Ambev's Q3 Net Profit Surges; Brazil Federal Police Target Pix Fraud
Key Takeaways
- Federal Police target Pix fraud, investigating R$813 million diversion with international cooperation.
- Ambev's Q3 net profit rose 36.4% to R$4.86 billion; revenue up 1.2%.
- Vale's Q3 net profit increased 11% to US$2.68 billion, exceeding projections.
- 2 million families left Bolsa Família due to improved income between January and October 2025.
- CloudWalk raised R$4.2 billion with FIDC Bela, the largest in its history.
Top Stories
Federal Police operation targets Pix fraud, R$813 million diverted.
On October 30, 2025, the Polícia Federal launched an operation in Brazil targeting a June hacker attack that diverted R$ 813 million from Pix accounts. The operation involved search and arrest warrants across multiple cities, with international cooperation, investigating criminal organization, computer invasion, electronic fraud, and money laundering.
Ambev's net profit up 36.4% in Q3, reaching R$4.86 billion.
On October 30, 2025, Ambev reported a 36.4% increase in net profit for the third quarter, reaching R$4.86 billion. Net revenue grew 1.2%, reaching R$20.85 billion, although volume fell 5.8%.
Vale's net profit up 11% in Q3, reaching US$2.68 billion.
On October 30, 2025, Vale (VALE3) reported a net profit of US$ 2.68 billion in the third quarter of 2025, an annual increase of 11% and quarterly of 27%, exceeding projections. Net revenue was US$ 10.4 billion and pro forma adjusted Ebitda reached US$ 4.399 billion.
2 million families leave Bolsa Família due to improved income.
Between January and October 2025, 2 million families left Bolsa Família due to improved income conditions, according to the National Secretariat of Citizenship Income (Senarc). In October 2025, the program serves 18.9 million families, the lowest number since the beginning of Lula's term.
CloudWalk raises R$4.2 billion with FIDC Bela.
In October 2025, CloudWalk, owner of InfinitePay, raised R$ 4.2 billion with FIDC Bela, the largest fundraising in the company's history and the largest operation of its kind in Brazil in the first nine months of 2025. The amount will be used to anticipate credit card receivables.
Currency Trends
Dollar rises 0.63% in Brazil, reaching R$5.3915.
On October 30, 2025, the spot dollar rose 0.63%, reaching R$ 5.3915 in Brazil, aligning with the global movement of the American currency's appreciation after the Federal Reserve president signaled that a rate cut in December is not certain.
Economic Growth Pulse
São Paulo concludes auction for free energy market, saving R$66 million.
On October 29, 2025, the City of São Paulo concluded the auction to migrate 186 municipal units to the free energy market, with an estimated savings of R$ 66 million over five years. The decision follows a court suspension of Enel's contract extension, with energy to be supplied by renewable sources.
Green Economy
Study: Brazilian vehicles have world's lowest carbon footprint.
On October 30, 2025, Anfavea and BCG released a study showing that vehicles manufactured in Brazil have the lowest carbon footprint in the world throughout their life cycle, thanks to a 90% renewable electricity matrix and the widespread use of biofuels, especially ethanol in flex vehicles.
Investment Flows
Buena Vista Capital launches ETF GDIV11 on the Brazilian stock exchange.
On October 30, 2025, Buena Vista Capital launched the ETF GDIV11 on the Brazilian stock exchange, tracking the DEXGDIV index with 2,600 companies from 21 developed countries, aiming for a yield of up to 9% per year.
Lula focuses on investments and industry.
On Thursday, October 30, 2025, President Luiz Inácio Lula da Silva had an agenda focused on investments and industry, with meetings with business leaders from the automotive and mining sectors, as well as ministers of Finance and the Secretariat of Social Communication.
Lula meets mining sector leaders to discuss investments.
On October 30, 2025, President Lula met with mining sector leaders and international investors in Brasília to discuss the mining sector in Brazil, focusing on the exploration of rare earths. The meeting aimed to attract investments and discuss policies for the sector.
Job Market Update
Deadlines and rules for 13th salary payments in Brazil.
On October 30, 2025, deadlines and rules for the 13th salary payment in Brazil were clarified: the first installment by November 30 and the second by December 20. The benefit is due to employees who have worked at least 15 days in the month, retirees, and pensioners.
Market Movers
Bradesco shares fall after Q3 results, despite profit increase.
On Thursday, October 30, 2025, Bradesco (BBDC4) shares fell more than 3.5% after the bank released its 3Q25 results. Despite a recurring net profit of R$ 6.2 billion (up 18.8% y.o.y.), the numbers did not exceed the expectations of some investors and analysts.
Ibovespa falls after record, Bradesco results disappoint.
On October 30, 2025, the Ibovespa opened down after reaching a record the previous day, reflecting investors' caution regarding the agreement between the US and China. Bradesco's balance sheet was below expectations, impacting its shares, while other banks also showed declines.
Policy Briefing
Manifesto urges approval of bill against tax debtors, targeting fraud.
On October 29, 2025, ten parliamentary fronts approved a manifesto advocating for the urgent approval of a bill against habitual debtors in Brazil. The project aims to combat tax fraud and organized crime, targeting debtors with debts exceeding R$ 15 million, with organized crime removing R$ 146 billion annually from the economy.
Lula defends oil exploration in Equatorial Margin, despite controversy.
On October 30, 2025, President Lula defended oil exploration in the Equatorial Margin, stating that Brazil cannot immediately forgo fossil fuels but must build towards ending their use. He highlighted that Ibama granted Petrobras a license for research in the region.
Congress approves R$2.15 billion supplementary credit in the budget.
On October 30, 2025, the National Congress approved a bill opening a supplementary credit of R$ 2.15 billion in the 2025 Budget. Most of the resources will go to the Amazon Development Fund, with the remainder going to the Northeast and Central-West funds, and to Fungetur.
Senate approves measure to avoid electricity tariff increases.
On October 30, 2025, the Senate approved, without modifications, the provisional measure that avoids the increase in electricity tariffs with the mandatory hiring of thermoelectric plants and the maintenance of subsidies for alternative sources.
CVM launches public consultation to update FIIs regulation.
On October 30, 2025, the CVM launched a public consultation (SDM 06/25) to update the regulation of Real Estate Investment Funds (FIIs), seeking to align the specific rules of FIIs with the general regime applicable to other categories of funds and incorporate already consolidated understandings.
Tax reform requires urgent changes for Brazilian companies.
The 2025 tax reform requires Brazilian companies to make urgent changes in their processes, tax planning, and financial management to avoid losses and maintain competitiveness. Errors such as the inadequate choice of the tax regime can compromise financial health.
Federal Revenue launches operation against tax evasion, R$268 million in debt.
On October 30, 2025, the Federal Revenue, in conjunction with other agencies, launched the “Operação Bóreas” in São Paulo against a tax evasion and asset shielding scheme. The operation involved 12 search and seizure warrants against a business group with debts of R$ 268 million in federal taxes.
Analysis criticizes bill on habitual debtors.
On October 29, 2025, tax lawyer Gabriel de Souza Ramos Borges published a critical analysis of Complementary Bill (PLP) 125/2022, arguing that the unification of the treatment of the habitual debtor violates the principles of proportionality and equality.
Military Police launches operation against money laundering.
On October 30, 2025, the Military Police of São Paulo (PMSP) launched Operation Off White, with the aim of dismantling a large money laundering scheme linked to a criminal faction. The operation involved the execution of warrants in several cities, resulting in arrests and asset freezes.
Bill on property regularization.
On October 29, 2025, in Brasília, Congressman Juscelino Filho (União-MA), rapporteur of PL 458/21 on property regularization, removed rules for the advance of the FGTS anniversary withdrawal after initial inclusion as a 'fiscal jabuti'.
Trade Winds
Survey: 55% of Brazilians expect US to review tariffs.
On October 30, 2025, a Real Time Big Data survey indicated that 55% of Brazilians believe the United States will review tariffs on national products after the meeting between Lula and Trump. The 50% tariffs were imposed by the US in August.