FT News Briefing

An unlikely alliance in Brazil

Aug 29, 2023

09:17

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Goldman Sachs plans to sell its personal financial management division, Brazil's president forms alliance with right-wingers, struggling European defense industry, Charles Michel proposes EU target date for new members.

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Quick takeaways

Goldman Sachs is selling off one of its financial planning units as part of its move away from mass market financial planning.

Brazil's left-wing president, Lula, is close to finalizing a pact with political opponents from right-wing parties, which could help him push through his left-wing policies.

Deep dives

Goldman Sachs sells off financial planning unit

Goldman Sachs is selling off one of its financial planning units, comprised of about 200 employees, as part of its move away from mass market financial planning. This is the second deal under CEO David Solomon that the bank is undoing, following the sale of its online lending service, Green Sky.

Introduction

4min

Inclusion of parties in Brazil parliament, El Anino's impact on food prices, and Ukraine's defense industry

2min

The Impact of Ukraine War on Ammunition Production and Defense Spending

2min

Government-Defense Industry Dynamics and the Future of the EU

2min

Goldman Sachs plans to sell one of its personal financial management divisions, Brazil's president, Luiz Inácio Lula da Silva, is close to sealing an unlikely alliance, and the European defence industry is struggling to keep up with demand for ammunition for the Ukraine war. Plus, European Council president Charles Michel proposes a target date for adding new members to the EU.

Mentioned in this podcast:

Goldman Sachs sells financial planning unit as part of consumer retreat

El Niño’s storm clouds gather over global food prices

Lula nears pact with Brazilian rightwingers to boost passage of agenda

Boom in the woods: inside a munitions group’s fight to boost production

EU must be ready to accept new members by 2030, Michel to propose

Credit: European Council: President Michel @ Bled Strategic Forum 2023

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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