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Only 7% of Brazilian family businesses make it to the fourth generation, and the most cited cause isn’t a lack of capital, it’s a lack of governance. For Norvia, the right time to structure succession is always before it feels necessary.

Congress approved Redata in record time, with an estimated R$5.2 billion tax break to attract AI data centers to the country. For Norvia, the real opportunity for entrepreneurs lies in the supply chain around that investment, not in competing directly with big tech.

Brazil’s GDP grew just 0.5% in the second quarter, less than half the prior gain, as households felt the weight of high interest rates. For Norvia, this kind of slowdown separates those who built cash discipline from those who were simply counting on the rate cutting cycle.

Large corporations are cutting thousands of positions citing artificial intelligence, while small and mid-sized companies are moving the opposite way and still intend to hire. The 2026 data points to a more nuanced reorganization than the headlines suggest.

Gold went from a historic record in January to a drop of more than 25% by June. The 2026 cycle shows the metal hedges well against some risks and poorly against others, which changes how a position should be sized in a portfolio.

After the agreement with the European Union, Mercosur is now negotiating with Canada, with 60% of the text already concluded. Each new deal reduces relative dependence on any single trading partner, including the United States.

Brazil’s Central Bank opens the second half with the Selic rate starting at 14.25% and markets pricing in another 0.25 point cut. The direction of the cycle is set, but room for further cuts by December keeps shrinking.

Norvia's July Flash brings together the main developments in foreign trade, technology, capital markets and geopolitics. This edition highlights how tariffs, artificial intelligence, the stock market reopening and trade diversification shaped decisions by companies and investors throughout the month.

Compass's IPO ended nearly five years without a single initial public offering on Brazil's B3 exchange, but the deal's structure shows the market has returned more selective. More than 50 companies are already technically ready to go public, though the election calendar should keep most of them waiting until 2027.

Capital expenditure from the world's largest data center operators is set to reach $750 billion in 2026, nearly double the figure from two years ago. The market is starting to question whether every company behind that investment will capture returns in equal measure.

The US decision on a 25% tariff on Brazilian goods lands at a moment when America's share of the country's foreign trade has already fallen to its lowest level on record. The episode confirms that market diversification has stopped being a long-term strategy and become immediate risk management.

The global wine market is undergoing a transformation driven by more selective consumers, economic pressure and a stronger focus on perceived value. The trend shows that brands capable of combining product, narrative and experience are more likely to stand out.