Brazilian Military Takes Charge in Bahia

first_img Some 10,000 police officers, or one third of Bahia’s police force, were on strike, demanding a 50 percent pay raise, better work conditions, and no retaliation, the state Public Safety Department said. The average wage for a state officer is currently about US$ 867 a month. “The way in which this strike is being carried out is unacceptable,” Brazilian Justice Minister Jose Eduardo Cardozo said. Brazilian security forces took control in Bahia on February 5, patrolling key intersections in Salvador, the state capital, after a police strike led to a major increase in murders and violent crime. Crime fears were having a dire economic effect. Pedro Galvão, president of the Association of Travel Agencies of Bahia, told Brazil’s O Globo newspaper that 10 percent of tourists had already canceled their air and hotel reservations for the Carnival. Officials in the northeastern state said 76 murders were reported over the past five days, double the number for the same period last year. Assaults and store lootings also increased. “For the last two days I have not left my apartment,” Italian businessman Marco Baghin told reporters. “It made no sense to risk being attacked or robbed.” center_img Brazilian soldiers spread out in Salvador to prevent further violence, patrolling highways and the city’s renowned beaches. By Dialogo February 07, 2012 The strike and the spike in violence came just two weeks before millions of tourists were expected to arrive for Brazil’s premier tourist event, the Carnival. Bahia, with a population of 13.6 million, is a main Carnival center. A force of 2,600 Army, Navy and Federal Police was ordered to Brazil’s fourth most populous state after local police went on strike on February 3, demanding higher pay, weeks before the annual Carnival. last_img read more

Pictet, Lombard Odier publish figures for first time in centuries

first_imgSwiss private bank Pictet has published a financial report for the first time in more than 200 years.According to the half-year financial statement, the banking group generates 85% of its operating income from service income relating to wealth and asset management.Assets under management (AUM) at Pictet Asset Management amounted to CHF144bn (€117bn) after the first six months.Pictet, founded in 1805, began to operate as an institutional asset manager in 1967, when it became the founding member of the first independent investment foundation in Switzerland. As of the end of June, assets under management or custody in the whole banking group totalled CHF404bn, excluding double counting, which is CHF13bn more than at year-end 2013.“Taking double counting into account, amounts are split between wealth management (34%), asset management (33%) and asset servicing (33%),” the bank said.For previous years, the banking group reported assets under management or custody of CHF391bn for 2013, CHF374bn for 2012 and CHF337bn for 2011.The consolidated profit in the group for the first six months of 2014 stood at CHF203m.  The banking group was forced to disclose its financial status publicly for the first time as – in line with other Swiss private banks – as it changed its legal status as of January 2014.Both Pictet and Lombard Odier have changed to partnerships limited by shares according to Swiss law (“Kommanditgesellschaft auf Aktien nach Schweizer Recht”).This step was taken to limit the liability of owners in the event of losses or claims for damages.The eight partners in the Pictet Kommanditgesellschaft, as well as their eight counterparts at Lombard Odier, keep control over the banking groups as shareholders, and all operating business are now run as listed stock companies.As of the end of June, Lombard Odier, founded in 1796, managed CHF47.8bn for asset management clients.For the first six months of 2014, it reported CHF62.5m in consolidated net profit.last_img read more