DIRS.INFO The most relevant business & tech news

☆ Santander's Botin targets auto finance, renewables in U.S. banking push
▼ + stars: | 2023-11-09 | by ( Alessandra Galloni | ) www.reuters.com time to read: +2 min

"Our strategy is very focused on playing to our strengths," she said in an interview at the Reuters NEXT conference in New York. As part of efforts to grow the unit, the Spanish bank is hiring staff from the stricken Credit Suisse. "All we are saying is, in terms of taxes, in terms of transparency, let's have the same," Botin said. "I'd love to compete with Apple as long as we are competing on same terms," she said. Santander is investing in its payments business PagoNxt as one of five key business areas, competing with the likes of Apple Pay.

Persons: Ana Botin, Alessandra Galloni, Brendan McDermid, Botin, Lananh Nguyen, Saeed Azhar, Lawrence White, Mark Porter, Lisa Shumaker Organizations: Banco Santander, Reuters NEXT, Santander, Suisse, Reuters, REUTERS, Apple Inc, Apple, Apple Pay, reuters, Thomson Locations: U.S, New York, Spanish, Santander, New York City , New York

☆ Banco do Brasil's quarterly profit edges up on interest income
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Banco do Brasil's adjusted net income reached 8.79 billion reais ($1.79 billion) during the period, while analysts polled by Refinitiv expected 8.98 billion reais. Loan-loss provisions were at 7.52 billion reais in the period, up 4.7% from the previous quarter and 66.4% higher than a year earlier. Part of that growth was caused by the reclassification of debt from struggling retailer Americanas (AMER3.SA), Banco do Brasil said. The bank's 90-day loan default ratio grew 0.8 percentage points compared to the previous quarter to 2.81%, still well below the delinquency level of its listed peers. The company's interest income rose 21.1% from a year earlier to 23.68 billion reais, while analysts expected 23.28 billion reais.

Persons: Leonardo Benassato, Peter Frontini, Anthony Esposito, Sandra Maler Organizations: Banco, REUTERS, SAO PAULO, Brasil SA, Americanas, Brasil, Thomson Locations: Brasil, Uberaba, Minas Gerais, Brazil

That has left Italian equities overall more cheaply valued than even battered UK shares (.dMIGB00000PUS), which are trading at a 33% discount to global peers. Goldman Sachs estimates that each 10 bps rise in sovereign spreads takes around 2% off Italian bank shares and 1.5% off the FTSE MIB index. Conflict in Ukraine and in the Middle East meanwhile threaten to spark a fresh surge in energy prices and weaken growth. UniCredit shares are up almost 80% this year and among the best performing euro zone banking shares. Fidelity International portfolio manager Alberto Chiandetti, said he was chasing opportunities in battered industrials and consumer sectors in the FTSE Italia Star index.

Persons: Claudia Greco, Chris Hiorns, Fitch, Goldman Sachs, Giuseppe Sersale, Andrea Scauri, Lemanik, Scauri, LSEG, Alberto Chiandetti, Joice Alves, Danilo Masoni, Dhara Ranasinghe, Toby Chopra Organizations: REUTERS, Companies, LONDON, Barclays, European Commission, FTSE Italia Star, Anthilia, Banco, Fidelity International, FTSE, Thomson Locations: Milan, Silicon, Italy, Companies Italy, MILAN, Germany, Ukraine, iShares, Europe, dei, London

☆ Mexican businesses warmed by glow of 'nearshoring' dawn
▼ + stars: | 2023-11-06 | by ( Noe Torres | ) www.reuters.com time to read: +4 min

MEXICO CITY, Nov 6 (Reuters) - Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border. "Many companies are already talking about this - about nearshoring and the economic benefits," said Gerardo Copca, an analyst at consultancy MetAnalisis. One notable project - electric vehicle maker Tesla's plans for a reported $5 billion factory in northern Mexico - has been credited with attracting $1 billion in Chinese investments to nearby industries. Mexican real estate investment trust Fibra Uno (FUNO11.MX) plans to launch a trust allowing investors to cash in on expected growth of industrial assets. Total Mexican construction output jumped almost by 46% in August year-on-year, with northern states performing strongly.

Persons: Gerardo Copca, Nearshoring, Fibra Uno, Andre El, Mann, AMPIP, Lorenzo Berho, El, Berho, Enrique Navarro, Andres Manuel Lopez Obrador's, Noe Torres, Dave Graham, David Alire Garcia, Christian Plumb, Josie Kao Organizations: MEXICO CITY, Fibra, Banco Regional, U.S, UBS, Cement, GCC, Thomson Locations: MEXICO, U.S, Mexico, Asia, Mexican, Queretaro, Guanajuato, Jalisco, United States, Canada, China, Swiss, Chihuahua, Texas

☆ NY Fed can cut off Puerto Rican bank in Venezuela-related crackdown -US judge
▼ + stars: | 2023-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

[1/2] The entrance to The Federal Reserve Bank of New York is seen in New York City, U.S., March 13, 2023. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed declined to comment. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Brendan McDermid, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Jonathan Stempel, Diane Craft, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ NY Fed Can Cut off Puerto Rican Bank in Venezuela-Related Crackdown -US Judge
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

"Accepting deposits from and providing financial services to a financial institution with BSJI's record of noncompliance exposes the FRBNY and the financial system to risk," Koeltl wrote. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed did not immediately respond to similar requests. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Jonathan Stempel, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Diane Craft Organizations: Federal Reserve Bank of New, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of Locations: U.S, Federal Reserve Bank of New York, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

☆ Italy picks UBS, Jefferies, Clifford Chance for MPS privatisation
▼ + stars: | 2023-10-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

People pass in front of a branch of Monte dei Paschi di Siena (MPS) bank in Siena, Italy, August 11 2021. REUTERS / Jennifer Lorenzini/File Photo Acquire Licensing RightsROME, Oct 20 (Reuters) - Italy's Treasury said on Friday it had picked UBS (UBSG.S) , Jefferies and Clifford Chance as financial and legal advisers for the privatisation of bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI). After a failed attempt to sell the Tuscan lender to larger peer UniCredit (CRDI.MI) in 2021, Italy agreed to Brussels' new privatisation terms that were never fully disclosed. However, Economy Minister Giancarlo Giorgetti said this week MPS could return to private hands by the end of next year. Both Giorgetti and Prime Minister Giorgia Meloni have said in recent months that the government would try to boost competition among Italy's banks with the privatisation of MPS.

Persons: Jennifer Lorenzini, Jefferies, Clifford Chance, Giancarlo Giorgetti, Giorgia Meloni, Gavin Jones, Richard Chang Organizations: REUTERS, Rights, Treasury, UBS, European Union, MPS, Banco, Reuters, Thomson Locations: Monte dei, Siena, Italy, Rome, Brussels

☆ Remittances to Mexico near a record but 'super peso' crimps spending power
▼ + stars: | 2023-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A board displays the exchange rates for Mexican Peso and U.S. Dollar in Mexico City, Mexico March 13, 2023. People sending money back to Mexico this year have faced a new challenge: the "super peso." The skyrocketing peso has eroded the purchasing power of households in Mexico who rely on remittances from abroad. "What is truly important for recipients of remittances is not the amount they receive in dollars but the how much they can buy with that in Mexico," Siller Pagaza said. Siller Pagaza estimates that the spending power of remittances in Mexico will decline 9.9% this year, the first drop in a decade and the largest percentage fall in 13 years.

Persons: Lea, Gabriela Siller Pagaza, Siller Pagaza Organizations: U.S, Banco Base Locations: Mexico City, Mexico

☆ Italy not tied to any deadline to exit Monte Paschi, FinMin says
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

View of the entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsMARRAKECH, Oct 13 (Reuters) - Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday. After a failed attempt to sell the bank to UniCredit (CRDI.MI) in 2021, Italy agreed with Brussels new privatisation terms that were never fully disclosed. Both Giorgetti and Prime Minister Giorgia Meloni have said that the government would try to boost competition among banks with the privatisation of MPS. ($1 = 0.9499 euros)Reporting by Elisa Martinuzzi, writing by Giuseppe Fonte, editing by Jane Merriman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Giancarlo Giorgetti, Giorgetti, Giorgia Meloni, Meloni, Elisa Martinuzzi, Giuseppe Fonte, Jane Merriman, Gavin Jones Organizations: Monte, REUTERS, Rights, European Union, World Bank, International Monetary Fund, MPS, Banco, Treasury, Thomson Locations: Monte dei, Siena, Italy, Rights MARRAKECH, Rome, UniCredit, Brussels, Marrakech

The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. Mexico could lure annual foreign direct investment flows of $55 billion to $60 billion if it takes better advantage of nearshoring, up from $36 billion in 2022, she said. That has dampened expectations Mexico could benefit from increased investment in semiconductors in North America. Mexico still faces competition to win investment from both North and Central America, plus Colombia, he said. "I don't think this measure is a game-changer to persuade those who have doubts," said Vejar.

Persons: Daniel Becerril, Gabriel Yorio, Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Yorio, Lopez Obrador, Ramse Gutierrez, Franklin Templeton, Tesla, Carlos Vejar, Valentine Hilaire, Dave Graham, Anthony Esposito, Grant McCool, Sonali Paul Organizations: Mexico's Central Bank, Banco, REUTERS, MEXICO CITY, Banco Base, Central America, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Asia, China, North America, Canada, United States, Franklin Templeton Mexico, Nuevo Leon, Mexican, North, Central, Colombia

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ Brazil's consumer prices forecast to have risen faster in Sept.- Reuters poll
▼ + stars: | 2023-10-10 | by ( Gabriel Burin | ) www.reuters.com time to read: +2 min

A man pays a vendor at a fruit stand, at a supply centre (CEASA) in Brasilia, Brazil May 9, 2023. REUTERS/Adriano Machado/File Photo Acquire Licensing RightsOct 10 (Reuters) - Brazil's consumer prices likely rose faster in September, led by hikes in gasoline costs that should have brought annual inflation to the highest rate in seven months, a Reuters poll of economists showed. While it is expected to decelerate again, risks are increasingly tilted to the upside from the potential impact of the El Niño weather pattern on agricultural output which has been abundant so far this year. Brazilian state-run company Petrobras (PETR4.SA) has been raising fuel prices following movements in international oil markets in recent weeks. Higher oil prices and weather risks, combined with worries over Brazil's fiscal issues and steeper U.S. yields, have kept inflation expectations at undesirable levels, slightly above official goals.

Persons: Adriano Machado, decelerate, Yan Barros, Niño, Gabriel Burin, Andrew Cawthorne Organizations: REUTERS, Ace Capital, Petrobras, PETR4, Banco, Brasil, Thomson Locations: Brasilia, Brazil, El, Brazilian, Israel, Australia, India, Brazil's

MEXICO CITY (AP) — Shares in Walmart’s Mexico subsidiary dropped about 3.3% Monday after Walmart de Mexico announced it is under investigation for alleged monopolistic practices. Analysts said it was not clear what regulators were alleging the company did. But an analysis report from Intercam Banco said Mexico’s economic competition commission could be alleging price-fixing or other practices at Walmart, the country’s largest retailer. The commission is Mexico's anti-monopoly regulatory agency. The announcement was made late Friday, but in its first day of trading Monday after the investigation was revealed, Walmart de Mexico shares dropped 3.33%.

Persons: ” Organizations: MEXICO CITY, Walmart’s, Walmart, Intercam Banco Locations: MEXICO, Walmart’s Mexico, Mexico

☆ Italy has no buyers for Monte dei Paschi, eyes small share sales instead of exit, sources say
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

General view of a branch of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned business merger, in Siena, Italy, August 11 2021. Reuters was first in May to report the Treasury was open to selling down its Monte dei Paschi (MPS) stake on the market if conditions were right. Though the Treasury is considering cutting its stake with share placements, it would retain majority ownership, one of the sources said. Bankers said the capital raise has made any deal more expensive for any buyer, complicating the prospect for a merger. Reporting by Giuseppe Fonte in Roma and Valentina Za in Milan; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Rome, Luigi Lovaglio, Lovaglio, Giuseppe Fonte, Valentina Za, Alvise Organizations: REUTERS, European, Reuters, Treasury, EU, MPS, Banco, Bankers, Thomson Locations: Monte dei, Siena, Italy, Roma, Milan

Compare Banco Popular de Puerto accounts Banco Popular de Puerto Rico U Save AccountBanco Popular de Puerto Rico e-accountBanco Popular de Puerto Rico CIMA CD Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,000 Start saving Banco Popular de Puerto Rico, FDIC insured Start banking Banco Popular de Puerto Rico, FDIC Insured Start saving Banco Popular de Puerto Rico, FDIC InsuredThe bottom line: Banco Popular de Puerto is a good option if you want a bank with a large presence around Puerto Rico. Banco Popular de Puerto Rico U Save Account review External link Arrow An arrow icon, indicating this redirects the user." Banco Popular de Puerto Rico CIMA CD review External link Arrow An arrow icon, indicating this redirects the user." How Banco Popular de Puerto Rico ComparesBanco Popular de Puerto Rico vs. Oriental BankBanco Popular de Puerto Rico has many more branches than Oriental Bank, so it may be the more convenient option.

☆ UniCredit cements lead as top-performing euro zone bank stock
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Shares in Italian lender UniCredit (CRDI.MI) rose further on Thursday, hitting their highest since January 2016 and cementing their lead as top-performing euro zone bank stock of 2023. Giving further impetus to UniCredit's rally was the bank's surprise announcement on Wednesday to bring forward up to 2.5 billion euros of its 2023 share buyback plan. "This move comes largely unexpected and sends a message of confidence about the next few months despite the uncertain outlook: we expect UCG will continue to outperform in the near to medium term," wrote Deutsche Bank analysts in a note. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, UniCredit, Danilo Masoni, Amanda Cooper Organizations: REUTERS, BPER Banca, Banco, Deutsche Bank, Thomson

☆ Open Cosmos, a UK space tech startup that launches satellites for data collection, raised $50 million using this 13-slide pitch deck
▼ + stars: | 2023-09-11 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Open Cosmos, a UK space tech startup, has raised $50 million in fresh funding. Founded in 2015, Open Cosmos had only raised $7 million previously. Open Cosmos, a UK space tech startup that designs and launches satellites for data collection, has raised $50 million. Open Cosmos then shares this information to provide users with "actionable data" around the energy transition and natural resource monitoring. "We're quite an unusual space company, yes we do satellites but it's also about the data," Open Cosmos founder and CEO Rafel Jorda Siquier told Insider.

Persons: Rafel Jorda Siquier, We've, OpenCosmos, Wise, Taavet Hinrikus, Kheng Nam Lee, Siquier Organizations: Cosmos, Partners, Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, Wille Finance, Claret Capital Partners, GGV Capital Locations: Harwell , United Kingdom, South America

☆ Mexico's Election Year Deficit Plan Fuels Fear Over Finances
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City

REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico

A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. Barclays distributed a presentation on its domestic merchant acquiring unit to potential bidders - mainly specialist payments providers - over the summer, two of the people said, but plans may still be altered or dropped entirely. Our businesses continue to perform well and growing our global payments business is a priority for us." The group drafted in consultants to prepare separate financials for its domestic merchant acquiring operation in an initiative known internally as Project Hyperion, one of the people said. Barclays is also gauging interest in its German consumer finance operations, known as Barclaycard Germany.

Persons: Stefan Wermuth, Sanpaolo, Amy, Jo Crowley, Pablo Mayo, Milana, Lawrence White, Elisa Martinuzzi, Susan Fenton Organizations: Barclays, REUTERS, Barclays Plc, Reuters, Chief, CS Venkatakrishnan, Spain's Banco Sabadell, Italy's, Pablo Mayo Cerqueiro, Thomson Locations: London, Britain, Germany, New York

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

☆ Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.

Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China

Search resuls for: "Banco"

25 mentions found