AGP Executive Report
Last update: 9 hours agoDiplomatic Fallout: Brazil downgraded ties with Argentina to chargé d’affaires after President Javier Milei again attacked Lula, with Brazil recalling its ambassador from Buenos Aires and Argentina’s foreign ministry confirming the move. US–Brazil Tensions: The US State Department revoked the visa of Brazil’s ambassador to Washington, citing Brazil’s refusal to approve the US nominee and visa denials for US diplomats—raising the stakes ahead of Brazil’s October election. Energy & Regulation: Petrobras halted studies for a $1bn gas pipeline in Sergipe as regulatory uncertainty grows around a proposed ANP program that could force large producers to auction gas to third parties. Markets & Trade: Brazil’s cotton prices stayed firm in late July on strong spot demand and firmer global prices, while liquidity remained limited; exports hit a record 3.35m tonnes for the partial 2025/26 season. Business Travel: GBTA’s 2026 index points to record global business travel spending of $1.71tn and flags Brazil as the fastest-growing market in year-over-year terms (+13.8%).
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