Startups lay off thousands of professionals in recent weeks – Amauri Segalla

After unrestrained growth in recent years, technology-based companies are suffering disappointing results in 2022 (photo: Jack Guez/AFP)

In recent years, startups – at least most of them – were almost always identified as revolutionary companies that would grow infinitely and radically change the business environment in Brazil and in the world. Well, reality now seems to have knocked on the door of this universe. In recent weeks, companies such as Kavak, Loft, Mercado Bitcoin, Quinto Andar and Shopee have laid off thousands of professionals, some of them recently hired, according to outraged testimonials posted on social media. The most recent cut was announced by fintech Ebanx, which eliminated 360 professionals, something like 20% of its staff made up of 1,700 people. After the unbridled growth in recent years, technology-based companies are suffering disappointing results in 2022. In addition, high interest rates have made credit more expensive and made investments difficult. It’s the perfect storm for those who imagined having only Brigadier skies ahead.

Brazilian olive oils enter the list of world’s best

Brazilian olive oils have everything. Two of them have recently won important international awards. Arbequina, produced by Milonga in the city of Triunfo, in Rio Grande do Sul, was elected the best in the Southern Hemisphere by an Italian contest. In early May, Sabiá, made in Santo Antônio do Pinhal, in São Paulo, joined the select list drawn up by the Spanish association Evooleum Awards as one of the 10 best on the planet. What’s more, it was the only representative outside Europe.

Mansueto Almeida, former Secretary of the National Treasury, at a BTG Pactual event
Mansueto Almeida, former Secretary of the National Treasury, at a BTG Pactual event (photo: Marcelo Camargo/Agência Brasil – 2/27/20)

Brazil will have high interest rates for a long time

How long will Brazil have to live with high interest rates? For the financial market, the high levels should be maintained in 2023, contrary to what was previously thought. The change in perspective is due to inflation, which does not let up. Political uncertainties and the adverse international scenario are also complicating factors. “Inflation has been much more persistent than expected,” said Mansueto Almeida, former secretary of the National Treasury, at an event hosted by BTG Pactual.

Petrobras privatization novel gets another chapter

A theory that has gained volume in recent days supposes that President Jair Bolsonaro (PL) is increasing pressure on Petrobras to then privatize it. According to this current, the idea would be to show society that, under public management, the oil company is just a source of problems. Astute analysts, however, think it’s all just stage play. It is unlikely that the government will sell its Petrobras shares in 2022. Remember: the year is only six months away.

quickies

  • The Zurich insurance company certified 55 auto repair shops in its network with the “Green Seal”, an initiative that helps units implement sustainable practices to carry out automotive repair services. Unprecedented in the country, the project is the result of a partnership with the Automotive Quality Institute (IQA).
  • The pandemic has led to an increase in demand for credit. At Fintech Creditas, vehicle-guaranteed loans increased 56% from January to April 2022 compared to the same period in 2021. The number of people who used the funds to invest in a business rose 42%. Among those who allocated the money to pay debts, the increase was 36%.
  • Brazilian exports of eggs (both in natura and processed) totaled 628 tons in May, which represented an increase of 33.5% compared to the same month in 2021. On the same comparative basis, revenues from sales abroad grew by 138 .6%. The data are from the Brazilian Association of Animal Protein (ABPA).
  • The American Mondelez bought, for US$ 2.9 billion, the fellow countryman Clif Bar & Company, which manufactures energy bars with organic ingredients. Mondelez has a keen appetite. In April, it had acquired the Mexican confectionery Ricolino for US$ 1.3 billion, thus reinforcing its presence in Latin America.
Elon Musk
Elon Musk (photo: Angela Weiss / AFP – 5/26/22)

3.5 thousand

employees of electric car maker Tesla will be laid off. According to Elon Musk, his company “grew really fast” and now needs to make adjustments

Paulo Guedes
(photo: Evaristo Sá/AFP %u2013 2/10/22 )

“All our movements are in the right direction. Brazil is doomed to grow. He will grow”

Paulo Guedes, Minister of Economy. The truth of the numbers, however, is quite different from the optimism that the minister preaches