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Biggest Lender in Brazil Puts Distressed Real Estate Up for Sale

20.03.2019

Pedro Guimaraes had no time to revel in Brazil’s wild Carnival celebrations this year.

Instead, Caixa Economica Federal’s newly minted chief executive officer spent the holiday week — including his birthday — courting investors at more than 70 meetings in Boston and New York. The 48-year-old head of Brazil’s biggest state-owned bank is pitching an overhaul for the company that includes selling distressed real estate and stakes in subsidiaries. The moves would generate revenue to pay back perpetual bonds from the government totaling as much as 40 billion reais ($11 billion).

It’s a lot to tackle. With 1.3 trillion reais in assets, Caixa is a behemoth that’s suffered from low returns in recent years as well as controversies that include accusations of taking bribes in exchange for loans. The bank has no publicly traded shares and a reputation for being something of a black box for investors.

Guimaraes, a finance-industry veteran who’s never had a public-sector job before, is trying to lift the veil. In a wide-ranging interview, he said he’s working to improve accounting practices and balance-sheet transparency. To avoid political influences, the CEO hired Russell Reynolds Associates to help hire executives and board members with market experience. The company has already replaced 90 percent of its highest-ranking officers.

“Our priority is to brutally shrink expenses and make some strategic moves, even before we move on to doing IPOs of our subsidiaries,” said Guimaraes, who took over as CEO on Jan. 7. He plans dual listings in Brazil and New York to sell minority stakes in its insurance and card units this year. The asset-management and lottery subsidiaries will go public in 2020, he said. The four sales could yield 15 billion reais.

During Carnival, the executive approached distressed real estate investors about Caixa’s seized-assets portfolio, which is comprised mostly of defaulted mortgages and totaled almost 8 billion reais as of September, the most among Brazilian banks.

Petrobras Stake

Caixa has already lined up several assets it wants to sell, including an almost 9 billion-real stake in oil producer Petrobras, which Guimaraes is hoping to shed before the middle of the year.

Other plans include a cost-cutting effort aimed at saving 3 billion reais in two years, and auctioning the right to use the bank’s network of 26,000 branches and outlets — the biggest in the nation — to sell insurance and card-processing products that generate fees for Caixa.

The plans to save capital to pay back the government will also affect the bank’s 694 billion-real loan book, which Guimaraes intends to reduce mostly by cutting credit to big companies. The portfolio surged almost 10-fold over the past decade amid a push by previous governments to offer cheaper credit through state-owned banks. To support that effort, the Treasury loaned the bank 40 billion reais through perpetual debt instruments that are being used as capital.

“Every cent of extraordinary gains we have in coming years will be used to repay that debt,” he said.

To spearhead the asset sales, Guimaraes brought in former UBS Group AG investment-banking executive Andre Laloni as chief financial officer. Since his arrival, a fund managed by Caixa sold its 2.5 billion-real stake in IRB Brasil Resseguros SA, Latin America’s biggest reinsurer. The deal, the new government’s first privatization, gave Caixa a gain of more than 800 percent from when it bought the shares in 2015.

“We’ve been at Caixa for less than 90 days, but the amount of things we’ve already done is enormous,” Laloni said.

Low-Income Customers

The bank has more than 100 million clients, most of them low-income, who rely on its network to get social benefits, and manages cash disbursements for several infrastructure projects around Brazil.

“Caixa has a creditor relationship with clients, but that’s it — they don’t buy anything else,” he said, adding that only about 15 million clients use other products. More cross-selling may bring in an additional 2 billion reais in revenue annually. The strategy is also helping the bank score investment-banking deals — something it had never done before.

Among the non-distressed real estate deals are possible sales of all or part of the seven buildings it owns on Paulista Avenue in Sao Paulo and 15 in Brasilia, where its headquarters are located. Guimaraes is renegotiating contracts with suppliers and plans to move the bank’s Rio de Janeiro offices to a building where it’s a creditor.

Overseeing all the elements of Caixa’s turnaround effort means sacrificing family time.

“My birthday was during Carnival time, I was working in the U.S., away from my children,” Guimaraes said, adding that his kids had to travel to Amapa state in the north of Brazil to see him one weekend. But visiting far-flung regions has been an invaluable part of his new job, he said. “We are identifying real problems, gaining efficiency and selling more services and products.”

Fonte: Bloomberg

Recolher

Pedro Guimaraes had no time to revel in Brazil’s wild Carnival celebrations this year. Instead, Caixa Economica Federal’s newly minted chief executive officer spent the holiday week — including his birthday — courting investors at more than 70 meetings in Boston and New York. The 48-year-old head of Brazil’s biggest state-owned bank is pitching an […]

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Consumer, retail stocks seen as next rally of Ibovespa

19.03.2019

Brazilian market bellwether Ibovespa breached the symbolically significant 100,000-point level after a month of fluctuations. Domestic investors, especially institutional ones, are still optimistic about the proposed reforms and have pushed shares in commodities and raw-material producers to lead the gains. While warning that sustaining the rally from now on will become increasingly tricky only based on foreign appetite for risk, analysts say there are great chances of Ibovespa reaching as high as 120,000 even amid today’s growing wave of downgrades of GDP growth forecasts, as long as most reforms go through. Stocks linked to consumer spending, like retailers, would benefit the most from another rally, they say.

Fonte: Valor International

Recolher

Brazilian market bellwether Ibovespa breached the symbolically significant 100,000-point level after a month of fluctuations. Domestic investors, especially institutional ones, are still optimistic about the proposed reforms and have pushed shares in commodities and raw-material producers to lead the gains. While warning that sustaining the rally from now on will become increasingly tricky only based […]

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Brazil Stocks Hit New All-Time High

18.03.2019

Brazil’s equity benchmark Ibovespa index reached a new all-time high on the back of expectations that an overhaul in the country’s social security system will be approved by Congress.

The index rose to 100,000 for the first time on Monday, pushing gains this year to 14 percent.

“It’s difficult to see another story as positive as Brazil’s in the region,” said Emy Shayo, JPMorgan Chase & Co.’s head of Latin America equity strategy. The bank sees a “virtuous cycle” amid tighter fiscal policy and easing monetary policy, a combination that “attracts external capital and helps companies to recover a lot of what they lost in terms of profits,” according to Shayo.

A lot of investor optimism with Brazil hinges on President Jair Bolsonaro’s market-friendly agenda, which includes the privatization of inefficient state-owned companies, fiscal reforms and other measures to shore up Latin America’s largest economy. Since Congress resumed activities in February, investors have been closely monitoring how the newcomer president will gather support from legislators to push through the controversial pension bill. Previous administrations failed to approve the proposal, which is seen as key in order to tackle the country’s budget deficit and ensure the sustainability of the economic recovery.

“The pension bill should be approved by the lower house in June,” said David Beker, Bank of America Merrill Lynch’s Latin America equity strategist. Beker sees the Ibovespa ending 2019 at 120,000 on the back of growing profits and expectations of a better fiscal outlook.

Despite the fresh records, foreign investors remain skeptical about the stock rally, which has been largely fueled by locals. Foreigners pulled 597 million reais ($157 million) out of Brazil stocks this year as of Mar. 14, according to exchange data compiled by Bloomberg, after the biggest yearly outflow since the global financial crisis last year.

Fonte: Bloomberg

Recolher

Brazil’s equity benchmark Ibovespa index reached a new all-time high on the back of expectations that an overhaul in the country’s social security system will be approved by Congress. The index rose to 100,000 for the first time on Monday, pushing gains this year to 14 percent. “It’s difficult to see another story as positive […]

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BlackRock aims to turn Brazil into top operation in Latin America

18.03.2019

After nine years, US investment firm BlackRock decided to have a chief executive in Brazil again. Carlos Massaru Takahashi, who has been working as a senior management consultant for BlackRock since 2016, is the new country head. His mission is to expand the Brazilian operation and distribution of products and services to pension funds and institutional investors. “The challenge is to make Brazil the main operation of BlackRock in Latin America,” the executive said in an interview with Valor. To reach that goal, the Brazilian branch will have to surpass Peru-Chile (counted as a single market), Colombia and Mexico. While the Brazilian operation has $6.4 billion in assets under management, Mexico’s has about $65 billion, according to market estimates.

Fonte: Valor International

Recolher

After nine years, US investment firm BlackRock decided to have a chief executive in Brazil again. Carlos Massaru Takahashi, who has been working as a senior management consultant for BlackRock since 2016, is the new country head. His mission is to expand the Brazilian operation and distribution of products and services to pension funds and […]

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Zurich, Aena Bid High to Win Brazil Airport Auction

15.03.2019

Flughafen Zurich AG and Aena SME won concessions to operate airports in Brazil in an auction Friday. The tender was seen as a test of investors’ appetite toward President Jair Bolsonaro’s market-friendly agenda that includes a massive privatization plan.

Bids for the three regional blocks came in well above the initial ask, and the government will collect fees of some 2.4 billion reais ($630 million), about 10 times the minimum initial fee of 219 million reais. Infrastructure Minister Tarcisio Gomes de Freitas called the auction “a show of trust in Brazil,” adding that the auction was just one of the government’s initiatives to stimulate the sector.

Swiss firm Flughafen Zurich won the auction of the block of airports in the Southeastern region for 437 million reais, while Spain’s Aena won the bidding for the Northeast block, with a 1.9 billion-real offer. Local companies Socicam Terminais Rodoviarios e Representacoes Ltda and Sinart Sociedade Nacional de Apoio Rodoviario e Turistico Ltda formed a consortium that won the rights to operate airports in the Center-West for 40 million reais.

All the winners said they are interested in the next concession rounds, which are expected for 2020 and 2021. Freitas said the rules for the next auction will be published Monday.

Key Points

> The government sold 30-year concessions for 12 airports, divided in three blocks:
1. Northeast, with airports in Recife, Maceio, Joao Pessoa, Aracaju, Juazeiro do Norte and Campina Grande.
2. Center-West, with airports in Cuiaba, Sinop, Rondonopolis and Alta Floresta
3. Southeast, with airports in Vitoria and Macae.

> The block of airports in the Northeast had six initial bidders, the one in the Center-West had two and the Southeast block got four.

> During the live auction, the Northeast airports were the ones that attracted the most interest.

> International operators Vinci SA and Fraport AG Frankfurt Airport Services Worldwide, which won concessions to operate Brazilian airports in a 2017 auction, were also among bidders. Brazilian toll road operator CCR SA, which already operates airports in Belo Horizonte, in the state of Minas Gerais, as well as in Ecuador and Central America, also bid.

> Besides the initial payment for the concession, the airport operators are committed to investing 1.48 billion reais each during the next five years, and paying a percentage of their gross revenue starting on the sixth year.

Fonte: Bloomberg

Recolher

Flughafen Zurich AG and Aena SME won concessions to operate airports in Brazil in an auction Friday. The tender was seen as a test of investors’ appetite toward President Jair Bolsonaro’s market-friendly agenda that includes a massive privatization plan. Bids for the three regional blocks came in well above the initial ask, and the government […]

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Samsung reports 15% sales growth in Brazil

13.03.2019

Despite all political uncertainties and wobbling economy of 2018, Samsung still saw sales growing over 15% in Brazil to R$23.2 billion – back in 2010 sales only amounted to R$6.6 billion. Valor Data compiled the information based on the company’s global earnings. More significant sales of high-end smartphone and TV models in a World Cup year gave a boost to the Korean company’s Brazilian earnings. Samsung declined to comment.

Fonte: Valor International

Recolher

Despite all political uncertainties and wobbling economy of 2018, Samsung still saw sales growing over 15% in Brazil to R$23.2 billion – back in 2010 sales only amounted to R$6.6 billion. Valor Data compiled the information based on the company’s global earnings. More significant sales of high-end smartphone and TV models in a World Cup […]

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Brazil to sign accord with U.S. on space technology next week

11.03.2019

The United States and Brazil have negotiated an accord to safeguard U.S. space technology the South American nation hopes will be used in commercial rockets lifting off from its launch site near the equator, the Brazilian government said on Monday.

The agreement is being wrapped up in time to be signed next week during a visit to Washington by President Jair Bolsonaro.

“Negotiations are being concluded with a view to signing an agreement during the presidential visit to Washington,” a foreign ministry official said.

Brazil hopes to get a piece of the $300 billion-a-year space launch business by drawing U.S. companies interested in launching small satellites at a lower cost from the Alcantara base run by the Brazilian Air Force on the South American country’s north coast.

Because of its location close to the equator, launches burn 30 percent less fuel and rockets can carry larger payloads, though Brazil is aiming for the cost microsatellite niche market that is growing fast, Air Force officers said.

Space cooperation between the United States and Brazil took a big step forward when they signed a Space Situational Awareness (SSA) agreement last year during a visit to Brasilia by former U.S. Defense Secretary James Mattis.

The accord on sharing real-time tracking data on objects and debris in space is needed to develop a satellite launching business without the risk of collision.

In December 2017, Boeing Co and Lockheed Martin Corp visited the Alcantara space center, which is especially attractive to smaller firms, such as Tucson, Arizona-based rocket-maker Vector Launch Inc because of its location.

But without the technology safeguard agreement (TSA) that protects sensitive American space launch and satellite technology, no U.S. rocket could blast off from Brazil.

A previous attempt at a U.S.-Brazilian space partnership was scuttled in 2003 when the TSA ran into resistance from the leftist government of former president Luiz Inacio Lula da Silva and was thwarted by Brazilian lawmakers.

It floundered because U.S. unverified access to the Alcantara base was not acceptable to Brazilian politicians on sovereignty grounds.

The TSA is seen by Washington as opening opportunities for greater cooperation in aerospace and defense between the two countries.

Fonte: Reuters

Recolher

The United States and Brazil have negotiated an accord to safeguard U.S. space technology the South American nation hopes will be used in commercial rockets lifting off from its launch site near the equator, the Brazilian government said on Monday. The agreement is being wrapped up in time to be signed next week during a […]

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Logistic companies gear up for online sales growth

08.03.2019

Large logistic and transport companies are expanding their distribution operations to meet the expected growing demand for shipping services from online sales. They are betting on rebound of consumption and counting on Amazon’s expansion in Brazil.

Ebit | Nielsen estimates Brazilian e-commerce will grow 15% this year, to R$61.2 billion in sales. Last year saw a 12% increase to R$53.2 billion. With new consumers buying online and mobile shopping becoming more common, the projection is that orders will rise 12% to 137 million transactions. The average spending is estimated at R$447, up 3%. More consumers are migrating from physical retail to online, says Ana Szasz, Ebit | Nielsen’s commercial leader.

Online still represents a small share of retail sales. Brazilian Institute of Geography and Statistics (IBGE) and Ebit data show that online shopping accounted for 4.3% of the sales in the so-called restricted retail — which excludes vehicles and construction material — last year, up 0.24 percentage point.

But companies see huge potential in internet sales, which may grow more quickly if streets, roads and highways improve – products are purchased on the internet but the delivery happens in motorcycles, vans and trucks. Philippe Minerbo, director at Cosin Consulting, says the expectation is that the new government will accelerate the necessary works to enable growth in the sector.

“Brazil is a country with potential. In the United States, online sales are 10% of retail, but in China they are 25%. I believe the improvement of the structure will help [Brazil] reach the American level within five years,” says Gianfranco Sgro, global vice president of storage at Switzerland’s Kuehne + Nagel.

Loggi, which serves such companies as Dafiti, B2W, Mercado Livre and Amazon, plans to be making 60 million deliveries by 2020, compared with 36 million last year. Founded in 2013 by Arthur Debert and Fabien Mendez, the startup finally broke even in August 2018. Three months later, it received a R$400 million investment from Japanese company SoftBank.

Loggi already has two distribution centers in São Paulo, having opened the second one in October 2018. Financial chief Grégoire Balaski says Loggi will open its third distribution center in São Paulo and is studying other regions, but declines to review which.

This year, part of the investment will be in automation to receive shipments from online sellers and distribute them in 15 metropolitan areas. Since last year, Loggi’s 12,000 delivery men have been serving the largest cities in the North and Northeast regions.

The volume of deliveries is higher in e-commerce, but demand from restaurants including McDonald’s, Pizza Hut and Madero is also growing. The three chains rely on Loggi and other companies, depending on the consumer’s location, to deliver sales through their apps.

Competition is tight in the online meal delivery market. Consumers have a variety of apps at their disposal like iFood, Rappi and Uber Eats. Glovo, a Spanish company, could not handle the competition and after one year in Brazil shut down the operation this week.

JadLog expects to grow 40% this year, from the R$480 million revenue last year, half of it related to shipping for e-commerce. The company, which is controlled by Germany’s DPDgroup, intends to double investments this year. It will spend R$20 million in automation, new services, fleet renewal and expansion. The company operates 240 trucks and semi-trailers aside from 2,500 utility vehicles, of which it owns 1,500 and outsources the rest.

JadLog chief Bruno Tortorello says the firm will increase the number of pickup spots for online purchases. Today it has 3,000 spots, of which 1,000 in São Paulo state and 300 in Rio de Janeiro, and by the end of next year it will have 8,000. “We want to be at a walking-distance of no more than ten minutes from consumers,” he says.

Total Express, which last year had R$420 million in revenue, wants to expand product pickup offerings to retailers. The company owns a fleet and plans to hire more partner drivers this year.

Total, which is controlled by Abril, media group in bankruptcy reorganization since last year, intends to offer service of fast parcel delivery in 50 cities by the end of the first half. The service is already available in 23. Director General Ariel Herszenhorn says sales are projected to grow 25% to 30% this year, a similar expansion to that of 2018. He says the company had been reporting losses since 2014 but posted a profit last year.

UPS chief Nadir Moreno says online sales weigh heavily on its Brazilian operation. Globally, revenues grew 7.9% in 2018, to $71.9 billion. The American company doesn’t disclose local figures, but Ms. Nadir says it had two-digit growth last year.

DHL Express expects e-commerce to support its plan of doubling the Brazilian operation in terms of shipments and revenue over the next two years. Shipping for online vendors accounts for 30% of its traffic in the country. To accomplish its goal, the German company expanded its airport operation in Guarulhos, São Paulo.

Fonte: Valor Econômico

Recolher

Large logistic and transport companies are expanding their distribution operations to meet the expected growing demand for shipping services from online sales. They are betting on rebound of consumption and counting on Amazon’s expansion in Brazil. Ebit | Nielsen estimates Brazilian e-commerce will grow 15% this year, to R$61.2 billion in sales. Last year saw […]

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Tudo ficará para lei complementar definir

28.02.2019

Todas as regras previdenciárias, dos regimes próprios dos servidores públicos e do regime geral dos trabalhadores da iniciativa privada, passarão a ser definidas por lei complementar se a proposta de reforma da Previdência apresentada pelo governo do presidente Jair Bolsonaro for aprovada pelo Congresso. O projeto do governo promove o que os economistas chamam de “desconstitucionalização” das regras previdenciárias.

Apenas alguns princípios gerais permanecerão no texto da Constituição. A proposta de emenda constitucional (PEC) da reforma da Previdência estabelece ainda regras de transição, que valem enquanto as leis complementares não forem aprovadas. Esse aspecto do projeto do governo, até agora pouco divulgado, começou a ser discutido no Congresso e pelas principais corporações de servidores.

Assim, esta será a última reforma da Previdência que terá que alterar artigos da Constituição. Todas as futuras mudanças nessa área poderão ser feitas por meio de lei complementar, cuja aprovação exige votos favoráveis da maioria absoluta (metade mais um) dos membros da Câmara e do Senado. As alterações do texto constitucional exigem aprovação de três quintos dos deputados e senadores, em dois turnos.

Leis complementares de iniciativa do Executivo definirão regras de cálculo e o reajuste monetário dos valores dos benefícios, a forma de elevação das idades mínimas para requerer aposentadoria em função do aumento da sobrevida da população, a atualização dos salários de contribuição, os limites mínimo e máximo do salário de contribuição, os requisitos de elegibilidade para cada benefício, as regras para acumulação de benefícios, as condições para as aposentadorias especiais, entre outros temas.

A PEC apresentada por Bolsonaro retira da Constituição até mesmo a previsão de que os benefícios previdenciários manterão os seus valores reais. A forma de correção dos benefícios será definida pelas leis complementares, que versarão também sobre os planos de custeio do Regime Próprio de Previdência do Servidor (RPPS) e do Regime Geral da Previdência Social (RGPS), com as alíquotas progressivas que serão utilizadas para o cálculo das contribuições previdenciárias ordinária e extraordinária dos servidores, esta última destinada ao equacionamento do déficit atuarial dos regimes próprios. O texto constitucional definirá alíquotas progressivas para o RPPS e para o RGPS, que serão observadas até a aprovação das leis complementares.

A reforma preserva no texto constitucional, no entanto, o salário mínimo como o menor valor do benefício concedido ao aposentado rural, às pessoas com mais de 70 anos em condições de miserabilidade e aos deficientes físicos em condição de miserabilidade.

Os capítulos III, IV, V, VI e VII da PEC apresentada por Bolsonaro, que tratam das regras de transição que serão observadas após a aprovação da reforma, perderão validade depois que as leis complementares forem aprovadas. Em outras palavras, todas as regras anunciadas pelo governo, em seguidas entrevistas à imprensa, são transitórias e valem apenas enquanto as leis complementares não forem aprovadas.

Com a aprovação da reforma, o texto constitucional passa a prever um novo regime de Previdência Social, organizado com base em sistema de capitalização, na modalidade de contribuição definida, de caráter obrigatório para quem aderir. Todas as regras do novo regime, inclusive sobre a existência ou não de contribuição patronal, serão definidas por lei complementar. O regime de capitalização poderá ser instituído para os servidores públicos e para os trabalhadores da iniciativa privada.

Há um erro de redação no parágrafo 3º do artigo 24 da PEC do governo, que trata do “gatilho” da idade mínima para requerer aposentadoria. O parágrafo diz que as idades mínimas de 62 anos para mulheres e de 65 anos para homens filiados ao RGPS após a promulgação da reforma serão ajustadas em primeiro de janeiro de 2024 e, a partir dessa data, a cada quatro anos, “quando o aumento na expectativa de sobrevida da população brasileira atingir os sessenta e cinco anos de idade, para ambos os sexos, em comparação com a média apurada no ano de promulgação desta emenda à Constituição, na proporção de setenta e cinco por cento dessa diferença, apurada em meses, desprezadas as frações de mês”.

Aparentemente, o governo quis se referir ao aumento da sobrevida do brasileiro ao atingir a idade de 65 anos, que é medida pelo IBGE. Se a diferença entre a sobrevida do brasileiro aos 65 anos em 2024 e a estimada para 2019, levando-se em consideração que a reforma será aprovada neste ano, for de dois anos, a idade mínima para requerer aposentadoria dos novos filiados ao RGPS será 66,5 anos para os homens (65 anos mais 75% de dois anos) e de 63,5 anos para mulheres (62 anos mais 75% de dois anos).

Em movimento inverso, a PEC da reforma constitucionaliza as regras do Benefício de Prestação Continuada (BPC), que são disciplinadas atualmente pela lei 8.742/1993, também conhecida como Lei Orgânica da Assistência Social (Loas). O projeto do governo garante uma renda mínima de um salário mínimo à pessoa com deficiência que comprovar estar em condição de miserabilidade e à pessoa com 70 anos de idade ou mais que comprove estar em condições de miserabilidade. O valor do benefício poderá ser menor para pessoas com idade inferior a 70 anos, inicialmente de R$ 400, mas que será posteriormente definido em lei complementar.

Fonte: Valor Econômico

Recolher

Todas as regras previdenciárias, dos regimes próprios dos servidores públicos e do regime geral dos trabalhadores da iniciativa privada, passarão a ser definidas por lei complementar se a proposta de reforma da Previdência apresentada pelo governo do presidente Jair Bolsonaro for aprovada pelo Congresso. O projeto do governo promove o que os economistas chamam de […]

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Campos indica continuidade em política do Banco Central

27.02.2019

Aprovado ontem pelo Senado, o novo presidente do Banco Central, Roberto Campos Neto, deu diversas indicações de que pretende dar continuidade à linha de atuação de Ilan Goldfajn. Ao discorrer sobre política monetária, o economista defendeu postura de “cautela, serenidade e perseverança”, ecoando exatamente as mesmas palavras usadas pelo Comitê de Política Monetária (Copom) em suas últimas duas reuniões para justificar a manutenção da taxa básica de juros no patamar atual de 6,5% ao ano.

Para Campos, o trabalho realizado pela atual diretoria da autarquia foi “excelente” e permitiu reduzir a inflação e balizar as expectativas. “Esse trabalho só foi possível, a meu ver, com o reforço da credibilidade institucional, que se encontrava abalada pelos resultados negativos colhidos em 2015 e em parte de 2016. Esse reforço se baseou na transparência, na cautela, na serenidade e na perseverança da condução da política monetária, valores que devem ser preservados e aprimorados no que for possível”, discursou o economista.

Com a aprovação de seu nome, a previsão é que a posse aconteça ainda nesta semana em cerimônia no Palácio do Planalto. As nomeações de Bruno Fernandes e João Manoel de Mello para as diretorias de Política Monetária e Organização do Sistema Financeira, e da advogada Flávia Perlingeiro para a direção da CVM também receberam aval do Senado.

Na Comissão de Assuntos Econômicos (CAE), onde os quatro foram sabatinados pela manhã, os nomes foram aprovados por unanimidade, com 26 votos a zero, em uma sinalização importante de apoio político às indicações do governo, pelo menos na economia.

Durante a sabatina na CAE, que durou mais de quatro horas, o agora presidente do BC não só respaldou a mensagem de política monetária da equipe de Ilan, mas se comprometeu com outros pontos considerados relevantes pela gestão que está perto do final.

Ele defendeu, por exemplo, a chamada agenda BC+ da autarquia, destacando que pretende manter – e aprofundar – iniciativas voltadas à redução do spread, ao aumento da competição e à modernização do sistema financeiro. Nesse contexto, Campos reforçou especificamente sua experiência e interesse nas novas tecnologias financeiras. Destacou ainda que quer dar atenção especial a temas como “fintechs”, desenvolvimento do pagamento instantâneo e o chamado “open banking”, que abre espaço para o cliente autorizar o compartilhamento de seus dados com outras instituições.

No tema dos spreads bancários elevados, alvo de diversas perguntas de senadores, Campos se apegou ao argumento do BC de que o fenômeno decorre de uma série de fatores estruturais, dos quais o lucro dos bancos é o que tem peso menor. Também relativizou a concentração bancária, desconsiderando-a como fator a tornar os juros do crédito tão altos no Brasil.

Segundo o novo presidente do BC, a concentração no país é semelhante à verificada na Alemanha, Inglaterra e Itália, e há competição entre as instituições, o que seria o mais importante. Na visão dele, a inadimplência, o custo financeiro e os impostos têm importância maior na composição dos spreads.

Campos diz que, para lidar com essas questões, o BC já tem iniciativas como o cadastro positivo e medidas voltadas a melhorar as garantias, como a duplicata eletrônica. O economista destacou ainda a importância do fomento ao mercado de capitais, principalmente para garantir o acesso de pequenas e médias empresas a fontes alternativas de financiamento.

Na sabatina, o novo chefe da autoridade defendeu o projeto de autonomia do Banco Central, em tramitação no Congresso. Fez uma defesa da reforma da previdência, destacando que esse e outros ajustes fiscais são importantes para a trajetória sustentável do setor público, outro discurso frequente de Ilan. “A estabilidade fiscal é fundamental para a redução das incertezas, o aumento da confiança e do investimento, e o consequente crescimento da economia no longo prazo. Estou certo de que avançaremos nessa direção”, afirmou.

Durante a sabatina, Mello, que em sua diretoria lidará com a agenda regulatória, fez ampla defesa da concorrência financeira como instrumento para baixar o custo dos empréstimos, mostrando-se um pouco mais incisivo na intenção de acentuar a concorrência no sistema. Segundo ele, é preciso fomentar a competição com medidas legislativas e “vigilância constante” na análise de atos de concentração. Já Fernandes afirmou que a reversão das medidas expansionistas por parte das economias avançadas e o enfraquecimento dos principais parceiros comerciais do Brasil constituem riscos para o país.

O presidente do Bradesco, Octavio de Lazari Jr., afirmou esperar que a nova gestão do BC seja de avanços em temas como eficiência e modernização do sistema financeiro. Segundo ele, a autonomia do BC e a estruturação de bases sustentáveis para o crescimento do crédito são “pilares fundamentais” para isso, disse por meio de uma nota.

Candido Bracher, presidente do Itaú Unibanco, elogiou a intenção de Campos de dar continuidade “ao bom trabalho realizado pela gestão anterior” na condução da política monetária e no controle da inflação.

Source: Valor Econômico

Recolher

Aprovado ontem pelo Senado, o novo presidente do Banco Central, Roberto Campos Neto, deu diversas indicações de que pretende dar continuidade à linha de atuação de Ilan Goldfajn. Ao discorrer sobre política monetária, o economista defendeu postura de “cautela, serenidade e perseverança”, ecoando exatamente as mesmas palavras usadas pelo Comitê de Política Monetária (Copom) em […]

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