DIRS.INFO The most relevant business & tech news

☆ Brazil, Argentina to encourage trade, says Haddad; plays down common currency
▼ + stars: | 2023-01-23 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

His remarks came after Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez published a joint article saying their aim for greater economic integration included studies of a common South American currency. Haddad, who floated such a possibility in an article last year, said removing trade barriers between the two largest economies in South America could involve using a single currency for commerce, given a lack of U.S. dollars in Argentina. "Trade is really bad and the problem is precisely the foreign currency, right? Haddad noted Argentina was an important buyer of Brazilian industrial goods and that "several possibilities" were being floated to circumvent its currency problems, though no decision had been made. The Financial Times had previously reported, citing Argentina's Economy Minister Sergio Massa, that the neighboring nations would announce this week they were starting preparatory work on a common currency.

☆ Brazil and Argentina to discuss common currency
▼ + stars: | 2023-01-22 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 22 (Reuters) - Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said in a joint article they penned. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article said. Earlier in the day, the Financial Times reported the neighboring nations will announce this week that they are starting preparatory work on a common currency. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Reporting by Lisandra Paraguassu; Additional reporting by Jyoti Narayan in Bengaluru; Editing by Tomasz Janowski and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ In Peru, protesters pour from remote Andean regions, demand president resign
▼ + stars: | 2023-01-19 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

LIMA, Peru — People poured into Peru’s coastal capital, many from remote Andean regions, for a protest Thursday against President Dina Boluarte and in support of her predecessor, whose ouster last month launched deadly unrest and cast the nation into political chaos. The concentration of protesters in Lima also reflects how the capital has started to see more antigovernment demonstrations in recent days. Many protesters say that no dialogue is possible with a government that they say has unleashed so much violence against its citizens. “I think this will only keep growing.”Analysts warn that a failure to listen to demands from protesters could have tragic consequences. “We have to start to think what we want to do with Peru, otherwise this could all blow up,” Cardenas said.

☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

☆ Peru protesters, fired up by deaths, march on Lima demanding change
▼ + stars: | 2023-01-19 | by ( Marco Aquino | ) www.reuters.com time to read: +3 min

[1/9] Protesters take part in the 'Take over Lima' march to demonstrate against Peru's President Dina Boluarte, following the ousting and arrest of former President Pedro Castillo, in Lima, Peru January 19, 2023. Protesters are planning a "Take over Lima" protest on Thursday, with thousands of police expected in response. The government last week extended a state of emergency in Lima and the southern regions of Puno and Cusco, curtailing some civil rights. Boluarte has asked for "forgiveness" for the protest deaths but remained firm that she is not going to resign. The protest deaths have been the lightning rod for much of the anger, with banners calling Boluarte a "murderer" and calling the killings by police and military "massacres".

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

☆ FuboTV insiders describe how its 'doomed' sportsbook collapsed in a year — and what it means for the future of the streaming company
▼ + stars: | 2023-01-19 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +22 min

But despite the MetLife lounge remaining open throughout the 2021-22 NFL season, the Fubo Sportsbook wouldn't launch in New Jersey until the following one, in September 2022. "It was doomed from the start," one former Fubo Gaming staffer told Insider. Meanwhile, Rattner — whom the first former Fubo gaming staffer described as a "good talker" — sustained the startup's more youthful culture. The Fubo Sportsbook launched in New Jersey on September 7, days before the first Jets home game. A promotional image from when the Fubo Sportsbook went live in New Jersey in September 2022.

A newly approved Alzheimer's drug will be available to patients in the coming days, according to its maker, the Japanese pharmaceutical company Eisai. While Leqembi offers hope to patients and their families, experts say that there are still some key unanswered questions about the drug, including about its safety and effectiveness. Besides questions about who will benefit the most, there are also questions about how long the drug will benefit patients. About 17% of the Leqembi group experienced brain bleeds, compared with 9% in the placebo group. The reports of brain bleeding and brain swelling "may only be the tip of the iceberg," he said.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

☆ In Peru, thousands march demanding president step down
▼ + stars: | 2023-01-13 | by ( ) www.nbcnews.com time to read: +2 min

LIMA — Thousands took to the streets of Peru’s capital Lima on Thursday in a peaceful protest against the new government and president, after weeks of bloody clashes triggered by the ousting of former President Pedro Castillo left at least 42 dead. “Why are you turning your back on the people, there are so many deaths, for God’s sake, stop this massacre,” said protester Olga Espejo, calling on President Dina Boluarte, previously Castillo’s vice president, to resign. The march, organized by trade unions and leftist groups, took place without incident. Peru’s top prosecutor’s office on Tuesday launched an inquiry against Boluarte and some top ministers. The same day, Peru’s Congress — which fiercely opposed leftist former leader Castillo — passed a vote of confidence in the new government.

☆ Thousands march in Peru capital demanding president step down
▼ + stars: | 2023-01-13 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

[1/4] A demonstrator holds a flag as another demonstrator uses a speaker and security forces stand guard during a protest to demand the dissolution of Congress and democratic elections, rejecting Dina Boluarte as Peru's president, after the ouster of leftist President Pedro Castillo, in Lima, Peru January 12, 2023. REUTERS/Alessandro CinqueLIMA, Jan 12 (Reuters) - Thousands took to the streets of Peru's capital Lima on Thursday in a peaceful protest against the new government and president, after weeks of bloody clashes triggered by the ousting of former President Pedro Castillo left at least 42 dead. "Why are you turning your back on the people, there are so many deaths, for God's sake, stop this massacre," said protester Olga Espejo, calling on President Dina Boluarte, previously Castillo's vice president, to resign. The same day, Peru's Congress - which fiercely opposed leftist former leader Castillo - passed a vote of confidence in the new government. Reporting by Marco Aquino; Writing by Carolina Pulice and Sarah Morland; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ 3 reasons why Nike's ex-CEO is what Disney needs right now
▼ + stars: | 2023-01-12 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

At Nike, Parker engineered the company's direct-to-consumer push. During his 14 years as Nike CEO, the company's revenue nearly tripled. In 2017, as Nike CEO, Parker introduced the Consumer Direct Offense, an aggressive direct-sales push that's been a winner with Wall Street, although frustrating some on Main Street. While he was Nike CEO, Parker frequently used the phrase "always on the offense" to describe the company's aggressive approach to growing sales and market share. The company's stock climbed more than 760% during his CEO tenure, far exceeding the market.

☆ Peru is in mourning over violent protests' growing death toll
▼ + stars: | 2023-01-10 | by ( ) www.nbcnews.com time to read: +2 min

LIMA — A three-day mourning period began in southern Peru on Tuesday after 17 more people were killed in the most violent day of protests since they began in December over the ousting of former President Pedro Castillo. Social protests have left a total of 39 dead so far in different parts of the country. Images from local media showed looting of businesses in Puno on Monday night and the region’s Juliaca airport remained closed on Tuesday. Likewise, airport operations in the Andean region of Ayacucho remained suspended as a security measure. The Inter-American Commission on Human Rights has announced it will visit Peru this week from Wednesday to Friday to assess the situation.

Far from ignoring Lula's challenges to control the risks of this institutional shock, investors and analysts said however that the focus remains on fiscal issues when assessing the new government in the long term. If the new parameters are considered weak by the market, it could renew fears of fiscal dominance and prevent the BCB from easing." Discussions of the new fiscal framework are key under Lula's administration, after policymakers have highlighted inflationary risks arising from leftist President-elect's 168 billion reais ($32 billion) spending proposal to meet campaign promises. "The unsettled and deeply divided political environment and related high social tension keeps risk premia high and could undermine overall governability." (.JPMEGDBRAR)A mobilized opposition with the "potential to turn violent" is the main conclusion from Sunday's protests for the political risk advisory Eurasia Group.

☆ Peru's mining south, rocked by violence, braces for 'endless battle'
▼ + stars: | 2023-01-10 | by ( Marco Aquino | ) www.reuters.com time to read: +5 min

The anger in the Andean south looks likely to harden, protest leaders told Reuters, a major risk to firms in the world's no. "This is an endless battle," said Edgar Chura, leader of the Puno Defense Front protest group before the Monday clashes, a view shared by other protest leaders who spoke with Reuters. Protest leaders, meanwhile, say that a government proposal to bring elections forward to April 2024 is not enough. Jose Luis Chapa, a protest leader and workers union official in Arequipa, said new elections must be held this year if the government wanted dialogue. "The agreement is not to talk with anyone from government, least of all Dina Boluarte," the mining region protest leader said, adding protests would be "staggered" around the south.

☆ Peru mourns growing protester death toll, as govt seeks confidence vote
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Hours later, Jorge Angulo, head of the operational command of the national police, confirmed the death of one policeman who was in the vehicle. Castillo is serving 18 months of pre-trial detention while being investigated for "rebellion" after trying to close Congress, a charge he denies. Images from local media showed looting of businesses in Puno on Monday night and the region's Juliaca airport remained closed on Tuesday. Likewise, airport operations in the Andean region of Ayacucho remained suspended as a security measure. The Inter-American Commission on Human Rights has announced it will visit Peru this week from Wednesday to Friday to assess the situation.

A newly approved drug intended to slow the progression of Alzheimer’s disease offers patients hope, but it will come with a steep price tag: $26,500 a year. That drug initially cost $56,000 per year before Biogen slashed the price in half, to $28,000 annually. Dr. David Rind, the institute's chief medical officer, said an appropriate cost for the drug is $8,500 to $20,600 a year. John Domeck, 60, of Aurora, Ohio is currently enrolled in a phase 3 clinical trial testing Leqembi. But right now, the clinical trial for Leqembi shows that the drug provides "modest efficacy at a big, big price," Caplan said.

☆ Peru bans entry to former Bolivian president Morales, eight others
▼ + stars: | 2023-01-09 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Jan 9 (Reuters) - Peru has banned nine Bolivian citizens, including former President Evo Morales, from entering the country, Peru's interior ministry said in a statement on Monday. The move comes after weeks of deadly protests in Peru against President Dina Boluarte following the ousting of former President Pedro Castillo, with some demonstrations held near the border with Bolivia. Morales has publicly backed Castillo and said on Twitter last month that his ouster and subsequent arrest was illegal and unconstitutional. "We are closely watching not only the attitude of Mr. Morales, but also of those who work with him in southern Peru ... Peru's protests began in early December after Castillo was removed from office and detained following his attempt to dissolve Congress.

☆ Argentina and China formalize currency swap deal
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 8 (Reuters) - Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves, the Argentine central bank said on Sunday. President Alberto Fernandez announced the deal in November last year and said at the time it was worth $5 billion. China is Argentina's second biggest trade partner, after Brazil, and the second most important destination for Argentine exports. "The swap comprises the exchange of currency for reinforcement of international reserves of 130 billion yuan and a special activation of 35 billion yuan to compensate operations on the foreign exchange market," the statement said. Reporting by Jorge Otaola; Writing by Maximilian Heath and Julia Symmes Cobb; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Global leaders condemn assault on Brazilian government buildings
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +7 min

Brazil's democratic institutions have our full support and the will of the Brazilian people must not be undermined. Using violence to attack democratic institutions is always unacceptable. BOLIVIAN PRESIDENT LUIS ARCE"We strongly condemn the assault on the Brazilian Congress, Palace and Supreme Court by anti-democratic groups. A return to normality is urgently needed and we express solidarity with Brazilian institutions. We categorically condemn the assault on the Brazilian Congress and make a call for the immediate return to democratic normality."

☆ In Peru, protests over Castillo's ouster resume with partial blockades
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] Police stand guard at the airport after protesters invaded the runway following the ouster of Peruvian President Pedro Castillo, in Ayacucho, Peru December 20, 2022. REUTERS/Angela PonceLIMA, Jan 4 (Reuters) - Protests in Peru over the ousting of former President Pedro Castillo, which left almost two dozen dead in December, resumed on Wednesday with blockades of some highways following a two-week pause. Peru saw a wave of protests last month after the impeachment and arrest of Castillo, which left 22 dead in clashes between demonstrators and the army and another six dead in accidents linked to the blockades. Castillo, who was in power for nearly 17 months, had tried to illegally dissolve Congress and reorganize the judiciary. "I call for peace, calm, and unity to boost the development of the homeland," she said in a speech.

☆ Argentina president seeks to impeach Supreme Court chief after clash
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 3 (Reuters) - Argentine President Alberto Fernandez on Tuesday said he would seek to impeach the head of the Supreme Court, after the two powers recently clashed over a court decision to award more state funds to the city of Buenos Aires. Fernandez said in a statement that he had signed, along with various provincial governors, a request for the impeachment of Supreme Court President Horacio Rosatti as well as other members of the top court, escalating a fight with the judiciary. Fernandez had rejected a Supreme Court ruling in December to give a larger proportion of state funds to the opposition-controlled city of Buenos Aires, before backtracking and saying that he would comply with the ruling he called "unfair". Reuters could not immediately reach the Supreme Court or Rosatti for comment. Fernandez called on his Frente de Todos coalition to support his plan to start the impeachment process in Congress.

☆ Pele, Brazil's sublimely skilled soccer star who charmed the world, dead at 82
▼ + stars: | 2022-12-29 | by ( Andrew Downie | ) www.reuters.com time to read: +5 min

[1/5] Brazilian soccer legend and member of the 1958, 1962 and 1970 World Cup-winning Brazilian soccer teams Pele holds the World Cup trophy during the World Cup 2006 opening ceremony in Munich, Germany, June 9, 2006. Pele, whose given name was Edson Arantes do Nascimento, scored a world record 1,281 goals, and is the only player ever to win the World Cup three times. "Pele was one of the few who contradicted my theory: Instead of 15 minutes of fame, he will have 15 centuries," the artist said. Years later, when the United States won the right to host the 1994 World Cup, the head of the U.S. soccer federation called Pele the "most important" reason why. Pele's 1,281 goals in 1,366 games, as tabulated by FIFA's website, came at a startling rate of 0.94 per match.

☆ Taiwan's remote islands are on the frontline with China — sometimes only a few hundred yards from Chinese troops
▼ + stars: | 2022-12-28 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +10 min

Taiwan is roughly 100 miles from mainland China, but some Taiwanese islands are much closer. Taiwan's outlying islands would stand little chance against China, but they wouldn't be easy to take. While celebrated, this year's anniversary was also a reminder of Taiwan's islands' growing vulnerability to Chinese attack. Taiwan's islands are much easier to reach. Tourists watch a Chinese military helicopter fly over Pingtan Island, one of mainland China's closest points to Taiwan, on August 4.

Search resuls for: "Alberto"

25 mentions found