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...Charging a 1.3 per cent management fee, it currently has net assets of R$2.17bn ($421m), and is the second-most owned ETF on the bourse....
...The real strengthened to less than R$5 to the dollar on Wednesday for the first time since December on expectation of the move....
...“The central bank’s balance sheet is enormous, at more than R$1.5tn.” Brazil’s is by far the largest QE package to be unveiled so far across emerging economies....
...worth of IPCA-linked mortgages were contracted and another R$15bn approved....
...Late on Friday, Brazil's economy ministry laid out an emergency support package of R$1.2tn ($223bn) — equal to the entire projected savings over the coming decade from last year’s landmark pension reform...
...In January, domestic investors bought R$19bn ($4.3bn) of São Paulo-listed stocks from overseas funds, easily a monthly record....
...Brazilian companies raised R$346bn ($84bn) on local markets in the 11 months to November, mostly in corporate bonds and including R$78bn in equities....
...The real started the week at about R$4.20 to the dollar and plunged to a record low of almost R$4.28 on Tuesday before rebounding to R$4.18 on Friday....
...The real recovered from R$4.26 to R$4.19 to the dollar on Thursday after the statement, before again falling below R$4.23 during trading on Friday....
...Mr Guedes says his proposals will save the public finances R$1tn ($255bn) over the coming decade....
...Christopher Garman of Eurasia Group, a consultancy, said he expected it to be diluted by Congress and deliver savings of between R$400bn and R$600bn over that period....
...jonathan.wheatley@ft.com...
...One R$1bn ($240m) bond blew up in November when its issuer filed for creditor protection, leaving 15,000 investors facing a wipeout. There are longer-term risks, too....
...Diane Dietz, chief executive of Rodan + Fields, a direct-sales skincare brand, was CMO of grocer Safeway, and Jeff Jones, who now heads H&R Block, the tax preparation company, held that role at retailer...
...A second, watered-down version, already approved by congressional committees, would save R$650bn over that period....
...The real rose as much as 1.7 per cent to R$3.9495 per dollar. That’s the biggest one-day rise in a month and takes the real to its highest level since August 20....
...For public sector pensioners, it spent R$110.7bn on just under 1m pensioners, delivering average annual payments of R$113,060....
...Additional reporting by Jonathan Wheatley...
...“The original proposal would have saved close to R$800bn ($250bn) in net present value over the next 10 years....
...Average spending per household was about R$68,000 ($21,725) in 2014 and fell to R$61,800 last year. This year, it will fall to about R$61,400 before beginning to edge back up, Euromonitor predicts....
...The government is facing a budget shortfall this year of R$50bn (US$15.6bn) after the finance ministry reduced its growth forecast from 1.6 per cent to 1 per cent....
...Its share price in São Paulo hit a four-year high of more than R$35 ($11) last week, from a low of less than R$7 in January 2016. Much of that recovery has come since the turn of the year....
...Among the most serious allegations is that Odebrecht made at least R$88m (about $28m) in illegal donations to 48 political campaigns between 2006-2014, with the biggest share going to Mr Temer’s party....
...The justice ministry set aside R$2.4bn ($751m) for prison improvements in 2016 but did not disburse it, says Contas Abertas, a non-governmental organisation that monitors public spending, while many of Brazil...
...The government scored one victory this week, blocking measures that would have cost it R$63bn ($17bn) by 2019....
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