Colombia's Ecopetrol posts Q2 profit down 46%
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Finextra
an hour ago
- Finextra
Nubank appoins Eric Young as CTO
Nubank, one of the largest digital financial services platforms in the world, announced that Eric Young has been appointed Chief Technology Officer (CTO). 0 He assumes this key position as Vitor Olivier, the outgoing CTO, departs after more than ten years of service to pursue a new entrepreneurial endeavor. Both executives are coordinating a robust transition plan to ensure continued acceleration of Nubank's technology platform and business goals. Eric Young brings more than two decades of leadership across some of the world's most innovative technology companies. Most recently, he served as Senior Vice President of Engineering at Snap Inc., where he led teams responsible for scaling infrastructure and delivering seamless, mobile-first experiences to hundreds of millions of users globally. Prior to that, he served as Vice President of Engineering at Google for seven years, overseeing foundational elements of their technical infrastructure, which ultimately powered their Search, Ads, YouTube and Google Cloud products. Young also spent 15 years at Amazon scaling enterprise systems and processes as part of senior roles he held across supply chain, fulfillment, personalization and pricing. Young will report directly to David Vélez, founder and CEO of Nubank, focusing on maintaining operational excellence, driving international expansion through platformization, and advancing critical AI technologies to accelerate growth. He will work closely with Olivier in the coming weeks to secure a seamless transition. 'We welcome Eric Young to my management team at a pivotal moment in the company, as we enter a new stage of maturity, renew our focus and ambitions, and look towards effectively harnessing new technologies into the core of our products and services. Eric brings experience in global technology platforms serving hundreds of millions of customers. We are incredibly grateful for Vitor's accomplishments and brilliant trajectory, and he will always be part of our history and culture,' said David Vélez. 'Nu is uniquely positioned to revolutionize financial services at a global level, and technology has been and will continue to be the key differentiator and engine in this business model, powering the best products and services, at the lowest cost in a fully digital model. I look forward to diving deeper into our teams and platforms to continue evolving the company's stack as Nu advances its goals in Brazil, Mexico, Colombia, and beyond,' said Eric Young. Vitor Olivier, Nubank's outgoing CTO and one of the company's earliest employees, will be stepping down in September after holding a number of executive positions. 'After over a decade of building Nubank, transitioning to a new career is both difficult and exciting. I'm certain that it is the right move for myself and the company. My bond and appreciation for Nu and my colleagues will endure, and I am grateful for David Vélez's mentorship and trust through all these years, and especially his support in the recent months as we planned my transition,' said Olivier.
The Independent
an hour ago
- The Independent
Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs
The Brazilian government on Wednesday unveiled a plan to support local exporters affected by a 50% tariff imposed by U.S. President Donald Trump on several products from the South American nation. Dubbed 'Sovereign Brazil," the plan provides for a credit lifeline of 30 billion reais ($5.5 billion), among other measures. Brazil's President Luiz Inácio Lula da Silva described the plan, which includes a bill to be sent to Congress, as a first step to help local exporters. Congressional leaders attended Wednesday's ceremony, a first in months, in a sign of growing political support for the leftist leader in response to Trump's tariffs. Other measures announced by the Brazilian government include postponing tax charges for companies affected by U.S. tariffs, providing 5 billion reais ($930,000) in tax credits to small and medium-sized companies until the end of 2026 and expanding access to insurance against cancelled orders. The plan also incentivizes public purchases of items that could not be exported to the U.S. 'We cannot be scared, nervous and anxious when there is a crisis. A crisis is for us to create new things,' Lula said. 'In this case, what is unpleasant is that the reasons given to impose sanctions against Brazil do not exist.' Jair Bolsonaro, who is currently under house arrest.
Reuters
2 hours ago
- Reuters
Shares in Coca-Cola bottlers drop sharply on weak outlook
Aug 6 (Reuters) - London-listed shares of bottlers Coca-Cola HBC and Coca-Cola Europacific Partners (CCEPC.L), opens new tab dropped sharply on Wednesday, as weak consumer sentiment and concerns over the impact of trade tensions weighed on their annual revenue forecasts. Coca-Cola HBC ( opens new tab, which bottles drinks in 29 counties including Italy, Russia and Nigeria, forecast annual organic or self-generated revenue growth at the top end of its 6%-8% guidance range, but fell short of average market estimates of 8.8%. Meanwhile, Coca-Cola Europacific Partners (CCEP), which operates in 31 countries in Western Europe, Australia, Asia Pacific and Southeast Asia, guided investors to expect revenue growth between 3% and 4%, down from an earlier forecast of about 4%. Shares in the companies dropped roughly 10% in early London trading, both underperforming the wider FTSE 100 (.FTSE), opens new tab index which was up 0.2%. In addition to global concerns that U.S. tariffs are weighing on consumer and business sentiment, the bottlers have over the past year faced backlashes from consumers in Indonesia, where CCEP operates, and Egypt, where Coca-Cola HBC operates, as consumers shied away from U.S. brands due to the Israel-Gaza conflict. The companies, which bottle Coca-Cola and other drinks in different regions, have been raising prices to shield margins from elevated costs and lower spending. Last month, Coca-Cola Co (KO.N), opens new tab, which holds stakes in both the bottlers, said cost pressures stemming from global trade dynamics remained manageable, but added it would consider switching to cheaper packaging options, such as plastic bottles, after the Trump administration imposed a 25% tariff on aluminium imports. Coca-Cola HBC CEO Zoran Bogdanovic told Reuters the company was monitoring U.S. trade policies, but noted that its localized sourcing and production model limits direct exposure to U.S. tariffs.
