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Investor Group Bashes Petrobras CEO Change, Guedes In Davos

BRAZIL
  • A Bill establishing a 17% ceiling for ICMS tax on products such as fuel and electricity shall be voted on Wednesday, the proposal’s rapporteur in the Lower House, lawmaker Elmar Nascimento, said in an interview. (Bloomberg)
    • The report hasn’t been presented yet because the rapporteur is still discussing possible changes to the original text with States and Govt.
    • Lawmaker Danilo Forte, author of the proposal, said earlier that, the project’s approval and application could reduce gasoline prices from 9% to 12%; 10% reduction for ethanol and 11% in electricity prices.
  • Government’s statement on the CEO change at Petrobras -- citing its commitment to the company’s governance -- “sounds like something dissociated from the reality of the facts,” Brazilian shareholders association Amec says in a statement.
    • Amec represents about 60 local and foreign institutional investors.
  • Economy Minister Paulo Guedes attends Davos panels throughout Wednesday. Minister also has meetings with Colombia President Ivan Duque and Iberdrola CEO Jose Ignacio Galan.
  • Difference between voting intentions for former President Luiz Inacio Lula da Silva and President Jair Bolsonaro in a possible runoff between them remains at 11ppt, according to PoderData poll released by Poder360.
    • Lula Has 50%, Bolsonaro 39% in Brazil Runoff Poll: Poder360
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