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Embraer’s flying car company on the NY Stock Exchange
Eve, an Embraer company that produces aircraft known as flying cars, will be listed on the New York Stock Exchange (NYSE) as of this Tuesday (10).
Understand: the deal was made from the company’s merger with Zanite, a special purpose acquisition vehicle (Spac).
- This format works as a kind of blank check from shareholders to investors, who seek projects to allocate capital only after raising funds.
The business: now that the transaction has been completed, Zenite changes its name to Eve. Embraer remains the company’s parent company, owning 90% of the voting shares.
- At the time the merger was announced, late last year, the deal valued Eve at $2.9 billion (R$ 14.9 billion).
- The projections pointed to a revenue of $4.5 billion (R$ 23.1 billion) in 2030, and a participation of 15% in the global urban air mobility market.
What are flying cars: eVTOLs (electric vehicles with vertical take-off and landing) are considered a cheaper, quieter and less polluting alternative to helicopters.
Bitcoin drops 50% in six months; zero scholarship in the year
Bitcoin has fallen by more than 10% this Monday (9), for the level of US$ 30 thousand (R$ 154,000), a level that the crypto had not registered since July last year.
In numbers: bitcoin accumulates drop of more than 35% in the year and lost more than half its value in relation to the maximum price of US$ 69 thousand (R$ 350.1 thousand) reached last November.
- Other cryptos also suffer. Ether, the world’s second largest, dropped to $2,360, the lowest since February.
What explains: if a few years ago it was considered an asset without much relation to the stock exchanges, the logic of bitcoin has changed since it started to be traded by large funds and managers that handle a lot of money and follow the dynamics of traditional markets.
- Due to its risk factor, the crypto began to follow the movement seen on Nasdaq, the American exchange that brings together large technology companies.
- These assets also tend to suffer more in periods of risk aversion in the markets, such as the current one.
More about investments:
The Brazilian stock market once again followed the bad mood abroad and closed down 1.79%, at 103,250 pointswith the market reacting to weak data from the Chinese economy.
- With the retreat, the Ibovespa lost the gains of the year and is 15% below the high of 2022, reached in early April. The dollar rose 1.61%, the BRL 5.16.
Nubank at least: fintech shares plummeted 14.41% this Monday at the New York Stock Exchange and reached $3.80 (BRL 19.50). It’s a fall of 54.55% compared to the US$ 9 (R$ 46.30) of the IPO.
- The digital bank papers have suffered more in view of the market expectation that Nubank should suffer from the advance in default in a scenario of high interest rates in Brazil.
Diesel has a new rise
Petrobras announced this Monday a new adjustment in diesel and increased the average price of fuel by 8.87% in its refineries.
It is the first increase of the state-owned company in 60 days.
What explains: the reason, once again, is the lag in relation to the prices practiced in the international market. The moment is even more complicated for diesel because the global supply is not keeping up with the high demand for the fuel.
- The Brazilian market depends on about 30% of diesel that comes from abroad.
In numbers:
- Before the readjustment, the price of diesel in the country was BRL 0.94 per liter below import parity – a concept that simulates how much it would cost to bring the fuel here.
- After the readjustment, the difference dropped to BRL 0.61 per liter. Gasoline, which did not have its price changed, followed a lag of BRL 0.93 per litre, not to mention the drop in oil this Monday.
The calculations are from Abicom (Brazilian Association of Fuel Importers).
Chain increase: even though most consumers do not feel the increase in diesel when refueling, the impact will reach the products consumed on a daily basis, given the country’s dependence on road freight transport.
- The rise also puts pressure on public transport. Last week, the association of bus companies said a further increase in diesel could leave cities without buses at off-peak hours.
Government will cut more taxes
The government is studying a cut of 10% in the import tariff practiced by Brazil and also prepares a measure to eliminate the import tax on 11 products.
The list, which includes steel and basic food items, was not disclosed in full.
What explains: the objective is to increase the supply of certain products in the country in an attempt to make their prices fall and inflation to lose some strength.
- The government uses the context of rising federal revenue to cut taxes, an argument that worries analysts because of the potential for damage to public accounts in the future.
Other initiatives: the proposal to eliminate the import tax on certain products was taken in March. The government cut the tariff for ethanol and six basic food items, at a cost of BRL 1 billion per annum.
Other measures evaluated for the election year:
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
