TIM, Claro and Vivo ask for R$ 3.2 billion back on the purchase of Oi Móvel, Pix global and what matters in the market

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Understand the ‘Global Pix’ project

A system of instant payments between countries and different currencies with the aim of reducing the costs of international transfers.

This is the Nexus project – dubbed in Brazil the “Global Pix” – which has been developed since 2021 by the BIS, the “central bank of central banks”. The road ahead, however, is long.

Understand: the idea is to connect the different instant payment systems in the countries –today there are 60– in a single platform.

• The Nexus will not necessarily be free, because many institutions have exchange transaction costs and their profit margins are also included in them. But the idea is that competition and ease will help reduce current costs to customers.

Yes but…There are a number of challenges to the model that is currently in the prototype phase.

• In addition to dealing with different currencies, each country adopts a type of technological infrastructure and forms of communication in its payment system. The first hurdle is finding a common denominator for all of them.

• This is one of the priorities of the pilot project that is being developed between the Singapore, Malaysia and Eurozone platforms in a test environment.

And Brazil? For Andrew McCormack, head of the innovation center at the BIS, the Pix would be at the top of the list of systems that could join the Nexus at the launch of the model.

Teles want BRL 3.2 billion back from Oi

Oi announced this Monday that operators Claro, TIM and Telefônica Brasil (Vivo) asked for a reduction of BRL 3.2 billion in the total purchase price of Oi Móvel, which is BRL 16.5 billion.

What explains: the teles argue that an analysis by the consultancy KPMG, hired by them, identified divergences in assumptions and calculation criteria, which involve working capital and net debt adjustments, investment obligations, among others.

• In practice, Oi would have to return BRL 1.74 billion, because TIM, Claro and Vivo had already withheld an amount for potential adjustments. They are still asking for another R$353 million in damages.

• Oi, which has 30 working days to present its arguments, said that it disagrees with the value claimed by rivals and said that the adjustments present “procedural and technical errors”, with “mistakes in the methodology, criteria, assumptions and approach adopted”. .

• If operators do not reach an agreement in “good faith”, the adjustment can be determined by an independent audit. Oi’s shares closed the day sharply down 11.32%quoted at R$ 0.47.

Remember: The purchase of Oi’s mobile networks by rivals TIM, Vivo and Claro, agreed in 2020, had the approval of the authorities this year after a fierce dispute at Cade.

• TIM is the one that will disburse the most money and keep the largest share of customers, followed by Vivo and Claro. Here’s how the division looks.

Stock market rises and dollar falls on Meirelles support day for Lula

The dollar started this Monday (19) higher, but closed 1.82%a BRL 5.16on a day of support by former Central Bank president Henrique Meirelles to the candidacy of former president Lula (PT) and on a week of decisions on interest rates in Brazil and the USA.

The Ibovespa had a positive day and jumped 2.33%to the 111,823 spots.

What explains:

BC’s activities: despite the market being divided on whether the Central Bank will raise the Selic by 0.25 point or keep it at 13.75% per year on Wednesday (21), the prevailing assessment is that the country is managing to control inflation without suffocating the economy. .

• While Brazil is approaching the end of the bullish cycle, in the US the situation is the opposite and the Fed is chasing inflation with high doses of interest.

Lula-Meirelles: the sign of support from the president of the BC in the Lula government was seen by the market as a message of predictability in economic conduct in an eventual PT mandate.

• Meirelles told Sheet that his support depends on Lula maintaining the direction of the economic proposals taken in his previous terms.

China: economist specialist in foreign exchange Cristiane Quartaroli, from Banco Ourinvest, disagrees that the fall in the dollar and the rise in the stock market had an influence on the domestic scenario. She attributes the results to the stimulus measures given to the Chinese economy.

• Vale, the second largest company on the stock exchange and with a performance closely linked to what happens in China, saw its shares rise 3.24%.

Out there: caution about the Fed’s decision next Wednesday prevailed. The question is whether the US central bank will apply a new high of 0.75 point or raise interest rates by 1 point. Dow Jones (+0.64%), S&P 500 (+0.69%) and Nasdaq (+0.76%) closed slightly higher.

Subscription to have the hot seat

The subscription service for heating seats offered by BMW in South Korea has fueled debates in the automotive industry: how much is it worth charging for products that are already installed in the car? And how much can our vehicles be remotely controlled?

Understand: the system that keeps the seats warm is already installed in the car, but it is necessary to remotely unlock its function, with an approximate cost of BRL 100 a month.

• According to BMW’s communication director, there is no plan to charge for activating the heating system of the seats of its cars in Brazil.

What explains: Activating functions for an extra fee is common in software, and the strategy seeks to create recurring revenue from customers.

• In cars, however, experts warn that it can generate consumer dissatisfaction, which is not used to this practice.

More about the automotive industry:

Mercedes presented at the Hannover Motor Show, in Germany, its electric truck model with a range of up to 500 kilometers and the capacity to transport 42 tons. The start of production is scheduled for 2024.