Brazilian Business Roundup - June 23

If you have a keen interest in Brazil’s business landscape, you’ve come to the right place! We’re here to curate the most relevant business developments in Brazil and Latin America just for you. In 5 minutes, we’ll give you an overview of Brazil and Latin America's most compelling business issues. Our goal is to provide you with insights that will help you make better business decisions. So let’s dive right in!

☢️Nuclear energy greenlight. The top court in Rio de Janeiro state lifted an embargo on works of the Angra 3 nuclear power plant, the construction of which has dragged on since 1984 but remains far from completion.  Read the details

🚬🫰Brazil’s ‘sin tax’ proposal. The tax reform approved in December introduces a tax on products that are harmful to people's health or the environment. Alcoholic beverages, smoking products, and mineral goods are among the targets. Read more

🥙Free lunch. A week after Brazil’s Federal Accounts Court warned the government about the country’s excessive amount of tax waivers — which now amount to almost 5 percent of the GDP — a union representing tax auditors gave new contours to the problem. Read more

🗳️Brazil’s solicitor general wants to fight electoral disinformation. The move comes as Congress has failed to pass legislation to regulate the responsibility for harmful online content. But experts warn about its possible nefarious effects on freedom of expression. Read more

🔥Pantanal fires outnumbering 2020 nightmare. Brazil’s Pantanal wetlands have recorded 2,333 fire alerts since January, according to data from the National Institute of Space Research (Inpe). This is an astonishing 1,628 percent increase from the 135 registered in the same period last year.  Read more

🦾Brazil to tackle legal backlog with GPT-4. In early 2023, Brazil's Solicitor General's Office was one of the government institutions to hire OpenAI's GPT-4 in the country. After months of testing, the model is about to be made viable for all servants and divisions. Read more

🏠Lula needs to pay more attention to domestic policies. The president's participation in the G7 summit drew fresh attention to the dichotomy between his enthusiasm for foreign affairs and apparent lack of engagement on domestic issues. Read more

📊Interest rates hold steady as Brazil’s Central Bank warns of inflation risks. To no one’s surprise, the Brazilian Central Bank’s Monetary Policy Committee kept its benchmark interest rate unchanged at 10.5 percent, a unanimous decision among its nine members. Read more

We've dedicated an entire section of our website to the ongoing crisis, titled "Brazil Floods," providing access to all related articles with no paywall. Stay informed with the latest updates by exploring our curated selection below, offering a chronological overview of the events and in-depth analysis of the situation:

⛈️👀Forecasts warn of more Rio Grande do Sul flood risks. Meteorological monitoring company MetSul forecast that strong rainfall in Brazil’s southernmost state Rio Grande do Sul will lead to further rises in the levels of the Guaíba River in the state’s capital Porto Alegre. Read the details

Welcome to your Guide to Brazil! A rich collection of insights that delve into the vibrant tapestry of Brazilian society and business. From its cultural marvels to its intricate corporate dynamics, we offer a comprehensive exploration of this diverse nation— sometimes in collaboration with our esteemed partners. The objective is to provide you with a multifaceted perspective on all things Brazil. Plus: no paywall!

This week:🐂🎉The Parintins Festival and the legend of boi-bumbá.Often given less attention than Carnival and São João, the Parintins Festival is one of Brazil's biggest and most special celebrations, and the 2024 edition is gearing up to be bigger than ever. Read more

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🌳👮Brazil to use Amazon Fund for law enforcement. Justice Ministry officials signed a contract worth BRL 318 million (USD 58 million) with federal development bank BNDES to fund law enforcement initiatives to fight deforestation in the Amazon. Read the details

👁️📱Supreme Court to track detractors on social media. Brazil’s Supreme Court is hiring contractors to continuously monitor social media and identify the court’s main detractors (and also their location), among other information. Read more

🎲Casino bill moves through Brazilian Senate. The Senate’s Constitution and Justice Committee approved by a slim 14-12 vote a bill to legalize casinos in Brazil. The bill will proceed to a floor vote. Read more

🤐Ahead of policy decision, Lula allies request gag order on Central Bank chairman. Members of President Luiz Inácio Lula da Silva’s Workers’ Party — including its chairperson, Congresswoman Gleisi Hoffmann — filed a lawsuit requesting that Central Bank chairman Roberto Campos Neto be forbidden from making political statements. Read the details

🔄For Brazil, EU-Mercosur deal status remains unchanged. Foreign Minister Mauro Vieira told lawmakers that the conditions for concluding a free-trade deal between the European Union and Mercosur remain “similar” to last year even after the recent EU Parliament election. Read the details

🎙️ On this week’s podcast …

Every Wednesday we bring you a new episode of the Explaining Brazil podcast — which was a finalist for the Digiday Media Awards for Best Podcast! You can find our podcast on all major podcast platforms! Subscribe today and never miss an episode.

Brazil's President Lula has placed huge importance on diplomacy and international politics since returning to the country's top office — though he has faced criticism for the perception that he is ignoring domestic issues. Deputy editor Euan Marshall speaks to Andre Pagliarini to find out more You can listen to the full episode here.

If you like our podcast, we would be happy to share with you how advertising on Explaining Brazil could leverage your business to the next level. Drop us an email at hello@brazilian.report

That wraps up this week’s edition. See you next Sunday evening! Subscribe to Brazilian Business News Roundup, your essential weekly recap to never miss a beat when it comes to understanding Brazil’s business environment. 

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Founded in 2017, The Brazilian Report is an English-language media outlet uniquely positioned to provide an insider’s view of current affairs in Brazil and Latin America, with a mission to make Latin Americans’ voices heard and become the reference for Latin American news worldwide. An award-winning newsroom, The Brazilian Report has just received recognition for its portfolio of newsletters at this year’s Wan Ifra Awards.

Within 6 years of existence, The Brazilian Report has gained international recognition. It has become the go-to source for several embassies, think tanks, and international news outlets, including Time Magazine, CNBC, BBC Worldwide, Vox, Axios, Radio France, CGTN, among others.