Latest news with #renegotiation
Reuters
11-07-2025
- Business
- Reuters
Brazil to collect $1.8 billion from debt renegotiation with big companies
BRASILIA, July 11 (Reuters) - The Brazilian government secured 10.2 billion reais ($1.8 billion) in revenue from the first round of tax debt renegotiations with major companies this year, the Treasury's attorney general and the Federal Revenue Service said. As part of the initiative, which is included in a broader effort to reduce Brazil's fiscal deficit to zero by 2025, the government is finalizing technical details to launch another three public notices to renegotiate tax debts, Treasury Attorney General Anelize Almeida told Reuters. The first-round agreements include an immediate collection of 7.6 billion reais and future payments of 2.6 billion reais. These kinds of tax debt transactions were originally created to grant discounts on debt renegotiation for companies in serious financial situations. They were made more flexible by a 2024 regulation that allowed the government to seek agreement with large companies to avoid costly and potentially unsuccessful court actions. "We're moving to a new focus of the transaction, which is the legal criteria and the litigation involved, how much it costs to maintain the litigation," Almeida said. "The economic cost of this litigation is very significant for the government and for the company." The first round primarily involved large banks. Companies agreed to drop judicial and administrative challenges, concluding 188 lawsuits.
CNA
04-06-2025
- Business
- CNA
Trump renegotiating Biden-era Chips Act grants, Lutnick says
WASHINGTON :President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, U.S. Commerce Secretary Howard Lutnick said at a hearing on Wednesday, suggesting some awards may be axed. Some of the Biden-era grants "just seemed overly generous, and we've been able to renegotiate them," Lutnick told lawmakers on the Senate Appropriations Committee, adding that the goal was to benefit the American taxpayer. "All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place," Lutnick said, appearing to signal that not all the awards would survive renegotiation. Biden in 2022 signed the CHIPS and Science Act to plow $52.7 billion into boosting semiconductor chips manufacturing and research in the U.S. and luring chipmakers away from Asia. The program rolled out billions in grants for semiconductor heavyweights including Taiwan's TSMC, South Korea's Samsung and SK Hynix, as well as U.S.-based Intel and Micron. The grants, while signed, had only just begun to be disbursed by the time Biden left office. The details of those plans are not public but the money is meant to be disbursed as companies make progress towards their pledged plant expansions. Reuters reported in February that the White House was seeking to renegotiate the awards and had signaled delays to some upcoming semiconductor disbursements. Lutnick also said the administration agrees with the goal of having more than 50 per cent of global AI computing capacity in America, responding to concerns that deals like the one announced by Trump last month to allow the United Arab Emirates to buy advanced American artificial intelligence chips could deprive the United States of key AI computing power.
Bloomberg
29-05-2025
- Business
- Bloomberg
Carlyle's Dainese Seeks to Renegotiate Its Debt as Losses Soar
Dainese SpA, a sports clothing brand owned by Carlyle Group, is looking to renegotiate its debt terms after losses steepened in 2024. The Italian company, which produces high-end wear for motorcyclists and skiers, said it wants to open debt talks with creditors after it reported a €120 million ($136 million) loss last year, almost three times bigger than in 2023, according to its annual financial report published earlier this month.
Bloomberg
26-05-2025
- Business
- Bloomberg
Hungary Warns Wage-Hike Plan at Risk From Weak Economy
Hungary's government warned it may need to renegotiate minimum wage hikes planned for 2026 due to weaker-than-expected growth, in the latest downbeat economic outlook from officials. The cabinet prefers to reconsider substantial minimum wage hikes if that would hurt local companies, Economy Minister Marton Nagy said at a conference in Budapest Monday. If economic or wage growth lags forecasts, the government will be open to renegotiating a previously agreed wage deal later this year, he added.
