in 2013.

Between 2018 and 2021, Gol fought to regain control of the program, and company executives even clashed with analysts during conference calls on the subject.

Abra eyes IPO

The decision to absorb Gol into a private company clears a path for Abra’s long-awaited initial public offering, a key goal since the holding company was created. However, sources say the IPO window remains narrow. In 2024, Abra said it was also considering taking Avianca public, while the holding’s own IPO has yet to gain momentum in the market.

Founded in 2022 to support regional airline consolidation, Abra currently includes Gol, Avianca, aircraft leasing firm Wamos Air, and NG Servicios Aéreos, a charter airline. The group also holds debt from Chilean airline Sky that can be converted into equity.

On Monday, Abra requested authorization from Chile’s civil aviation authority (DGAC) to obtain an Air Operator Certificate (AOC) for NG, which is already registered in Chile.

End of merger talks with Azul

Gol’s restructuring comes less than a month after Abra formally notified Brazilian airline Azul that it was ending merger talks between the two carriers.

Gol also terminated its codeshare agreement with Azul, effectively avoiding potential scrutiny from Brazil’s antitrust regulator, CADE.

As reported by Valor, the talks were shelved after Abra was caught off guard by a statement from Azul’s head of institutional relations, Camilo Coelho, who told lawmakers during a congressional hearing that the discussions were “in the past.”

In previous years, merger talks between Azul and Gol had been tied to Abra’s broader strategy of building a strong regional holding company to compete with market leader Latam.

As Valor recently reported, Abra still sees consolidation as one of its main growth strategies. Sources say the group views acquisitions and mergers not just as opportunities, but as necessities in today’s airline industry, where other parts of the supply chain, such as aircraft and engine manufacturers, are already heavily consolidated.

*By Cristian Favaro, Valor — São Paulo

Source: Valor International

https://valorinternational.globo.com/

 

 

 

 

10/13/2025

The incomplete adoption of no-till farming, a planting system that reduces the impact of agriculture on soil health, increases Brazilian soybean producers’ costs with herbicides. This is the conclusion of the study “Brazil as a world leader in soybean production: until when and at what cost?”, conducted by the Escolhas Institute.

According to the study, between 1993 and 2023, soybean farming area grew 317% in the country, while the estimated use of synthetic herbicides increased 2,019%, to 195,000 tonnes. In 1993, for every kilogram of herbicide used by farmers, 23 bags of soybeans were harvested. Now, the harvest averages seven bags.

Juliana Luiz, research manager at the Escolhas Institute and one of the study’s coordinators, says the reason for increased herbicide use is the widespread adoption of no-till farming without complementary soil conservation practices.

No-till farming is based on three procedures: not turning the soil, maintaining permanent soil cover (with either plants or crop residues), and diversifying crops. “No-till farming is a very important revolutionary practice that prevents erosion and increases water and nutrient absorption. The problem is its adoption without integrated management,” says Ms. Luiz.

For the study, the authors used public data from the Brazilian Institute of Geography and Statistics (IBGE) on production, from the Ministry of Agriculture on the use of synthetic pesticides, and statistics from the Brazilian Federation of the No-Tillage System. The researchers visited and interviewed 34 farmers from Mato Grosso, Goiás, and Paraná, who cultivate a total of 88,100 hectares, to investigate their production practices. Escolhas analyzed 45 soil conservation and regeneration practices.

The producers were divided into conventional producers who adopt fewer of these practices; regenerative producers who used more practices; and farmers who use organic farming, a method that prohibits using synthetic herbicides and disturbing the soil, which precludes direct planting. According to the study, conventional producers adopt no-tillage systems, but only 31% use crop rotation, 15% use mulch, 15% use green manure, and 31% use organic manure.

When farmers don’t adopt complementary measures, Ms. Luiz says, no-till farming makes it difficult to combat weeds, requiring more herbicide applications. “With incomplete management, pesticide use needs to be increased.” She adds that producers use crop succession—soybean and corn, soybean and cotton—but not rotation, which involves greater crop diversity in the same harvest.

Henrique Debiasi, who researches soil management at Embrapa Soja, says that no-till farming is used on 33 million hectares in Brazil, but, according to him, there are no official statistics on the system’s full adoption. “No-till farming itself is widely adopted, with minimal soil disturbance. But permanent soil cover and crop diversification have low adoption,” he explains.

Mr. Debiasi says that not disturbing the soil already helps reduce erosion and increase productivity. Studies by Embrapa Soja show that no-till farming increases soybean productivity by 30% to 40% compared with conventional tillage. “But with the full no-tillage system, productivity increases by 50% to 60%,” says Mr. Debiasi.

The full system requires more preparation time, but producers are gradually increasing their adoption of these management techniques, according to Mr. Debiasi. “Soil cover has low adoption, but the biggest problem is the lack of diversification in the production system. We practice direct seeding, but not no-tillage,” he says.

Croplife Brasil, an association representing the pesticide industry, told Valor that it had not had access to the study and therefore would not comment on it. The association noted that the no-tillage system is a global benchmark in sustainable intensification.

“In tropical conditions, where straw decomposition is up to ten times faster than in temperate regions, the rational use of herbicides [is] a conservation tool, not a sign of dependence. [Without] chemical control, the no-tillage system would cease to exist, and so would the progress achieved,” Croplife said in a statement.

Croplife added that, according to the UN Food and Agriculture Organization (FAO), in 2021, Brazil ranked 41st in the global ranking for pesticide use per hectare—about half that seen in smaller markets. “This result shows that Brazilian proportional use is moderate and consistent with that of the world’s leading agricultural powers, contradicting the recurring perception of excessive use,” the association said.

*By Cibelle Bouças, Globo Rural — Belo Horizonte

Source: Valor International

https://valorinternational.globo.com/