02Macro, politics & other
BR–CHMacro, politics & other
US midterms: the franc hits a two-month high and the Ibovespa ends a six-day slide
Democrats won control of both chambers of the US Congress, weighing on the dollar on 4 November: the franc strengthened to about 0.81 per USD, its strongest since early September, also helped by October Swiss CPI of 1.5%. The Ibovespa rose 1.23% to 167,563, breaking six sessions of losses, which local analysts called technical buying within a downtrend. At about 5.46 BRL/USD and 0.818 USD/CHF on 5 November, the cross is about R$6.68 per franc (computed).
Why it matters for LIDE membersA strong franc and a weak real make Brazilian assets cheaper in CHF but raise conversion and hedging costs for Swiss-based investors and Brazilian families holding francs.
BRMacro, politics & other
Copom holds the Selic at 13.75%, halts its easing cycle and drops guidance on further cuts
In its first decision since Lula's re-election, the Banco Central kept the Selic at 13.75% on the evening of 4 November, halting the cutting cycle begun in March, although 39 of 75 houses had expected a 25 bp cut. The statement calls the external environment 'more adverse', raises the relevant-horizon (Q2 2028) inflation projection from 3.2% to 3.5% and removes the reference to the total size of the cycle. On 5 November the dollar opened slightly higher at about R$5.46 and DI rates rose; some economists now see a hike as possible, others a long hold.
Why it matters for LIDE membersHigher-for-longer real rates keep BRL funding expensive and fixed-income carry attractive, which shapes the timing of members' Brazil investments and FX hedges.
BRMacro, politics & otherTaxes & wealth planningUnconfirmed report – Estadão/Broadcast
Lula to announce fiscal-adjustment measures in a national address on 8 November
According to Estadão/Broadcast, Lula will address the nation on radio and TV on Sunday 8 November, his first formal address since the 25 October runoff, to reaffirm the fiscal targets and announce spending-restraint and revenue-raising measures prepared by Durigan (Fazenda) and Moretti (Planejamento). The report says campaign promises require adjustments of at least R$39.8bn in the 2027 budget, with details to follow in the coming weeks.
Why it matters for LIDE membersCredible measures would decide whether the BRL and DI risk premium eases, and revenue measures could reach investment income and tax benefits used in members' Brazil structures.
BRMacro, politics & other
Retail confederation CNC asks Brazil's Supreme Court to delay the shorter work week
Under a constitutional amendment promulgated in October, the legal work week falls from 44 to 42 hours with two paid rest days from 16 December 2026, and to 40 hours a year later, without pay cuts. On 4 November the CNC asked the STF to push these steps back to October 2027 and October 2028, arguing that 60 days is too short to restructure shifts and renegotiate collective agreements; Justice Flávio Dino is the rapporteur.
Why it matters for LIDE membersMembers with operating companies in Brazil face higher labour costs and new collective agreements within six weeks unless the STF grants a delay.
05Private banking & wealth management
CHPrivate banking & wealth managementMacro, politics & other
Switzerland adopts the EU's 21st Russia sanctions package and delists Usmanov and Fridman
On 4 November the Federal Council adopted the EU's 21st sanctions package, adding asset freezes on 254 persons, companies and organisations. Separately, the WBF removed six people and one company from the list, including Alisher Usmanov and Mikhail Fridman, effective 4 November at 23:00, following an EU decision of 22 September; both had been listed in Switzerland since March 2022.
Why it matters for LIDE membersSwiss private banks and EAMs must update screening immediately, as new freezes apply and released assets can now move, both carrying compliance and reputational risk.
CHPrivate banking & wealth managementMacro, politics & otherUnconfirmed report – finews.ch
SNB's Schlegel sides with the Federal Council in the UBS capital dispute
In a Handelszeitung interview cited by finews.ch, SNB President Martin Schlegel said the SNB supports the Federal Council's proposal on UBS capital requirements and that the location of UBS's headquarters is the bank's own decision; a signed finews.ch commentary criticised the SNB for taking sides without publishing its own impact analysis. In a separate speech on 5 November, Schlegel said the SNB had met its price-stability mandate; the next rate decision is on 10 December.
Why it matters for LIDE membersThe outcome of the UBS capital debate affects the largest wealth manager serving Brazilian clients from Switzerland and the competitiveness of the Swiss financial centre.
CHPrivate banking & wealth management
Swiss independent asset managers consolidate: Tareno eyes Zurich acquisitions and a new Geneva boutique targets small EAMs
Tareno CEO Sybille Wyss said assets rose from CHF 3.3bn to CHF 3.9bn this year and that acquisitions around Zurich are now a third growth pillar, driven by succession at first-generation firms, with talks underway but nothing close to signing. In Geneva, former Société Générale banker Frédéric Oculy launched Alpha Street Financial to support small and micro EAMs struggling with FinIA/FinSA requirements.
Why it matters for LIDE membersSuccession and regulatory pressure are creating buy and sell opportunities among the EAMs that serve Brazilian families from Switzerland.
CHPrivate banking & wealth management
FINMA opens a consultation on its revised interest-rate-risk circular for banks
FINMA opened a consultation on a partial revision of Circular 2019/2 'Interest rate risks – banks', adopting the Basel Committee's July 2024 recalibration of banking-book rate shocks and its own ex-post evaluation. The revision puts more weight on how rate moves affect bank earnings; comments are due by 15 January 2027.
Why it matters for LIDE membersIt is technical but adds to the regulatory load on mid-sized Swiss private banks during a phase of margin pressure.
06Private Market
BR–CHPrivate MarketBrazil–Switzerland relations
Foreign groups have won R$24bn of Brazilian infrastructure; a R$50bn December auction wave may draw Zurich Airport
Foreign groups such as Aena, Acciona, EDP and Mota-Engil won 5 of Brazil's 7 major infrastructure auctions through October, carrying about R$24.4bn, or roughly 75%, of planned capex. A batch of about R$50bn follows in December, including the Brasília airport repactuation, where NeoFeed names Zurich Airport as a possible, not confirmed, bidder alongside Aena, Asur and incumbent Inframerica. The BR-163 Via Brasil auction is on 12 November, and the Transport Ministry is courting UBS, HSBC, Brookfield and Macquarie for its R$262.6bn 2027 pipeline.
Why it matters for LIDE membersIt is the clearest live Swiss angle in Brazilian infrastructure, a co-investment and convening opportunity for members and for Swiss banks that finance such projects.
BRPrivate MarketAI & Infrastructure
Tractian raises a US$130m Series D at US$1.4bn, becoming Latin America's most valuable AI company
Brazilian industrial-AI company Tractian closed a US$130m Series D at a US$1.4bn post-money valuation, double its level two years ago, led by existing investors Sapphire Ventures and Catalyst with N47, General Catalyst, Bosch Ventures and Y Combinator. The money goes to R&D on software that lets its models act directly on clients' machines, sensors for factory robots and a sales push focused on AI data centres.
Why it matters for LIDE membersLate-stage capital, including a European strategic investor, is still reaching Brazilian deep tech, a benchmark for members' VC allocations.
BRPrivate Market
Viridis signs a binding rare-earths offtake with Solvay worth at least US$915m for its Minas Gerais project
Viridis Mining and Minerals signed a binding long-term agreement to supply Solvay with mixed rare earth carbonate from its Colossus project in Poços de Caldas, Minas Gerais. Minimum volumes cover about 70% of projected output and imply at least about US$915m of revenue between 2029 and 2034; production is expected to start in 2028, and Solvay gets a right of first offer on the remainder.
Why it matters for LIDE membersIt confirms Brazil as a credible non-Chinese source of critical minerals, a theme Geneva and Zug commodity traders and energy-transition investors are pricing in.
BRPrivate Market
Cade approves the US$4.6bn Saipem–Subsea7 merger with a remedy, over Petrobras's objections
Cade's tribunal approved the Saipem–Subsea7 merger, reversing its General Superintendence's earlier unconditional clearance by requiring the sale of one ultra-deep-water pipe-laying vessel so an independent supplier can compete in subsea projects. Petrobras and the producers' association ABEP had opposed the deal, warning of market power in pre-salt services.
Why it matters for LIDE membersCade will impose structural remedies on global M&A touching Brazil's pre-salt, which European acquirers must factor into deal timelines.
07Crypto & digital assets
BRCrypto & digital assetsFintechPrivate Market
Yellow Card buys Brazilian fintech GoMoney to build a local stablecoin payments base
Stablecoin payments provider Yellow Card is acquiring GoMoney, a Brazilian fintech offering international payments, a crypto exchange and a digital account, which becomes a wholly owned subsidiary with its founders in charge. The deal adds BRL collection and payout, including via Pix, settled in stablecoins; GoMoney has applied for an SPSAV licence and operates under the BCB transition regime while it awaits a decision.
Why it matters for LIDE membersForeign stablecoin players are starting to buy licence-applicant firms rather than apply from scratch as the BCB regime squeezes out smaller exchanges.
CHCrypto & digital assetsFintech
Zug's Safirum launches CHF-S, a whitelisted Swiss franc stablecoin on Solana
Safirum has launched CHF-S on Solana, backed 1:1 by Swiss francs in segregated accounts at Berner Kantonalbank and Banque Richelieu and transferable only between KYC/KYB-verified, whitelisted wallets, with a fee of 0.05% capped at CHF 0.50. Coverage mentions neither a FINMA licence nor a bank guarantee; Safirum says the design aims to comply with FINMA Guidance 06/2024.
Why it matters for LIDE membersA CHF settlement token could become a payment rail for the corridor, but members should first check its regulatory status and counterparty risk.
BRCrypto & digital assetsPrivate Market
Méliuz posts a record Q3 profit and sells 78 BTC to fund a share buyback
Méliuz, which runs a bitcoin treasury strategy, reported record Q3 net income of R$113.7m, about R$78.5m of it a non-cash gain on its bitcoin reserve. It sold 78 BTC for R$29.4m to fund its second buyback without debt, bought call options to repurchase the coins in 2027, and held 526.7 BTC at the end of September.
Why it matters for LIDE membersIt is a live Brazilian test of a corporate bitcoin treasury and shows how much reported earnings depend on BTC price swings.
CHCrypto & digital assets
Swiss Blockchain Federation benchmark ranks Switzerland only sixth of 15 digital-asset hubs
The industry body's first 'Infrastructure First' Global Benchmark Report puts Switzerland sixth with 75.62 of 100 points, behind the US, Singapore, the UK, Germany and Japan and just ahead of Luxembourg. Switzerland scores top marks for DLT infrastructure and legal certainty but trails on market size, liquidity and implementation pace; the SBF calls for faster FINMA licensing and a risk-based CHF stablecoin framework.
Why it matters for LIDE membersIt feeds the debate on whether Crypto Valley is losing ground, relevant to members deciding where to domicile digital-asset activity.
BRCrypto & digital assetsMacro, politics & other
New bill would let judges quickly freeze crypto in deepfake fraud cases
Deputy José Medeiros filed PL 5.729/2026, the 'Lei Anticrime Deepfake', creating an emergency protocol for funds diverted in AI or voice-cloning scams: exchanges, banks and payment institutions would have to hand over transaction records on request or court order. It would also amend Lei 9.613/1998 so judges can freeze virtual assets, including abroad via cooperation treaties; the bill is at the very start of the legislative process.
Why it matters for LIDE membersIf passed, it would add data-disclosure and asset-freeze duties for crypto platforms on top of the BCB licensing regime.
08AI & Infrastructure
BRAI & Infrastructure
Anatel approves a R$375m federal AI data centre to be run by Telebras
On 4 November Anatel's board approved R$375m of leftover 2021 5G-auction funds for a government AI data centre, built through Gaispi and the EAF, handed to the Union and operated by Telebras. The reference design has 48 GPUs and 2 MW of initial power, expandable to 10 MW only with further approval; the 12-month target depends on land, power and engineering approvals, and the site has not been disclosed.
Why it matters for LIDE membersBrazil is building state-owned 'sovereign' AI compute alongside the private Redata pipeline, shaping procurement and competition for hyperscalers and colocation providers.
BRAI & InfrastructurePrivate Market
AI-agent healthtech Rivio raises R$180m and passes a R$1bn valuation about a year after founding
Rivio raised a R$180m Series A extension led by Valor Capital Group, with Monashees, Positive Ventures and APL, valuing it above R$1bn against more than R$500m last December. It uses AI agents with health specialists to audit hospital revenue cycles and serves 13 hospital groups, including Albert Einstein and Sírio-Libanês.
Why it matters for LIDE membersVertical, applied AI with fast revenue traction now earns unicorn-track valuations in Brazil, a benchmark for investors weighing AI deals in the corridor.
BRAI & Infrastructure
Brazil-hosted, UN-backed AI-for-Climate Institute to launch at COP31
Brazil and the UN, with UNESCO and the ITU, are creating the Instituto de Inteligência Artificial para o Clima (AICI), hosted by Anatel in Brasília, to help developing countries build and govern their own AI climate solutions. The formal launch is set for 16 November at COP31 in Antalya, with pilots including AI-driven deforestation prevention in the Amazon; membership will then open to governments, research institutions and financial partners.
Why it matters for LIDE membersIt offers a membership channel through which Swiss research institutions and financial partners could join Brazil-led AI and climate projects.
10University spin-offs & innovation labs
CHUniversity spin-offs & innovation labsPrivate Market
InnoBooster awards CHF 600,000 to four university ventures from ETH, BFH, Basel and EPFL
InnoBooster, powered by the Gebert Rüf Stiftung, granted CHF 150,000 each to four university-founder projects at Venture Kick's second stage: Omenic (ETH Zürich, weather-to-decision forecasting to be validated at Zurich Airport), Nanotech SA (BFH, low-emissivity heat-mirror films), 201 Therapeutics (University of Basel, liver-cancer drugs) and EPFL spin-off Apolarion.
Why it matters for LIDE membersSwiss non-dilutive pre-seed money keeps producing deep-tech spin-offs in energy, climate resilience and biotech that could suit Brazilian corporates and co-investors.