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Exclusive: Brazilian payments network Elo picks banks for IPO - sources

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SAO PAULO (Reuters) - Brazilian payments firm Elo has chosen six banks to manage its initial public offering, four sources close to the matter said, in the first concrete sign it is proceeding with a move first proposed by shareholders in August.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo
The payments network - launched a decade ago to compete with Visa Inc and Mastercard Inc - is planning an IPO on Nasdaq, the sources said, following recent successful listings by Brazilian financial services firms such as XP Inc and StoneCo Ltd.

Exclusive: Brazilian payments network Elo picks banks for IPO - sources


Exclusive: Brazilian payments network Elo picks banks for IPO - sources
By Carolina Mandl
Reuters
SAO PAULO (Reuters) - Brazilian payments firm Elo has chosen six banks to manage its initial public offering, four sources close to the matter said, in the first concrete sign it is proceeding with a move first proposed by shareholders in August.
The payments network - launched a decade ago to compete with Visa Inc and Mastercard Inc - is planning an IPO on Nasdaq, the sources said, following recent successful listings by Brazilian financial services firms such as XP Inc and StoneCo Ltd.
Elo has picked Morgan Stanley, Goldman Sachs and JPMorgan & Co as the main underwriters, along with the investment banking units of its owners Banco Bradesco SA, Banco do Brasil SA and Caixa Economica Federal.

Google Play Allows Gambling, Betting Apps in 15 New Countries Including US, Canada, and Australia

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Google Play Allows Gambling, Betting Apps in 15 New Countries Including US, Canada, and Australia
Google Play has updated its policies for gambling and betting apps that will come into force from March 1.
By Jagmeet Singh | Updated: 29 January 2021 14:10 IST
Google Play earlier allowed gambling and betting apps in just four countries
Highlights
The new change will bring gambling apps to a total of 19 countries
Google Play is also simplifying rules for gamified loyalty programmes
Google Play has updated its policies to allow gambling and betting apps in 15 more countries, including Australia, Belgium, Canada, Germany, and the US. The update will enable developers to make real-money gaming apps, in-app ads related to real-money gambling, and daily fantasy sports apps available on Google Play in the eligible countries. Up until now, Google allowed gambling and betting apps in just four countries: Brazil, France, Ireland, and the UK. The latest change is notably not applied to India where gambling apps are mostly illegal.

Brazil Economy Sees Uneven Recovery After Worst Quarter Ever


Brazil Economy Sees Uneven Recovery After Worst Quarter Ever
Bloomberg
9/1/2020
Mario Sergio Lima
(Bloomberg) -- Brazil’s economy posted its largest slump on record in the second quarter and its recovery is likely to be irregular as the crucial services sector remains weak despite emergency government spending.
The country was early to roll back social distancing policies against a pandemic that has killed more than 120,000 Brazilians, and policy makers shelved austerity in favor of stimulus to help demand. While those actions sparked a “V-shaped” retail recovery, services -- which account for more than half of gross domestic product when commerce is excluded -- are still struggling.

Coronavirus and banking: Brazil finds diversions in concentration


When corporates needed access to credit as the Covid-19 crisis ravaged Brazil’s markets, the big banks baulked or raised their costs dramatically. Is this the price of such a consolidated market, one that also provides much-needed stability in times of turmoil?
People wait in line in front of a public bank to try to receive emergency aid given by the federal government to the most vulnerable, amid the Covid-19 outbreak in Rio de Janeiro last week
When the coronavirus crisis arrived in Brazil it hit fast, it hit hard and it reignited the debate about the merits of having a banking market dominated by just a handful of big firms.

Tokio Marine to Enter Mortgage Insurance Biz in Brazil


Русский
Tokyo, Jan. 8 (Jiji Press)--Japanese nonlife insurer Tokio Marine Holdings Inc. will establish a joint venture in Brazil to underwrite mortgage and homeowner insurance.
Tokio Marine said Tuesday it has reached an agreement on the establishment with Caixa Seguridade Participacoes SA, an insurance holding unit of Brazilian state-owned lender Caixa Economica Federal.
The Tokio Marine group will invest 1.52 billion real, or 39.5 billion yen, in the joint venture and acquire a 50.01 pct stake.
To be based in Sao Paulo, the joint venture will start operations by February 2021.
The move is part of the Tokio Marine group's strategy to disperse operational risks in Brazil, where its business centers on automobile insurance.

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