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☆ BRICS nations to see highest surge in millionaire count over the next decade — exceed the rise in G7 countries
▼ + stars: | 2024-02-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Millionaire count in the BRICS countries — which together hold $45 trillion in investable wealth — is forecast to rise by 85% over the next 10 years, the investment migration consultancy noted in its report published in partnership with global intelligence firm New World Wealth. The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally. "The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally," Andrew Amolis, wealth analyst at New World Wealth told CNBC. The UAE followed in third place with a 77% wealth growth. Other members in the BRICS coalition, such as South Africa and Iran, have seen a decline in their millionaire populations since 2013.

Persons: Michel Temer, Vladimir Putin, Xi Jinping, Jacob Zuma, Narendra Modi, Andrew Amolis, Dominic Volek Organizations: India's, United, Henley & Partners, Wealth, CNBC, Amolis, European Union, Henley, Partners, UAE Locations: South, Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, United Arab Emirates, Saudi Arabia, Canada, France, Japan, Italy, U.S, United Kingdom, Southeast Asia, UAE

☆ Google hires Brazil's Temer to lobby on controversial internet bill
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Google (GOOGL.O) has hired Brazilian former President Michel Temer to lobby lawmakers considering a proposal to regulate the internet, his adviser said on Friday. The bill has raised concerns from tech companies, with some launching campaigns on their platforms to defeat it. Nearly two months ago, the South American country's top court ordered an investigation into executives at social messaging service Telegram and Google who led a campaign criticizing the proposed regulation. Temer's adviser said the former president was hired by the company to mediate proposals and talks with Brazil's parliament. Brazil's Supreme Court is likely to rule on two appeals that may make the internet legislation more flexible.

Persons: Michel Temer, Sao Paulo, Temer, Orlando Silva, Carolina Pulice, David Alire Garcia, David Gregorio, Diane Craft Organizations: Fake, American, Google, Folha, Sao, Brazil's, Brazil, Thomson

☆ Brazil's Petrobras scraps fuel import parity policy, shares rise
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, May 16 (Reuters) - Brazil's state-run oil giant, Petrobras (PETR4.SA), has approved a new commercial strategy to set diesel and gasoline prices, it said on Tuesday, ditching its previous import parity policy without revealing a specific fresh pricing formula. "The end of pricing parity is not good, but this was already expected." "The new policy scraps the 'import parity' terminology, but in our view it has not changed materially," Credit Suisse analyst Regis Cardoso said. The import parity policy was adopted in 2016 by former President Michel Temer. People close to Lula celebrated the announcement, with his Mines and Energy minister, Alexandre Silveira, telling reporters the policy would not impose as much volatility as the import parity used to.

The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates. In a research note, JPMorgan (JPM.N) described the reworked pricing policy as "more friendly than investors expected." The policy shift will be tested when oil prices rise, and apply upward pressure on what consumers can expect to pay for motor fuels or LPG. Petrobras' new pricing policy also came under criticism from some as too opaque. The previous pricing policy was adopted seven years ago by conservative former President Michel Temer.

☆ Brazil's VP says development bank should be strengthened to leverage the economy
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +3 min

Asked whether this would involve changing the so-called TLP rate, charged by BNDES to lenders, he said only "it is important to create conditions to reduce the interest rate." It replaced the former TJLP rate, which was set by the government below the country's Selic base rate, to subsidize corporate loans. In his inaugural speech, Alckmin said his ministry will have BNDES under its wing, stressing it was essential to strengthen the bank's role to leverage the economy. According to Alckmin, BNDES should act "as a dynamizer of the industry competitiveness and exports, especially those of higher added value." That contrasts with former President Jair Bolsonaro, who centralized policy formulation and decision-making into a single Economy Ministry.

☆ Criticism of Lula's economic plans mounts as Brazil markets tank
▼ + stars: | 2023-01-04 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Haddad, a former mayor of Sao Paulo, took office vowing to restore public accounts and with the challenge of presenting a credible fiscal framework after Congress passed a giant Lula social spending package. Markets reacted badly to Haddad's first days in office, especially after Lula ordered a budget-busting extension to a fuel tax exemption which Haddad had publicly opposed. "Haddad learned on his first day in office that he will be a decorative figure, a sort of task worker for President Lula," the conservative daily said in an editorial. On Tuesday, markets were further rattled by remarks by Lula's social security and labour ministers. That was compounded when he said Lula's government would need to review the investor-friendly pension reform approved by Bolsonaro's administration.

☆ Brazil to nominate ex-central bank governor Goldfajn to run the Inter-American Development Bank
▼ + stars: | 2022-10-16 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, Oct 16 (Reuters) - Brazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution. The development bank will elect its next president on Nov. 20 after the ouster of Mauricio Claver-Carone in an ethics scandal. Currently head of the International Monetary Fund's Western Hemisphere department, Goldfajn led Brazil’s central bank under former President Michel Temer, before handing the reins to current chief Roberto Campos Neto in February 2019. Under Goldfajn’s tenure, the central bank began developing its Pix instant payment platform, which was launched under Campos Neto. After leaving the central bank, Goldfajn chaired the board of Credit Suisse in Brazil before joining the IMF.

☆ Brazilian ex-bank leader Meirelles says no talk of joining Lula but door open
▼ + stars: | 2022-09-19 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

Brazil's then-Secretary of Finance and Planning Henrique Meirelles is seen during a news conference in Sao Paulo Brazil February 21, 2019. REUTERS/Amanda Perobelli/File PhotoBRASILIA, Sept 19 (Reuters) - Former Brazilian central bank chief Henrique Meirelles, who served under former President Luiz Inacio Lula da Silva, said on Monday he had not discussed joining the government if the leftist leader wins a third term in October's election. "There's nothing (on the table)," he told Reuters after endorsing Lula at a campaign event, while emphasizing his strong relations with him. The ringing endorsement from Meirelles contributed to a strong day for Brazilian markets, traders said, with the currency gaining 1.8% and the benchmark stock index rising 2.3%. Brazil's longest-serving central bank governor (2003-2010), Meirelles is remembered for his role managing the 2008 financial crisis and raising interest rates aggressively to fight inflation.

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