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Straits Times
01-07-2025
- Business
- Straits Times
Brazil government challenges Congress' reversal of tax hike, escalating tensions
Brazil's President Luiz Inacio Lula da Silva walks on stage after giving a speech during the Blue Economy and Finance Forum (BEFF) at the Grimaldi Forum in Monaco, June 8, 2025. REUTERS/Manon Cruz/Pool/ File Photo BRASILIA - Brazil's government filed a lawsuit with the Supreme Court on Tuesday challenging Congress' decision to overturn a tax hike on financial transactions, heating up tensions between the branches of power as the administration seeks ways to meet fiscal goals. The government believes that lawmakers overstepped their constitutional powers and created legal uncertainty by reversing President Luiz Inacio Lula da Silva's decree raising the so-called IOF tax, Solicitor General Jorge Messias told reporters. Lula hiked the tax levied on certain credit, foreign-exchange and private pension plan operations in May as a way to boost revenue and limit spending freezes needed to comply with the government's fiscal framework. The move, however, sparked immediate backlash from lawmakers, who said they would not approve the tax hikes and last week dealt the government a major blow by ultimately nixing the decree. "If we hadn't made this move, we would be allowing interference from one branch of government into another," Messias said about the lawsuit. "Our approach is strictly legal, not political." The government had estimated that the IOF hike, already scaled back from an initial proposal for even higher rates, would generate an additional 12 billion reais ($2.20 billion) in revenue this year. Deputy Finance Minister Dario Durigan said earlier on Tuesday that the measure, along with some other fiscal proposals put forward by the government, would ensure compliance with the fiscal target this year and next. Latin America's largest economy aims to eliminate its primary deficit in 2025 and deliver a primary surplus of 0.25% of gross domestic product in 2026, though economists have voiced skepticism about its ability to reach those targets. "The reversal of the decree ends up affecting the economic and tax policy under responsibility of the head of the executive branch, and leads to a violation of the principle of separation of powers," Messias said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
13-06-2025
- Politics
- Straits Times
Brazil's Lula joins growing chorus of calls to overhaul Haiti security mission
FILE PHOTO: People walk through a makeshift shelter at the Church of Jesus Christ of Latter-Day Saints, which houses individuals displaced by gang violence, in Port-au-Prince, Haiti June 12, 2025. REUTERS/Jean Feguens Regala/File Photo Brazil's President Luiz Inacio Lula da Silva delivers a speech during the Blue Economy and Finance Forum (BEFF) at The Grimaldi Forum in Monaco on June 8, 2025. LUDOVIC MARIN/Pool via REUTERS/File Photo BRASILIA - Brazilian President Luiz Inacio Lula da Silva on Friday became the latest world leader to call for a stronger security force in Haiti, as the underfunded, poorly manned U.N.-backed mission has failed to make headway against the nation's spiraling gang crisis. A record 1.3 million people have been displaced from Haiti in the past six months as armed violence surges, according to U.N. data. Experts say the security mission on the ground there, led by Kenya with support from the U.N., is not enough. Lula, meeting with Caribbean leaders in capital Brasilia, called for the U.N. to finance the mission under its current structure or to convert it into an official peacekeeping mission. "Stabilizing the security situation is essential to take the next step in the political process and hold presidential elections," Lula said. Brazil led a peacekeeping mission to Haiti from 2004 to 2017, though it was marred by a deadly cholera outbreak and allegations of human rights abuses which have left many Haitians wary of an official force. At the moment, the U.N. manages the funds for the Haitian mission, which come from voluntary donations by countries. Many have pledged funds which have yet to arrive. A transition to a formal peacekeeping mission, which would ensure stable funding, would need to be approved by the U.N. Security Council. The U.S. had previously backed the move, though Russia and China, which hold veto powers, were against it. Other world leaders, including France, the Dominican Republic and Colombia, have called for increased support in recent months. France, which colonized Haiti, in April said it was "time to move on" to a peacekeeping mission. Dominican President Luis Abinader, in a letter signed by other former presidents, asked the U.N. earlier this month to consider a hybrid mission to provide logistics and operational support. "Without urgent and effective strengthening of the (mission), there is a real risk that Haiti will be completely dominated by (gangs)... and become a regional hub for drug trafficking, terrorism and other transnational crimes," they wrote. Colombian President Gustavo Petro, following a previous suggestion from U.S. Secretary of State Marco Rubio, last week asked the Organization of American States to deploy troops to Haiti. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
12-06-2025
- Politics
- Straits Times
Brazil's Lula grows more unpopular in Brazil as approval dips to 28%, Datafolha poll shows
Brazil's President Luiz Inacio Lula da Silva walks on stage after giving a speech during the Blue Economy and Finance Forum (BEFF) at the Grimaldi Forum in Monaco, June 8, 2025. REUTERS/Manon Cruz/Pool/File Photo Brazil's Lula grows more unpopular in Brazil as approval dips to 28%, Datafolha poll shows SAO PAULO/BRASILIA - Brazilian President Luiz Inacio Lula da Silva has grown more unpopular in June, pollster Datafolha said on Thursday, as his government's approval rating dipped and disapproval rose. Lula's government approval ticked down to 28% in June from 29% in April, while the disapproval rate increased to 40% from 38% in the period, according to Datafolha. Still, both rates remain better than February's figures when Lula's approval hit a record low of 24% and disapproval peaked at 41% during his three terms in office. Those seeing Lula's government as average fell to 31% in June from 32% in April, Datafolha said. The poll surveyed 2,004 eligible voters in person on June 10-11. The poll has a margin of error of plus or minus two percentage points. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
10-06-2025
- Business
- Yahoo
Yachting: in Monaco, the Sea Index sets the course for ecological transition
MONACO, June 10, 2025 (GLOBE NEWSWIRE) -- In the heart of the Mediterranean, where luxury yachting meets the pressing demands of environmental responsibility, Monaco is positioning itself as a frontrunner in sustainable maritime innovation. This week, the Principality hosted the 'Blue Economy and Finance Forum (BEFF)' - an official event of the United Nations Ocean Conference - bringing together global leaders, investors, policymakers, and scientists to shape the future of blue finance and ocean-related innovation. Held under the High Patronage of HSH Prince Albert II and in partnership with the Principality, the forum served as a platform for unveiling impactful tools such as the Sea Index, a pioneering initiative by the Yacht Club de Monaco developed with Credit Suisse (a Ubs Group company). Presented during the session titled 'Setting Sail to Blue Ports and Shipping', which focused on decarbonizing maritime transport and port infrastructure, the SEA Index was highlighted as a key enabler of the ecological transition within the yachting industry. Rachel Ercole Ribes, Development Manager of Sea Index, emphasized the critical role yacht owners can play in leading this transition: "Yacht owners are often also captains of industry. They possess both the means and the influence to unlock technological barriers. Decarbonization is not just a regulatory obligation, it is a shared responsibility. With the Sea Index, we provide a reliable, transparent, and scalable tool and, above all, we assert pioneering leadership in the sector, to anticipate future regulations and foster innovation starting today". The high-level panel included key industry figures: Christine Cabau (EVP Assets and Operations, CMA CGM Group), Paul Taylor (Global Head of Maritime Industries at Société Générale and Vice Chair of the Poseidon Principles), Christophe Castaner (Chairman of the Supervisory Board, Grand Port Maritime de Marseille), and Stefano Sommadossi (President, NatPower). The discussion was moderated by Nick Brown, Corporate Affairs Director at Bureau Veritas. The Sea Index offers an independent, certified methodology - validated by Lloyd's Register and labeled by Capenergies - that enables yachts over 24 meters to assess and reduce their carbon footprint. It includes a lifecycle emissions calculator based on fuel choice and is designed to integrate future metrics such as air and noise pollution, as well as emerging technologies like fuel cells. The tool is already seeing growing adoption across the Mediterranean, with around twenty ports in France's Southern Region involved, and is now expanding globally, with initial deployment in the Seychelles in partnership with local authorities. Beyond this, the Yacht Club de Monaco continues to promote sustainable innovation through the Monaco Energy Boat Challenge (July 1–5, 2025), an open innovation platform that brings together engineering schools and industry stakeholders to test future energy solutions at sea. As the blue economy already generates $2.5 trillion annually and is expected to exceed $3 trillion by 2030 (OECD), Monaco is not drifting with the tide, it is anchoring its vision firmly in the future. For more information:- A photo accompanying this announcement is available at 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
Euronews
08-06-2025
- Politics
- Euronews
Blue Economy Forum: Macron rebukes climate change deniers
Hosted by Prince Albert of Monaco, the final day of the Blue Economy and Finance Forum (BEFF) closed with leaders pledging their support and calling for global responsibility to protect the oceans. William, Prince of Wales, said the challenge of protecting the world's oceans was "like none that we have faced before" and that the clock is ticking: "I believe that urgency and optimism have the power to bring about the action needed to change the course of history. I'm an optimist because as the founder of the Earthshot Prize, I see the incredible examples of the ideas, innovations and technologies that are harnessing the power of the ocean whilst protecting its vitality." "Watching human activity reduce beautiful sea forests to barren deserts, the base of our oceans is simply heart-breaking for many. It is an urgent wake-up call to just what is going on in our oceans, but it can no longer be a matter of out of sight, out of mind. The need to act to protect our ocean is now in full view, as ever," Prince William added. Meanwhile, in his closing speech, French President Emmanuel Macron criticised countries that deny climate change and cut budgets on this matter. 'We've been hearing that, basically, climate change, the threat to biodiversity, the issue of the oceans, all of that, is a matter of opinion," Macron said. He continued: "I'm going to tell you: no, we don't have the right to do that because it's not an opinion, but it's scientifically established." The French president also hinted at potential developments in the near future: "We have a duty to mobilise because the science is clear and the facts are there. There is no inevitability. And so, with a few governments, we will in the coming days make strong decisions and mobilise the international community." A major focus of the weeklong summit was the push to ratify the High Seas Treaty, which would enable conservation in international waters. The forum is the precursor to the United Nations Oceans Conference (UNOC) in Nice, where more than 50 world leaders are expected to attend. The US administration will not send representatives. On Sunday 8 and Monday 9 June, citizens are called to the polls to vote on five abrogative or repeal referenda - they are so called because they decide whether to retain or repeal a law or decree that is part of the legislature and already implemented. They coincide with local elections in several Italian regions and municipalities. The referenda, proposed by trade unions and civic organisations, touch on issues that have generated political debate in recent years, in particular the labour market reform, mainly of the 2016 Jobs Act, and migrant reception and integration policies. The first four issues are related to the job topic and concern increasing protection of workers, small enterprises and their obligations towards employees, short-term contracts, and the responsibility of clients towards sub-contracting parties and employees' safety. The fifth question concerns the period of time necessary to be eligible for Italian citizenship, proposing to reduce it from 10 to 5 years. Government parties opposed the referenda, with some politicians urging citizens not to go to the polls. Analysts say the vote is a test for Giorgia Meloni's executive. For the referenda to be valid, a quorum must be reached: at least 50% plus one of all eligible voters must participate. According to the advocacy group International Democracy Community, the referenda can be characterised as a citizens' initiative: "The referendum questions were proposed through a bottom-up approach, and did not come from Parliament. Members of the Europa+ party launched the initiative on the citizenship question, whilst the Italian General Confederation of Labour (CGIL) has been the initiator of the Jobs Act ones, with support from the Democratic Party, the Five Star Movement, and the Green & Left Alliance." Voting is taking place from 07:00 to 23:00 on Sunday and from 07:00 to 15:00 on Monday. At 12 noon, with almost all sections verified, turnout stood at just over 7%, raising concerns about a successful outcome. In 2011, the last time the quorum was reached in a referendum, 11.6% had voted by that time.
