FT News Briefing An unlikely alliance in Brazil
Aug 29, 2023
Goldman Sachs is pulling back from consumer banking, shaking up the financial landscape. In Brazil, President Lula is forming an unexpected alliance with right-wing parties to push his agenda forward. Meanwhile, the European defense industry grapples with rising ammunition demands fueled by the Ukraine conflict. Additionally, talks are brewing about EU expansion, with a proposed target date set for 2030. El Niño's looming presence also threatens global food prices, adding another layer of complexity to the current geopolitical climate.
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Goldman Sachs Exits Consumer Banking
- Goldman Sachs is selling its financial planning unit, impacting about 200 employees.
- This sale represents a retreat from CEO David Solomon's push into mass market financial planning.
Lula's Unlikely Alliance
- Brazil's President Lula is forming an alliance with right-wing parties previously supporting his opponent, Bolsonaro.
- This pact aims to secure congressional support for Lula's agenda in exchange for cabinet positions.
Ukraine's Ammunition Shortage
- Ukraine's counteroffensive progress is hindered by Europe's limited ammunition production capacity.
- European defense industries struggle to meet demand due to decades of underinvestment and short-term contracts.