IBOV 176,775.39 ▲ 0.82% IPSA 10,876.72 ▼ 0.80% IPC MEX 67,183.26 ▲ 1.20% MERVAL 3,251,227 ▼ 1.64% COLCAP 2,275.16 ▼ 0.34% BVL PERÚ 57,237.60 — — USD/BRL5.11▼ 0.14% USD/MXN17.42▼ 0.18% USD/CLP934.47▼ 0.57% USD/COP3,203▼ 0.45% USD/PEN3.40▼ 0.03% USD/ARS1,500▲ 0.17% USD/UYU40.20▲ 1.42% USD/PYG6,020▲ 1.46% USD/BOB11.30▲ 3.36% USD/DOP57.82▲ 0.47% USD/CRC449.99▲ 1.60% USD/GTQ7.62▲ 2.22% USD/HNL26.76▲ 1.54% USD/NIO36.62▲ 0.69% USD/VES740.95▼ 0.05% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.17▲ 0.06% USD/TTD6.75▲ 1.25% EUR/BRL5.83▲ 0.75% BRENT 83.95 ▼ 4.99% WTI 78.69 ▼ 4.75% IRON ORE 161.91 — — COPPER 6.37 ▲ 0.44% GOLD 4,046 ▼ 0.69% SILVER 57.63 ▼ 1.45% SOY 1,224 ▲ 1.30% CORN 483.25 ▲ 6.97% WHEAT 663.50 ▲ 0.53% COFFEE 341.20 ▲ 5.13% SUGAR 14.53 ▼ 0.34% ORANGE JUICE 136.25 ▼ 3.68% COTTON 81.08 ▲ 2.19% COCOA 5,153 ▲ 1.04% BEEF 222.28 ▼ 1.31% CATTLE 340.55 ▲ 0.68% LITHIUM 67.24 ▼ 2.03% PETR4 41.05 ▲ 0.10% VALE3 75.47 ▼ 0.29% ITUB4 42.90 ▲ 0.49% BBDC4 18.88 ▲ 0.91% ABEV3 16.24 ▲ 2.40% BBAS3 20.79 ▲ 1.41% B3SA3 16.10 ▲ 2.42% WEGE3 46.92 ▲ 1.12% PRIO3 56.33 ▲ 1.11% SUZB3 43.01 ▲ 2.72% RENT3 38.12 ▲ 1.06% AZZA3 17.43 ▲ 1.87% CSAN3 4.01 ▲ 1.52% RAIZ4 0.26 — 0.00% PCAR3 2.80 ▲ 2.19% GMAT3 3.96 ▲ 3.39% PSSA3 55.14 ▲ 1.57% CVCB3 1.34 ▼ 1.47% POSI3 3.62 ▲ 2.84% SLCE3 13.31 ▼ 0.52% NATU3 8.47 ▼ 0.24% BRKM5 6.04 ▼ 0.66% RANI3 8.13 ▲ 2.52% CSNA3 5.65 ▼ 1.05% CMIN3 5.95 ▲ 2.59% USIM5 8.69 ▲ 0.93% GGBR4 25.30 ▲ 3.35% ENEV3 25.89 ▲ 1.65% CPFE3 45.99 ▲ 2.77% CMIG4 11.31 ▲ 1.25% EQTL3 39.38 ▲ 1.49% LREN3 13.97 ▲ 1.75% VIVT3 33.68 ▼ 6.73% RAIL3 14.07 ▲ 1.96% KLABIN 18.10 ▲ 2.38% RAIA DROGASIL 18.51 ▲ 1.87% RDOR3 34.39 ▲ 2.35% HAPV3 10.49 ▲ 2.94% FLRY3 17.05 ▲ 3.15% SMTO3 14.32 ▼ 2.39% UGPA3 32.46 ▲ 1.15% VBBR3 35.12 ▲ 1.80% BBSE3 41.11 ▲ 1.41% BPAC11 56.40 ▲ 1.53% CURY3 30.62 ▲ 0.76% AERI3 2.09 ▲ 1.95% VIVARA 22.73 ▲ 3.27% COMPASS 25.51 ▲ 0.83% VAMOS 3.35 ▲ 5.68% SANB11 27.80 ▲ 1.61% ASAI3 8.36 ▲ 3.08% SBSP3 28.79 ▼ 0.28% WALMEX 48.94 ▲ 1.12% GMEXICO 208.50 ▼ 0.48% FEMSA 230.12 ▼ 0.39% CEMEX 21.34 ▼ 0.14% GFNORTE 201.35 ▲ 2.50% BIMBO 61.70 ▲ 4.38% TELEVISA 10.09 ▲ 2.13% AMX 22.72 ▲ 1.16% GAP 385.65 ▲ 2.67% ASUR 274.50 ▲ 2.21% OMA 237.74 ▲ 3.93% KOF 193.60 ▲ 2.07% GRUMA 270.62 ▲ 0.78% KIMBER 41.03 ▲ 2.83% SQM-B 62,854 ▼ 2.78% COPEC 6,317 ▲ 1.09% BSANTANDER 80.51 ▼ 0.32% FALABELLA 6,116 ▼ 0.63% ENELAM 85.92 ▲ 0.03% CENCOSUD 1,885 ▼ 1.57% CMPC 1,031 ▼ 0.83% BANCO CHILE 192.00 ▼ 0.65% LATAM AIR 24.57 ▼ 0.12% YPF 79,600 ▼ 2.00% GGAL 7,720 ▼ 3.02% PAMPA 5,420 ▼ 1.00% TXAR 670.00 ▼ 0.59% ALUAR 986.50 ▲ 0.20% TGS 9,410 ▼ 3.09% CEPU 2,334 ▼ 2.06% MIRGOR 16,625 ▼ 1.19% COME 42.13 ▼ 0.78% LOMA NEGRA 3,670 ▼ 1.01% BYMA 299.50 ▼ 1.07% TELECOM ARG 4,398 ▼ 2.06% ECOPETROL 15.48 ▼ 2.03% BANCOLOMBIA 89.35 ▲ 1.61% GRUPO AVAL 4.85 ▲ 0.52% CREDICORP 391.74 ▲ 0.19% SOUTHERN COPPER 178.96 ▼ 0.20% BUENAVENTURA 30.84 ▼ 2.77% MERCADOLIBRE 1,867 ▲ 2.57% NUBANK 14.78 ▲ 1.75% XP 17.01 ▲ 1.61% PAGSEGURO 9.53 ▲ 1.55% STONE 11.06 ▲ 1.56% GLOBANT 35.42 ▲ 8.51% TECNOGLASS 48.03 ▲ 5.83% GAP AIRPORT 221.22 ▲ 2.29% ASUR 274.50 ▲ 2.21% OMA AIRPORT 108.75 ▲ 3.77% AMX ADR 25.99 ▲ 1.13% FEMSA ADR 132.23 ▲ 0.06% CEMEX ADR 12.24 ▲ 0.29% PETROBRAS ADR 18.11 ▲ 0.60% VALE ADR 14.74 ▼ 0.30% ITAU ADR 8.39 ▲ 0.18% SANTANDER BR 5.55 ▲ 1.93% AMBEV ADR 3.15 ▲ 2.44% CSN 1.12 ▼ 0.45% GERDAU 4.97 ▲ 2.90% LATAM ADR 52.92 ▲ 1.17% BTC 63,817 ▲ 0.15% ETH 1,915 ▲ 1.31% SOL 74.14 ▼ 0.00% XRP 1.06 ▼ 0.16% BNB 573.12 ▲ 1.31% ADA 0.16 ▲ 2.04% DOGE 0.07 ▲ 0.73% AVAX 6.56 ▲ 2.56% LINK 8.36 ▲ 0.01% DOT 0.76 ▲ 0.48% LTC 46.43 ▲ 0.94% BCH 214.13 ▲ 1.14% TRX 0.32 ▼ 0.22% XLM 0.17 ▲ 0.32% HBAR 0.07 ▲ 0.78% NEAR 1.66 ▼ 1.39% ATOM 1.30 ▼ 0.17% AAVE 100.43 ▲ 2.64% SELIC 14.25% EMBRAER 87.45 ▲ 0.63% EMBRAER ADR 68.57 ▲ 0.85% JBS 13.93 ▲ 2.80% JBS BDR 71.08 ▲ 2.67% MBRF3 16.48 ▲ 3.71% MBRFY 3.17 ▲ 10.84% INTER 5.65 ▲ 1.53% EGX 53,730 ▲ 0.18% USD/ZAR16.65▼ 0.70% USD/NGN1,363▼ 0.09% NIKKEI 62,365 ▼ 3.95% CSI300 4,570 ▼ 2.83% HSI 25,311 ▲ 0.41% NIFTY 23,985 ▼ 0.04% KOSPI 6,024 ▼ 10.84% JCI 6,131 ▼ 0.89% USD/JPY163.65▼ 0.06% USD/CNY6.76▼ 0.15% DAX 25,464 ▲ 0.41% CAC 8,459 ▲ 0.63% FTSE 10,871 ▲ 0.83% MIB 51,698 ▼ 0.69% IBEX 19,727 ▼ 0.07% STOXX 646.89 ▲ 0.35% EUR/USD1.14▲ 0.31% GBP/USD1.33▼ 0.31% SPX 7,446 ▲ 0.44% DJI 52,868 ▲ 1.26% NDX 27,897 ▼ 0.51% RUT 2,952 ▲ 0.13% TSX 35,723 ▲ 0.44% VIX 18.01 ▼ 3.54% USD/CAD1.41▼ 0.23% US10Y 4.5940 ▼ 1.01% IBOV 176,775.39 ▲ 0.82% IPSA 10,876.72 ▼ 0.80% IPC MEX 67,183.26 ▲ 1.20% MERVAL 3,251,227 ▼ 1.64% COLCAP 2,275.16 ▼ 0.34% BVL PERÚ 57,237.60 — — USD/BRL 5.11 ▼ 0.11% USD/MXN 17.43 ▼ 0.14% USD/CLP 934.09 ▼ 0.61% USD/COP 3,203 ▼ 0.44% USD/PEN 3.40 ▼ 0.03% USD/ARS 1,500 ▲ 0.17% USD/UYU 40.20 ▲ 1.42% USD/PYG 6,020 ▲ 1.46% USD/BOB 11.30 ▲ 3.36% USD/DOP 57.82 ▲ 0.47% USD/CRC 449.99 ▲ 1.60% USD/GTQ 7.62 ▲ 2.22% USD/HNL 26.76 ▲ 1.54% USD/NIO 36.62 ▲ 0.69% USD/VES 740.95 ▼ 0.05% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.17 ▲ 0.06% USD/TTD 6.75 ▲ 1.25% EUR/BRL 5.83 ▲ 0.75% BRENT 83.95 ▼ 4.99% WTI 78.69 ▼ 4.75% IRON ORE 161.91 — — COPPER 6.37 ▲ 0.44% GOLD 4,046 ▼ 0.69% SILVER 57.63 ▼ 1.45% SOY 1,224 ▲ 1.30% CORN 483.25 ▲ 6.97% WHEAT 663.50 ▲ 0.53% COFFEE 341.20 ▲ 5.13% SUGAR 14.53 ▼ 0.34% ORANGE JUICE 136.25 ▼ 3.68% COTTON 81.08 ▲ 2.19% COCOA 5,153 ▲ 1.04% BEEF 222.28 ▼ 1.31% CATTLE 340.55 ▲ 0.68% LITHIUM 67.24 ▼ 2.03% PETR4 41.05 ▲ 0.10% VALE3 75.47 ▼ 0.29% ITUB4 42.90 ▲ 0.49% BBDC4 18.88 ▲ 0.91% ABEV3 16.24 ▲ 2.40% BBAS3 20.79 ▲ 1.41% B3SA3 16.10 ▲ 2.42% WEGE3 46.92 ▲ 1.12% PRIO3 56.33 ▲ 1.11% SUZB3 43.01 ▲ 2.72% RENT3 38.12 ▲ 1.06% AZZA3 17.43 ▲ 1.87% CSAN3 4.01 ▲ 1.52% RAIZ4 0.26 — 0.00% PCAR3 2.80 ▲ 2.19% GMAT3 3.96 ▲ 3.39% PSSA3 55.14 ▲ 1.57% CVCB3 1.34 ▼ 1.47% POSI3 3.62 ▲ 2.84% SLCE3 13.31 ▼ 0.52% NATU3 8.47 ▼ 0.24% BRKM5 6.04 ▼ 0.66% RANI3 8.13 ▲ 2.52% CSNA3 5.65 ▼ 1.05% CMIN3 5.95 ▲ 2.59% USIM5 8.69 ▲ 0.93% GGBR4 25.30 ▲ 3.35% ENEV3 25.89 ▲ 1.65% CPFE3 45.99 ▲ 2.77% CMIG4 11.31 ▲ 1.25% EQTL3 39.38 ▲ 1.49% LREN3 13.97 ▲ 1.75% VIVT3 33.68 ▼ 6.73% RAIL3 14.07 ▲ 1.96% KLABIN 18.10 ▲ 2.38% RAIA DROGASIL 18.51 ▲ 1.87% RDOR3 34.39 ▲ 2.35% HAPV3 10.49 ▲ 2.94% FLRY3 17.05 ▲ 3.15% SMTO3 14.32 ▼ 2.39% UGPA3 32.46 ▲ 1.15% VBBR3 35.12 ▲ 1.80% BBSE3 41.11 ▲ 1.41% BPAC11 56.40 ▲ 1.53% CURY3 30.62 ▲ 0.76% AERI3 2.09 ▲ 1.95% VIVARA 22.73 ▲ 3.27% COMPASS 25.51 ▲ 0.83% VAMOS 3.35 ▲ 5.68% SANB11 27.80 ▲ 1.61% ASAI3 8.36 ▲ 3.08% SBSP3 28.79 ▼ 0.28% WALMEX 48.94 ▲ 1.12% GMEXICO 208.50 ▼ 0.48% FEMSA 230.12 ▼ 0.39% CEMEX 21.34 ▼ 0.14% GFNORTE 201.35 ▲ 2.50% BIMBO 61.70 ▲ 4.38% TELEVISA 10.09 ▲ 2.13% AMX 22.72 ▲ 1.16% GAP 385.65 ▲ 2.67% ASUR 274.50 ▲ 2.21% OMA 237.74 ▲ 3.93% KOF 193.60 ▲ 2.07% GRUMA 270.62 ▲ 0.78% KIMBER 41.03 ▲ 2.83% SQM-B 62,854 ▼ 2.78% COPEC 6,317 ▲ 1.09% BSANTANDER 80.51 ▼ 0.32% FALABELLA 6,116 ▼ 0.63% ENELAM 85.92 ▲ 0.03% CENCOSUD 1,885 ▼ 1.57% CMPC 1,031 ▼ 0.83% BANCO CHILE 192.00 ▼ 0.65% LATAM AIR 24.57 ▼ 0.12% YPF 79,600 ▼ 2.00% GGAL 7,720 ▼ 3.02% PAMPA 5,420 ▼ 1.00% TXAR 670.00 ▼ 0.59% ALUAR 986.50 ▲ 0.20% TGS 9,410 ▼ 3.09% CEPU 2,334 ▼ 2.06% MIRGOR 16,625 ▼ 1.19% COME 42.13 ▼ 0.78% LOMA NEGRA 3,670 ▼ 1.01% BYMA 299.50 ▼ 1.07% TELECOM ARG 4,398 ▼ 2.06% ECOPETROL 15.48 ▼ 2.03% BANCOLOMBIA 89.35 ▲ 1.61% GRUPO AVAL 4.85 ▲ 0.52% CREDICORP 391.74 ▲ 0.19% SOUTHERN COPPER 178.96 ▼ 0.20% BUENAVENTURA 30.84 ▼ 2.77% MERCADOLIBRE 1,867 ▲ 2.57% NUBANK 14.78 ▲ 1.75% XP 17.01 ▲ 1.61% PAGSEGURO 9.53 ▲ 1.55% STONE 11.06 ▲ 1.56% GLOBANT 35.42 ▲ 8.51% TECNOGLASS 48.03 ▲ 5.83% GAP AIRPORT 221.22 ▲ 2.29% ASUR 274.50 ▲ 2.21% OMA AIRPORT 108.75 ▲ 3.77% AMX ADR 25.99 ▲ 1.13% FEMSA ADR 132.23 ▲ 0.06% CEMEX ADR 12.24 ▲ 0.29% PETROBRAS ADR 18.11 ▲ 0.60% VALE ADR 14.74 ▼ 0.30% ITAU ADR 8.39 ▲ 0.18% SANTANDER BR 5.55 ▲ 1.93% AMBEV ADR 3.15 ▲ 2.44% CSN 1.12 ▼ 0.45% GERDAU 4.97 ▲ 2.90% LATAM ADR 52.92 ▲ 1.17% BTC 63,817 ▲ 0.15% ETH 1,915 ▲ 1.31% SOL 74.14 ▼ 0.00% XRP 1.06 ▼ 0.16% BNB 573.12 ▲ 1.31% ADA 0.16 ▲ 2.04% DOGE 0.07 ▲ 0.73% AVAX 6.56 ▲ 2.56% LINK 8.36 ▲ 0.01% DOT 0.76 ▲ 0.48% LTC 46.43 ▲ 0.94% BCH 214.13 ▲ 1.14% TRX 0.32 ▼ 0.22% XLM 0.17 ▲ 0.32% HBAR 0.07 ▲ 0.78% NEAR 1.66 ▼ 1.39% ATOM 1.30 ▼ 0.17% AAVE 100.43 ▲ 2.64% SELIC 14.25% EMBRAER 87.45 ▲ 0.63% EMBRAER ADR 68.57 ▲ 0.85% JBS 13.93 ▲ 2.80% JBS BDR 71.08 ▲ 2.67% MBRF3 16.48 ▲ 3.71% MBRFY 3.17 ▲ 10.84% INTER 5.65 ▲ 1.53% EGX 53,730 ▲ 0.18% USD/ZAR 16.65 ▼ 0.58% USD/NGN 1,363 ▲ 0.16% NIKKEI 62,365 ▼ 3.95% CSI300 4,570 ▼ 2.83% HSI 25,311 ▲ 0.41% NIFTY 23,985 ▼ 0.04% KOSPI 6,024 ▼ 10.84% JCI 6,131 ▼ 0.89% USD/JPY 163.66 ▼ 0.03% USD/CNY 6.7560 ▲ 0.02% DAX 25,464 ▲ 0.41% CAC 8,459 ▲ 0.63% FTSE 10,871 ▲ 0.83% MIB 51,698 ▼ 0.69% IBEX 19,727 ▼ 0.07% STOXX 646.89 ▲ 0.35% EUR/USD 1.1404 ▲ 0.25% GBP/USD 1.3309 ▲ 0.13% SPX 7,446 ▲ 0.44% DJI 52,868 ▲ 1.26% NDX 27,897 ▼ 0.51% RUT 2,952 ▲ 0.13% TSX 35,723 ▲ 0.44% VIX 18.01 ▼ 3.54% USD/CAD 1.4093 ▼ 0.20% US10Y 4.5940 ▼ 1.01%
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Brazil Life & Society

Janjapalooza Festival: Transparency Concerns Shadow Brazil’s G20 Extravaganza

By · November 13, 2024 · 2 min read

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The Brazilian government’s recent approach to funding major events has raised eyebrows. State-owned companies Itaipu Binacional and Petrobras have contributed R$33.5 million ($5.9 million) to the G20 meeting and the Global Alliance Against Hunger and Poverty festival in Rio de Janeiro.

Itaipu Binacional provided R$15 million ($2.6 million) for the festival, G20 Social meeting, and related events. Petrobras contributed R$18.5 million ($3.23 million) to the overall G20 meeting through a partnership. Other state-owned companies have been less forthcoming about their involvement.

The festival, nicknamed “Janjapalooza” due to First Lady Rosângela da Silva’s involvement, will feature renowned artists like Alceu Valença, Zeca Pagodinho, and Ney Matogrosso. It will take place in Praça Mauá, near the Museum of Tomorrow, with free admission.

The Ministry of Culture, a key organizer, has stated that the total investment will be disclosed later. This lack of transparency extends to other state-owned entities. The National Bank for Economic and Social Development (BNDES) redirected inquiries to the Ministry of Culture.

Janjapalooza Festival: Transparency Concerns Shadow Brazil's G20 Extravaganza. (Photo Internet reprtoduction)
Janjapalooza Festival: Transparency Concerns Shadow Brazil’s G20 Extravaganza. (Photo Internet reprtoduction)
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Itaipu Binacional justified its sponsorship by citing the event’s strategic importance. The company views it as an opportunity to participate in global discussions on hunger, poverty, and climate crisis. Petrobras framed its contribution as part of an international cooperation agreement, not a sponsorship.

The use of state-owned companies to fund events has become a pattern in President Luiz Inácio Lula da Silva’s third term. This approach raises questions about the allocation of public resources and the blurring of lines between government and business interests.

Janjapalooza Festival: Transparency Concerns Shadow Brazil’s G20 Extravaganza

The festival organizers have partnered with various entities, including the Rio de Janeiro city government, the Inter-American Development Bank, and the United Nations Development Programme. Artists performing at the event will receive a symbolic fee of R$30,000 ($5,200).

While the government frames these events as opportunities for global engagement, critics may see them as extravagant uses of public funds. The lack of transparency from some state-owned companies adds to the controversy surrounding the funding of these high-profile events.

As Brazil prepares to host these international gatherings, the debate over the use of state resources for such purposes is likely to continue. The government’s challenge will be to balance its global ambitions with domestic concerns about fiscal responsibility and transparency.

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