Latest news with #FernandoHaddad
Yahoo
2 days ago
- Business
- Yahoo
Brazil acknowledges possibility of no US trade deal by August 1
SAO PAULO (Reuters) -Brazil's finance minister said on Monday that his country will not give up negotiating with the United States, but acknowledged that a deal may not be reached by August 1, when President Donald Trump's 50% tariffs on Brazilian goods are due to take effect. "That could happen," Fernando Haddad told radio station CBN in an interview, saying that Latin America's largest economy is still awaiting a response from Washington to trade proposals it initially submitted in May.
Reuters
2 days ago
- Business
- Reuters
Brazil acknowledges possibility of no US trade deal by August 1
SAO PAULO, July 21 (Reuters) - Brazil's finance minister said on Monday that his country will not give up negotiating with the United States, but acknowledged that a deal may not be reached by August 1, when President Donald Trump's 50% tariffs on Brazilian goods are due to take effect. "That could happen," Fernando Haddad told radio station CBN in an interview, saying that Latin America's largest economy is still awaiting a response from Washington to trade proposals it initially submitted in May.
TimesLIVE
07-07-2025
- Business
- TimesLIVE
Trump threatens extra 10% tariffs on Brics as leaders meet in Brazil
In the joint statement, the leaders called attacks against Iran's "civilian infrastructure and peaceful nuclear facilities" a "violation of international law". The group expressed "grave concern" for the Palestinian people over Israeli attacks on Gaza, and condemned what the joint statement called a "terrorist attack" in India-administered Kashmir. The group voiced its support for Ethiopia and Iran to join the World Trade Organisation, while calling to urgently restore its ability to resolve trade disputes. The leaders' joint statement backed plans to pilot a Brics multilateral guarantees initiative within the group's New Development Bank to lower financing costs and boost investment in member states, as first reported by Reuters last week. In a separate statement after a discussion about artificial intelligence, the leaders called for protections against unauthorised use of AI to avoid excessive data collection and allow mechanisms for fair payment. Brazil, which also hosts the UN climate summit in November, has seized on the two gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on US climate initiatives. China and the UAE signaled in meetings with Brazilian finance minister Fernando Haddad in Rio that they plan to invest in a proposed tropical forests forever facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world.
Straits Times
06-07-2025
- Business
- Straits Times
Brics finance ministers make unified proposal for IMF reforms
Sign up now: Get ST's newsletters delivered to your inbox Brazilian Finance Minister Fernando Haddad (right) with Brazil's President Luiz Inacio Lula da Silva (centre) and China's Premier Li Qiang during a bilateral meeting, ahead of the Brics summit in Rio de Janeiro, on July 5. RIO DE JANEIRO - Finance ministers from the Brics group of developing nations on July 5 called for reform of the International Monetary Fund (IMF), including a new distribution of voting rights and an end to the tradition of European management at the helm. The joint statement by the group's finance ministers marks the first time the Brics countries have agreed on a unified position on the proposed reforms. They agreed to back the shared proposal at an IMF review meeting coming up in December, which will discuss changes to a quota system that defines contributions and voting rights. 'Quota realignment should reflect members' relative positions in the global economy, while protecting the quota shares of the poorest members,' the ministers wrote in their statement after meetings in Rio de Janeiro, adding that the new formula should increase quotas for developing countries. The Brics ministers called for a new formula weighted by economic output and purchasing power, considering the relative value of currencies, which should better represent low-income countries, said a Brazilian official who followed negotiations. The ministerial meetings came ahead of a leaders summit in Rio for the bloc that expanded last year beyond Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. That has added diplomatic clout to the group, which aims to speak for developing nations in the Global South, urging reforms of institutions long dominated by traditional Western powers. 'With full respect to a merit-based selection process, regional representation must be enhanced for the IMF management, overcoming the anachronistic post-World War II gentlemen's agreement that is unfit for the current world order,' the finance ministers wrote. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July launch Singapore TTSH to demolish century-old pavilion wards, keeping one as heritage marker World 'Formed to give you back your freedom': Elon Musk says he has created a new US political party Singapore Tank collides into traffic light during NDP preview show Singapore Don't view your first property as a dream home, get a foothold in the market instead: PropNex's Ismail Gafoor Asia HIV surge in the Philippines amid poor sex education, policy gaps Tech Graduates are not screwed if they study engineering: James Dyson in response to Economist article Business When a foreign wife failed to turn up for a $10m divorce Their statement also confirmed discussions to set up a new guarantee mechanism backed by the NDB, a multilateral bank funded by the Brics, which aims to lower financing costs and boost investment in developing economies, as Reuters first reported on Thursday. REUTERS
Business Times
05-07-2025
- Business
- Business Times
China signals investment in Brazil-led global forest fund: sources
[RIO DE JANEIRO] China has signalled to the Brazilian government that it will invest in the Tropical Forests Forever Facility, a multilateral mechanism funding conservation of endangered forests around the world, two sources with knowledge of negotiations told Reuters. An investment by China in the fund, which Brazil first proposed in 2023, would signal an important shift in climate finance, which has relied on funding from wealthy nations most responsible for global warming to date. China's commitment to the fund could pave the way for emerging economies to contribute financially to climate change mitigation, moving beyond the mandatory requirements imposed on developed nations by the 2015 Paris Agreement. The new approach comes as wealthy nations such as the United States retreat from ambitious pledges to fund projects curbing climate change, despite growing pressure from poorer nations struggling to cope with the impacts of a warmer climate. At last year's United Nations climate summit, leaders of developing countries lambasted wealthy nations over their annual US$300 billion global finance target, covering just a fraction of the US$1.3 trillion that economists say is necessary. Chinese Finance Minister Lan Fo'an expressed the intention to contribute to the forests fund, known as TFFF, in a meeting with his Brazilian counterpart Fernando Haddad on Thursday, sources said. They spoke on the sidelines of a meeting of finance ministers in the run-up to the Brics summit of major developing nations that starts in Rio de Janeiro on Sunday. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up '(Lan) told (Haddad) that he considered the fund idea important and that China would collaborate,' said one source, who witnessed the conversation, adding that the discussion did not involve specific values. The Brazilian government has taken the message from China's finance minister as a signal that Beijing will contribute funds, the sources said, although a public announcement is not expected until the UN climate summit, COP30, in November. China's embassy in Brasilia and Brazil's Finance Ministry did not immediately reply to a request for comment. Brazilian President Luiz Inacio Lula da Silva had previously discussed the fund with Chinese President Xi Jinping during his visit to China in May, according to sources. Brazil also aims to attract other resource-rich developing nations to the fund, particularly from the Middle East, the sources said. The Brazilian government sees potential for the TFFF to be its main new deliverable at COP30, which it will host in the Amazonian city of Belem. Policymakers have envisioned TFFF as a US$125 billion fund, combining sovereign and private-sector contributions, to be managed like an endowment paying countries annual stipends based on how much of their tropical forests remain standing. While sources do not expect the fund to launch at that scale, the idea received initial signs of support from the UK, France, Germany, Norway, Singapore and the United Arab Emirates. Early backing from the United States evaporated after US President Donald Trump exited the Paris Agreement. The interest in the TFFF underscores growing international attention on the preservation of tropical forests, rich in planet-warming carbon, as a powerful tool to combat climate change and stave off biodiversity loss. REUTERS
