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Brazil's real currency strengthened as Finance Minister Fernando Haddad reassured investors of the government's commitment to fiscal responsibility during a Group of 20 nations press conference. Haddad emphasized the need to maintain credibility in the country's debt sustainability rules. Central bank chief Roberto Campos Neto also expressed confidence in the government's upcoming measures to improve Brazil's finances, leading to a positive market response with the real rising and stock index increasing. Investors are closely monitoring Brazil's fiscal situation amid concerns about budget deficits and inflation estimates exceeding the 3% target. [Extracted from the article]

The article discusses how forecasts for a 20% rally in Brazil's stock market have been thwarted by high interest rates. Despite optimistic predictions from various financial institutions, Brazilian equities have underperformed, with the Ibovespa index losing 2.7% this year. The government's fiscal policies, high interest rates, and lack of investor confidence have contributed to the stock market's struggles, leading to foreign outflows and low domestic equity allocations. Analysts remain hopeful for a market recovery, but the current economic climate remains challenging for investors. [Extracted from the article]

Investors showed optimism in Asian equities by investing in exchange-traded funds (ETFs) that buy Taiwanese stocks, with Taiwan receiving the biggest inflow of $317 million. The focus on semiconductor manufacturers, particularly Taiwan Semiconductor Manufacturing Company, drove this interest due to the global boom in AI-related companies. Inflows into emerging market ETFs, including those targeting specific countries like Taiwan, have been increasing, with China also experiencing a wave of stimulus to revive its market. The SPDR Portfolio S&P Emerging Markets ETF saw significant inflows, reflecting the overall positive sentiment towards Asian emerging markets. [Extracted from the article]

The article discusses how forecasts for a 20% rally in Brazil's stock market have been thwarted by high interest rates. Despite optimistic predictions from various financial institutions, Brazilian equities have underperformed, with interest rates more than double the Fed's target pushing investors towards government bonds. The government's fiscal policies, inflation concerns, and lack of consistent economic policies have contributed to foreign outflows from the stock market and a general pessimistic outlook. Despite some remaining optimism, the high interest rates in Brazil continue to hinder the stock market's growth potential. [Extracted from the article]

Investors have poured billions of dollars into exchange-traded funds (ETFs) that buy Chinese stocks, driven by optimism over additional fiscal stimulus. Despite a small outflow from bond funds, U.S.-listed emerging market ETFs received inflows of $5.44 billion in the week ending October 11, with Chinese stocks attracting $5.15 billion. The iShares China Large-Cap ETF and the Xtrackers Harvest CSI 300 China A-Shares ETF saw the largest inflows, totaling $2.5 billion and $1.5 billion, respectively. This surge in inflows comes as Chinese stocks listed onshore experienced volatility due to concerns over the pace of Beijing's stimulus measures. [Extracted from the article]

New York-based firm 22V Research, co-founded by Dennis Debusschere, has opened an office in Sao Paulo to serve as a hub for Latin America. The firm has hired three executives, including Alejandro Rebelo, the former head of Latin America for Canaccord Genuity Group Inc., to lead the office. The company plans to recruit more sales executives in Brazil and expand to other countries in Latin America. 22V Research focuses on macro research and has seen success in its China research efforts. [Extracted from the article]

Brazil President Luiz Inacio Lula da Silva has expressed his desire for larger income tax exemptions, in addition to his previous pledge for workers with salaries up to 5,000 reais ($893). Lula argues that the poor pay a higher proportion of taxes compared to the rich. However, these comments have raised concerns among investors about fiscal policy, leading to a decline in the value of Brazil's currency, the real. Critics worry that these proposed tax exemptions could lead to looser spending and worsen the country's public accounts. Additionally, Lula mentioned his intention to purchase a new presidential airplane and create a currency hedge to attract foreign investment. [Extracted from the article]

According to Morgan Stanley strategist Nikolaj Lippmann, Brazil's economy is growing faster than expected and stocks are cheap. However, Lippmann warns that this growth is fueled by increased fiscal spending, leading to inflation and higher interest rates. The high debt-to-GDP ratio and challenging fiscal outlook are causing stocks to underperform compared to other markets. Foreign investors have withdrawn billions of dollars from the Brazilian stock market this year. Lippmann suggests that until the central bank signals an easing cycle and the government implements fiscal responsibility, stock gains will be limited. [Extracted from the article]

Chinese stocks are experiencing a significant rally, leading to record inflows into exchange-traded funds (ETFs) that invest in Chinese stocks. In the week ending October 4, U.S.-listed emerging market ETFs received a total of $5.96 billion in inflows, with five leading Chinese stock ETFs receiving $4.9 billion. The iShares China Large-Cap ETF saw the largest inflow of $3.5 billion. The rally in Chinese stocks is attributed to Beijing's stimulus measures, including interest-rate cuts and liquidity support for stocks. However, some remain skeptical and are waiting for Beijing to back up its pledges with real cash. [Extracted from the article]

HSBC's corporate and investment-banking businesses in Brazil are experiencing a surge in profit and revenue, thanks to a capital injection from the parent company. Earnings before taxes nearly doubled last year, and revenue increased by 35%. HSBC's CEO for Brazil expects a further 15% increase in revenue this year. The bank is focused on cost discipline while also seeking growth alternatives. HSBC in Brazil offers a range of services, including lending, cash management, investment banking, and trade finance. The bank has no plans to return to the retail business but aims to increase Brazil's connectivity with the world. [Extracted from the article]

Brazil's central bank recently raised its benchmark interest rate, which could have negative implications for the country's banks. Unlike in the US and Europe, where banks are preparing for a decrease in interest rates, higher borrowing costs in Brazil may disrupt the growth in lending revenue that has been among the best in the world. The increase in interest rates will lead to higher funding costs for banks, potentially resulting in lower net interest income in the short term. Additionally, higher interest rates may strain borrowers in Brazil, leading to increased provisions for loan losses. However, banks are taking measures to mitigate the impact, such as selectively returning to credit lines with higher risk profiles and increasing credit card originations. [Extracted from the article]

Last week, money managers invested heavily in exchange-traded funds (ETFs) that buy Chinese stocks, following a wave of stimulus measures in China that boosted confidence in the country's stock market. Inflows to U.S.-listed emerging market ETFs totaled $3.87 billion, with four leading ETFs that invest in Chinese stocks receiving about $1.44 billion in cash. The recent net inflows into China ETFs indicate optimism that the government's stimulus efforts could result in stock market gains. This surge in Chinese stocks has also had a global impact, fueling risk-on sentiment across the developing world. [Extracted from the article]

Rising tensions between the US and China are causing shifts in global trade flows, which could present both opportunities and risks for developing countries, according to Nobel Laureate Joseph Stiglitz. As the US reduces its reliance on China, new trade relationships are emerging in regions such as Asia and Latin America. Stiglitz suggests that this changing dynamic could benefit emerging markets and developing countries, particularly those that export raw materials. However, if the US-China relationship deteriorates further, there could be significant implications for emerging markets. [Extracted from the article]

Brazilian brokerage firm Guide Investimentos has laid off approximately 50 employees shortly after being acquired by Banco Safra. The affected employees were from various units including research, trading, technology, capital markets, and human resources. Banco Safra completed the acquisition on August 30, but has not yet fully integrated Guide into its operations. Guide, which serves retail investors and has around $3.7 billion in assets under custody, is known for its registered investment advisers business. The acquisition aims to enhance Safra's presence in this sector and strengthen its wealth-management business. [Extracted from the article]

Investors have been putting money into exchange-traded funds (ETFs) that buy emerging-market bonds due to optimism surrounding the Federal Reserve's easing cycle. Three of the largest ETFs tracking emerging-market bonds received cash inflows last week. The expectation is that with lower US interest rates, more money will flow into developing-nation debt, which offers higher returns to investors. Inflows to US-listed emerging market ETFs totaled $560.7 million in the week ended September 20, the largest weekly inflow since May 24. [Extracted from the article]

Brazilian markets experienced a rally after the central bank raised interest rates and issued a statement that was seen as hawkish, indicating its commitment to controlling inflation. The Brazilian real initially rose against the dollar but later trimmed its gains, while swap rates increased. The central bank's decision was expected, but the tone of the accompanying statement led traders to anticipate a faster pace of rate hikes in the future. This move by Brazil's central bank contrasts with other central banks in the region, which have been lowering rates to stimulate their economies. [Extracted from the article]

Investors are showing optimism in emerging-market bonds ahead of a potential Federal Reserve rate cut. Two major exchange-traded funds (ETFs) that track emerging-market bonds received significant cash inflows. The anticipation of a rate cut is driving risk appetite and could lead to a search for higher-yield opportunities in developing markets. The expectation of lower rates in the US also eases concerns about a potential recession and gives central banks in developing countries more room to loosen their monetary policies. However, there have been outflows from US-listed emerging market ETFs, particularly in India, while Mexico saw significant inflows. [Extracted from the article]

Emerging-market assets experienced gains at the end of the week as traders anticipated a potential half-point interest rate cut by the Federal Reserve. This increase in risk appetite was reflected in the rise of the MSCI gauge tracking developing-world currencies and the rebound of stocks. The Mexican peso and the Brazilian real saw the most significant gains, supported by a rally in commodity prices. The likelihood of a 50-basis-point move by the Fed increased to 40%, up from 4% earlier in the week. [Extracted from the article]

Emerging-market assets experienced a rally as the likelihood of a half-point Federal Reserve rate cut increased, boosting risk appetite globally. Developing-world currencies and stocks saw gains, with high carry currencies like the Brazilian real and Mexican peso benefiting the most. Asian tech companies, such as Taiwan Semiconductor Manufacturing Company Ltd and Tencent Holdings Limited, contributed to the rise in emerging stocks. Goldman Sachs identified South Korea, South Africa, and India as preferred emerging markets ahead of the Fed's interest-rate cuts. [Extracted from the article]

A recent series of changes to judicial and economic rules in Latin America has made the region less appealing to foreign investors. Mexico's currency has plummeted due to a judicial system overhaul that critics argue threatens democracy. Brazil faced backlash for banning Elon Musk's X, and Chile's proposed legislative changes have raised concerns about the renewable energy sector. These events, combined with the region's history of political volatility and economic risks, have led investors to seek opportunities elsewhere. Latin America's markets have fallen out of favor, with several currencies performing poorly and stock markets lagging behind. The region's weight in global equity benchmarks has also decreased significantly. Legal uncertainty has been exemplified by the idling of a $10 billion copper mine in Panama due to protests, and Mexico's recent overhaul of its judiciary system has raised concerns about checks on power and private companies. Investors are also monitoring Chile's potential changes to the pricing mechanism for small electricity generators. Brazil's judiciary branch has come under scrutiny for its public dispute with Elon Musk, which has raised questions about the regulation of free speech on the internet. These events have further eroded investor confidence in the region, and until trust and institutional stability are restored, Latin America will be viewed as a more tactical region for capital allocation. [Extracted from the article]

Shares in Brazilian air carrier Azul SA surged after reports emerged that the company is close to finalizing a debt-for-equity swap deal with lessors. Under the proposed plan, lessors would receive an equity stake of approximately 20%, with the majority of lessors signaling their approval. Azul has been grappling with increased debt levels and expenses due to a weaker Brazilian real, as well as the impact of the Covid-19 pandemic on the travel industry. The company has managed to avoid bankruptcy protection but still needs to address lease obligations and high interest payments. [Extracted from the article]

Emerging-market currencies experienced a decrease in gains and stocks continued to drop after US core inflation rose unexpectedly in August. This led to a boost in the dollar and a decrease in bets of a large Federal Reserve interest-rate cut. The Brazilian real and South African rand both saw fluctuations in their values, while Eastern Europe currencies were also negatively affected. Despite the approval of a judicial reform proposal in Mexico, the peso strengthened against the dollar due to shifts in betting markets following the vice presidential debate. Latin American markets may continue to face pressure due to concerns over global demand and lower energy prices. [Extracted from the article]

Latin American currencies, including the Brazilian real, Colombian peso, and Mexican peso, underperformed compared to other emerging-market currencies due to global risk-off sentiment and domestic issues in various countries. Investors are closely watching US inflation data and non-farm payroll figures to gauge the Federal Reserve's rate decision and potential interest rate cuts. In Latin America, the Colombian peso is affected by falling oil prices and lower-than-expected inflation data, while the Mexican peso faces volatility due to a controversial judicial reform bill and the upcoming US presidential debate. In Brazil, economic data shows easing inflation, but interest rates are still expected to rise. China's export data had little impact on investors amid concerns about the economy and losses in the property sector. [Extracted from the article]

Latin American currencies, including the Colombian peso and Mexican peso, have underperformed compared to other emerging-market currencies due to a risk-off sentiment in global markets. The decline in oil prices and lower-than-expected inflation data in Colombia have contributed to the peso's losses. In Mexico, traders are anticipating volatility as a controversial judicial reform bill nears passage, and the upcoming presidential debate between Kamala Harris and Donald Trump could also impact market stability. In Brazil, while annual inflation has eased, pressure remains on central bankers to raise interest rates. Additionally, China's export data has not alleviated concerns about the country's economy, leading to losses in its property sector and a decline in its stock market. [Extracted from the article]

Investors have been putting money into an exchange-traded fund (ETF) that tracks Mexican stocks, resulting in the largest weekly inflows this year. This comes as traders "buy the dip" following the recent decline of the peso due to uncertainties surrounding Mexico's controversial judicial reform. The reform, which aims to elect federal judges by popular vote, has raised concerns about democracy and judicial independence. Despite the risks, some investors are pricing in a scenario where the reform is watered down, minimizing disruptions. [Extracted from the article]

Nubank, a fintech startup in Sao Paulo, has become the most valuable bank in Latin America by lending to low-income families. However, some skeptics believe that Nubank's rapid growth and high stock value are concerning, especially as its portfolio of troubled loans increases. JPMorgan Chase & Co and UBS have both downgraded their recommendations on the bank due to worsening asset quality. Nubank's non-performing loans of 90 days or more reached a record 7% in the second quarter, above industry norms. While Nubank defends its strategy and emphasizes long-term growth, concerns about credit quality persist. [Extracted from the article]

Shares in Brazilian fintechs StoneCo Ltd. and Pagseguro Digital Ltd. have dropped after Morgan Stanley downgraded both stocks and slashed their earnings forecasts, citing saturation in Brazil's digital payments market. The strategists at Morgan Stanley believe that the fast growth of Pix, the central bank's instant-payment app, and the dominance of digital banks like Nubank could put significant pressure on the growth of StoneCo and Pagseguro. The companies' attempts to diversify into banking, credit, and software are unlikely to offset the decline in their core payments business. Morgan Stanley has reduced their earnings per share estimates for the next six years and lowered the price targets for both companies. [Extracted from the article]

Nubank, a fintech startup in Sao Paulo, has become the most valuable bank in Latin America by lending to low-income families. However, skeptics are concerned about the bank's go-go approach and its overvalued stock. Nubank's executives plan to continue increasing loan growth, even as its portfolio of troubled loans grows. The bank's non-performing loans of 90 days or more reached a record 7% in the second quarter, above industry norms. Despite these concerns, Nubank's loan portfolio and net income have continued to grow. [Extracted from the article]

Investors have withdrawn billions of dollars from BlackRock's iShares MSCI Emerging Market ETF due to concerns about a weakening Chinese economy. The ETF, which has a significant allocation to China, experienced its largest monthly outflow since October. Analysts suggest that the construction of benchmark EM indices, which heavily rely on China, is problematic as China is seen as a major source of volatility. Despite the outflows from funds with exposure to Chinese assets, EM ex-China strategies remain popular, particularly as the Federal Reserve prepares to ease monetary policy. Inflows to U.S.-listed emerging market ETFs totaled $431.8 million in the week ended August 30. [Extracted from the article]

Foreign investors have been flocking back to Brazil's stock market, pouring in 10 billion reais ($1.78 billion) in August, the largest monthly inflow this year. This surge in investment is driven by expectations that the Federal Reserve will cut interest rates. However, concerns about currency volatility and the possibility of higher rates in Brazil may dampen investor appetite for local assets. Despite these challenges, the local stock market has been boosted by a risk-on sentiment, low valuations, and a positive corporate outlook. To sustain this momentum, Brazil needs stable currency and increased interest from local investors. [Extracted from the article]

Brazil's currency, the real, experienced significant swings after the central bank announced its second intervention in the currency market. The central bank auctioned up to 30,000 FX swaps, worth almost $1.5 billion, in an effort to offset concerns about the country's deteriorating fiscal outlook. The real initially opened higher but plummeted after a report on the fiscal deficit, making it the worst performing currency in emerging markets this year. Experts believe that the real will continue to underperform until the fiscal outlook improves. [Extracted from the article]

Brazil's real currency experienced a significant drop in value compared to other emerging market currencies due to worse-than-expected budget data, raising concerns about the country's fiscal outlook. The primary budget deficit for July was 21.3 billion reais ($3.8 billion), much higher than the estimated 6.9 billion-real shortfall. President Luiz Inacio Lula da Silva's spending policies and uncertainty about future interest rates have contributed to the real's poor performance this year. Experts believe that the real will continue to underperform until there is an improvement in the fiscal outlook. [Extracted from the article]

Investors are pulling money out of exchange-traded funds (ETFs) that buy Chinese stocks due to concerns about China's economy. The KraneShares CSI China Internet Fund and the iShares China Large-Cap ETF both experienced significant outflows. Meanwhile, investors are loading up on emerging-market debt in anticipation of the Federal Reserve's upcoming easing cycle. The iShares J.P. Morgan USD Emerging Markets Bond ETF and the Janus Henderson Emerging Markets Debt Hard Currency ETF saw inflows, indicating a risk-on behavior in emerging-market fixed income. The iShares MSCI Emerging Markets Ex-China ETF also attracted interest from investors looking for riskier assets while avoiding China. [Extracted from the article]

Money managers are investing in emerging-market funds in anticipation of a Federal Reserve rate cut, but they are avoiding China due to concerns about its economy. The iShares MSCI Emerging Markets Ex-China ETF has received significant inflows this year, while China has experienced outflows. Investors are turning to Taiwan, particularly Taiwan Semiconductor Manufacturing Co Ltd, which has seen a 66% increase in its stock price this year. Overall, emerging-market ETFs have seen inflows of $2.98 billion this year. [Extracted from the article]

Shares of Brazilian waste management company Ambipar Participacoes e Empreendimentos SA have experienced a significant surge, increasing over 930% since May. The cause of this rally is unclear, with some attributing it to recent share purchases by founder Tercio Borlenghi Junior and Trustee DTVM. The surge has made Borlenghi Junior a billionaire on paper, with his stake in the company now worth $1.8 billion. However, the rapid rise in the shares has raised concerns among analysts, who see it as a speculative move. Ambipar is actively working to reduce its debt and has announced a share buyback plan. [Extracted from the article]

Shares of Brazilian retailer Americanas SA dropped by 50% after the end of a lock-up period for most creditors following the company's debt restructuring. The company, which had previously experienced a massive accounting fraud and filed for bankruptcy protection, released financial results showing significant losses. Americanas also announced the suspension of new guidance as it reassesses its financial situation and operations. The company plans to carry out a share split and award subscription bonuses to creditors in the near future. [Extracted from the article]

Shares of Brazilian waste management company Ambipar Participacoes e Empreendimentos SA have experienced a significant surge, increasing over 880% since May. The cause of this rally is unclear, with some attributing it to recent share purchases by founder Tercio Borlenghi Junior and Trustee DTVM. The surge has made Borlenghi Junior a billionaire on paper, with his stake in the company now worth $1.6 billion. However, the rapid rise in the shares has raised concerns among analysts, who see it as a speculative move. Short positions on the shares have been declining, indicating that the rally may fade. [Extracted from the article]

Several Brazilian companies listed on US exchanges, including Nubank, XP Inc., StoneCo Ltd., PagSeguro Digital Ltd., and Inter & Co., will be added to the MSCI Brazil Index. This move is expected to bring in billions of dollars in passive inflows. The inclusion of foreign listings in the index is seen as a significant development for Brazil's equity markets. Nubank was also added to the MSCI Emerging Markets Index. [Extracted from the article]

Brazil has temporarily halted chicken exports to the European Union and Argentina due to the presence of the Newcastle virus on a commercial farm in Rio Grande do Sul state. The farm has been shut down and the affected birds will be destroyed to prevent the spread of the disease. In addition to the EU and Argentina, Brazil is also suspending exports of poultry products from the southern state to other countries including China, India, South Africa, and Mexico. The Newcastle disease does not affect humans but is highly transmissible among birds. This development could impact Brazil's largest chicken producer, BRF SA, which has been recovering from a downturn in the poultry industry. [Extracted from the article]

Brazil's chicken producers have experienced a decline in their industry after the Newcastle virus was discovered on a commercial farm. This has raised concerns about potential trade bans against Brazil, the world's largest exporter of chicken. The presence of the virus has led to the closure of a chicken farm in Rio Grande do Sul state, with measures being taken to prevent its spread. While the Newcastle disease does not affect humans, major importing countries typically impose bans on chicken imports from infected regions. China and the European Union may impose the most severe restrictions on Brazil's chicken exports. The largest chicken supplier in Brazil, BRF SA, saw its shares drop by 7.9%, while Marfrig Global Foods SA and JBS SA also experienced declines. The Brazilian agriculture minister believes this is an isolated case, with no signs of sick animals in the area or region. This is the first reported case of the Newcastle disease in Brazilian commercial flocks, according to data from the World Organisation for Animal Health. [Extracted from the article]

Brazilian energy company Eneva SA plans to raise up to 4.2 billion reais ($773 million) in an equity offering to fund acquisitions, according to CEO Lino Cançado. The company, backed by Banco BTG Pactual SA and the Moreira Salles family, also intends to participate in upcoming energy auctions organized by Brazil's regulator. Eneva has agreed to purchase four thermal power plants from Banco BTG Pactual for 2.9 billion reais, which will help reduce its total leverage. BTG Pactual aims to make Eneva its primary platform for power generation and natural gas investments in Brazil. [Extracted from the article]

US exchange-traded funds (ETFs) tracking Chinese equities experienced outflows for the sixth consecutive week due to weaker economic data and concerns about a potential Trump victory. Economic indicators such as inflation, trade, and credit data have fallen short of expectations, adding to investor caution. The possibility of a Trump victory has led to reevaluation of the impact of tariff hikes on China's growth. In contrast, Latin America saw inflows, with the iShares Latin America 40 ETF recording the highest daily print in over two years. [Extracted from the article]

Brazilian hedge funds and equity funds are turning to private credit as high interest rates and changing investor preferences lead to rising redemptions. Asset managers like Verde Asset Management, Drýs Capital, and EB Capital Gestão de Recursos are launching credit funds to adapt to this new reality. Private credit has gained traction globally as an alternative to banks since the 2008 financial crisis, and the market in Brazil has expanded due to aggressive interest rate hikes. Hedge funds and equity funds have struggled to beat benchmarks, leading to outflows, while private credit funds have seen inflows. However, experts caution that the complex nature of some credit funds may pose risks for investors. [Extracted from the article]

Brazilian assets experienced a rally after Finance Minister Fernando Haddad announced spending cuts aimed at meeting the country's fiscal goals. The announcement was well-received by investors, with swap rates falling and the Brazilian real strengthening. President Luiz Inacio Lula da Silva approved the plan and emphasized the need to comply with the country's fiscal framework. While the announcement provided temporary relief, markets still anticipate further action to ensure long-term fiscal sustainability. [Extracted from the article]

According to BTG Pactual, Andean equity markets are currently offering the best risk-reward in a decade, even after outperforming Brazil and Mexico this year. Analyst Alonso Aramburu attributes this to an improved political environment, higher commodity prices, and monetary easing across Andean nations. Chile and Peru are particularly favored, with Aramburu expecting stocks to jump 30-40% in Chile and Peru in the next year-and-a-half, and 20-30% in Colombia. Foreign investors have relatively low positions in the Andean region, and local currencies are considered cheap, providing potential extra drivers for growth. [Extracted from the article]

India's growth prospects have attracted investors, leading to significant inflows in US exchange-traded funds (ETFs) tracking emerging markets. The iShares MSCI India ETF, Franklin FTSE India ETF, and WisdomTree India Earnings Fund received a total of $1.08 billion in the past month, driven by optimism about India's economic growth. The recent election, which secured Prime Minister Narendra Modi's third term, brought short-term volatility but ultimately signaled economic continuity. In contrast, Chinese equities saw outflows from US ETFs, with investors potentially shifting their focus to India. Overall, there were outflows from US-listed emerging market ETFs, but inflows for the year have reached $8.86 billion. [Extracted from the article]

Miguel Gutierrez, the former CEO of Americanas SA, has been released by Spanish police in Madrid after being detained as part of an investigation into a multi-billion dollar accounting fraud at the Brazilian retailer. Gutierrez, who holds dual Spanish and Brazilian citizenship, voluntarily appeared before the police to provide clarifications and has returned to his residence in Madrid. Another former director, Anna Saicali, is expected to turn herself in to Brazilian police upon her return from Portugal. The case involves one of Brazil's biggest corporate scandals, with a multi-year fraud affecting billions of reais. [Extracted from the article]

Anna Saicali, a former director at Americanas SA, is expected to turn herself in to Brazilian police as part of an investigation into a multi-billion dollar accounting fraud at the Brazilian retailer. Saicali, who has been in Portugal since mid-June, must present herself to authorities at Lisbon airport before flying to Rio de Janeiro. The former director had presented her return ticket to Brazil to the court as part of a petition to reconsider her preventive detention order. The scandal involving Americanas has been one of Brazil's biggest corporate scandals, with a multi-year fraud affecting around $4.5 billion. Saicali will be prohibited from leaving Brazil while investigations are ongoing, but she won't be arrested. [Extracted from the article]