Latest news with #Haddad
Straits Times
21 hours ago
- Business
- Straits Times
Brazil to present Lula with credit-based response to US tariff hike, finance minister says
Find out what's new on ST website and app. BRASILIA - Brazilian Finance Minister Fernando Haddad said on Thursday a contingency plan in response to higher U.S. tariffs will be presented to President Luiz Inacio Lula da Silva from Monday and will include a menu of measures, including credit lines. In an interview with local radio station Itatiaia, Haddad said as many as 10,000 Brazilian companies could be affected by the increase in levies on Brazilian goods to 50% from 10%, set to take effect on August 1. The minister stressed that Brazil remains open to dialogue but suggested that U.S. President Donald Trump is unwilling to engage in negotiations. He said political forces aligned with former Brazilian President Jair Bolsonaro are working to prevent talks from being initiated. A far-right ally of Trump, Bolsonaro is accused of plotting a coup to overturn his narrow 2022 election loss to Lula. Trump has denounced the case as a "witch hunt" and urged Brazil's judiciary to drop the charges, including in a letter announcing the steeper tariffs on Brazil. Congressman Eduardo Bolsonaro, the former president's son, is living in the U.S. and has made social media posts about his meetings with Trump allies. Without naming the younger Bolsonaro, Haddad said he believes those ties, along with opposition to Brazil's widely used instant payment system Pix, were factors behind the U.S. decision. Top stories Swipe. Select. Stay informed. Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Asia Singapore urges all parties in Thailand-Cambodia border dispute to exercise restraint Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 Singapore Avoid water activities around Tuas Second Link, Raffles Marina after chemical tank accident: NEA Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore Mindef to set up new volunteer management unit to grow volunteer pool Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B Earlier on Thursday, Lula said at a public event that the U.S. government was "afraid" of Pix because it threatens credit cards. The system was listed among unfair trade practices in a recent U.S. investigation. Haddad said Pix undermines those profiting from financial intermediation and represents a valuable homegrown Brazilian technology. REUTERS
Reuters
21 hours ago
- Business
- Reuters
Brazil to present Lula with credit-based response to US tariff hike, finance minister says
BRASILIA, July 24 (Reuters) - Brazilian Finance Minister Fernando Haddad said on Thursday a contingency plan in response to higher U.S. tariffs will be presented to President Luiz Inacio Lula da Silva from Monday and will include a menu of measures, including credit lines. In an interview with local radio station Itatiaia, Haddad said as many as 10,000 Brazilian companies could be affected by the increase in levies on Brazilian goods to 50% from 10%, set to take effect on August 1. The minister stressed that Brazil remains open to dialogue but suggested that U.S. President Donald Trump is unwilling to engage in negotiations. He said political forces aligned with former Brazilian President Jair Bolsonaro are working to prevent talks from being initiated. A far-right ally of Trump, Bolsonaro is accused of plotting a coup to overturn his narrow 2022 election loss to Lula. Trump has denounced the case as a "witch hunt" and urged Brazil's judiciary to drop the charges, including in a letter announcing the steeper tariffs on Brazil. Congressman Eduardo Bolsonaro, the former president's son, is living in the U.S. and has made social media posts about his meetings with Trump allies. Without naming the younger Bolsonaro, Haddad said he believes those ties, along with opposition to Brazil's widely used instant payment system Pix, were factors behind the U.S. decision. Earlier on Thursday, Lula said at a public event that the U.S. government was "afraid" of Pix because it threatens credit cards. The system was listed among unfair trade practices in a recent U.S. investigation. Haddad said Pix undermines those profiting from financial intermediation and represents a valuable homegrown Brazilian technology.
Al Etihad
2 days ago
- Business
- Al Etihad
AI-powered governance positions UAE as global leader in digital transformation
24 July 2025 00:15 MAYS IBRAHIM (ABU DHABI)As the UAE accelerates its adoption of artificial intelligence, citizens and residents are poised to benefit from forward-looking, people-centric policies and services, positioning the nation as a global model for digital innovation, experts say. Earlier this month, the UAE Government launched a new federal strategic planning cycle as part of its ambitious 'We the UAE 2031' vision, marking a shift toward a more agile, AI-powered, and resource-optimised approach to governance. This new framework shortens the government's strategy cycle to a three-year timeframe, aiming to deliver faster, smarter, and more impactful public services. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, directed all ministries and federal government bodies to develop strategies rooted in innovation, flexibility, and advanced technology to ensure the goals outlined in 'We the UAE 2031' are achieved with greater speed and efficiency. The UAE's holistic strategy - balancing foresight with innovation, regulation, and collaboration - provides a valuable blueprint for other countries to accelerate digital transformation, Jad Haddad, Partner and the Global Head of Quotient – AI by Oliver Wyman, told Aletihad . Haddad leads regional advisory work on public sector transformation and AI strategy and has supported national-level clients across the GCC on planning models, data-driven governance, and workforce modernisation. 'The UAE's approach to data-driven governance stands out for its strong leadership commitment, integrated data infrastructure, and balanced regulatory framework emphasising ethics and privacy,' he said. 'By fostering public-private partnerships and focusing on citizen-centric services, the UAE accelerates AI adoption while ensuring tangible benefits for residents.'AI is positioned as a core pillar of governance under the new planning cycle. According to Haddad, this will transform federal services by enabling data-driven decision-making, personalised public experiences, and enhanced inter-agency collaboration. 'AI and predictive models enable the UAE to optimise government spending and human capital by forecasting budget needs, preventing inefficiencies, and automating routine tasks,' he added.'This enhances workforce planning, talent matching, and performance monitoring, driving resource efficiency and supporting sustainable, agile, and citizen-focused governance.'Haddad also pointed out that agile governance at the federal level prioritises citizen engagement, adaptive regulations, and rapid responsiveness, ultimately 'transforming the government into a flexible, efficient system that delivers timely, inclusive solutions nationwide'. Upskilling for the Future Lisa Lyons, Regional Transformation Centre of Excellence Lead, Mercer – IMEA, noted that success depends on how effectively the UAE nurtures and deploys future-ready skills. 'Equipping talent with AI skills is the linchpin in transforming ambition into sustainable leadership,' she told Aletihad . Lyons pointed to the recent partnership between the Dubai Government Human Resources Department (DGHR) and Dubai AI Campus to train over 10,000 individuals in the field of AI by 2030 as a strong example of the UAE's commitment to prioritising AI skills Abu Dhabi Government Digital Strategy 2025-2027, led by the Department of Government Enablement, includes an AI for All initiative designed to empower citizens with AI capabilities. Backed by a Dh13 billion investment, the strategy aims to build a fully AI-native government by digitising services, automating operations, and deploying over 200 AI solutions across federal entities. 'The biggest opportunity is for organisations to invest in the development of critical AI skills to enhance long-term productivity and differentiate the organisational employee value proposition when bidding for talent. Investing in critical AI skills is how we turn AI from a tool into a true catalyst for growth,' Lyons said. The UAE's focus on AI is fostering a culture of continuous learning and workforce transformation within the public sector, said Saqr AlMaazmi, Head of Government and Public Sector Consulting, Mercer UAE. 'As government employees upskill to work alongside advanced technologies, the delivery of services will become more proactive and people-focused. This strategic push not only enhances efficiency and innovation but further positions the UAE as a leader in smart governance and digital transformation,' he told Aletihad .
Yahoo
6 days ago
- Business
- Yahoo
Brazil Weighs Measures on US Dividends, Tech Firms, Reports Say
(Bloomberg) -- Brazil's government is studying potential responses to further sanctions by US President Donald Trump, including a limit on dividend payments by US companies with operations in Brazil, according to O Estado de S. Paulo newspaper. The Dutch Intersection Is Coming to Save Your Life Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital President Luiz Inacio Lula da Silva's government is intensifying its deliberations on possible measures after the US government announced it was revoking visas for some Brazilian Supreme Court justices. The move came after Justice Alexandre de Moraes sent police to raid the home of ex-President Jair Bolsonaro ahead of his trial on charges he attempted a coup to remain in power. Finance Minister Fernando Haddad denied Brazil is considering limits on dividends as a retaliation against the US, Reuters reported, citing a statement. The Brazilian government is also considering ending the licensing of US drug patents and levying taxes on big tech firms, according to O Estado de S. Paulo and O Globo. It hasn't made a decision and any measures will require Lula's approval, the newspapers said. The government intends to continue diplomatic negotiations with the Trump administration, O Estado de S. Paulo said, adding that any retaliatory measures may be adopted after Aug. 2. The US government has announced a 50% tariff on Brazil that will take effect on Aug. 1, which Trump has tied to the charges against Bolsonaro. The government is studying a tax on digital services offered by big tech companies, with different rates depending their revenues, O Globo reported, saying the measure is being analyzed by Finance Ministry. Lula said on Saturday he's certain that 'no kind of intimidation or threat from anyone' will compromise the nation's institutions in their mission to defend the rule of law. 'The interference of one country in the judiciary of another is unacceptable and violates the basic principles of respect and sovereignty between nations,' according to a statement published by Brazilian president offering support to the Supreme Court's justices. A Rebel Army Is Building a Rare-Earth Empire on China's Border How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Euractiv
18-07-2025
- Business
- Euractiv
France defends €2 trillion EU budget, as Germany and others raise doubts
The sheer amount of euros that the Commission is suggesting splashing has raised doubts at a ministerial meeting in Brussels. Euractiv is part of the Trust Project Eddy Wax and Jacob Wulff Wold Euractiv Jul 18, 2025 11:34 4 min. read News Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources. France's Europe Minister Benjamin Haddad defended the idea of a larger EU budget, after German Chancellor Friedrich Merz poured doubts on a proposal to spend nearly €2 trillion between 2028 and 2034. 'We need a strong EU that gives itself the means to act," Haddad said in Brussels today, where ministers are having their first talks about the European Commission's new proposal. Haddad argued that threats from Russia and uncertainty about American security guarantees to Europe are reasons to support an "ambitious" budget. France and Ireland have also expressed strong disapproval with the proposed cuts to the bloc's farm subsidy scheme, which is set to drop by around 20% and be partially merged with other payment envelopes. Haddad said Paris will fight for every centime of farm subsidies. Ireland's Europe Minister Thomas Byrne told a radio program this morning: 'It's not something that we agree with. What we want is a strong and separate common agricultural policy that protects not just direct payments to farmers but also protects rural development funding as well.' 'Fake news,' Budget Commissioner Piotr Serafin said of the 25–30% cut to farm subsidies. 'Direct payments will remain at current levels,' he told ministers, adding that the €300 billion earmarked for such payments is a floor, not a ceiling. The governments of Germany, Finland, Sweden, the Netherlands, and Austria have been pouring scorn on the Commission's historic proposal to increase the budget from €1.2 trillion to almost €2 trillion during the next seven-year cycle. "This proposal is very, very far removed from our Austrian position, [and] approval. In the beginning, we called for careful and smart use of Europeans' taxpayers' money, and this draft is neither careful nor smart," said Austrian Europe Minister Claudia Plakolm, who described it as "extraordinarily high." "It's an enormous amount," said Finland's European Affairs Minister Joakim Strand, adding the EU should look more closely at how it spends its funds. In a statement before the meeting, Sweden's EU Minister Jessica Rosencrantz said: "The focus is right, but the size is wrong. We need a better budget, not bigger." The disagreement also spans the Commission's proposed income sources. While France labelled new EU income sources a " sine qua non condition" in its position paper, Germany's Merz has already ruled out a new EU corporate tax as illegal. Even before von der Leyen's proposal was out Sweden called a new tobacco tax "completely unacceptable." Luxembourg's Foreign Minister Xavier Bettel said: "I know the EU: everyone would like to pay less and receive more but at a certain point that no longer works, especially if we have commitments to each other to respect." Overall, Serafin appeared unshaken by the irreconcilable views of member states, praising what he called an 'extremely constructive, informative' debate with 'a lot of pragmatism.' Serafin defended the budget size, arguing that both competitiveness and defence are more effectively financed at EU level. A larger common budget could help member states meet NATO's 5% defence spending benchmark, he added. No Catalan consensus At the same meeting, Spain is also reviving its push to get Catalan, Basque, and Galician recognised as official languages of the EU, but ran into familiar headwinds over the legal and financial implications of such a move. Fernando Sampedro, Spain's state secretary for EU affairs, said that it would amount to discrimination were countries not to accept Madrid's demands, and reiterated that Spain was happy to cover all the costs. Luxembourg's Bettel said it was difficult to agree to such a move when the EU had only just signed off on new sanctions against Russia and still can't find a unified position on Israel's continued war in Gaza. 'Momentum is really not the right one if we're not able to agree on anything else," he said. Nick Alipour contributed to reporting. (mm) UPDATE: The article has been updated with Serafin's comments.
