Gambling
Gambling on elections is becoming a thing in Brazil
Good morning! Today: a controversial loan for a shipbuilder. Gambling enters the election scene. And the Amazon shifts from carbon sink to emitter.
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One company to get half of Brazil’s shipbuilding funds
Brazil’s National Development Bank (BNDES) this week granted a BRL 3.7 billion (USD 652 million) line of credit to LHG Logística, a transportation company that is part of J&F Investimentos, a holding company that also owns JBS — the world’s largest meat producer.
- The money will fund the construction of 400 barges and 15 pushers to move iron and manganese ores along the Paraná and Paraguay rivers.
👉 Why it matters. Brazil vastly underutilizes its waterway potential for cargo transportation. But Fernando Pimentel, a waterway and navigation development coordinator at the Ports and Airports Ministry, told The Brazilian Report that the project will represent a new phase of prosperity for the naval sector.
Incentives. The money comes from Brazil’s Merchant Marine Fund (FMM). Until 2021, it could only finance shipbuilding projects, but a change in legislation allowed it to…
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