States reduce ICMS on gasoline, Russian default and what matters in the market

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Petrobras confirms new president

The board of directors of Petrobras confirmed this Monday (27) the appointment of Caio Paes de Andrade to the presidency of the company.

The appointment was voted against by three directors – two representatives of minority shareholders and one of the workers –, but it was approved in front of the majority of the government in the collegiate.

And now? Paes de Andrade is ready to take over the company. The government faces the challenge of renewing the company’s board of directors if it wants to increase interference in its management.

• Most of the names on the list of nominees hold public positions, which has generated criticism among workers and minority shareholders, who point out possible conflicts of interest or restrictions provided for in the State-owned Companies Law.

• Names linked to the government give strength to the pressure to change the pricing policy. Interference would have to go through the barriers imposed by the company’s statute, facing resistance from minority shareholders and control bodies.

States update tax: after the sanction of the law that places a ceiling on the collection of ICMS on fuels, energy and telecommunications, governors of São Paulo and Goiás announced this Monday the reduction in the state tax.

• Goianos will have a reduction of ICMS on gasoline from 30% to 17% (discount of BRL 0.85). The rate applied to ethanol drops from 25% to 17% (fall of BRL 0.38), and in diesel, from 16% to 14% (reduction of BRL 0.14).

• Other states are still awaiting the outcome of the hearing scheduled for this Tuesday at the STF to decide on the application of the new ICMS rates on the established limit.

US accuses Russia of defaulting

The US accuses Russia of defaulting on its foreign debt bonds, in what would be a repetition of an episode that last happened in 1918.

Foreign investors said they did not receive interest on debts of about US$ 100 million that matured on Sunday (26).

The Kremlin said it had made the payment and told creditors to go to Western financial agents for the money that was sent.

Understand: a default was expected by holders of Russian debt since sanctions pulled Russian institutions away from the international financial systems.

• President Vladimir Putin last week ordered debt obligations to be considered fulfilled after the country makes the payment in rubles in an amount equivalent to foreign exchange.

More on Russian economy in the war:

Stock market hits 100,000 points

After closing below 100 thousand points since June 17, the Ibovespa returned to the six-digit level this Monday (27) with news from China that boosted actions in the commodities sector.

Ibovespa rose 2.12%to the 100,763 points, supported by Vale (up 4.60%) and Petrobras (up by 6.75%), the two companies with the most weight in the index. The dollar fell 0.32%, the BRL 5.23.

What explains: quotes for basic materials soared on the Communist Party’s message that Shanghai had won the battle against Covid.

• The news made the market predict greater demand for commodities, a projection that was reinforced by measures to stimulate the Chinese economy by Beijing.

In numbers: the forecast of high demand was also reflected in oil prices. The Brent-type barrel rose 1.95%at US$ 115.33 (R$ 636.03) on Monday night.

• In addition to the strong rise in Petrobras, shares of companies in the sector such as 3R Petroleum (6.41%), Eneva (5.78%) and PetroRio (5.29%) also stood out.

More about the Scholarship:

Eletrobras has outperformed the Ibovespa and the average for the electricity sector after the privatization process.

• The company that left the control of the Union accumulates appreciation of 5.13% since June 9, compared to a 5.91% drop in the main stock market index and a 1.23% drop in the IEE (Electric Energy Index).

Lowered projections: Itaú BBA and JPMorgan reduced their estimate for the Ibovespa for the end of the year. The Brazilian bank sees the index ending the year at 110 thousand points, while the American bank projects the level of 125 thousand points.

Companies promise to cover US abortion costs

Faced with the decision of the US Supreme Court to suspend the right to abortion, large companies in the country said they will cover the travel costs of employees who need to leave the state to carry out the termination of pregnancy.

Understand: Amazon, Apple, Lyft, Tesla, Disney, Netflix, Microsoft, Google and JPMorgan are among the companies that have announced projects to provide these benefits through their health plans.

• The initiative faces opposition from anti-abortion groups and Republican-led states. They threaten to sue the companies alleging violation of state bans.

• Large companies with their own health plans must respond based on a federal law that prohibits states from interfering with this type of benefit.