Brazil's new Rio stock exchange to start operations later than expected
The new bourse, called Base Exchange and controlled by Abu Dhabi's Mubadala, could shift Brazil's financial landscape, as Sao Paulo-based stock exchange B3 currently reigns in the Brazilian market.
Claudio Pracownik, CEO at Rio de Janeiro's Base Exchange, told Reuters the revised timeline reflects regulatory processes. Previously, operations were expected to start this year.
Tests for the new exchange have been conducted at the Brazilian securities watchdog CVM, while simulations at the central bank are expected to take place by August, according to Pracownik, who expects to receive the necessary regulatory authorizations by the end of the year.
Base hopes to compete with B3 by using different technology and operating at lower cost, he said. "We are proposing to do better, faster and cheaper."
B3 did not immediately respond to a request for comment.
Pracownik said he has already spoken with representatives of the main companies whose shares trade on B3, and that they showed interest in also trading their shares on the Rio de Janeiro exchange.
"These companies have nothing to lose. Petrobras, Vale, Banco do Brasil and others expressed interest in trading," said Pracownik.
Banco do Brasil and Petrobras did not immediately respond to requests for comment. Vale declined to comment.
The new exchange, which would initially trade assets such as equities, intends to launch new products every eight to nine months, including derivatives and options, to be able to compete with B3, Pracownik added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
13 minutes ago
- Miami Herald
Golden Beach vending-machine mogul sentenced to 2-1/2 years for tax evasion
A wealthy Golden Beach woman who owns the Gilly vending machine business was sentenced on Friday to 2-1/2 years in prison after agreeing to pay $1.9 million in back taxes to the federal government for failing to report a vast sum of income hidden for years in foreign bank accounts. Gilda B. Rosenberg, 60, was ordered to surrender to prison authorities in late October by U.S. District Judge Beth Bloom, who gave the woman a lower sentence than prosecutors sought for her tax-evasion conviction in Miami federal court. Bloom also imposed a $30,000 fine. Under her plea agreement, Rosenberg must also pay a penalty of $5.85 million to the Internal Revenue Service to resolve her civil liability for not filing reports on her foreign bank accounts with the Department of Treasury. In March, Rosenberg pleaded guilty to conspiring to defraud the IRS by concealing undeclared foreign accounts, filing false tax returns and evading taxes over a decade. Rosenberg, whose family owns Miami-based Gilly Vending Inc., also pleaded guilty last year to a separate conspiracy charge involving a scheme to defraud the Army and Air Force Exchange Service in Texas by filing false reports on vending machine sales of snacks and beverages to avoid fully paying commissions. She still faces sentencing in the Texas case on Wednesday, but it would run concurrently with the prison term imposed by Bloom, court records show. Rosenberg, a dual U.S. and Colombian citizen, admitted in the tax-evasion case in Miami that she conspired with two family members to hide more than $90 million in assets and income held in undeclared bank accounts in Andorra, Israel, Panama and Switzerland between 2010 and 2022, according to a factual statement filed with her plea agreement with the Justice Department. Rosenberg and the other relatives knew they had not disclosed their ownership of these foreign financial accounts to the U.S. government and not paid any taxes on the income earned from these assets, as was required by law, the statement says. The family members consolidated their assets at accounts with Credit Suisse AG in Switzerland and the United Kingdom, and then they told Credit Suisse employees that they were seeking to hide their assets from U.S. authorities, according to the statement. Their assets remained at Credit Suisse until 2013, when the bank closed their accounts because they were U.S. citizens. 'Some of the banks, including Credit Suisse AG, knew that the Defendant and her family members were U.S. persons,' Justice Department lawyers Mark Daly, Marissa Brodney and Ana Maria Martinez wrote in a sentencing memo. 'At the time that the family members divided the family's assets in 2017, and in the years following, the family members used, or attempted to use, various schemes and machinations both to covertly transfer assets to [Rosenberg] in the United States and to conceal their ongoing tax evasion and history thereof,' the prosecutors wrote, seeking a three-year, four-month prison sentence. Rosenberg's sentencing memo, filed by defense attorneys Bruce Zimet and Joan Silverstein, was sealed by Judge Bloom at their request. But in her federal case in Texas, the defense lawyers focused on Rosenberg's philanthropy, including leading a service project at the Miami Rescue Mission and donating to God's Kids Learning Center in Miami. 'Given Rosenberg's history of caring and giving to others, her appearance in a federal court for sentencing is not easy to reconcile,' they wrote in a memo filed in federal court in Sherman, Texas. 'She is determined to not let her failings define who she is as a person, and obstruct her ability to make a difference in the life of others.' In the Miami tax-evasion case, court records show that Rosenberg and her relatives moved their assets from Credit Suisse to new accounts at Bank Leumi in Israel, Union Bancaire Privée and PKB Privat Bank SA in Switzerland, and an Andorran bank. Rosenberg was listed as the beneficial owner of accounts at UBP and the Andorran bank, claiming she was a Colombian and not a U.S. citizen. Rosenberg, along with her relatives, did not file Reports of Foreign Bank and Financial Accounts (FBARS) disclosing their offshore financial accounts, as required by law. In addition, they continued to file false tax returns with the Internal Revenue Service that omitted income generated by their offshore assets. In 2017, Rosenberg and her relatives divided the family's assets and signed documents to make it appear that she and a relative gifted the offshore assets to another relative who had renounced his U.S. citizenship. Rosenberg and her relatives then tried to transfer assets to her in the United States, prosecutors said. Rosenberg filed false tax returns from 2009 to 2017 that did not report more than $5.5 million in income she earned from her assets at Union Bancaire Privée, which caused a tax loss to the IRS of $1,927,342, according to prosecutors.
Yahoo
an hour ago
- Yahoo
Sugar Prices Supported by Strength in Crude Oil
October NY world sugar #11 (SBV25) today is up +0.08 (+0.49%), and October London ICE white sugar #5 (SWV25) is up +1.30 (+0.28%). Sugar prices are rising today as a rally in crude oil prices has sparked short covering in sugar futures. WTI crude oil (CLU5) is up more than +2% today to a 1-week high, which benefits ethanol prices and may prompt the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies. More News from Barchart Does the 2025 Corn Crop Have a Pollination Problem? Weather Shocks vs. Oversupply: Are You Trading SRW Wheat's Next Big Move? Adverse Brazilian Weather and Tariff Concerns Boost Coffee Prices Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Last Wednesday, sugar prices fell to 3-week lows after Bloomberg reported that India may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop. India's Meteorological Department reported Monday that cumulative monsoon rain in India is 6% above normal as of July 21. The outlook for higher sugar production in Brazil is bearish for sugar prices. Datagro said Monday that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. According to Covrig, Brazil's sugar mills are expected to crush 54% of the available cane in the first half of this month, likely adding 3.2 MMT of sugar into the market. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. That would follow a -17.5% y/y decline in India's sugar production in 2024/25 to a 5-year low of 26.2 MMT, according to the Indian Sugar Mills Association (ISMA). Also, the ISMA reported on July 7 that India's sugar production during Oct 1-May 15 fell -17% y/y to 25.74 MMT. Sugar prices have retreated over the past three months, with NY sugar falling to a 4.25-year low earlier this month and London sugar sliding to a nearly 4-year low, driven by expectations of a sugar surplus in the 2025/26 season. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 MMT, with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. Signs that the recent slide in sugar prices to 4-year lows has sparked a pickup in demand are positive for sugar prices. China's June sugar imports soared by 1,435% to 420,000 MT. Also, President Trump last Wednesday said Coca-Cola agreed to use cane sugar in Coke beverages sold in the US instead of high-fructose corn syrup, which could boost US sugar consumption by +4.4% to 11.5 MMT from 11 MMT currently, according to Bloomberg Intelligence. Sugar prices also have support from reduced sugar production in Brazil. Unica reported last Monday that the cumulative 2025/26 Brazil Center-South sugar output through June fell by -14.3% y/y to 12.249 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. The USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT FAS predicted that India's 2025/26 sugar production would rise +25% y/y to 35.3 MMT due to favorable monsoon rains and increased sugar acreage. FAS predicted that Thailand's 2025/26 sugar production will climb +2% y/y to 10.3 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Best Buy Earnings Preview: What to Expect
With a market cap of $14.3 billion, Best Buy Co., Inc. (BBY) is a leading multinational retailer specializing in consumer electronics, appliances, and related services, operating in the United States and Canada. The company offers a wide range of technology products and support through its physical stores and online platforms under various brand names, including Best Buy, Geek Squad, and Lively. The Richfield, Minnesota-based company is expected to announce its fiscal Q2 2026 earnings results on Thursday, Sept. 4. Ahead of this event, analysts expect Best Buy to report an adjusted EPS of $1.22, down nearly 9% from $1.34 in the year-ago quarter. It has surpassed Wall Street's earnings estimates in three of the last quarters while missing on another occasion. More News from Barchart Warren Buffett Warns Inflation Turns Business Into 'The Upside-Down World of Alice in Wonderland' But Weeds Out 'Bad Businesses' Why GOOGL Stock May Be the Market's Next Big Winner Alphabet Posts Lower Free Cash Flow and FCF Margins - Is GOOGL Stock Overvalued? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. For fiscal 2026, analysts expect the consumer electronics retailer to report an adjusted EPS of $6.22, a 2.4% decline from $6.37 in fiscal 2025. However, adjusted EPS is anticipated to grow 8.2% year-over-year to $6.73 in fiscal 2027. Shares of Best Buy have declined 21.6% over the past 52 weeks, underperforming both the S&P 500 Index's ($SPX) 17.1% gain and the Consumer Discretionary Select Sector SPDR Fund's (XLY) 24.3% return over the period. Despite posting a better-than-expected Q1 2026 adjusted EPS of $1.15, Best Buy shares tumbled 7.3% on May 29 due to a significant cut in its full-year comparable sales and adjusted EPS guidance to $6.15 - $6.30. Investor sentiment was further dampened by concerns over rising U.S. tariffs, which could increase costs on imported goods, roughly 30% - 35% of Best Buy's inventory, pressuring margins and consumer demand for high-ticket items. Analysts' consensus view on BBY stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 22 analysts covering the stock, eight recommend "Strong Buy," 13 indicate 'Hold,' and one advises "Moderate Sell." As of writing, the stock is trading below the average analyst price target of $78.42. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
