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First Post
34 minutes ago
- First Post
Rio de Janeiro pitches to become permanent home of Brics, mayor hopes to boost city's global profile
Rio de Janeiro Mayor Eduardo Paes has sent a letter to Brazilian President Luiz Inácio Lula da Silva, formally expressing the city's interest in hosting the bloc's headquarters read more Leaders from Brazil, China, Russia, India, Indonesia, South Africa, Egypt, Ethiopia, the UAE, and Iran pose for a family photo during the BRICS Summit in Rio de Janeiro on July 6. (Reuters) Rio de Janeiro is making a bold pitch to become the permanent home of the Brics economic bloc, which currently lacks an official headquarters. Following the Brics 2025 summit at the city's Museum of Modern Art, Mayor Eduardo Paes sent a letter to Brazilian President Luiz Inácio Lula da Silva, formally expressing the city's interest. Brics, founded in 2009, now includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates. STORY CONTINUES BELOW THIS AD Representing about 46 per cent of the world's population and 37 per cent of global GDP, the group aims to foster economic cooperation, global governance, and sustainable development among emerging economies. Rio's proposal seeks to give Brics a stronger institutional foundation, as the bloc currently operates without a fixed headquarters, general secretariat, or dedicated diplomatic team. Brazilian Jockey Club building proposed as potential HQs To sweeten the deal, the city has offered the historic Brazilian Jockey Club building in downtown Rio. Designed by modernist architect Lúcio Costa—famous for planning Brasília—this 12-story, 8,300-square-meter (nearly 90,000-square-foot) building opened in 1972, with landscaping by Roberto Burle Marx. It would need about R$100 million (US$18 million) in renovations, based on a 2019 estimate. City Hall argues the building's central location and historical significance make it a fitting home for an international organisation. The plan hinges on negotiations with the Jockey Club Brasileiro, which could see its R$220 million in unpaid municipal taxes forgiven in exchange for the property. 'Rio fully supports multilateral efforts to consolidate Brics as a decisive forum for the 21st century,' Paes said. 'We are ready to welcome representatives from member countries and provide the appropriate infrastructure and setting for the group to advance its discussions on an ongoing basis.' If successful, the site would house offices, host meetings, and serve as a hub for Brics representatives to coordinate projects and policies. City officials believe a Brics headquarters in Rio would boost Brazil's global influence, elevate the city's international profile, and stimulate the local economy through foreign investment, tourism, and job creation. STORY CONTINUES BELOW THIS AD
Time of India
37 minutes ago
- Time of India
13-year wait ends with no keys: US-based techie wins refund after Hyderabad builder abandons project; told to be freed from loan dues too
A US-based software professional, Krishna P Evuru, wins a legal battle in Hyderabad. He booked a flat in 2010, but the builder abandoned the project. The Telangana consumer court directed the builder to refund ₹12.5 lakh with interest. The court also ordered compensation for mental agony and legal costs. HYDERABAD: A US-based software professional who booked a flat in Hyderabad 13 years ago has finally won a legal battle, but not the home he hoped for. The Telangana consumer court has ordered the builder to refund 12.5 lakh with interest and pay damages for abandoning the project, despite collecting most of the flat's cost. Krishna P Evuru had booked a unit in the 'Green Grace' apartment project at Khajaguda in June 2010. He paid 12.5 lakh upfront and took a home loan of 43.6 lakh. The builder had promised possession by June 2012, but the project was never completed. In 2016, Krishna through his general power of attorney holder in Hyderabad approached the consumer forum seeking a refund and compensation. The commission found the builder guilty of "deficiency in service," noting that construction was abandoned even after collecting over 90% of the flat's cost. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad After a 13-year legal battle, a US-based software professional has won a consumer court case against a Hyderabad builder. The court ordered a refund of ₹12.5 lakh with interest and compensation for abandoning the 'Green Grace' apartment project after collecting a significant portion of the cost. It also held the developer responsible for violating state norms by collecting more than 20% of the amount without showing adequate construction progress. The builder claimed delays were due to economic slowdown and political turmoil during Telangana's bifurcation. The builder also blamed the buyer for halting payments. However, the commission rejected these arguments, stating the developer had no valid justification for abandoning the project. Meanwhile, the bank that sanctioned the home loan was cleared of any wrongdoing. The court noted that it had disbursed funds in phases based on the buyer's approvals and construction updates. The commission directed the builder to refund 12.5 lakh with 9% annual interest, pay 1 lakh for mental agony, and 50,000 in legal costs. It dismissed the buyer's plea to recover home loan EMIs and pre-EMI payments, citing lack of evidence. However, to protect the buyer from future liability, the court ordered the builder to obtain a "no due certificate" from the bank and hand it over to the buyer. It also held that if any loan amount remained due after recovery under the SARFAESI Act, the builder must pay it. "Opposite party (builder) is bound to clear the loan dues, if any, even after recovery proceedings," the court said.
Time of India
an hour ago
- Time of India
Battle-hardened Wall Street bulls are proving very hard to scare
Wall Street 's tolerance for shock is becoming heroic. First came the inflation angst, then the tariff crash, then the war in the Middle East. At this point, it's hard to imagine what could still rattle the investor class. Speculative spirits were on display again this week, even as President Donald Trump escalated threats against major trading partners, including a 35% tariff on Canadian goods and a 50% levy on copper. Bitcoin surged past $118,000, bond volatility fizzled, stocks held near records and retail traders unleashed risky wagers anew. It's a form of investor resilience , built by facing down threats and emerging stronger — where even the prospect of a renewed US-led trade conflict gets brushed aside, in favor of bullish bets across the board. JPMorgan Chase & Co. CEO Jamie Dimon has a different word for it: complacency. But for traders sitting on fattening profits in crypto, tech, leveraged ETFs, commodities and beyond, it's feeling like vindication. Live Events 'We absolutely believe the recent bullish price action in risk assets makes sense,' said Max Kettner, chief multi-asset strategist at HSBC. 'Bear in mind this is no longer just equities but spreading across virtually all risk assets. So if anything, we'd argue investors are once again under-exposed and continue to fight the rally.' Traders are getting harder to frighten even as measures that presaged past market stress climb. A global trade policy uncertainty index tracked by Bloomberg is rising, just as it did in the months before April's global market meltdown. The S&P 500 closed Friday marginally below its record. Risk premiums tracking US corporate bonds hovered around their lowest level of the year. Bitcoin exchange-traded funds continued to see inflows. Volatility receded, with a gauge of US Treasury swings hitting its lowest level in nearly 3 1/2 years as measures of stocks. Oil and gold turbulence remained subdued. And yet, Trump warned this week that new and higher rates will kick in Aug. 1, unless countries negotiate better terms. The announcement of a 35% tariff on some Canadian goods came the same day the S&P 500 hit its all-time high. 'The market has consistently shrugged off any issues, including tariffs, and even the brief conflict between Israel and Iran,' said Josh Kutin, head of multi-asset solutions, North America at Columbia Threadneedle Investments. 'If the market is not overall responding negatively to any of those issues, I have a hard time seeing how that happens in the near-term.' Kutin says the administration's habit of backing off when markets react badly to trade policies keeps him calm — and on the lookout for tactical opportunities to add equity exposure. Indicators across several portfolios continue to flash bullish signals, he says, driven by strong momentum and relatively low volatility. And while acknowledging the current state can feel 'toppy,' he believes the rally has room to run. The view reflects an increasingly common bet across Wall Street, known as the 'TACO' trade, for Trump Always Chickens Out. The wager is that either the administration will walk back its tariff threats , or the upshot of the offensive simply won't be enough to derail the expanding US economy. Whatever the reasoning, bullishness is prevailing. Trump took to social media this week to celebrate record highs in tech and industrial stocks, as well as an unstoppable crypto runup that sent Bitcoin soaring to $118,000. That market confidence — forged in an environment that has repeatedly punished skeptics — has made some investment pros queasy. 'People are getting a little bit too comfortable with this idea that Trump's always going to back down,' said David Lebovitz, the global strategist of multi-asset solutions at JPMorgan Asset Management. 'We've gone from a world where nobody knew anything to everybody knows something. It's almost like the market's going to go through this stress test where they see how far they can push it until they begin to see those cracks.' Complacency was also invoked by his boss, JPMorgan's Dimon, as stocks hit record highs amid the deluge of tariff news this week. He said a trade framework with Europe still 'needs to get done,' and that the Federal Reserve is far more likely to raise interest rates than is generally believed in markets. 'The rally has gone way too far,' said Kristina Hooper, chief market strategist at Man Group. 'The tariff situation is far from resolved. It's absolutely difficult for investors to model this out, so it's easier to ignore it than think about the consequences.' Hooper advises reallocating to equity markets that offer better diversification and more attractive valuations — including Europe, the UK and even China. 'I'm a sober realist,' Hooper said. 'We have valuations that are at historically high levels. And so when stocks are priced at a near perfection, it's a lot easier for disappointment to occur.' Despite concerns over potentially stretched valuations and mixed economic signals, bulls say it's a mistake to get in the way of markets rolling with this much momentum. Kettner, for his part, believes the US exceptionalism will continue as he ratchets up HSBC's overweight, particularly to US equities. This week's erratic tariff announcements may end up being a bullish catalyst if walked back, he says. With a weaker dollar and lowered earnings expectations, the upcoming reporting season could provide further support for equities. 'We also strongly disagree with the idea of complacency,' he said. 'Equities and risk assets are well positioned to climb the wall of worries further in the coming weeks.' ETMarkets WhatsApp channel )
