EU Races to Secure US Trade Deal; Japanese PM Suffers Election Setback
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Yahoo
23 minutes ago
- Yahoo
BTG Pactual to buy HSBC's Uruguay operation for $175 million
By Paula Laier SAO PAULO (Reuters) -Brazilian bank BTG Pactual on Monday said it will snap up HSBC's operations in Uruguay for $175 million, marking its first foray into the Spanish-speaking country and expanding its presence in Latin America. By buying the London-listed bank's Uruguay assets, BTG Pactual will operate in retail banking, corporate credit, investment banking and wealth management, serving individuals and businesses of all sizes, it said. "This move aligns closely with our strategy of increasing revenue diversification across Latin America beyond Brazil," BTG Pactual partner Rodrigo Goes, who oversees the bank's Latin America operations outside of Brazil, told Reuters. BTG Pactual has been on an international spending spree in recent years, buying M.Y. Safra in the United States in 2024 and Luxembourg-based FIS Privatbank in 2023, which it used to establish BTG Pactual Europe. "It was a very interesting and opportunistic transaction. We ended up buying at a price we consider very attractive," said Goes, who will also oversee the bank's new Uruguayan unit, which has about 50,000 clients and a market share of around 7%. The transaction value includes equity and additional capital instruments and is subject to adjustments to reflect changes in equity until the deal closes, which is contingent on regulatory approvals, BTG Pactual said. The deal is expected to close within six to 12 months. In Latin America, in addition to Brazil, BTG is also present in Chile, Colombia, Mexico, Peru and Argentina. In Peru, BTG is waiting for a response to its banking license application, which it expects to complete within nine to 12 months, Goes said, adding that the bank continues to explore other opportunities in the region. While BTG has so far analyzed some assets that would complement its business areas in Mexico, no deals have materialized so far, Goes said. "We've always been very careful about the price we pay … we're very interested, but haven't found the right fit yet," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23 minutes ago
- Bloomberg
Temu Under Increased EU Scrutiny for Illegal Product Sales
The European Union ramped up an investigation into Chinese-owned e-commerce firm Temu, saying that the company fails to gauge how many illegal products are sold through its platform. The EU's executive branch, the European Commission, preliminarily found Temu in breach of the bloc's online content rulebook, it said in a statement Monday. It added that a risk assessment of illegal sales Temu conducted in October was inaccurate and that the commission's own analysis and test purchases showed users in the EU are at high risk of receiving unsafe or counterfeit products such as baby toys or electronics.
The Hill
25 minutes ago
- The Hill
Live updates: Trump, UK prime minister to meet at start of big week for economy
President Trump will meet with British Prime Minister Keir Starmer for 'wide-ranging talks' on Monday in Scotland. Fresh off Trump's trade deal with the European Union, announced Sunday, Trump and Starmer are expected to discuss implementation of the U.S.-U.K. trade deal, agreed to in May, the prime minister's office said Sunday. The struggle to reach a ceasefire between Israel and Hamas, along with the hunger crisis in Gaza, as well as the war in Ukraine, are also on the table. Trump's five-day visit to Scotland is a mix of business — trade talk ahead of Thursday's White House deadline for tariff deals — and pleasure, with the president taking in his golf courses. In Stockholm on Monday, Treasury Secretary Scott Bessent starts the next round of trade meetings with China. Looking even beyond tariffs, a flurry of economic activity this week makes it a significant one. The Federal Reserve announces its next interest rate decision on Wednesday. Between Tuesday and Thursday, the government will release consumer confidence insights, second-quarter GDP data, details on job openings, and the Fed's preferred inflation measure, the PCE index.
