BRASILIA: The Brazilian economy has begun to turn around, jobs are being created, and business confidence is slowly recovering, President Michel Temer said on Friday, touting initial successes of his recovery plan.
Speaking at a business meeting in Sao Paulo, Temer pointed to the latest cover of The Economist showing Brazil beginning to lift off among seven countries on the rise, and also Moody’s decision on Wednesday to raise the rating outlook for Brazilian sovereign debt to stable from negative.
“This shows confidence is returning bit by bit,” he said.
Temer touted the “absolute success” of Thursday’s auction of rights to operate four airports, which drew nearly double the minimum bids in a gauge of investors’ appetite for a new wave of privatization his administration has launched.
To highlight a return to growth, Temer himself announced on Thursday that the Brazilian economy had added 35,612 payroll jobs in February, a statistic that is normally published by the Labor Ministry.
“Inflation is slowing and the forecast is it will be below the target by the end of the year,” he said, referring to the central bank’s 4.5 percent target.
Temer added that passage of proposed reforms of the country’s costly social security system and modernization of outdated labor laws remained essential for the success of his plan to bring the budget deficit under control and pull the economy out of a “very violent” recession, its worst on record.
Temer, a business-friendly centrist, acknowledged that his unpopular pension reform bill, which drew protests across Brazil this week, would undergo changes in the Congress, but he urged lawmakers to adopt the basic proposal.
With the Car Wash corruption investigation reportedly targeting six of his ministers and top allies in Congress, political uncertainty clouds Temer’s future.
As he highlighted the advances of Brazil’s timid recovery at Friday’s event, the most dynamic sector of the economy and driver of its exports came under investigation.
Police raided dozens of offices of meatpackers, including industry giants JBS SA and BRF SA, to investigate alleged bribery of inspectors to overlook unsanitary practices such as processing of rotten meat.
Brazil’s economy is turning around: Temer
Brazil’s economy is turning around: Temer
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
