Latest news with #BRL
Hindustan Times
2 days ago
- Hindustan Times
Employee earned ₹5 lakh while clocking into work and leaving within 2 minutes
A longtime public employee in Brazil is under investigation after authorities uncovered a scheme in which he reportedly clocked in at work, then left less than two minutes later. This happened every day for nearly two years. The Brazilian city employee would clock in and leave office in under two minutes. (Representational image) For some context According to a Newsflare report, the case centres around 56-year-old Luciano Gaspar Daru, an administrative technician employed at the Municipal Finance Department in Ponta Grossa, Paraná. According to local officials, Daru routinely arrived at City Hall wearing shorts and flip-flops, clocked in for duty, and left shortly afterward. CCTV footage from March this year captured one such incident: Daru entering the building and leaving just one minute and 15 seconds later. He allegedly returned later each day to falsely register his departure, making it appear he had worked his full shift. Investigators say this routine spanned from August 2023 to June 2025, during which Daru continued to collect his full salary of around BRL 2,300 ( ₹35,000) per month. He earned approximately BRL 33,000 ( ₹5 lakh) in total while performing no actual work. How the city worker raised suspicions The scheme came to light after coworkers became suspicious of his informal dress and brief appearances. They noticed that Daru was regularly showing up in flip flops and shorts. Following internal concerns, a police investigation was launched. On July 15, police chief Derick de Moura Jorge confirmed that Daru had been indicted for inputting false data into the government's administrative system to illicitly claim wages. The crime carries a potential prison sentence of two to 12 years, along with a fine. During questioning, Daru, a career public servant of 26 years, reportedly admitted to the wrongdoing, acknowledging that he failed to perform his duties for nearly two years while continuing to receive payment, causing a direct loss to the public treasury.
West Australian
2 days ago
- Business
- West Australian
Viridis gets huge Brazilian finance nod for strategic minerals play
Viridis Mining and Minerals and its JV entity will ink a coveted joint support plan with two of Brazil's leading development agencies, opening the door to significant funding assistance from the Brazilian government. The Brazilian National Bank for Economic and Social Development (BNDES) and the Federal Agency for Studies and Projects (FINEP) confirmed the company and its joint venture entity Viridion, are eligible to progress a joint support plan under the government's strategic minerals initiative. The plan will provide the company with potentially transformative non-dilutive grants, debt financing and possible equity participation to develop its Colossus rare earths project in the Brazilian state of Minas Gerais. At the same time, Viridis announced it has signed a binding memorandum of understanding with two leading Brazilian asset management firms, clearing another pathway for staged payments of up to US$30 million (A$46 million) in private share placement funding. The funding is expected to provide much-needed support, as Viridis looks to rapidly develop Colossus towards a final investment decision and starts executing the highly anticipated project. Under the BNDES/FINEP initiative, Brazil plans to inject a whopping BRL$5 billion (US$903 million) into the country's most noteworthy strategic mineral projects to strengthen its local supply chains. Viridis received an initial nod to progress to this next phase of the initiative in June. Being tapped to participate in the program could play a major role in fast-tracking Viridis' expanding Colossus rare earths project towards production and boosting its Viridion JV recycling and downstream refining business. Providing certain requirements are met, Viridis-Viridion could gain access to financial options, including BNDES funding programs, credit lines and equity investment, as well as to FINEP's non-reimbursable resources. Viridis plans to immediately negotiate a tailored funding package to supercharge Colossus' development and refining operations. Management says the company was selected largely due to the strong economics revealed in its preliminary feasibility study for Colossus, as well as its access to ASX-listed Ionic Rare Earths' patented and proven new-age refining and recycling technology. Viridion is a joint venture between Viridis and Ionic. The joint agency initiative was recently bolstered by a second round of funding, which put a further BRL$3 billion (US$542 million) on the table to help companies advanced in the strategic minerals refining process to develop innovation hubs and technology. The Viridion joint venture encompasses Ionic's patented solvent extraction technology developed at its Belfast plant in Ireland. The partners recently secured land in Minas Gerais' capital Poços de Caldas to build a centre for rare earths innovation, technology and recycling. The rare earth recycling facility will focus on recovering magnets from end-of-life equipment, such as wind turbines, electric motors and MRI machines. It will also process mixed rare earth carbonates from Colossus' demonstration plant. With its recycling and processing arms, Viridion could be an ideal candidate to source more funding from Brazil's second round funding. Viridion recently delivered high-purity magnet rare earths neodymium, praseodymium, dysprosium and terbium to Brazil's only magnet manufacturer CIT SENAI ITR. The new recycling facility will produce four magnet rare earth oxides at better than or equal to 99.5 per cent purity. In a further head-turning reveal, Viridis announced it has signed a binding memorandum of understanding with two leading Brazilian asset management firms, ORE Investments Ltda and Régia Capital Ltda, of up to US$30 million (A$46 million) in private share placement funding. Private equity group ORE Investments only invests in the mining sector, where it has deep experience in the technical, operational and financial sectors. Asset manager Régia Capital provides sustainable investments strongly aligned with environmental, social and governance criteria. The funding support for Colossus signifies a major vote of confidence in the growing project from renowned industry players, which may lead to improved access to project financing, permitting and support from potential key local stakeholders. Equity finance could provide flexible financing options for Viridis at important stages of its project development. The investment framework enables staged equity funding, designed to be delivered across four tranches over a maximum 36 months to support the company through key project milestones. Viridis will receive an initial US$5 million when it executes definitive agreements, priced at 91 cents per share. Follow-on tranche payments of US$5 million, US$10 million and a final US$10 million are scheduled at 12-month intervals to provide predictable funding support in line with Viridis' expected project development timelines. Viridis retains the right to pursue other financing opportunities, including under the joint BNDES and FINEP initiative, offering the company maximum flexibility. Viridis continues to work on environmental permitting and says advancing the regulatory framework is a priority. It completed an environment impact assessment report in January and a preliminary licence is expected to be approved shortly. Management says it has received strong interest in recent financing discussions with multiple government institutions, export credit agencies and development banks in several nations. The company is also pursuing strategic offtake talks, boosted by the recent strong pre-feasibility study economics. It is planning to run a metallurgical test program to enhance its recovery levels, and will feed this data into an upcoming definitive feasibility study. Viridis, with its massive Colossus project and magnet recycling joint venture with Ionic, seems to have caught the attention of the right players willing and able to support mining. That can only be a positive thing for this aspiring rare earths producer. Is your ASX-listed company doing something interesting? Contact:
Yahoo
6 days ago
- Business
- Yahoo
Brazil's VERT Debuts Tokenized Credit Platform on XRP Ledger With $130M Issuance
VERT, a Brazilian securitization and fund manager, said on Wednesday it debuted a blockchain-based platform to handle private credit transactions on the XRP Ledger (XRP) and its Ethereum-compatible sidechain, bringing more tokenized real-world assets to the ecosystem. The platform's first transaction was the issuance of a BRL 700 million, or $130 million, Agribusiness Receivables Certificate (CRA), a regulated instrument used to finance agricultural production, according to a press release. The CRA pools future cash flows owed by agribusinesses such as loan repayments into securities for investors. Agriculture accounts for over 20% of Brazil's GDP, making the sector a key testbed for digital financial tools. The issuance underscores the accelerating trend of real-world asset (RWA) tokenization, using blockchain rails to handle transactions with traditional financial instruments like bonds, credit and funds. The process promises faster and more efficient settlements and broader investor access compared to traditional banking channels, especially in emerging economies with less developed capital markets. XRP Ledger's role as a tokenized RWA hub has been growing, with Dubai selecting the network for its ambitious real estate tokenization plan to put $16 billion of property deeds on-chain by 2033. By recording the asset's issuance and lifecycle events directly on-chain, VERT said its system improves transparency and traceability for structured credit operations. The platform integrates with Brazil's regulated financial infrastructure and uses off-chain redundancy to meet compliance standards, the firm said. "It is a concrete step towards the evolution of tokenization as a structural pillar of the modern capital market," Gabriel Braga, digital assets director at VERT, said in a statement. "Tokenization also addresses the demand for greater transparency of operations, coming mainly from foreign investors." Ripple, a key contributor to the XRP Ledger, also contributed in the project. "Agribusiness plays an essential role in Brazil's economy, and improving how credit is structured and tracked in this sector is a meaningful advancement," said Silvio Pegado, Ripple's managing director of the Latin America region. "This milestone demonstrates how blockchain technology, through the XRP Ledger, can serve as reliable infrastructure for modernizing financial markets that are foundational to national growth." VERT said future plans include to expand the platform to additional asset classes and structured credit deals worth over $500 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
The Irish Sun
7 days ago
- Automotive
- The Irish Sun
I transformed £2,000 Ford Ka into ‘Ferrari' with racing-style seats & digital dashboard – now it's SOARED in value
A SUPERCAR fanatic has stunned car lovers by turning a battered £2,000 Ford Ka into a show-stopping 'Ferrari' lookalike — complete with racing seats, a digital dash and even scissor doors. Businessman Daniel dos Santos, from São Paulo, Brazil, bought the tired hatchback at auction for just BRL 16,000 (around £2,123) and set out to turn the humble motor into his dream machine. Advertisement 7 Picture shows the transformed 'Ferrari' Credit: Newsflash 7 Businessman Daniel dos Santos, from São Paulo, Brazil, bought the tired hatchback at auction for just BRL 16,000 Credit: Newsflash 7 He's dubbed the vehicle the 'Ka-rrari' — styled in the same distinctive font Credit: Newsflash 7 , Daniel proudly revealed his unique creation, a bizarre mash-up of budget car and high-end flair Credit: @daniel_graxinha/Newsflash/NX After hundreds of hours of painstaking graft, Daniel proudly revealed his unique creation, a bizarre mash-up of budget car and high-end flair. But he's taken care to avoid upsetting the real Ferrari makers, whose legal teams are known for cracking down on copycats. Instead of badging his car with the famous Ferrari logo, Daniel came up with a tongue-in-cheek twist. He's dubbed the vehicle the 'Ka-rrari' — styled in the same distinctive font — and swapped out the iconic prancing horse for a grinning donkey. Advertisement Read more on Motors The outside of the car now features dramatic Lamborghini-style scissor doors, while inside he's fitted sleek racing-style leather seats and a modern digital dashboard. Despite the flashy upgrades, the engine under the bonnet remains the original one-litre Ford unit, pushing out a modest 72bhp — a far cry from the 199mph Ferrari SF90 XX he took inspiration from. Still, Daniel reckons the unique build has sent the car's value soaring, claiming it's now worth around BRL 190,000 (around £25,194). He said: 'The idea is to transform an ugly car into a beautiful one.' Advertisement Most read in Motors Daniel isn't the only one breathing new life into tired Fords. Iconic 1965 Ford Racer that starred in Top Gear is so rare only two in the world exist - but could be yours at auction Another car enthusiast in the UK who revamped his rusting 2004 Another car lover proudly showed off his Ford Focus that he transformed into a replica rally car — complete with a bold wrap, racing stripes, and a custom spoiler. He admitted the car cost more to modify than it was originally worth, but said, 'it puts a smile on people's faces, and that's priceless.' Advertisement Meanwhile, a 7 The outside of the car now features dramatic Lamborghini-style scissor doors, while inside he's fitted sleek racing-style leather seats and a modern digital dashboard Credit: Newsflash 7 Still, Daniel reckons the unique build has sent the car's value soaring, claiming it's now worth around BRL 190,000 (around £25,194) Credit: Newsflash 7 He admitted the car cost more to modify than it was originally worth, but said, 'it puts a smile on people's faces, and that's priceless Credit: Newsflash Advertisement
Scottish Sun
7 days ago
- Automotive
- Scottish Sun
I transformed £2,000 Ford Ka into ‘Ferrari' with racing-style seats & digital dashboard – now it's SOARED in value
But wait till you see the badge KA-RRARI I transformed £2,000 Ford Ka into 'Ferrari' with racing-style seats & digital dashboard – now it's SOARED in value Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A SUPERCAR fanatic has stunned car lovers by turning a battered £2,000 Ford Ka into a show-stopping 'Ferrari' lookalike — complete with racing seats, a digital dash and even scissor doors. Businessman Daniel dos Santos, from São Paulo, Brazil, bought the tired hatchback at auction for just BRL 16,000 (around £2,123) and set out to turn the humble motor into his dream machine. Sign up for Scottish Sun newsletter Sign up 7 Picture shows the transformed 'Ferrari' Credit: Newsflash 7 Businessman Daniel dos Santos, from São Paulo, Brazil, bought the tired hatchback at auction for just BRL 16,000 Credit: Newsflash 7 He's dubbed the vehicle the 'Ka-rrari' — styled in the same distinctive font Credit: Newsflash 7 , Daniel proudly revealed his unique creation, a bizarre mash-up of budget car and high-end flair Credit: @daniel_graxinha/Newsflash/NX After hundreds of hours of painstaking graft, Daniel proudly revealed his unique creation, a bizarre mash-up of budget car and high-end flair. But he's taken care to avoid upsetting the real Ferrari makers, whose legal teams are known for cracking down on copycats. Instead of badging his car with the famous Ferrari logo, Daniel came up with a tongue-in-cheek twist. He's dubbed the vehicle the 'Ka-rrari' — styled in the same distinctive font — and swapped out the iconic prancing horse for a grinning donkey. The outside of the car now features dramatic Lamborghini-style scissor doors, while inside he's fitted sleek racing-style leather seats and a modern digital dashboard. Despite the flashy upgrades, the engine under the bonnet remains the original one-litre Ford unit, pushing out a modest 72bhp — a far cry from the 199mph Ferrari SF90 XX he took inspiration from. Still, Daniel reckons the unique build has sent the car's value soaring, claiming it's now worth around BRL 190,000 (around £25,194). He said: 'The idea is to transform an ugly car into a beautiful one.' Daniel isn't the only one breathing new life into tired Fords. Iconic 1965 Ford Racer that starred in Top Gear is so rare only two in the world exist - but could be yours at auction Another car enthusiast in the UK who revamped his rusting 2004 Ford Fiesta with luxury leather interiors, LED lighting, and a booming sound system — claiming it turned heads everywhere he went. Another car lover proudly showed off his Ford Focus that he transformed into a replica rally car — complete with a bold wrap, racing stripes, and a custom spoiler. He admitted the car cost more to modify than it was originally worth, but said, 'it puts a smile on people's faces, and that's priceless.' Meanwhile, a DIY mechanic on a tight budget managed to craft a convincing Aston Martin replica out of an old Ford Mondeo, using second-hand parts and plenty of ingenuity — proving that with vision and patience, even a family saloon can become a head-turner. 7 The outside of the car now features dramatic Lamborghini-style scissor doors, while inside he's fitted sleek racing-style leather seats and a modern digital dashboard Credit: Newsflash 7 Still, Daniel reckons the unique build has sent the car's value soaring, claiming it's now worth around BRL 190,000 (around £25,194) Credit: Newsflash
