Latest news with #LuizInacioLulaDaSilva
Yahoo
a day ago
- Business
- Yahoo
Exclusive-Brazil in talks with TPG, Brookfield over $4 billion climate finance push
By Simon Jessop, Marcela Ayres and Virginia Furness LONDON/BRASILIA (Reuters) -Brazil is in talks with global investors including TPG and Brookfield to raise nearly $4 billion for climate-focused projects, as it ramps up a green finance push ahead of hosting the COP30 climate summit in November. Led by state development bank BNDES, the move is the latest attempt by President Luiz Inacio Lula da Silva's government to encourage private-sector investment in the climate agenda of Latin America's largest economy amid rising fiscal pressure. "Together with BNDES we are talking to some of the biggest asset managers like Brookfield and TPG and others that could be partners in the funds," Tatiana Rosito, Brazil's Secretary for International Affairs at the finance ministry, told Reuters. Under the plan, due to be formally launched in August with a public call for investment, BNDES will provide 5 billion reais ($906.3 million) in seed capital, said two sources with knowledge of the matter, both of whom requested anonymity given the confidential nature of the discussions. BNDES has been holding early-stage talks with dozens of domestic and international firms to gauge appetite for the effort, the sources said. Selected managers will be expected to raise three times the amount committed by the bank, bringing total funding to 20 billion reais ($3.63 billion), they added. BNDES did not respond to a request for comment. Brookfield and TPG are among the biggest investors in companies and projects focused on helping the world shift to a low-carbon economy, and both are working closely with Alterra, the world's largest private climate-focused investment fund. Alterra was launched during the COP28 climate talks in Dubai in 2023 with an initial commitment of $30 billion from the United Arab Emirates government. Brookfield and TPG are both running funds seeded by Alterra that can invest in countries like Brazil. Other firms approached by BNDES include BlackRock, the world's biggest asset manager, with more than $12 trillion in assets, impact investor Just Climate, growth private equity investor Lightrock and local firms including Patria, Vinci and Perfin. All declined to comment. The push for private investment comes as some richer countries cut development finance, including the administration of climate-sceptic U.S. President Donald Trump. Brazil has already issued sovereign bonds that tie the use of proceeds to its sustainability agenda, while the Eco Invest Brazil Program aims to reduce the risk of projects, for example around currency volatility, to make it easier for private sector investors to join in. The government last year also launched its Climate and Ecological Transformation Investment Platform to connect investors with projects in sectors including forest conservation, greening heavy industry and energy storage. Monies raised in the upcoming capital call would not be limited to emerging industries, though, and could also support more mature sectors such as wind and solar power, one of the sources said. The bank expects to receive proposals from asset managers by the end of October. Final selection is likely in the first quarter of 2026, with capital ready for deployment by mid-year, the source added. ($1 = 5.5167 reais) 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
Japan Times
6 days ago
- Politics
- Japan Times
Brazil prepares to join South Africa's Gaza genocide case against Israel at ICJ
Brazil is finalizing its submission to join South Africa's genocide case against Israel's actions in Gaza at the International Court of Justice, the foreign ministry said in a statement Wednesday. South Africa filed the case in 2023 asking the ICJ to declare that Israel was in breach of its obligations under the 1948 Genocide Convention. The case argues that in its war against Hamas militants Israel's military actions go beyond targeting Hamas alone by attacking civilians, with strikes on schools, hospitals, camps and shelters. Other countries — including Spain, Turkey and Colombia — have also sought to join the case against Israel. In its statement, the Brazilian government accused Israel of violations of international law "such as the annexation of territories by force" and expressed "deep indignation" at violence suffered by the civilian population. Israel denies deliberately targeting Palestinian civilians, saying its sole interest is to annihilate Hamas. Lawyers for Israel have dismissed South Africa's case as an abuse of the genocide convention. The Israeli embassy in Brasilia did not immediately reply to a request for comment. Brazil's National Israeli association CONIB said in a statement in response to Wednesday's decision that "the breaking of Brazil's long-standing friendship and partnership with Israel is a misguided move that proves the extremism of our foreign policy." Brazilian President Luiz Inacio Lula da Silva has long been an outspoken critic of Israel's actions in Gaza, but Wednesday's decision carries added significance amid heightened tensions between Brazil and Israel's ally the United States. The Trump administration announced 50% tariffs on all Brazilian goods this month. A diplomat familiar with the thinking of the Lula administration said Brazil does not believe its decision to join South Africa's case will impact its relationship with Washington, however. The United States has opposed South Africa's genocide case under both former U.S. President Joe Biden and Trump. In February, Trump signed an executive order to cut U.S. financial assistance to South Africa, citing in part its ICJ case.
Al Arabiya
6 days ago
- Politics
- Al Arabiya
Brazil to join South Africa's Gaza genocide case against Israel at ICJ
Brazil is finalizing its submission to join South Africa's genocide case against Israel's actions in Gaza at the International Court of Justice, the foreign ministry said in a statement on Wednesday. South Africa filed a case in 2023 asking the ICJ to declare that Israel was in breach of its obligations under the 1948 Genocide Convention. The case argues that in its war against Hamas militants, Israel's military actions go beyond targeting Hamas alone by attacking civilians, with strikes on schools, hospitals, camps, and shelters. Other countries – including Spain, Turkey, and Colombia – have also sought to join the case against Israel. In its statement, the Brazilian government accused Israel of violations of international law 'such as the annexation of territories by force' and expressed 'deep indignation' at violence suffered by the civilian population. Israel denies deliberately targeting Palestinian civilians, saying its sole interest is to annihilate Hamas. Lawyers for Israel have dismissed South Africa's case as an abuse of the genocide convention. The Israeli embassy in Brasilia did not immediately reply to a request for comment. Brazil's National Israeli association CONIB said in a statement in response to Wednesday's decision that 'the breaking of Brazil's long-standing friendship and partnership with Israel is a misguided move that proves the extremism of our foreign policy.' Brazilian President Luiz Inacio Lula da Silva has long been an outspoken critic of Israel's actions in Gaza, but Wednesday's decision carries added significance amid heightened tensions between Brazil and Israel's ally the United States. The Trump administration announced 50 percent tariffs on all Brazilian goods this month. A diplomat familiar with the thinking of the Lula administration told Reuters that Brazil does not believe its decision to join South Africa's case will impact its relationship with Washington, however. The United States has opposed South Africa's genocide case under both former president Joe Biden and Trump. In February, Trump signed an executive order to cut US financial assistance to South Africa, citing in part its ICJ case.
Reuters
7 days ago
- Business
- Reuters
Brazil eases 2025 spending curbs needed to comply with fiscal rules
BRASILIA, July 22 (Reuters) - Brazil's government on Tuesday eased the total spending curbs previously deemed necessary to comply with fiscal rules, after raising its net revenue forecast by 27.1 billion reais ($4.87 billion) this year, according to its latest revenue and expenditure report. The Finance and Planning ministries fully eliminated the spending freeze announced in May to meet this year's fiscal target, which had totaled 20.7 billion reais. The boost was driven mainly by an upward revision of 17.9 billion reais in projected revenue from natural resource exploration. The report also slightly raised to 10.7 billion reais, from 10.6 billion previously, the spending block needed to comply with the cap on expenditure growth under the new fiscal framework approved during the administration of leftist President Luiz Inacio Lula da Silva in 2023. As a result, the total amount of spending curbs - which had stood at 31.3 billion reais when including the now-reversed freeze - fell to 10.7 billion reais. The higher estimate for public revenue follows congressional approval of a measure that clears the way for an extra oil auction involving uncontracted areas in the offshore pre-salt region, a move first reported by Reuters in April. This year's fiscal target is a primary deficit of zero, with a tolerance band of 0.25% of GDP in either direction. That means the government can post a primary deficit of up to 31 billion reais and still remain in compliance with the goal. The government now forecasts a primary deficit of 26.3 billion reais, excluding nearly 50 billion reais in court-ordered payments, which the Supreme Court has ruled should not be included in the fiscal target calculation. ($1 = 5.5681 reais)
Yahoo
22-07-2025
- Politics
- Yahoo
Brazil: Judge threatens Bolsonaro over shared speech
A Brazilian Surpreme Court judge has threatened Jair Bolsonaro with imprisonment as the video of a speech by the former president to media outlets was circulated on social media by his allies — violating a social media ban. A document accessed by news agencies AFP and Reuters gave Bolsonaro's lawyers 24 hours to explain why he breached the restrictions placed on the far-right politician. Justice Alexandre de Moraes, on Friday, ordered Bolsonaro to wear an ankle braceletand banned him from using social media over allegations of planning a coup to oust elected president Luiz Inacio Lula da Silva. On Monday, the judge had clarified that the ban included the use of social media through third parties. The clarification has sparked a debate in Brazil if a social media ban should include news interviews. Bolsonaro is also said to have pursued interference from US President Donald Trump who placed steep new tariffs on Brazil, tying the decision to what he called a "witch hunt" against Bolsonaro. His reprimands include a ban from approaching embassies or foreign governments. What do we know about the video? Bolsonaro made the speech to journalists on Friday after attending Congress, where he first desplayed his ankle monitor. The video of Bolsonaro's speech was not posted from his own social media account. However, it was shared by his sons and political allies. Moraes showed these posts to journalists in Congress saying he believed the former president delivered the speech with an intent of it being shared on social media. Meanwhile Bolsonaro's son Eduardo claimed that the Brazilian Supreme Court had passed an order to freeze his accounts and assets. The third of four sons, Eduardo Bolsonaro is a congressman who has been in Washington to gather support for his father. Edited by: Elizabeth Schumacher
