The telecommunications multinational Telefónica expects to make its first investments from Vivo Ventures in the coming months, a fund created by the company in Brazil of 320 million reais, equivalent to 60.4 million euros, with the purpose of investing in consumer-oriented startups and complement their offer in the South American country.

The investment fund will have a duration of five years and will focus on sectors such as health, education, finance, home, digitization, entertainment and marketplaces.

Telefónica’s headquarters in Brazil already has a Wayra open innovation hub in Sao Paulo and has made small investments in the country such as the edtech Qranio, the fintech Monkey Exchange and the digital health firm Proradis.

The company, during its presentation of results for the second quarter, explained that the management of the fund has selected some 20 companies in which it would like to undertake an investment.

Diversifying offers

Telefónica is searching for startups in Brazil simultaneously with the diversification of its offer with new booming businesses such as consumer loans and digital education. The first of these, Vivo Money, is a digital loan service that, since October 2020, has granted more than 80 million reais in financing, about 15 million euros.

On the other hand, the company is planning for the end of 2022 the “launch of VivaE, a digital education joint venture with Ánima Educaçao. Both companies have already selected the management team and aspire to complete their base product MVP, for its acronym in English, in the coming months.

M. Rodríguez

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Source: negocios.com

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The International Monetary Fund (IMF) estimates that Peru’s GDP will grow by 3 % in 2022, after having rebounded by 13.3 % in 2021 after the historical collapse of 11 % in 2020.

In the conclusion of Article IV on the Andean country, the body has warned that, although Peru’s economic recovery has been solid, the outlook faces internal and external risks to the downside.

With respect to 2023, 2024 and 2025, the Fund forecasts that the Peruvian GDP will grow by 3 % in each of the years.

The multilateral institution has explained that the slowdown in 2022 will occur in a context of tightening external conditions and the withdrawal of stimulus policies. The pandemic, a sharp tightening of global financial conditions, prolonged global supply chain disruptions, geopolitical tensions and a sharp slowdown in growth in China, Peru’s main trading partner, are the main risks facing the economy. Peruvian.

Political uncertainty in Peru impacts its economy

According to the IMF, in addition to external conditions, the country’s political uncertainty is added, which could have adverse effects on private investment and trigger greater volatility in financial markets.

“Although a strong recovery has been confirmed in 2021, the Andean country’s real GDP remains below its pre-pandemic trend and the labor market has not yet fully recovered,” the agency said.

As regards other indicators, the fiscal deficit fell to 2.6 % of GDP in 2021 thanks to higher metal prices and higher tax revenue collection, the collection of back taxes and the elimination of fiscal stimulus measures in 2020. For their part, international reserves increased to 78,500 million dollars (72,259 million euros), 35 % of GDP in 2021.

Peru has access to a Flexible Credit Line agreement with the IMF worth 11,000 million dollars (10,125 million euros), which is granted to countries with a history of prudent policies and can be used as additional protection.

Source: dpa

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The World Bank created 93 billion dollars fund to help the poorest countries recover from the crisis caused by the pandemic and to finance other programs. The president of the organization, David Malpass, considers that the “generous commitment” by the partners is essential to “support poor countries in their efforts to recover from the Covid-19 crisis.”

The bank, which is based in Washington, reported that this is one of the largest contributions that the International Development Association (IDA) has made to 74 countries, most of which are African.

The statement specifies that the resources include 23,500 million dollars in contributions from the 48 countries considered high and middle income, in addition to financing obtained in capital markets and contributions from the World Bank itself.

The funds are intended to help countries better train themselves to cope with difficulties such as pandemics, financial crises and natural disasters. Although the resources are for the different countries of the world, Africa is the continent that benefits the most because it receives 70 % of the fund’s resources.

IDA fund resources are reset every three years, but as a result of the pandemic, the last cash injection was brought forward one year and will run until June 2025.

M. Rodríguez

Source: elnacional.com

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Enoch Godongwana, finance minister of South Africa, presented a new bill that excludes the possibility of investing in cryptocurrencies and stipulates some prohibitions when investing the money of the users of pension funds.

In the previous legal norms they contemplated the possibility that the “portfolio managers” will make investments in a “category” that was called “other assets” where the different crypto assets on the market were included.

The amount established by the legal status was 2.5 % of the total money that the affiliates had in the pension fund. However, the new recommendations that are contained in regulation 28 are intended to be normal in the way in which investments can be made.

The Regulation 28 is a rule used by the Pension Fund Law to govern “how funds can be invested and is intended to prevent investors from overinvesting in a single type of asset.”

According to South African officials, there is great concern due to the behavior of cryptocurrencies in the global market, which is “speculative”, thus they are analyzing the different options that allow studying the “possible applications of distributive ledger technology”.

Pension funds and cryptocurrencies

One of the first pension funds in the United States to approved investments in crypto assets was the Fairfax County Police Officers Retirement System in Virginia, starting in 2018 with 0.5 % of those established for business related to blockchain.

Currently, the fund has been increasing its investment percentage in this sector, reaching around 7 % in this type of assets.

M. Rodríguez

Source: noticiascripto.com

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The $ 1 billion fund was created by the Rockefeller and IKEA foundations to finance clean energy projects and for this year they plan to cut 1 billion tons of greenhouse emissions, as well as provide 1 billion people with electricity from renewable sources.

The organizations made the announcement in the framework of a ministerial meeting on energy, organized by the UN, where companies and governments present their responsibilities and new commitments in the field of the environment.

The CEO of the IKEA Foundation, Per Heggenes, says: “Our collective ambition is to create a platform that supports renewable energy programs that can deliver greenhouse gas reductions quickly and efficiently and accelerate the energy transition.”

For his part, the president of Rockefeller Rajiv J. Shah, argues that due to the pandemic “millions of lives and billions of dollars” have been dissipated, forcing people to return to poverty and the effects of “the climate crisis will do this. even worse, so we have to invest now to turn this spiral around.”

Clean energy by 2030

The meeting has been taking place, via Internet, since Monday the 21st and will remain until next Friday 25th with the participation of delegates from different countries, companies and organizations from around the world. During the opening, the Secretary of the UN, Antonio Guterres, asked to expedite the measures that facilitate universal access to energy by 2030 and meet the goals of the fight against climate change.

Within the framework of these activities, the largest internet company, Google, committed that by 2030 all its data centers and office campuses will operate with clean energy.

M. Rodríguez

Source: bancayfinanzas.com

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