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Poverty in Brazil has risen dramatically in 2018
According a survey released this week by the Brazilian Institute of Geography and Statistics (IGBE), numbers of people living in a situation of extreme poverty in Brazil has risen by almost 2 million within the last year, bringing the total number living in these conditions up to 15.3 million people. This rise represents a 13% increase from the statistics recorded in 2017, when approximately 7% of all Brazilians were living below extreme poverty lines. Speaking to news outlet G1, survey director André Simões put the dramatic increase down to deteriorations in the labour market following a boost in the agriculture […]Read more...
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Brazilian truckers plan second round of strikes via WhatsApp
In May of this year, truckers across Brazil brought the entire country to a standstill as their demands for a reduction in diesel prices, exemption from tolls and a fuel price chart to enable them to introduce a minimum freight charge saw them use their vehicles to blockade Brazil’s roads. However, according to reports published yesterday by Brazilian news outlet Veja, the lorry drivers are organising a second strike to take place in January of next year. The protest, which is currently being organised through groups on WhatsApp, is set to take place on January 22, just two days after […]Read more...
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Black Awareness Day is observed holiday in just 13% of Brazilian municipalities
Today, 20 November, Brazil celebrates ‘Black Awareness Day,’ a national recognition of the achievements and sacrifices made by Afro-Brazilians throughout the country’s history. The celebration, proposed by ex-President Lula da Silva in 2003 during his governance of Brazil, was eventually introduced as an official commemorative date in 2011 under the leadership of former President Dilma Rousseff. However, the idea was originally envisioned by the Afro-Brazilian poet and researcher Oliveira Silveira, who died in 2009. Officially intended to “celebrate a regained awareness by the black community of their great worth and contribution to the country,” the date deliberately coincides with the […]Read more...
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TV presenter Silvio Santos accused of sexually harassing Brazilian pop star live on air
87-year-old Brazilian TV presenter and businessman Silvio Santos has caused outrage over remarks he made to Brazilian pop star Claudia Leitte during a telethon last week to raise money for disabled children. One of Brazil’s most famous media personalities, Santos has held his own TV show ‘Programa Silvio Santos’ since 1963, making it the second-oldest programme on Brazilian television. He is also the owner of a holding named ‘Grupo Silvio Santos’ that includes Sistema Brasileiro de Televisão (SBT), the second-largest TV network in the country. The self-made billionaire – who begun his career as a street seller – was hosting […]Read more...
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Bolsonaro’s controversial plans to move Brazilian embassy from Tel Aviv to Jerusalem
A comparison between Brazilian president-elect Jair Bolsonaro and US President Donald Trump is not one that hasn’t been made before. Journalists and analysts have long-since speculated over similarities between the two leaders in their ideologies and thought processes, even before the start of the electoral campaign. However, now more than ever it seems that there might be weight behind these comparisons. In February of this year, the White House announced Trump’s decision to officially recognise Jerusalem as the capital of Israel, opening a new US embassy in the city. The move was deemed as controversial to say the least, as […]Read more...
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Brazil is home to 33% of Latin America’s fintech companies
In the last 12 months, the number of fintech startups in Latin America has grown from 703 to 1,166, according to the Inter-American Bank of Development (BID) study “Fintech in Latin America: Growth and Consolidation.” Just five years ago, however, fintech was a relatively unknown concept in the region. But, thanks to rapid advances in technology combined with increased mobile and internet use across the region, it seems that the fintech revolution is showing no signs of slowing down. #Atencion No te pierdas la 2ª edición del informe de @el_BID y @Finnovista publicado HOY ‘#Fintech en #LatAm #2018: #crecimiento y […]Read more...
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Brazilian banks relent on anti-crypto actions following court judgement
According to Brazilian news outlet Portal do Bitcoin, two retail banks in the country have stepped back from the abyss and reopened the accounts of local cryptocurrency exchange, Bitcoin Max. The country’s Federal District Court has made a preliminary judgement requiring both banks – Banco do Brasil and Santander Brasil – to reopen the accounts. The court gave notice that it would apply fines of 20,000 reais ($5,400) and 5,000 reais ($1,350) respectively in the event of non-compliance by either bank. The cryptocurrency exchange which had been subject to the anti-competitive practice was Bitcoin Max. In addition to having […]Read more...
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OPINION: could Bolsonaro’s victory inadvertently benefit the startup environment across Latin America?
Bolsonaro’s recent victory in the 2018 Brazil election is still on everyone’s mind. It has created an environment of uncertainty for companies of all sizes across the country, and while the country’s elite and companies like Banco de Santander have benefited from the buzz around the controversial elections, others are a bit skeptical of what these policies might bring to the table. The new president’s rhetoric and homophobic, racist and anti-democratic stances could push Brazil’s more educated population to move away and set up shop in a different country, perhaps in one with a more stable environment. A mass exodus […]Read more...
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Brazilian financial market strengthens after Bolsonaro victory
In the face of far-right PSL candidate Jair Bolsonaro’s victory this Sunday, October 28, the Brazilian real has continued to rise in value against the dollar. In September of last year, the currency peaked at $4.2 reais to the dollar and today it is sitting at around $3.7. According to the BBC, both Brazil’s stock market and currency have also jumped up by a total of 13% since September of this year. His resounding victory has also restored a small dose of confidence in international financial markets, which have been slumping for several weeks due to investor uncertainty. The São […]Read more...
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Reshaping leadership by developing the changemakers of tomorrow: applications now open for Latin American Leadership Academy bootcamps
Latin American Leadership Academy (LALA) is an educational NGO on a mission to develop the a new generation of ethical and innovative leaders.The not-for-profit has now announced that applications are now open for their six bootcamps across Latin America. The week-long immersive bootcamps will be taking place between December of this year and February 2019 across Brazil, Colombia, Ecuador and Argentina. In Brazil, the English-speaking camps will be held in the city of São Paulo in December (16-22) and January (20-26). There will also be one held in Portuguese from late January into early February (28-3). Focused on leadership and […]Read more...
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Why are Brazil’s entrepreneurs backing Bolsonaro?
In an exclusive interview with Brazilian newspaper O Globo published earlier this year, far-right candidate Jair Bolsonaro admitted his economic knowledge was not up to scratch. “I really don’t understand it,” he told the newspaper. From the start, Bolsonaro has made it clear that all decisions related to economics will be delegated to his right-hand man and financial advisor Paulo Guedes, a banker and University of Chicago graduate. Guedes is a fierce advocate of the privatisation of state-owned oil company Petrobras and Banco do Brasil. Speaking to O Globo, Bolsonaro outlined the economic plans for his prospective presidency. “What we […]Read more...
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Brazilian banks in crypto blocking probe
Brazil’s Administrative Council for Economic Defense (CADE) recently announced that it was in the midst of an investigation into potential sharp practice by the country’s incumbent banks. CADE took on the investigation following a complaint from the Brazilian Association of Cryptocurrency and Blockchain (ABCB). Among the banks implicated in the probe are Santander Brasil, Banco Inter, Itaú Unibanco, Bradesco, Sicredi and Banco de Brasil. CADE expressed concern that the banks may be imposing restrictions or simply blocking cryptocurrency exchanges and crypto-derived brokerages access to financial services. This is not the first instance of conflict between the banks and crypto-related businesses. There are existing legal challenges working […]Read more...
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MaxMilhas: the Brazilian air travel marketplace that made it on its own
With Brazil gripped by economic crisis and financial growth at an all-time low, numbers of Brazilians flying both nationally and internationally have significantly reduced in recent years. This drop in air travel and general lack of disposable income has created a demand for holiday discounts and bargains that Belo Horizonte-born entrepreneur Max Oliveira spotted early on. Image courtesy of @MaxMilhas – Facebook. His self-titled business MaxMilhas works to satisfy the demands of two very different types of travellers. The first are those who are always on the hunt for a bargain, looking for cheap flights. The second, frequent travellers who fly so often that they have air […]Read more...
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Latin America’s leading fintech summit all set for its second edition in Miami
Next week, Latin America’s leading Fintech event – Finnosummit – will return to Miami for its second edition, bringing together leading industry experts, investors, innovative startups, and financial institution executives. The conference – organised by Finnovista, in association with LAB Ventures – aims to provide an inclusive space for over 400 participants to explore Fintech potential in the region, drive industry innovations and forge new connections between entrepreneurs. Discussions and speeches will cover a number of topics, including venture capital collaboration in Latin America, digital identity in banking, the potential for building financial service platforms via blockchain, InsurTech’s evolution in region, future regulatory frameworks, and […]Read more...
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Brazil’s largest brokerage enters cryptocurrency market
Grupo XP, owner of XP investimentos SA – the country’s largest financial services provider – has announced it will be launching a bitcoin exchange in the coming few months. The Rio de Janeiro-based company offers brokerage and advisory services as well as courses and lectures on investment. Reported to have been seeking valuation at up to $6.4 billion last year, XP investimentos SA is nearing its 20th year in business. According to CEO Guilherme Benchimol, who spoke at a recent event in São Paulo, the planned bitcoin exchange is due to be named XDEX and will employ around 40 people. […]Read more...
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How will this year’s elections impact upon Brazil’s economy?
Brazil’s economy, the second largest in the Western Hemisphere, is at breaking point. Having briefly recovered from its worst ever recession in 2017, the country plunged straight back into stagnation, deeply affected by this year’s truckers’ strikes and continuing political and corruption scandals. According to figures from the Central Bank, economic growth for this year has recently been reduced to 1.6% and continues to diminish. Current unemployment rates stand at around 12%, and the population continues to be affected by austerity cuts imposed by current President Michel Temer’s government since he took over from impeached former President Dilma Rousseff in […]Read more...
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As Brazilian real continues to fall, travel agency Decolar falls victim to emerging market stock plunge
Decolar, the Brazilian subsidiary of Latin America’s largest online travel agency Despegar, represents 40 percent of its total revenue. As a popular tourist destination, Brazil has a well-established network of domestic flights and is a crucial market for travel agencies and airlines based in the region. Many were concerned, therefore, when the company recently fell victim to this year’s global asset selloff in emerging markets as midway through last month its main shareholder Tiger Global announced it would sell all of its 43.7% stake in the company. Coming just 11 months after Despegar debuted on the New York Stock Exchange, the […]Read more...
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Latin America one of the top regions for growth according to 2018 report
The eCommerce foundation launched the Latin America eCommerce Report 2018 on Sept. 6 which highlighted the continent’s position as one of the top regions in the world for eCommerce growth. One of the reasons behind this growth is both the increased population and the higher rate of internet penetration across the continent, with an average of 59% of the population using the internet. Argentina is at the top of the leaderboard in this area, with 71% of Argentines connecting to the world wide web on a regular basis, followed by Chile, Uruguay and Costa Rica tying for second place with […]Read more...
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Paypal announces partnership with Brazil’s Itaú Unibanco
Officials at online payment service PayPal announced yesterday, August 29, that they will be teaming up with the Southern Hemisphere’s largest financial conglomerate, Itaú Unibanco Holdings S.A. After the 2008 merger of Brazilian public banks Itaú and Unibanco, the conglomerate became one of the largest banks in the world. Now, its clients will have access to the services provided by PayPal, who will offer an online digital account to Itaú card holders, as well as businesses that use its card processing unit. Speaking of the new partnership, general director of PayPal Brazil Paula Paschoal told Reuters about the company’s expectations […]Read more...
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Despite initial protests, Brazil reopens first ‘Queer Museum’
A temporary exhibition dedicated to the diversity of Brazil’s queer community has re-opened this month in Rio de Janeiro’s iconic Parque Lage. The exhibition, entitled “Queermuseum: cartographies of difference in Brazilian art,” sets out to explore expression of gender identity, diversity and difference through artistic mediums. It displays 264 pieces of artwork by 85 different artists, curated by Gaudêncio Fidélis. In Brazil, the meaning of the word ‘queer’ has seen a vast transformation over the last 20 years. Around the year 1980, it began to lose its pejorative connotations as members of the LBGTIQ+ community set about making their voices heard. […]Read more...
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Brazil’s 14 UNESCO World Heritage Sites in need of extra funding, say local governments
According to local government sources, some of Brazil’s most aesthetically striking and historical sites are in dire need of funds for repair. For this reason, 21 local governments across the country have teamed up to campaign for additional funding to be allocated for their upkeep. In many cities with World Heritage sites, governments blame a lack of infrastructural protection policies for the lack of care and attention with which historical areas are treated, which is sometimes visibly obvious. As a result, these towns become less attractive destinations for tourists, meaning less money is invested in them, eventually resulting in a […]Read more...
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A stitch of hope: Brazilian prisoners who learn crotchet surprise runways
Stuck in overcrowded cells with decaying facilities and under threat of violence: the reality of inmates in Brazil’s hopelessly over strained prisons hardly sounds like an artist’s retreat. Yet a creative initiative that started with crotchet lessons gives prisoners a stitch of hope and empowerment – and the fashion world a surprise.Read more...
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After effects of 2016 Olympic Games continue to impact upon Rio de Janeiro’s tourism industry
According to data from the Brazilian Association of Hotel Industries published by Brazilian newspaper O GLOBO, a total of 16 hotels in the city of Rio de Janeiro have been forced out of business over the last two years. Around two years ago, Rio’s tourist industry took serious measures to accommodate the 572,961 visitors who arrived to the city between July 1 and August 15 for the 2016 Olympic Games. Having failed on three separate occasions to win an Olympic bid, the city of Rio de Janeiro submitted a fourth campaign in 2007 under the guidance of ex-President Lula da […]Read more...
