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Reuters
27-06-2025
- Business
- Reuters
Brazil corn ethanol boom covers demand as country hikes biofuel mandate
SAO PAULO, June 27 (Reuters) - Growth of Brazil's corn ethanol sector has become key to meeting the country's growing demand for the renewable fuel under a new government mandate to use more ethanol in gasoline, even as sugarcane-based ethanol output has stagnated. Brazil is the world's largest producer of ethanol from sugarcane, but output has flattened since the turn of the decade, while corn ethanol production has more than tripled, according to data from sugar and ethanol industry group UNICA. In the 2024/25 cycle, corn ethanol output in Brazil's center-south region rose nearly 31% from the year before to 8.19 billion liters, according to an UNICA report. On Wednesday, Brazil's government approved a measure hiking the mandatory blend of ethanol in gasoline to 30%, from 27% previously, which will require well over 1 billion more liters of ethanol per year. "Thanks to corn ethanol, we are increasing the blend to 30%, right? If it weren't for this increase in production, we wouldn't be able to implement this policy," said Guilherme Nolasco, president of the corn ethanol industry group UNEM. Brazil's government initially put off raising the ethanol blend in gasoline this year, which some attributed to concerns it could push up prices. By the time officials confirmed the move this week, they were touting it as a way to bring down prices at the pump. Amance Boutin, business development manager at consultancy Argus, said the decision to implement the new biofuel mandate from August is a vote of confidence in the capacity of the corn ethanol sector to keep ramping up production. At the same time, cane growers in Brazil, which is also the world's top exporter for sugar, are expected to maintain their preference for producing the foodstuff over fuel, said Gabriel Barra, director and head of Latin American equity research for oil and gas, petrochemicals and agribusiness at Citibank. "Sugar will continue to take a large part of this mix from sugarcane processing," Barra said. "Ethanol will most likely continue to lose this competition." In March, Citi forecast corn ethanol production in Brazil would hit 16 billion liters by 2032, a sentiment echoed by UNEM's Nolasco. "We have the capacity to double current production by 2032," Nolasco said. According to UNEM, corn ethanol represents 23% of current ethanol production in Brazil and it expects it to grow to account for 40% of the fuel's output over the next decade. At an industry event in Sao Paulo this month, UNICA Chief Executive Evandro Gussi said Brazil is not concerned about whether ethanol comes from sugar, corn or another source, as long as it has low carbon emissions and does not deprive the country of needed food. "In terms of biofuel and ethanol. Brazil … is not the land of 'either' - either this or that," said Gussi, adding he expected both corn- and cane-based ethanol production to grow. Some in Brazil's corn sector are already pushing to expand other crops for use in ethanol production, with sorghum a viable option for farmers who miss the planting window for the country's second corn crop. Increasing the output from sugarcane crops will be crucial to luring fresh investments and boosting the sugar-energy sector, said Cesar Barros, CEO of sugarcane research company CTC, blaming the recent doldrums on a lack of innovation. By contrast, corn has benefited from years of research and development by major multinationals, Barros said. Corn is the crop of choice for the world's biggest ethanol producer, the U.S. "In the same 20-year horizon in which corn doubled its productivity in Brazil, sugar cane practically stagnated, with average productivity increasing very little," Barros said. In April, following years of research, CTC announced the launch of a number of new products that it said will help double the output of sugarcane on Brazilian fields by 2040. "Doubling sugarcane productivity in the next 20 years will ... enable new investments, whether in new plants or in increasing capacity," Barros said.
Yahoo
23-06-2025
- Business
- Yahoo
OLX Group Reports Strong FY 2025 Results With 18% Revenue Growth and 61% Profit Uplift Year-on-Year
AMSTERDAM, June 23, 2025--(BUSINESS WIRE)--OLX Group ("OLX"), a global online classifieds leader and subsidiary of Prosus N.V., has reported strong financial results in the fiscal year 20251. The company generated revenues of US$7772 million, an 18% year-on-year increase. Adjusted EBIT3 (aEBIT) amounted to US$2702 million, representing an increase of 61% (in local currency) over the prior year, while aEBIT margin was 35%, a significant expansion from 25% in FY24. The strong performance was primarily driven by its core categories Motors, Real Estate, and Jobs, in its key high-growth markets. In addition, the company continues to leverage its strong investments in product, with emphasis on enhancing the customer and user experience through state-of-the-art AI solutions. Main categories essential for driving growth and profitability Across its platforms, OLX witnessed strong user and customer engagement. OLX platforms, operating nine brands in nine markets worldwide, hosted nearly 64 million active listings daily, with 29 million monthly app users, highlighting the platform's impressive scale and impact. In particular, Motors, Real Estate, and Jobs categories performed exceptionally well: Motors: Achieved 24% revenue growth year-on-year, driven by innovative dealer tools and trust-building features like vehicle history reports and ratings. OLX continues to make buying and selling cars safer and more efficient. Real Estate: Delivered 23% revenue growth year-on-year, supported by product enhancements like unified platform rollout, redesigned mobile app, and tools optimised for agents. Investment in tools for professionals is unlocking significant growth potential. Jobs: OLX strengthened its presence in key blue and grey collar job markets across Poland, Romania, and Ukraine, with investments in employer branding features and AI-powered matching capabilities. OLX Jobs continues to accelerate and expand rapidly. Christian Gisy, CEO of OLX Group, said: "I am very happy with our financial performance in the fiscal year 2025. We are seeing strong, profitable growth momentum in all of our key categories and markets. This proves that we made the right strategic shift towards a stronger focus on our core B2C businesses Motors, Real Estate, and Jobs - in selected, high-growth markets. Our investments in Artificial Intelligence are starting to pay off and will enable us to leverage our potential for even more profitable growth in the future. Looking ahead, we are more than confident to achieve a sustained revenue growth of over 20%, with profit margins approaching 50% and more." Fabricio Bloisi, CEO of Prosus Group, said: "OLX has delivered another set of outstanding results, further demonstrating its position as a classifieds leader across multiple markets. As a core part of our lifestyle ecommerce ecosystem, OLX is making buying and selling simpler, smarter, and more trusted for millions of users. The team's clear strategy and performance demonstrate the company's momentum and I'm excited to see what Christian and the team achieve next." Pioneering in AI to improve customer and user experience and accelerate growth With its focus on attractive, high-margin categories in fast-growth markets, data and AI-driven value-adding services for its customers, OLX has a strong strategy in place to further accelerate its growth trajectory. To this end, OLX continuously invests in state-of-the-art AI solutions. In the past year, OLX invested over US$ 17M to further strengthen AI capabilities, tools, and talent base. On the back of the work of OLX's data and AI teams, the company has deployed to date 55 AI use cases across the business, enhancing personalisation, trust, and automation both for users and professional customers. From smarter search, platform moderation, and fraud protection, AI will continue to be a crucial pillar of OLX's growth strategy. About OLX Group OLX is a global marketplace leader that builds platforms to facilitate trade. Serving tens of millions of people around the world every month, OLX exists to enable buyers to afford things they would not usually buy as new, and to enable sellers to make extra cash and generate their own revenue stream. OLX is the classifieds business of Prosus, one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. For more information on OLX, visit For more on Prosus, its companies and investments, visit 1 April 2024 to March 20252 Includes financial results from OLX Autos business which was carved out but included in our continuous operations due to IFRS requirement3 Adjusted EBIT = represents operating profit/loss from continuing operations adjusted to include lease interest paid and exclude the amortisation of intangible assets, retention option expenses and other losses/gains linked to business combinations and acquisitions, due diligence and legal fees, fair-value adjustments of financial instruments and/or impairment losses. View source version on Contacts Media Contact:Ana Garcia | media@ FGS Global | olx_eu@ Sign in to access your portfolio
Bloomberg
17-06-2025
- Business
- Bloomberg
Banco Montepio Sees Deposits, Loans Growing in Next Three Years
Banco Montepio expects to grow in loans and deposits as the Portuguese lender aims to increase its market share among clients including small- and medium-sized companies. Portugal's oldest bank sees deposits and credit growing about €4 billion ($4.6 billion) in total in the next three years, Chief Executive Officer Pedro Leitao said in an interview in Lisbon. Demand remains strong in sectors including tourism and housing, he said.
Reuters
11-06-2025
- Business
- Reuters
Brazil's finance minister urges lawmakers to back economic agenda
BRASILIA, June 11 (Reuters) - Brazil's Finance Minister Fernando Haddad said on Wednesday the country needs to push ahead with measures under consideration in Congress to ensure the current growth cycle in Latin America's largest economy is sustainable. Haddad made his remarks during a hearing in the lower house of Congress after Speaker Hugo Motta said earlier on Wednesday the government's proposal to roll back a controversial tax hike on some financial transactions faces resistance from lawmakers. On Sunday, Haddad proposed offsetting the revenue loss from the scaled-back financial transactions tax with higher taxes on online betting, private credit instruments and financial institutions. "We need to understand that presenting solutions focused on increasing revenue, without cutting spending, does not work," Motta added in a post on the X social media site. During his opening remarks at the hearing, Haddad noted that leftist President Luiz Inacio Lula da Silva's government is delivering average annual economic growth of 3%, but said it is necessary to "keep advancing with the economic measures being addressed to this House" to ensure the growth cycle continues. "There is no reason we can't continue to grow, but we must have the courage to face certain taboos," Haddad added. He also said the government has been expressing to Congress its concerns over certain spending trends, many of which are being honored by the Lula administration despite not having been initiated by it, such as rising expenditures related to the Fundeb education fund. Haddad argued it is better to correct distortions in the current tax system than to simply raise tax rates. He also defended an income tax reform bill sent to Congress that proposes higher exemptions for the middle class and a boost in taxation of wealthier people.
Reuters
10-06-2025
- Business
- Reuters
Brazil bank chiefs balk at tax hike proposal, urge spending review
SAO PAULO, June 10 (Reuters) - The chief executives of some of Brazil's largest banks on Tuesday expressed concerns over government plans to raise taxes to meet the federal fiscal target, advocating instead for a review of public spending. The proposed fiscal measures, which President Luiz Inacio Lula da Silva has yet to formally receive, include higher taxes on online betting, private credit instruments and financial institutions, while trimming a tax hike on the IOF financial transaction tax. The government raised the IOF tax last month by decree, sparking backlash from Congress and the market. Roberto Sallouti, CEO of investment bank BTG Pactual , said at an event hosted by banking federation Febraban in Sao Paulo that focusing on spending efficiency would be preferable to tax increases, which he argued would harm economic growth. "Isn't it time to seek greater efficiency in Brazil's public budget spending?" Sallouti said, warning that increasing taxes would increase the cost of doing business in the nation. Lula's administration has so far avoided putting spending cuts on the agenda and defended allocations toward sweeping benefits programs. Marcelo Noronha, CEO of lender Bradesco , told the same panel that fiscal balance should be achieved through expenditure cuts, not revenue increases, and called for dialogue with policymakers. Santander Brasil CEO Mario Leao acknowledged the difficulty of such decisions but stressed their necessity. "No one wakes up wanting to pay more in taxes, no one wakes up wanting to manage spending proactively, but these are agendas that Brazil has to face," Leao said.
