Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Brazil Investment Trust Plc LSE:JPB London Ordinary Share GB00B602HS43 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 70.00 68.50 71.50 70.00 70.00 70.00 69 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.9 0.4 1.0 70.7 26

Jpmorgan Brazil Investment Share Discussion Threads

Showing 276 to 296 of 400 messages
Chat Pages: 16  15  14  13  12  11  10  9  8  7  6  5  Older
DateSubjectAuthorDiscuss
01/3/2018
13:29
QP - It all depends on when one invests. If one invested two years ago then £100 would have grown to £200. How much do BlackRock and Aberdeen Charge for the initial investment? As I invest in my various JP Morgan Investment Trusts on a monthly basis, apart from Stamp Duty I pay no dealing charge. What I like about my JP Morgan monthly investment is how I am easily able to quickly swap my monthly investment between trusts.
loganair
01/3/2018
11:35
QP - I Invest in JPB as a Retail Investor there are few other ways to invest in Brazil. And as you mentioned it is an easy way to invest in Brazil, especially if one has other JP Morgan Investment Trusts. Overall the Trusts share price has doubled in the past couple of years. I do agree with you about the 2% fees that the trust charges, far too high. The excuse the trusts Mangers make is because JPB is only a small trust in value terms they have to charge a higher percentage fee. Personally I would not invest in Unit Trusts, especially with a recession around the corner. With a Unit Trust, when investors sell their 'units' the Trust has to sell their shares to pay out whereas an Investment Trust does not have to. Compared to other 'Vehicles' of investments, Investment trusts are easy and simple to understand and that's the way I like it. The upside may not be as much, however the downside is not as down as other Vehicles. As far as I can see there are only 3 Investment Trusts for Latin America, JPB, Black Rock Latin America and Aberdeen Latin America Income.
loganair
01/3/2018
11:05
Exactamente! Why are they so heavily weighted towards discretionary/ consumables in a Country which -as you point out in your recent posts- is one of the wealthiest countries in the world for natural resources and poised to start exploiting them again after a decade of political woes? Whichever you cut it, facts are facts and they have under-performed not a little but enormously. JPM BIT put out a Benchmark to be measured against and over three years, it has to be said that they have failed miserably. By more than 50%. I believe in Brazil as a strong investment case but I am losing faith in JPM's BIT as the right home for my money as the fund managers of the Trust have undeniably failed to come anywhere near Benchmark whilst charging an expensive 2%. It is helpful to correspond with you loganair and helps to clarify thoughts. I may now start looking for other collective investment vehicles for Brazil (and LatAm) exposure rather than JPM's BIT. As I start the search process (initially with TrustNet), are there any other Brazil/LatAm specialist fund managers/vehicles/units/trusts which you think highly of please? ALL IMO. DYOR. QP
quepassa
01/3/2018
10:09
As I amended my post - I can see where the Trust is coming from....coming out of recession the managers hope that the young population of Brazil are going to start spending their money on Discretionary items. I would like to see at least one Gold Miner in the Trust as JRS (Russia) has two gold miners in their trust. As for investing in Kroton, I don't know where the Mangers were coming from. If I were the Managers of JPB I would be investing in companies that will benefit from Brazil's Structural Reforms.
loganair
01/3/2018
10:06
Concur on all front with what you say. However, what do you feel specifically please about the current BIT portfolio and their very poor three year underperformance by 50% of BIT against Benchmark? QP
quepassa
01/3/2018
09:21
QP - One thing I do like about JPB is how a couple of years ago they amended their articles so they could and do invest some other their Trust in other Latin American Countries which I often wrote to their board members pushing very hard for JPB to do so. I can see where the Trust is coming from....coming out of recession the managers hope that the young population of Brazil are going to start spending their money on Discretionary items. I would like to see at least one Gold Miner in the Trust as JRS (Russia) has two gold miners in their trust. As for investing in Kroton, I don't know where the Mangers were coming from. If I were the Managers of JPB I would be investing in companies that will benefit from Brazil's Structural Reforms. Over the past week I have been researching the emerging Market analysts who are broadly in agreement the best places to invest during 2018 are South Korea (Improving Corporate Governance), Russia (Growth) and Brazil (Increase in price of commodities and structural reform). Where they differ is the analysts who like India tend to dislike China and those who like China tend to dislike India. Many analysts are saying that the Developed Markets have Peaked while the Emerging Markets are based on Growth and not Fed Rate Hikes which negatively effect the Developed Markets. Ex US Treasury Secretary, Lawrence Summers says the next recession will be longer than usual because the Central Banks will not have the 5% they usually have to cut interest rates by.
loganair
01/3/2018
08:02
I like BIT because it is a convenient way to invest in Brazil equities but am never fully inspired by or comfortable with the portfolio holdings which seem to me to lack conviction. Consumer discretionary/staples has been holding the portfolio back. Seems to me to be underweight in the energy, mining and associated sectors. January portfolio holdings: Itau Unibanco Multiplo ADR Preference Financials 10.4% Banco Bradesco ADR Financials 9.1% Vale Materials 7.4% B3 SA ­ Brasil Bolsa Balcao Financials 5.3% Lojas Renner Consumer Discretionary 5.3% Raia Drogasil Consumer Staples 4.4% Ambev ADR Consumer Staples 4.2% Kroton Educacional Consumer Discretionary 3.8% Fleury Health Care 3.6% Ultrapar Participacoes Energy 3.4% They also have 25% of the portfolio in banks. That is truly unimaginative. Drilling down and away from the macroeconomic outlook, any views please loganair on the make-up of the BIT portfolio which seems somewhat bland, feeble and lacking direction to me? For a fund charging an overall expensive 2% pa and only yielding a prospective 1%, don't you think BIT could be and do a whole lot better in its performance AND portfolio holdings given such an increasingly favourable outlook? BIT's performance to Benchmark says it all. Over three years the Benchmark is up 58.4%. BIT is up a lowly 23.8%. Underfperformed by MORE THAN 50% That is dire underperformance against their chosen Benchmark. Just to illustrate. I also invest in JPM European Smaller Companies Trust where their chosen Benchmark is up by 71.5% over three years and the JPM Smaller has returned a massive 110% which enormously outperforms the Benchmark. They have outperformed by more than 50%. That is truly excellent performance driven by outstanding stock-picking. With BIT, personally I feel their poor underperformance against Benchmark is unacceptable performance and that JPM could and should with all its LatAm expertise do much, much, much better. ALL IMO. DYOR. QP
quepassa
28/2/2018
23:03
Brazil’s Coming Oil Boom: It has been an appalling few years for Brazil’s energy patch. Weaker oil prices, sweeping corruption scandals and the worst economic downturn ever have sharply impacted the nation’s oil industry — but improvement might finally be in sight. The aforementioned factors triggered a steep decline in investment, notably from foreign energy majors, preventing Brazil from fully exploiting its sizable oil reserves. The potential held by the pre-salt belt is tremendous. Its basins have some of the highest drilling success rates globally, and the national petroleum agency, the ANP, believes that if effectively exploited, the pre-salt area could easily double Brazil’s oil reserves. Industry insiders estimate that the largest oil field in the pre-salt acreage, the Libra field, alone, has recoverable oil resources of up to 15 billion barrels. 2016 and 2017 offshore drilling activity and the number of discoveries declined significantly. This occurred due to the near-collapse of Petrobras, which was mandated as the sole operator in the pre-salt belt. After gorging itself on debt and becoming embroiled in a far-reaching corruption scandal, it slashed spending on exploration as well as drilling activities as it focused on shoring up its balance sheet and resolving costly litigation. Other factors which deterred investment were high operating costs created by local content rules, costly logistics and overbearing regulation. These, in conjunction with substantially lower oil prices, made Brazil’s pre-salt fields an unattractive investment for foreign energy companies. By December 2017, the volume of active rigs was less than half of what it was two years earlier, while the number of development wells completed during 2017 was a seventh of what it was in 2015. Nonetheless, after years of mismanagement, there are signs that this is about to change, and the world is on the cusp of witnessing the emergence of a Latin American petroleum superpower. A combination of reforms, including a formalized bidding process, relaxed local content rules, and the elimination of Petrobras’ exclusive rights to operate in the pre-salt area have made it far more appealing for foreign oil companies to invest in Brazil’s energy sector. This, in conjunction with firmer oil prices, falling lifting costs, and high demand for the commercially appealing light sweet crude produced from the pre-salt area has stimulated considerable interest among foreign businesses. Let’s not forget about Petrobras, which owns and operates around 30% of all the pre-salt projects. There are signs that the Brazilian state-controlled energy major is on the cusp of emerging from the maelstrom of crises that swept across the company over the previous two years. This will free it up to focus on boosting its drilling activity and production. Petrobras says it intends to invest over $60 billion between 2018 and 2022 to target production growth through a combination of exploration, well development and infrastructure improvements. The appreciable level of interest — as well as investment — coming online from the foreign energy majors for the pre-salt area will drive material increases in oil reserves and production over the coming years. Because of their low operating costs, the pre-salt oil fields are extremely appealing to oil companies in an operating environment where Brent is trading at less than $70 a barrel. Shell is confident that it can produce oil for as low as $40 per barrel from its pre-salt holdings, while the Libra field, which commenced production in November 2017, is estimated to have breakeven costs of a mere $20 per barrel. The tremendous scale of the potential production increases is highlighted by ANP estimates that oil output from the Libra field alone will reach 1.4 million barrels daily. With the pre-salt region measuring 800 km by 200 km and containing three oil basins, there is considerable scope for the area’s oil output to grow. That means as the pre-salt acreage is developed, Brazil’s oil production will undergo enormous growth which will be boom for Brazil’s economy — and see it become a major player among petroleum-producing nations.
loganair
28/2/2018
22:53
Brazilian stocks to shine in 2018? By Adam Patterson: Brazil seems to have gotten back on a positive trajectory in 2017. According to Angela Bouzanis Senior Economist at FocusEconomics, recently released data “indicates that GDP grew for the first time in over three years in Q2, confirming that the [Brazilian] economy has turned a corner”, led by falling inflation and export growth. Indeed these factors, together with historic lows in the benchmark SELIC interest rate (currently at 7%), emerging discourse over political and fiscal reform and positive economic growth, have fuelled investor optimism and capital flows into Brazilian equities. A “Major upside trigger” Since the impeachment of President Dilma Rousseff in August 2016, political stress – closely related to corruption investigations – has been a constant theme. One of the biggest discussion points for the markets has been the potential candidacy of Lula, Dilma’s predecessor and a central figure in the Car Wash corruption scandal that has captivated the nation. Fears over the return of the left-wing Workers’ Party in October’s presidential election have kept markets on egg shells over the last few months. This uncertainty however, which was potentially holding back further upside pressure both in financial markets and the real economy, was cleared up in an appeals courtroom on 24th January, where Lula was condemned to 12 years in prison on corruption and money laundering related charges, therefore ruling him out as a presidential candidate. This eventuality, although widely expected, was greeted warmly by the markets. The Bovespa rose to a record high (almost 4% on the day the decision was announced), pushing year-to-date gains to more than 9% and taking the index to a historic high. The trial will be a “major upside trigger” for Brazilian assets, said James Gulbrandsen, a Rio de Janeiro-based money manager at NCH Capital, which oversees $3.5 billion. “The Brazilian economy is already in major recovery mode. The first movement will be flows into Bovespa futures, but domestic economy-related companies will roar past the market once dedicated small and mid-cap flows overtake large cap flows.” XP Investimentos, the largest security broker in the country, projects the index to reach close to 90,000 points by year end 2018 (and 95,000 points in the upside scenario). Bulltick expect GDP growth to be 2.2% this year with investment mood set to risk-on. A “festa” in Brazilian equities: Good earnings growth and an above average (but correcting) valuation discount compared to developed world equities should continue to support Brazilian equities. The Brazilian central bank’s aggressive rate cuts have not only supported aggregate demand but also anticipated expected monetary policy normalisation from developed market central banks. The Car Wash corruption investigations are also having a positive impact on corporate governance and compliance. As a result of the improved outlook, country risk (as measured by JPM EMBI Brazil) is also seeing downward pressure. The relative bond spread of a basket of emerging market sovereigns is down 30% year-on-year, positively impacting equity valuations and supporting the consensus bullish view on Brazilian assets. Geoff Dennis, head of global emerging markets equity strategy at UBS, argues that “Brazil is still a market that investors love to love. When markets move, they tend to buy Brazil.” How long the rally can last, and the acuteness of future gains is harder to quantify though. For now, valuations are more attractive than India, China and broad Latin American markets based on forward PEs.
loganair
02/1/2018
22:24
Brazil's road to economic recovery has passed another milestone with official data showing Tuesday that the country finished 2017 with a record trade surplus 40.5 percent higher than in the previous year. The $67 billion surplus was in line with market projections and within the $65 billion to $70 billion range forecast by the government. Brazil's economy is projected to grow two percent this year, according to an annual report by the United Nations-backed Economic Commission for Latin America and the Caribbean (CEPAL) released last month. That is unspectacular but solid -- and far better than the 0.2 percent expected for 2017, or the two years of of its worst-ever recession preceding that. The government's own projections are slightly more optimistic: three percent in 2018 and 1.1 percent in 2017. Economy Minister Henrique Meirelles said last month that the improvement was owed to better "fiscal control, the approval of a freeze on public spending and reforms in general." The country's key interest rate is now at a record low of seven percent, half of what it was in late 2016. Inflation is now considered a minimal risk. Brazil's center-right president, Michel Temer, has spearheaded austerity cuts, looser labor laws and a big privatization program to boost the economy, Latin America's largest. But Temer remains unpopular with voters, clouding the political outlook ahead of presidential election this year. The frontrunners for the election so far are leftist former president Luiz Inacio Lula da Silva and rightwing former army officer Jair Bolsonaro. Neither man is much welcomed by investors.
loganair
27/11/2017
19:33
Morgan Stanley has reduced the size of its overweight rating on India for 2018 to accommodate Brazil's upgrade to the overweight category where they expect a significant economic growth. China is its biggest overweight in the global context. "We reduce our overweight on India from +250 basis points (bps) to +150 bps previously. Key bull points for India in terms of the country model are increasing dividend yield trend relative to its country peers, combined with constructive views from our economist and country strategist. Weaker scores for India are its weak return on equity (ROE) and net margin trend," a Morgan Stanley report co-authored by Jonathan Garner, their chief Asia & emerging markets equity strategist says. However, they believe India is likely to remain in the midst of a domestic liquidity super cycle. Over the next 10 years, it expects $420 billion - $525 billion in domestic equity inflows that could have the power to keep India's relative multiples higher for longer. That said, the two key risks for India, according to the research house, are the rising oil prices and the fact that 2018 will see a number of state / assembly elections, which can keep the markets volatile. Going ahead, Morgan Stanley expects 2018 to be a tough year for the markets even though there are catalysts supportive of a continued rally. Central bank tightening globally and balance-sheet reduction in the US, slowdown in growth in China, busy election calendar in the Asia pacific region (ex-Japan) and a rise in oil prices are some of the key things that the markets will have to grapple with. In the Indian context, the research house expects the real gross domestic product (GDP) growth to accelerate to 7.5% in FY19 and to 7.7% in FY20, from 6.7% in FY2018, as the economy has already worked off the headwinds posed by demonetisation and the implementation of the goods and services tax (GST) bill. A pick-up in growth and consumption, in turn, will help boost private capex. In terms of sectors, they still continue to prefer banks; remain overweight on capital goods, food & beverage and tobacco sectors. Pharmaceuticals, household and personal products (FMCG) remain their key underweights in the Indian context. "For India Household & Personal Products, stocks look rich and margins are likely to decline due to higher material costs and competition, and are therefore a headwind to the earnings outlook. We also remain underweight on the largest pharma name - Sun Pharma - where we believe earnings should compress in the near term in view of lower US business - lack of new approvals, delay in Halol resolution, pricing risk at Taro portfolio - and higher opex (specialty front-end/R&D)," the report says.
loganair
26/10/2017
15:08
About 12% discount to NAV at present.
yf23_1
26/10/2017
09:03
Brazil lowered borrowing costs by 75 basis points, and signaled it will slow the pace of monetary easing further as inflation bottoms out and the economy gains steam. The bank’s board, led by President Ilan Goldfajn, cut the benchmark Selic rate to 7.5 percent Wednesday following four straight full-percentage point reductions as expected by all 33 analysts surveyed. Policy makers have lowered borrowing costs by 675 basis points in the past year. The bank repeated language from its previous meeting recommending a moderate reduction in the pace of easing going forward, leading analysts to predict a 50-point cut in December. That would take the Selic rate to a record low of 7.0 percent. “The doors appear open for an additional cut by the following meeting, in February,” JPMorgan economists wrote in a report forecasting the Selic rate would fall to 6.5 percent in early 2018. Others, such as UBS economist Fabio Ramos, said the statement backs up the view that the December cut will be the last in the current cycle. The Selic rate has fallen from 14.25 percent just a year ago. Since then, Brazil’s economy has resumed growth after two years of deep recession in 2015 and 2016 that shed nearly 3 million jobs and left huge idle industrial capacity. Inflation has plunged from double-digits to less than 3 percent, far below the official target of 4.5 percent, and is forecast by the central bank to stay around the goal through the end of 2019. “Whether the bank cuts the Selic below 7 percent will depend on the short-term outlook, which seems relatively benign from our standpoint,” said Luciano Sobral, an economist with Santander Brasil.
loganair
14/10/2017
12:23
Yes indeed. Appreciated. A lot. Here and on other bb's. Thanks
quepassa
14/10/2017
11:33
loganair Thanx for the posts, appreciated by the silent majority.
yf23_1
13/10/2017
13:30
By Lisa Smith: Now could be the ideal time for investors to go nuts over the fast-improving Brazilian economy, according to experts. The country has made some great progress since collapsing into crisis just two years ago. Inflation has fallen from more than 10% to less than 4% and more interest rate cuts are expected. Although the other emerging markets of India and China are still surging ahead, Brazil is different because of the recent political and financial crisis that plunged the economy off the rails, says Sheridan Admans, of investment broker The Share Centre. Admans manages the broker’s multi-manager funds and tips Brazil as his favourite emerging market. Confidence from reforms package: “The country has made tangible economic progress over the past 18 months, implementing sound macroeconomic policies resulting in manageable inflation and stronger financial systems,” he said. “Indeed, inflation has fallen from double digits in 2016 to below 4%, which has had the added benefit of narrowing the central banks inflation band. Interest rates are now around 10% and the data is therefore suggesting the economy is making progress since its economic crisis in 2015. Investors should appreciate that the expectation of further interest rate cuts should be supportive of growth ahead. “Despite President Temer’s recent corruption implication, the administration has been preparing to implement measures that should stabilise the country’s fiscal position and boost business confidence further. Parliament and consensus seem keen to push ahead with the reforms package too, which should provide any onlookers with some confidence.” …But elections sows doubt: Admans also sees opportunity in Brazil and Mexico as upcoming 2018 presidential elections stir uncertainty that may push share prices down. “Indeed, the political situation in Brazil has certainly not been a simple one. As an example, in July this year, a federal judge found Luiz Inacio Lula da Silva guilty of corruption, dealing a serious setback to the former president’s aspirations at another run as president. With Lula widely considered being among the less-business friendly candidates, markets rallied,” said Admans. “The economic downturn in Brazil and corruption at the highest levels of politics and commerce has now left equities on attractive valuations – trading at about 14 times earnings and at a discount to the wider emerging markets and below the long-run average, despite the rally over the past year. We believe now could be a better time than any for investors to consider joining the carnival in Brazil.”
loganair
22/9/2017
19:44
In the inflation report, the Brazilian central bank has increased its 2017 GDP growth forecast to 0.7% from 0.5%. For 2018 it expects an expansion of 2.2%.
loganair
10/9/2017
06:45
Brazil's stocks and currency continue to rally as the central bank cut interest rate to a four-year low after the market closed, seeking to spur an incipient economic recovery. The central bank slashed its benchmark Selic rate by 100 basis points to 8.25 percent, but signaled the pace of monetary easing would probably slow next month. Earlier, the market rallied as Brazil's Congress cleared two key fiscal bills, adding to investor optimism over President Michel Temer's ability to pass market-friendly reforms. Late on Tuesday, Brazilian lawmakers approved softened budget targets for 2017 and 2018, as well as a bill setting a market-based benchmark rate for state development bank BNDES that will reduce subsidies in years to come. The measures are central to Temer's efforts to limit growth of public debt without implementing further tax hikes. Investors hope that will boost long-term growth in Brazil as the economy emerges from the deepest recession in a century. Hopes of increased lawmaker support for his platform grew this week after the country's top prosecutor threatened to partially revoke a plea deal that had supported corruption charges against the center-right president. The Brazilian real strengthened 0.55 percent on Wednesday as the cost of insuring against a Brazilian sovereign default hit a new two-year low. The country's benchmark stock index neared a record high. Supporting demand for Brazilian shares was news the Finance Ministry was analyzing the implications of relinquishing veto rights on certain strategic decisions in a few companies, which could pare back the state's role in the economy. Shares of state-controlled power utility Centrais Elétricas Brasileiras SA, which the government plans to privatize, rose 2.3 percent. Planemaker Embraer SA, which could be targeted by the measure, rose 3.2 percent, also lifted by a $1.1 billion firm order from SkyWest.
loganair
09/9/2017
15:13
Brazil's central bank on Wednesday cut its benchmark lending rate by a full percentage point as prices increased at the slowest pace in almost 20 years, and signaled a smaller rate cut at its next monetary policy meeting. The bank cut its key Selic rate from 9.25% to 8.25%, the lowest level since July 2013 and just 1 percentage point above its 2013 all-time low. The bank also suggested that an end to the current round of rate-cuts is in sight. The monetary policy committee sees "a moderate reduction of the pace of easing as appropriate," given the outlook for the economy, the bank said in the statement announcing the rate cut. "In addition, under those same circumstances, the (committee) foresees a gradual ending to the cycle." The statement is a clear message to markets it will start to fade out rate cuts and may even go back to a small rise by late 2018, according to Roberto Padovani, economist at brokerage Votorantim. "The strategy is to end the cycle with smaller cuts until the Selic reaches probably 7%, with the possibility of ending next year a little higher than that" he said. The idea, he said, would be to use low rates now to rekindle economic growth before tightening again to avoid inflation. "It is a reasonable strategy," Mr. Padovani said. Brazil suffered through its worst recession on record during 2015 and 2016, just as a giant corruption scandal and fierce political infighting made it almost impossible for the government to take effective measures to heal an economy wrecked by the end of a commodities boom. Embattled President Michel Temer recently showed he has the support of enough lawmakers to get at least some of his market-friendly agenda of economic reforms approved. Last month Congress voted to shelve corruption charges that could have toppled Mr. Temer, an outcome that could have resulted in Brazil having as many as five presidents in less than three years. Mr. Temer "is getting stronger, and so is his reform agenda," said Ignácio Crespo from Guide Investimentos, a brokerage firm. "It's possible the reforms will speed up now that the accusations seem to have been weakened," he said. The reforms include, among other things, a simplification of Brazil's byzantine tax code, an greater creditor protection in bankruptcy-recovery procedures and, most important, an overhaul of Brazil's generous but insolvent retirement system. Earlier this week Congress approved one of the president's cost-cutting proposals -- the reduction of subsidies for certain loans to businesses. The central bank has repeatedly said the advance of such reforms is key to ensuring low interest rates in the long haul. "Approving and implementing reforms [is] fundamental to achieving sustainable low inflation and for monetary policy to work well," the bank's economic policy director, Carlos Viana, said in a speech last month. The streak of good news continued on Wednesday, when Brazil's statistics agency IBGE said consumer prices rose at a 2.46% annual rate in August, the slowest pace since 1999. Last week the agency said gross domestic product grew 0.3% in the second quarter of 2017 from a year earlier.
loganair
02/9/2017
18:09
Emerging markets will start to dominate rankings of the world's top economies by 2030, according to a report published earlier this year. The report, published by PricewaterhouseCoopers, finds that emerging markets such as India and Brazil will increasingly challenge the economic dominance of the USA and China, while others slip behind. The UK will fall to 10th place while Brazil will be at 8th, Russia 6th, Germany 5th, Japan 4th, India 3rd, USA 2nd and China 1st.
loganair
30/8/2017
09:39
Brazil's Finance Minister, Henrique Meirelles, said on Monday (the 28th) that he expects the economy to grow "at around 3%" in 2018. His statement was made a few minutes after a ministerial meeting at the Planalto Palace, at a time when the government is preparing itself to confront a new charge against President Michel Temer. "Our expectation is that the next year will give us a rate of growth above 2.5%, possibly at around 3%," Meirelles said.
loganair
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