Industries and markets

Walmart Brazil Renamed “Grupo Big” and Plans to Expand its Stores

“The Grupo Big operates approximately 550 stores with 50,000 employees in 18 Brazilian states; the company claims to be the third-largest food retail conglomerate in Brazil.”

Peru suspends $1.4 billion mining project by Grupo Mexico

“Energy and Mines Minister Francisco Ismodes told N television Friday night that the Tia Maria project will be suspended until objections raised by protesting farmers are resolved.”

Mexico Commerce Upended With Part of Banking System Offline

“Problems at a Mexico City data-processing center caused widespread failure across the nation’s banking system on Saturday, with companies and consumers reporting a spike in declined payments and transactions.”

Brazil’s Real Falls Below US$ 4 for the First Time Since May

“Brazil’s real weakened sharply on Monday, falling below US$ 4 for the first time since late May as local markets felt the heat from surging market volatility and political uncertainty in neighboring Argentina.”

Brazil: Introducing the “Dual VAT” concept as an alternative Tax Reform Idea

Brazil is currently undergoing a tax reform debate that is targeted at creating one common VAT (called IBS for “Imposto Sobre Bens e Serviços”). However, this concept is controversial because of different reasons LINK including

Brazil’s Petrobras to Invest US$54 Billion in Rio Over the Next Five Years

“According to Castello Branco, Rio de Janeiro will benefit from the revenue generated from oil production. Last year, the company paid approximately R$17 billion in taxes, and this trend is on the rise, with taxes

Government considers prohibiting use of cash for gasoline, tolls

“It would move more people into the banking system and help prevent tax evasion and money laundering.”

Argentina’s Macri faces setback as Fernandez sees primary win

“With more than half of the vote counted, opposition receives 47 percent against the incumbent’s 32 percent.”

Bolsonaro: Brazil doesn’t need Germany’s biodiversity funds

“Brazilian President Jair Bolsonaro on Sunday dismissed the importance of Germany’s funding of sustainability projects in the South American country’s forests, as the European nation weighed withdrawing from the region.”

Federal Revenue Finds R$1.2 Billion in Corporate Tax Evasion

“According to the Treasury, letters were sent to 12,171 companies throughout the country, advising on the amounts of declared and collected credits.”