IDB approves $2 billion credit line for Brazil
The funds will go toward modernizing the South American nation's tax management processes and systems, the lender said in a statement, starting with an initial $30 million loan for the state of Amazonas.
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Reuters
2 hours ago
- Reuters
Exchange operator Miami International soars 38% in debut after $345 million IPO
NEW YORK, Aug 14 (Reuters) - Shares of Miami International Holdings (MIAX.N), opens new tab jumped 38% from their initial public offering price, valuing the exchange operator at about $2.5 billion on its debut in New York on Thursday. The stock market launch of MIAX, as the company is referred to, marks the first listing of a major U.S. financial exchange in 15 years, as only a handful of exchange operators have gone public since the 2000s. Shares of MIAX, which has been attempting to go public since 2022 when it first filed confidentially for its flotation, opened for trading at $31.65 apiece, above the $23 IPO price. "We thought now is a good time (for us to go public) because of the macro-economic climate. I also thought in mid-August there wouldn't be as much going on in the capital markets with respect to IPOs, and we could get the attention," said Thomas Gallagher, chairman and CEO of MIAX, in an interview with Reuters. The Princeton, New Jersey-based company sold 15 million shares above the marketed range of $19 to $21 apiece to raise $345 million on Wednesday, making it one of the biggest share sales of a U.S. bourse operator. CME Group (CME.O), opens new tab was the first U.S. exchange to go public in 2002, while Cboe Global (CBOE.Z), opens new tab listed in 2010. Exchanges have also thrived this year as heightened market volatility fueled record trading volumes and boosted profits. "It's a niche area, but it's one investors are comfortable with. MIAX is clearly riding some multi-year tailwinds in the options space," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. MIAX, which was co-founded by Gallagher, was launched in 2007 after a wave of consolidation amongst equity and options exchanges. MIAX operates nine securities and derivatives exchanges and the majority of its revenues are generated from options trading. The U.S. options market has witnessed explosive growth since the Covid-19 pandemic and the meme-stock frenzy of 2021. The company launched its first options exchange in 2012 and has gained market share from rivals over the past decade. In the first half of 2025, it had a 16% market share in the U.S. options industry, behind only the NYSE, Nasdaq, and Cboe, according to the Options Clearing Corporation. While it currently does not have any products involving crypto futures, MIAX is open to opportunities to expand its offerings to potentially cash in on the demand for crypto. "If a crypto partner comes to me and says, we'd like to do a joint venture to bring a crypto offering, either to your futures exchange or some type of an option on some crypto index, we're open for business," Gallagher said. MIAX counts the likes of private equity firm Warburg Pincus and market-making giant Citadel Securities among its prominent investors. Citadel and other market-making firms like Susquehanna Securities, which are also MIAX's biggest customers, currently hold a roughly 20% stake in the company. MIAX's debut comes a day after a blowout launch for crypto exchange Bullish, whose shares surged 84% after it started trading on Wednesday. JPMorgan Chase, Morgan Stanley, and Piper Sandler were the lead underwriters for MIAX's offering.
The Independent
3 hours ago
- The Independent
Trump's ‘visa integrity fee' could cause a decline in tourism
Donald Trump signed a new $250 ' visa integrity fee' into law, which will take effect in October and applies to non-immigrant visa holders from certain countries. The Congressional Budget Office (CBO) initially estimated the fee would generate over $27 billion for the US economy over a decade. However, a Tourism Economics analysis suggests the fee could cost the United States $11 billion over three years by deterring international visitors. This potential decline in tourism could lead to reduced visitor spending and job losses, particularly impacting visitors from significant markets like India and Brazil. The fee is being introduced despite the US already facing a decline in international tourism and ahead of major events such as the 2026 FIFA World Cup and 2028 Summer Olympics.
Reuters
4 hours ago
- Reuters
Brazil is open for business, Lula says at Chinese factory opening
SAO PAULO, Aug 15 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Friday that foreign companies that want to do business in Brazil are welcome, speaking at the opening ceremony for a factory for Chinese automaker GWM ( opens new tab in the state of Sao Paulo. "Count on the Brazilian government. Whoever wants to leave, leave. Whoever wants to come, we welcome you with open arms," Lula said at the ceremony. During his speech, Lula criticized the 50% tariffs on Brazilian goods imposed by U.S. President Donald Trump, and said that his country is facing an "unnecessary turbulence." Lula said in an interview with Reuters earlier this month that he would initiate a conversation at the BRICS group of developing nations, which includes China, about how to tackle Trump's tariffs. The leftist leader noted that in the past automakers Ford (F.N), opens new tab and Mercedes ( opens new tab have decided to scale back their operations in Brazil, but celebrated the arrival of other companies, like China's GWM ( opens new tab. Brazil is always open to negotiating business, he stressed. GWM's Brazilian arm has capacity to produce 50,000 vehicles per year and is expected to generate more than 2,000 jobs in the future when it begins exporting vehicles to Latin America, according to a press release. Brazil's auto exports are expected to grow 38.4% in 2025 compared to 2024, reaching 552,000 units, data from automakers association Anfavea showed last week.
