Latest news with #ItauUnibanco
TimesLIVE
11-07-2025
- Business
- TimesLIVE
Brazil's Lula pledges retaliation to Trump tariffs but keeps diplomacy open
Lula said the government will set up a committee with Brazilian business leaders to 'rethink' the country's commercial policy with the US. He mentioned Brazil's new reciprocity law, passed soon after Trump made his first tariff announcements in April, that allows the government to respond with reciprocal measures in case other countries impose unilateral barriers to Brazilian products. Beyond imposing counter tariffs, the law would also allow Lula to restrict imports and investments and suspend intellectual property rights from US firms, among other measures. The US is Brazil's second-largest trading partner after China and has a rare trade surplus with Latin America's largest economy. Some market sectors, including aviation and banking, felt immediate pressure. Shares of some Brazilian firms declined on Thursday, with plane maker Embraer and major banks such as Itau Unibanco and Banco Santander posting losses. However, the tariffs could also inflict pain in the US by disrupting food prices, given Brazil's role as a major agricultural exporter of coffee, orange juice, sugar, beef and ethanol. The proposed 50% tariff would effectively halt the flow of Brazilian coffee to the US, its largest buyer, four trade sources told Reuters on Thursday. Brazilian industry lobby groups representing sectors such as coffee and oil issued statements on Thursday, urging a diplomatic solution. Josue Gomes da Silva, president of Sao Paulo industry group Fiesp, said: 'We hope diplomacy and balanced negotiations will prevail, despite ideologies and personal preferences, and that common sense will again guide the relationship between these two great sovereign nations.' Reuters
Reuters
10-07-2025
- Business
- Reuters
Brazil's markets face testing time after Trump tariff blow
LONDON, July 10 (Reuters) - Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated. Currency volatility gauges were at their highest since the back end of April's 'Liberation Day' panic, after the real slumped as much as 2.8% on Wednesday in reaction to what Deutsche Bank described as an escalation of tensions. U.S.-listed shares of Brazilian firms and banks sank in premarket trading, with Itau Unibanco losing 2.7%, Banco Santander down 2.4% and state oil firm Petrobras ( opens new tab down nearly 1%. Bond traders were also bracing for the local market to reopen. Brazil's bonds have been a strong performer in emerging markets this year, with international dollar-denominated bonds returning nearly 8% and local real ones a whopping 20%. MSCI's dollar-denominated Brazil stock index is up nearly 25%, too, helped by the year's 13% surge in the real. Graham Stock at RBC BlueBay Asset Management said Trump's reasoning for the 50% tariff level had centred on his grievances around a court case against right-wing former Brazilian president Jair Bolsonaro, as well as legal moves against U.S. social media firms. "The economic implications are nevertheless fairly modest," Stock said, as just over 10% of Brazil's exports go to the U.S., and were worth only around 1% of the former's GDP. "The risk is that President Lula seeks to exploit his defiance of U.S. interference as a badge of honour in the run-up to the October 2026 elections, in which case de-escalation becomes less likely," he said. Wednesday's decision by Trump followed a threat on Monday to impose an additional 10% tariff on the BRICS group of developing nations - of which Brazil is the 'B' - which he called "anti-American." The tariffs on Brazil could have a significant impact on food prices in the United States. Around a third of the coffee consumed in the U.S., the world's largest drinker of the beverage, comes from Brazil and more than half of all the orange juice sold in the U.S. also comes from the South American agricultural powerhouse.
Yahoo
10-07-2025
- Business
- Yahoo
Brazil's markets face testing time after Trump tariff blow
LONDON (Reuters) -Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated. Currency volatility gauges were at their highest since the back end of April's 'Liberation Day' panic, after the real slumped as much as 2.8% on Wednesday in reaction to what Deutsche Bank described as an escalation of tensions. U.S.-listed shares of Brazilian firms and banks sank in premarket trading, with Itau Unibanco losing 2.7%, Banco Santander down 2.4% and state oil firm Petrobras down nearly 1%. Bond traders were also bracing for the local market to reopen. Brazil's bonds have been a strong performer in emerging markets this year, with international dollar-denominated bonds returning nearly 8% and local real ones a whopping 20%. MSCI's dollar-denominated Brazil stock index is up nearly 25%, too, helped by the year's 13% surge in the real. Graham Stock at RBC BlueBay Asset Management said Trump's reasoning for the 50% tariff level had centred on his grievances around a court case against right-wing former Brazilian president Jair Bolsonaro, as well as legal moves against U.S. social media firms. "The economic implications are nevertheless fairly modest," Stock said, as just over 10% of Brazil's exports go to the U.S., and were worth only around 1% of the former's GDP. "The risk is that President Lula seeks to exploit his defiance of U.S. interference as a badge of honour in the run-up to the October 2026 elections, in which case de-escalation becomes less likely," he said. Wednesday's decision by Trump followed a threat on Monday to impose an additional 10% tariff on the BRICS group of developing nations - of which Brazil is the 'B' - which he called "anti-American." The tariffs on Brazil could have a significant impact on food prices in the United States. Around a third of the coffee consumed in the U.S., the world's largest drinker of the beverage, comes from Brazil and more than half of all the orange juice sold in the U.S. also comes from the South American agricultural powerhouse.
Bloomberg
08-07-2025
- Business
- Bloomberg
KKR Strikes Asset-Management Partnership with Brazil's Itau
By KKR & Co. and Itau Unibanco Holding SA 's asset manager struck an exclusive partnership to develop alternative investments for institutional and wealth clients in Brazil. The buyout firm and Sao Paulo-based Itau Asset Management will develop products across private markets asset classes, including building co-branded investments for the Brazilian market, according to a statement Tuesday. The firms said they also may work together on co-investments.
Bloomberg
11-06-2025
- Business
- Bloomberg
Santander's Hiring Headaches Go On as It Drops Broedel Plan
Banco Santander SA thought it pulled off a coup last year when it snagged a well-respected banking executive to head its accounting unit. Instead, Spain's biggest bank found itself with another high-profile hiring headache having already been battling a former CEO candidate in court for the past six years. Last week, Santander abandoned its plan to make Alexsandro Broedel Lopes its chief accounting officer after the executive spent months fighting fraud allegations from his former employer, Itau Unibanco Holding SA, where he was chief financial officer. Manuel Preto will take the post instead, starting in July.
