Leading fertiliser and specialist nutrient producer GrowMax Resources Corp recently announced plans to bolster its presence in Brazil through an acquisition of Fertimar, part of a wider effort to pivot into complimentary business areas and completely reinvigorate the company’s balance sheet and management. Bonds & Loans speaks with Stephen Keith, CEO of GrowMax Resources Corp about that corporate revitalisation, managing risk while building businesses and projects in the Americas, and the direction of the commodity fertiliser market.
Leading Brazilian pulp and paper producer Suzano Papel e Celulose helped pioneer the country’s green bond market with the first green agricultural receivables security, or CRA, and a number of transactions on the international capital markets. The company’s CFO, Marcelo Bacci, an ardent supporter of ESG-focused investing, talks to Bonds & Loans about why the company decided to engage the sustainable finance segment despite no immediate price or funding size benefits in sight.
In recent years, many state governors in Brazil avoided the necessary adjustment of public accounts, largely down to the intense election calendar. For some, the calculation went wrong and the public response came through the ballot boxes.
The first half of 2018 has seen a record-breaking volume of corporate consolidation across the globe, and Latin America has become a prominent setting for such activity. The latest slowdown in M&A activity is thought to be stemming from the peak of elections-related volatility, from Mexico to Brazil, and most expect business to continue as usual once the dust settles.
There are plenty of examples of judicial activism in the world. The theme is old, but many specialists claim that it became more prominent in the post-World War II era, as a reaction to the inability of parliaments to curb infringement on individual rights.
There is no lack of tricks, opportunism and muddling in Brazil's latest electoral race. It is hard to determine what is worse: the silence of Jair Bolsonaro on basic economic issues or the incapacity of PT for renewing its economic agenda.
Brazil’s current account balance came in at a surplus of USD435mn in June, below the USD1.3bn surplus registered in the same month last year.
Economic data has taken a turn for the worse in Brazil following a nationwide truckers’ strike in May and early June that crippled economic activity. Industrial production recorded the largest contraction in almost 10 years in May, and the manufacturing PMI plunged into contractionary territory in June.
The desired renovation in politics is not for now. Partly because the electoral rules act to reinforce the competitiveness of the big parties and politicians now in office. A trajectory like that of Macron in France would face many difficulties in Brazil.
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11 Dec 2018