Latest news with #ValorEconomico
Yahoo
2 days ago
- Business
- Yahoo
Brazil plans to cut tax breaks, curb education spending in fiscal package, say sources
By Bernardo Caram and Lisandra Paraguassu BRASILIA (Reuters) -Brazil's government is negotiating a package of fiscal measures with congressional leaders that includes cuts to tax exemptions and limits on the growth of transfers to an education fund, according to sources familiar with the talks. After initially signaling the measures would be unveiled on Tuesday, Finance Minister Fernando Haddad said they would be disclosed only after further discussions with party leaders on Sunday. First reported by local newspaper Valor Economico and confirmed by three government sources who requested anonymity, the package is being prepared as an alternative to the controversial hike in the financial transactions tax (IOF) announced last week, which drew broad backlash from lawmakers and business sectors. The plan focuses heavily on reducing tax benefits, a longstanding target of President Luiz Inacio Lula da Silva's leftist administration, said three sources. His economic team often criticizes the volume of tax exemptions that weaken public revenues, though previous attempts to roll them back have seen limited success in Congress. That includes a payroll tax break for companies, which remains in place without due compensation. One of the sources said the new package includes a proposed constitutional amendment that would establish rules to curb growth in transfers to the Fund for the Development of Basic Education. A similar initiative in last year's fiscal package was watered down by Congress, which blocked efforts to redirect more of the fund's resources to full-time education spending. The new measures aim to create fiscal space for the government to revise the recent IOF tax decree, which increased rates on a range of credit, foreign exchange, and pension transactions.
Straits Times
2 days ago
- Business
- Straits Times
Brazil plans to cut tax breaks, curb education spending in fiscal package, say sources
Brazil's President Luiz Inacio Lula da Silva stands on the day he attends a press conference at the Planalto Palace in Brasilia, Brazil June 3, 2025. REUTERS/Adriano Machado/File Photo BRASILIA - Brazil's government is negotiating a package of fiscal measures with congressional leaders that includes cuts to tax exemptions and limits on the growth of transfers to an education fund, according to sources familiar with the talks. After initially signaling the measures would be unveiled on Tuesday, Finance Minister Fernando Haddad said they would be disclosed only after further discussions with party leaders on Sunday. First reported by local newspaper Valor Economico and confirmed by three government sources who requested anonymity, the package is being prepared as an alternative to the controversial hike in the financial transactions tax (IOF) announced last week, which drew broad backlash from lawmakers and business sectors. The plan focuses heavily on reducing tax benefits, a longstanding target of President Luiz Inacio Lula da Silva's leftist administration, said three sources. His economic team often criticizes the volume of tax exemptions that weaken public revenues, though previous attempts to roll them back have seen limited success in Congress. That includes a payroll tax break for companies, which remains in place without due compensation. One of the sources said the new package includes a proposed constitutional amendment that would establish rules to curb growth in transfers to the Fund for the Development of Basic Education. A similar initiative in last year's fiscal package was watered down by Congress, which blocked efforts to redirect more of the fund's resources to full-time education spending. The new measures aim to create fiscal space for the government to revise the recent IOF tax decree, which increased rates on a range of credit, foreign exchange, and pension transactions. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Hindu
28-05-2025
- Business
- The Hindu
Brazil's Azul to file for Chapter 11 bankruptcy protection: report
Brazilian airline Azul is set to file for Chapter 11 bankruptcy protection in the United States as soon as Tuesday (May 28, 2025), newspaper Valor Economico reported, citing sources. The move would make the carrier the latest in a series of Latin American airlines to file for bankruptcy in the aftermath of the depression the industry suffered in the initial months of the COVID-19 pandemic. Azul's move would follow in the footsteps of Aeromexico, Colombia-based Avianca and its two largest rivals, Gol and LATAM Airlines, all of which succumbed to bankruptcy proceedings in recent years. Azul last year struck a deal with lessors to scrap $550 million in debt in exchange for an equity stake of around 20%, as well as one with bondholders to raise additional financing, but its balance sheet remained severely pressured. Azul's net debt soared 50% year-on-year by the end of the first quarter to 31.35 billion reais ($5.56 billion), with its leverage ratio hitting 5.2, up from 3.7 a year earlier.
Yahoo
28-05-2025
- Business
- Yahoo
Brazil's Azul to file for Chapter 11 bankruptcy protection, Valor reports
SAO PAULO (Reuters) -Brazilian airline Azul is set to file for Chapter 11 bankruptcy protection in the United States as soon as Tuesday, newspaper Valor Economico reported, citing sources. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Politics
- Yahoo
Head of Brazil's gas giant Petrobras criticized for 'drill, baby, drill!' comment about the Amazon
SAO PAULO (AP) — The head of Brazil's state-run gas and oil giant Petrobras was facing criticism on Friday after a video emerged of her saying 'Drill, baby, drill!' when speaking about controversial oil exploration near the mouth of the Amazon River. Magda Chambriard made the remarks Tuesday during the Offshore Technology Conference, in Houston. In a video obtained by the Brazilian newspaper Valor Economico and published Friday, Chambriard is seen addressing Clécio Luís, governor of the Amazonian state of Amapa, who was in the audience. 'We do believe we will have very good surprises once we have the (environmental) license to drill. So what one wants to say to Amapa is, 'Let's drill, baby, drill!'" Her comments prompted a round of applause, including from Luís. Petrobras did not immediately respond to an email request for comment. The company confirmed the authenticity of the video, according to Valor Economico. U.S. President Donald Trump has long used the phrase 'Drill, baby, drill!' in expressing support for increased oil exploration and production. 'The 'let's drill, baby' rhetoric may comfort industry leaders and short-sighted policymakers, but history will remember them as the ones who buried the 1.5 C goal," said Natalie Unterstell, president of Talanoa, a climate policy think tank, referring to the internationally adopted aim to keep warming under 1.5 C since pre-industrial times. Climate change is caused by the release of greenhouse gases like carbon dioxide. Oil, from exploration to its various uses, is a central driver of climate change. Chambriard was appointed by Brazil's leftist President Luiz Inácio Lula da Silva, whose environmental record in the Amazon is mixed. While he has curbed deforestation and championed the Amazonian city of Belem as the host of the U.N.'s COP30 climate summit in November, he also supports Petrobras's push to drill for offshore oil at the ecologically sensitive mouth of the Amazon River and other big projects that bring environmental impact to the world´s largest tropical forest. Exploratory offshore drilling near the Amazon, whose reserves are unknown, is expected to draw scrutiny during the COP30 summit. A central push of the annual climate talks has been to reduce the use of fossil fuels such as oil, gas and coal. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
