AGP Executive Report

BRICS Summit Wrap (New Delhi): Leaders closed the 18th BRICS summit with the New Delhi Declaration, pushing Global South priorities, women-led innovation, and resilient digital infrastructure while calling for greater cooperation and UN Security Council reform. Local Currency & Payments: BRICS backed trade in national currencies and faster, safer cross-border payment links, stopping short of any new shared currency. Trade Barriers: Business groups urged action on non-tariff barriers and smoother payments to unlock more intra-BRICS commerce. AI Push: China’s Xi unveiled a BRICS AI Open-Source Zone plus plans for service-trade and special economic zone partnerships. Food & Energy Security: Putin proposed a BRICS grain market and an insurance mechanism to reduce exposure to global shocks. Geopolitics Tension: The declaration urged maximum restraint in the Middle East and condemned unilateral sanctions—but avoided naming key parties, underscoring internal divisions. India–China Reset: Modi and Xi met on the sidelines, stressing border stability and “high-quality cooperation.” Brazil Angle: Brazil’s role in BRICS continues to intersect with trade, finance, and de-dollarisation themes, while the summit’s push for smoother payments and local-currency settlement targets the same frictions Brazilian firms face.

BRICS Summit Wrap (India): Leaders unanimously adopted the New Delhi Declaration, backing UN Security Council reform (including support for India and Brazil’s greater roles), calling for WTO dispute-settlement restoration, and pushing local-currency trade and cross-border payments to reduce dollar dependence. Middle East De-escalation: The bloc urged maximum restraint amid Gaza and wider West Asia tensions, rejecting forced displacement and calling for dialogue and diplomacy. Food Security Agenda: BRICS highlighted the need for a BRICS grain exchange and warned about fertilizer shortages and supply disruptions. Brazil Angle: The summit’s trade and tariff concerns were framed as a shared risk for emerging exporters, while Brazil’s participation sits alongside the bloc’s push for more predictable rules. Corporate/Finance Watch: Nu Holdings’ growth story continued to draw attention as the digital bank adds millions of customers and expands beyond Brazil. Trade Signals: Separate reporting pointed to China increasing soybean purchases from the U.S., underscoring how global demand swings can ripple back to Brazil’s export cycle.

BRICS Summit Diplomacy: BRICS leaders in New Delhi unanimously adopted the New Delhi Declaration, urging “maximum restraint” over the Middle East war, opposing forced displacement in Gaza, and calling for peaceful conflict resolution—while also flagging concern over unilateral tariffs and non-tariff barriers. Payments & Finance: The bloc backed faster, cheaper and more secure cross-border payments, with interest in an India-hosted BRICS Risk Lab and work on payment interoperability and local-currency settlements. Energy Transition: BRICS pushed for a “just, orderly, and equitable” energy transition and rejected the EU’s carbon border tax as protectionist. Brazil Politics & Risk: In Brazil, police raids and a court document put Flavio Bolsonaro’s campaign under investigation for alleged corruption and money laundering tied to a biopic about his father. Education: Brazil’s PISA 2025 results show progress narrowing the gap with wealthy countries, though scores remain below the OECD average in reading, math and science. Trade Watch: Brazil’s soybean market faces seasonal tightening as China reportedly increased U.S. purchases ahead of harvest and upcoming Trump-Xi talks.

BRICS Summit in New Delhi: India kicks off the 18th BRICS Summit at Bharat Mandapam with a “Building for Resilience, Innovation, Cooperation and Sustainability” agenda, aiming to turn 20 years of the bloc into more practical cooperation on trade, finance, security and people-to-people ties. China-India thaw watched closely: Xi Jinping arrives for talks with PM Modi, with border tensions still unresolved but both sides signaling an “early and substantial harvest” on managing differences. Global governance and UN reform: WHO chief Tedros arrives as Modi and UN Secretary-General Guterres push for multipolarity and UN Security Council reform. Trade and payments push: Russia’s Putin and India’s leaders stress stronger intra-BRICS trade, including linking payment systems and expanding local-currency settlement. Brazil election fallout: Brazil’s Federal Police investigate Senator Flávio Bolsonaro over alleged money laundering and corruption tied to financing of a film about Jair Bolsonaro. Energy and shipping stress: Reports highlight fears of fuel supply shocks tied to West Asia, while tanker rates (VLCCs) surge amid Hormuz-related uncertainty.

Brazil Macro Watch: Brazil’s inflation cooled sharply in August, with IPCA at -0.32% month-on-month (IBGE), the lowest since Aug 2022, and 12-month inflation easing to 4.22%—below market expectations and keeping the policy debate on track for another rate cut. BRICS Business Forum: Iran’s Pezeshkian urged BRICS to lean harder on local currencies and reciprocal settlements, while PM Modi said India is “building economic bridges” as global trade barriers rise. Geopolitics at BRICS: Putin pitched an NDB-backed investment platform for trade, infrastructure and technology, and Modi and Putin reaffirmed deeper ties ahead of the summit. Brazil Politics: Federal Police kept Flávio Bolsonaro under investigation over alleged opaque financing tied to a Jair Bolsonaro film, as Supreme Court secrecy was lifted in related “Banco Master” links. Trade & Commodities: Brazil coffee exports hit a record August volume (4.155m bags) and higher revenue, while traders are eyeing large shipments to ICE warehouses as stocks stay near multi-decade lows. Corporate/Industry: Aptar Pharma transferred and commissioned a preservative-free drug delivery production line in Argentina to serve Latin America.

BRICS Summit in Delhi: India is hosting the Sept. 12-13 BRICS Leaders’ Summit with Putin arriving and Xi set to attend, while the city clamps down on traffic and security—thousands of police and paramilitary personnel, checkpoints, and a public-holiday shutdown are disrupting daily life. Diplomacy vs. fractures: A key test is whether Iran and the UAE can support a joint Middle East statement as the Strait of Hormuz strain keeps oil prices elevated. Payments and “sovereignty” push: BRICS Pay is being framed as a bridge to link existing national systems (not a de-dollarisation move), alongside talk of CBDC connectivity—yet India’s BRICS trade deficit ($226.1bn in FY2026) underlines how hard integration will be. Brazil politics under strain: Brazil’s Supreme Court feud is reshaping the presidential race, with Flávio Bolsonaro gaining ground in polling and Polymarket. Brazil business & energy: Modec says it’s doubling down on Brazil’s pre-salt FPSO opportunities. Retail and consumer policy: Lula signed a law cutting the 20% import tax on low-value online purchases, ending the “blouse tax.” Markets mood: Citi says LatAm is “poised for take-off,” citing tailwinds like a weaker dollar and commodities—execution still matters.

BRICS Summit in Focus: India is set to host the 18th BRICS Leaders’ Summit in New Delhi on Sept. 12-13 at Bharat Mandapam, with Xi Jinping (first visit to India in seven years) and Vladimir Putin among expected leaders, and a “New Delhi Declaration” agenda spanning trade, tech, energy and food security amid Russia-Ukraine and Middle East tensions. Payments & Dedollarization Watch: India is pushing BRICS members to link central bank digital currencies for cross-border payments, but is avoiding a single bloc-wide payments network that could look like a direct challenge to the dollar. Brazil-EU Trade Shock: EU restrictions on Brazilian meat and honey exports are set to resume only after safety requirements are met, while Brazil signals possible reciprocal measures. Brazil’s Supreme Court Crisis: Lula called for full transparency in the Banco Master case amid a wider Supreme Court power struggle that is spilling into the election campaign. Aviation/Infrastructure: Brazil schedules a Brasília airport concession rebid for Dec. 17, with a new contract running to July 2037 and about R$1.2bn in required investment. Markets & Corporate Moves: General Mills’ CEO said M&A is not a priority as the company focuses on debt reduction, and Playtech posted strong H1 2026 results while teasing a Brazil launch in 2027.

BRICS Summit Watch: India’s New Delhi summit (Sept. 12-13) is set to focus on food, energy resilience, health, disaster reduction and critical supply chains, with leaders including Xi Jinping and Vladimir Putin expected to arrive amid heightened hotel security and tight Delhi Police deployments. Geopolitics & Trade: Negotiations over a joint declaration are complicated by West Asia tensions, especially Iran-UAE differences, raising questions about how far BRICS can align on sensitive language while keeping economic cooperation moving. Brazil-Linked Finance: Bank of China says it’s expanding green finance across BRICS, citing nearly 7 billion yuan in credit lines for Brazilian agribusiness and large project financing tied to power and infrastructure. Amazon Cities: Amazon Day spotlights municipal climate planning across the region, including waste and transport projects supported through C40 and Global Covenant of Mayors programs. Tech & Privacy: A survey finds 73% of Brazilians use AI for work/study, but 66% worry about how platforms use their data—fueling the debate over transparency and safeguards. Policy & Markets: Lula’s campaign messaging and Brazil’s ongoing Supreme Court turmoil remain key political risk factors as investors watch fiscal and institutional signals.

Brazil–China Carbon Talks: Brazil plans a high-level visit to China next week to test whether Beijing can buy Brazilian carbon credits and to push a bilateral carbon-market accord ahead of COP31, with officials aiming to align trading systems and offer high-integrity ITMOs. EU Meat Trade Shock: The EU’s suspension of Brazilian meat and honey imports over antimicrobial concerns is now in force, prompting Brazil to signal possible reciprocal measures while negotiations continue. BRICS in the Spotlight: India’s BRICS chairship is pushing a “people-centric” agenda—innovation, cooperation and sustainability—while inviting regional blocs to widen engagement; the New Delhi summit schedule is set for Sept 12–13 with leaders including Lula and Ramaphosa. Aerospace Finance: Avianca secured up to US$300m in engine maintenance financing for GE’s Celma facility in Brazil, reinforcing the country’s role as a regional MRO hub. Commodities & Shipping: A wind-assisted Valemax made its first port call in Oman delivering Vale iron ore, highlighting lower-emission logistics on the Brazil–China–Middle East corridor. Business & Markets: Brazil’s election uncertainty continues to tighten market sentiment, while General Mills pairs cost cuts with cautious capital plans.

Brazil Election Pressure Point: Lula’s “steak for all” promise is colliding with rising picanha prices, giving Flavio Bolsonaro fresh campaign ammunition as the cut edges higher toward “rich” status. Global Governance Debate: Ahead of the UN General Assembly, writers argue multilateralism needs more voices from Africa, Latin America, South Asia and Southeast Asia to match today’s power balance. Trade & Industry: Brazil’s August trade surplus hit $7.4bn (up 23.8% y/y) as exports rose nearly 12.2%, with total trade flow reaching a record for the month. EU Beef Standoff: The EU’s suspension of Brazilian meat imports over antimicrobial rules is escalating into a standards-and-reciprocity fight, with Brazil weighing possible countermeasures. BRICS in the Spotlight: India’s BRICS summit in New Delhi (Sept 12-13) is framed around resilience, innovation, cooperation and sustainability, with Brazil watching how the bloc reshapes trade and finance. Tech & Finance: Cognition raised $2bn at a $48bn valuation, with Brazil clients including Itaú and Nubank as the AI coding push expands. Rule-of-Law Shock: A Brazilian Supreme Court scandal is intensifying tensions inside the judiciary less than a month before the first round of the presidential election.

Brazil Trade Watch: Brazil logged a USD 7.4bn trade surplus in August, up 23.8% year-on-year, as exports rose nearly 12.2% and total trade hit a record USD 58.9bn for the month. Supreme Court & Politics: Brazil’s Independence Day turned into a sovereignty showdown, with Lula’s parade emphasizing national autonomy while opposition figures targeted a Supreme Court at the center of a banking probe. Local Finance Risk: Indonesia’s finance minister urged regional governments to manage risks before issuing local bonds, warning that local debt stress can spill into the central economy—an issue Brazil policymakers watch closely. EU Trade Tension: The EU’s suspension of Brazilian meat imports over antimicrobial concerns continues to ripple, with Brazil signaling possible reciprocal measures. Mining & Competition: EU regulators are preparing an antitrust warning over MMG’s planned purchase of Anglo American’s Brazilian nickel business. Infrastructure & Logistics: DP World joined AmCham Brazil and is investing BRL 1.6bn at Santos to lift container capacity, betting on stronger trade flows. Health & Pharma: Biocon is set for a block deal sale of up to 1.66 crore shares, while also pushing biosimilars growth.

Brazil Election & Courts: Thousands of Brazilians rallied for Flávio Bolsonaro on Independence Day, using Supreme Court tensions to attack Lula and Justice Alexandre de Moraes, as polls show a tight race. Beef Prices & Politics: Lula’s “steak for all” promise is backfiring as picanha prices creep higher, giving Bolsonaro a campaign talking point. EU Trade Shock (Meat): The EU’s antimicrobial-driven suspension of Brazilian meat imports is now in force, with Brazil signaling possible reciprocal measures. Crypto Banking Shift: Brazilian banks are expanding crypto offerings for consumers while keeping crypto assets off balance sheets, highlighting a regulatory and risk-separation approach. Rare Earths Push: Meteoric Resources advanced its Caldeira ionic clay feasibility study, while other rare-earth projects keep moving through permits and drilling. Energy & Shipping: HMM signed a 25-year, 4.7 trillion won shipping deal with Vale, and oil-market jitters tied to China’s demand rebound are lifting crude prices. AI Capacity Building: Brazil’s public-sector AI director warned that without local capacity, AI could deepen dependency, as Global South countries meet in Beijing.

EU Beef Ban Hits Brazil Exports: The EU suspended Brazilian beef and poultry imports over antibiotic and compliance concerns, with UK farmers warning any surplus could pressure prices at home. Brazil Politics & Markets: On Independence Day, Lula defended Brazil’s sovereignty and the Pix payment system amid US tariff pressure, while opposition figures plan street rallies tied to the Supreme Court crisis. Rare Earths Push: Rainbow Rare Earths advanced Brazil’s Uberaba rare-earth project with a preliminary feasibility study for processing phosphogypsum waste, aiming to scale separation of key rare earth oxides. Telecom Deal: Anatel approved the transfer of Oi’s fixed telephony business to Metodo, a step in restructuring Brazil’s telecom landscape. Mining Safety Tech: Hexagon said it will acquire the remaining stake in ZG Technology, consolidating handheld 3D scanning platforms used across mining operations. Energy & Trade: Brazil’s 2027 pre-salt oil auction is flagged as potentially bringing $4.4B, while broader commodity trade remains sensitive to geopolitics and shipping costs.

Pix & Cross-Border Payments: Brazil’s Pix is getting a potential European bridge: the ECB and Banco Central do Brasil are assessing a link between Europe’s TIPS instant-payment system and Pix, with a pilot discussed as early as 2028. Critical Minerals & Permits: A new policy shift is making permits a direct input into mining project economics, as Brazil tightens scrutiny of critical-minerals deals while other countries use processing rules and defined permitting paths. Lithium Drilling Push: Perpetual Resources is mobilising for a 1,500m diamond program at its Igrejinha project in Brazil, targeting the Mauricio and Morro Grande lithium prospects. Brazilian Supreme Court Turmoil: Brazil’s Supreme Court crisis is deepening, with justices clashing over election and a probe tied to a failed bank. Markets & Rates: Latam equities slipped as stronger US jobs data revived Fed rate-hike bets, lifting the dollar and cooling risk appetite. Streaming Infrastructure in Brazil: Broadpeak expanded its CDNaaS in Brazil with seven new HyperPoPs to boost live-stream capacity and performance. Cybersecurity Watch: Kaspersky says it blocked 75m attacks in APAC in 1H 2026, including 250k ransomware incidents. EU Meat Ban: The EU’s suspension of Brazilian meat imports over antibiotic concerns is moving into force.

Pix Under US Tariff Pressure: Brazil’s Lula says he will defend Pix in talks with Donald Trump at the UN, arguing the instant-payment system is “how good it is,” as Washington cites Pix in its tariff dispute. Sigma Lithium Mine Halt: A Brazilian judge ordered suspension of environmental licenses and mining at Sigma Lithium’s Grota do Cirilo project after a lawsuit by Minas Gerais quilombola communities, citing risks and consultation obligations. BRICS Momentum, GST Timing: India’s BRICS summit is pushing India’s GST Council meeting from Sept 12 to Oct 7, while iBRICS in New Delhi (Sep 12-13) targets sovereign and family-office capital for infrastructure, energy and digital projects. Food Prices Watch: The UN FAO reports global food prices rose to the highest since late 2022, with sugar up 11.9% and cereals also climbing amid weather and conflict-driven supply risks. Brazil Election Court Crisis: Brazil’s Supreme Court feud between justices tied to the Banco Master probe is intensifying uncertainty ahead of the presidential race. Mining ESG Gets Tougher: A broader trend shows ESG compliance shifting from reports to permit access, with water and Indigenous rights becoming harder hurdles for mining approvals.

Brazil-US Trade & Payments: President Lula said he will defend Brazil’s Pix instant payments system in talks with Donald Trump, arguing the U.S. has unfairly targeted Pix in the tariff dispute. Mining & Environment: A Brazilian court ordered Sigma Mineração to suspend environmental licenses and halt extraction at its Grota do Cirilo lithium project in Minas Gerais, citing potential impacts on quilombola communities. Crypto Markets: New 13F filings show a Brazil-based asset manager, Wealth High Governance Asset Management, is the top disclosed holder in 21Shares’ Hyperliquid-linked THYP ETF, with total institutional exposure around $75M. Amazon & Indigenous Rights: Lula met Leonardo DiCaprio in Brasilia to discuss Amazon deforestation cuts and new indigenous reserves, including a proposed Tropical Forests Forever Fund. Sports & Business Spotlight: Brazil’s Luisa Stefani and Luisa Stefani advanced to the U.S. Open doubles round of 16, while the week also highlighted Brazil-linked business themes from global trade and finance.