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Newsmakers

Pension Reform High on Brazilian President-Elect’s To-Do List

Jair Bolsonaro aims to privatize the nation’s retirement system when he takes over in January.

By Chris Butera

Brazil’s new president-elect, Jair Bolsonaro, has his work cut out for him once Michel Temer, the nation’s current head of state, leaves office in January, and pension reform is among his highest priorities.

Bolsonaro, a Social Liberal Party member, wants to privatize the pension system, which would put everything into accounts where people would manage their own retirement savings.  Pensioners can currently retire at an average age of 54 to get their full benefits.

Paulo Guedes, the incoming president’s economic advisor and possible economy minister, said Sunday that the pension system is one of the new administration’s top priorities.

The issue at hand is that Temer, now a lame duck, promised reforms to the debt-laden retirement system’s age eligibly for almost a year. His proposed changes, which were to raise the retirement and social security collection ages, impose contribution minimums, and require 40 years of service to obtain full benefits, met protests and delays for various reasons. Following issue-related conflict that led to military intervention, the president eventually gave up and left the problem to his successor.

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It is not yet known when, or how soon, a pension revamp could occur.

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Home > News > Newsmakers > Ray Dalio, Mike Bloomberg Partner for Ocean Exploration
Newsmakers

Ray Dalio, Mike Bloomberg Partner for Ocean Exploration

The two billionaires will strengthen OceanX’s research, sustainability projects for a cool $185 million.

By Chris Butera

Michael Bloomberg is teaming with Ray Dalio to support OceanX, the Bridgewater Associates head’s marine biology venture, in a near $200 million, four-year pact.

Announced at this year’s Our Ocean conference in Indonesia, the two billionaires’ first project will be an expedition to the Northeast Canyons and Seamounts Marine National Monument, where the region will be explored via the Alucia, OceanX’s aquatic research vehicle.

Former New York City Mayor Bloomberg, founder of the eponymous market data and media firm, has a robust philanthropy organization. Dalio, who founded the world’s largest hedge fund, also has extensive philanthropic interests.

For the four-year project, Bloomberg Philanthropies’ partners will help with OceanX’s research, and invest in both independent and collaborative efforts regarding ocean exploration and conservation. More than $185 million will seed the Bloomberg-Dalio connection.

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Bloomberg said that his philanthropies division is aligning with OceanX “to ensure that ocean conservation receives the attention it deserves,” since more than 3 billion people depend on the oceans for food and other resources.  

“The health of our oceans is intertwined with our continued health and wellbeing on land, and increased threats to the ocean require that we focus our attention on addressing these issues,” said Dalio. “We need to drive toward a global understanding of and passion for the oceans, which we believe will ultimately lead to their protection.”  

The investment is part of Bloomberg’s planned expansion on his Vibrant Oceans initiative, launched in 2014. The operation seeks to ensure ocean sustainability over the next four years. The initial partners for this phase are Rare, Oceana, Global Fishing Watch, Wildlife Conservation Society, Oceans 5, and the Commonwealth Secretariat, with more to be announced in the coming months.

Bloomberg Philanthropies has invested $69 million into maritime conservation since 2011.

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