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<ul class="summary-list"><li>Car-rental startup <keyword id="3615669" type="PERSON" weightage="60" keywordseo="Turo">Turo</keyword> aims to list its shares publicly in 2021 after a strong end to 2020, the company's CEO told The Wall Street Journal in a report published Friday.</li><li>Turo allows people to offer their private vehicles for rental, a car-sharing alternative to industry giants such as Hertz or Avis.</li><li>CEO <keyword id="10530221" type="UNKNOWN" weightage="60" keywordseo="andre-haddad">Andre Haddad</keyword> isn't yet sure whether the company will pursue a traditional <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> or an alternative like a blank-check-company merger, according to The Journal.</li><li>The startup slashed costs and laid-off workers in 2020 to shore up extra cash. Those actions helped the company cut its second-half loss to $7.2 million, down from $46.9 million in the second half of 2019.</li></ul><p>Turo - a car-sharing app - plans to publicly list its shares in 2021 following a strong 2020 performance, <a href="https://www.wsj.com/articles/turo-ceo-says-car-renting-app-plans-to-go-public-in-2021-11609502400">The Wall Street Journal</a> reported on Friday.</p><p>The startup ended 2020 in a healthy financial position despite the coronavirus pandemic. Layoffs and slashed marketing costs extended Turo's cash runway by three years, and the company reported its first profitable quarter in 2020, according to the report. Turo CEO Andre Haddad expects the company to turn a full-year profit in 2022.</p><p>Turo's website allows users to rent their own cars, whether they're compact sedans or high-powered supercars. Those looking to rent private vehicles can then select from Turo's marketplace instead of offerings from a legacy company like Hertz or Avis. Turo takes a cut of rentals' revenue. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stock-market-risks-what-factors-could-cause-next-crash-2021-2020-12">Wall Street's biggest firms are warning that these 7 things could crash the stock market's party in 2021</a></em></p><p>Haddad told The Journal he is undecided on whether the company will raise capital with a traditional IPO or pursue an alternative method for listing shares. <keyword id="9916760" type="UNKNOWN" weightage="60" keywordseo="direct-listings">Direct listings</keyword>, in which companies list shares without raising any capital, have grown increasingly popular with tech companies.</p><p>Merging with a blank-check company could also take Turo shares public. Special-purpose acquisition companies flourished in 2020 and drove record levels of IPO fundraising throughout the year. The companies raise cash through public offerings and use those funds to acquire a private firm. The merged entity then trades publicly.</p><p>Turo projects to reach a record $153 million in sales for 2020, according to The Journal. Losses in the second half of the year are estimated to fall to $7.2 million down from $46.9 million in the second half of 2019. Second-half revenue is set to land roughly 7% higher from the year-ago period too, The Journal reported.</p><p>Some of the company's improved performance can be tied to the pandemic and its effect on travel. With air and cruise travel hit hardest by the health crisis, car rentals offered one of the few methods to get away from home in relative safety. The private-rental marketplace might also receive a boost from a pickup in auto sales through the pandemic.</p><p><em><strong>Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:</strong></em></p><p><em><strong><a href="https://www.businessinsider.com/economic-outlook-labor-market-permanent-damage-coronavirus-unemployment-recession-recovery-2020-12">How the pandemic upended the US job market in 2020, leaving permanent scars in its wake</a></strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-short-sellers-lost-billions-rally-elon-musk-tsla-2021-1-1029928298">Tesla short-sellers lost $38 billion throughout the automaker's colossal 2020 rally</a></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/investing-strategy-outperforming-vegan-etf-claire-smith-tech-stocks-2020-10">The founder of the world's first vegan ETF explains how her market-beating fund is naturally built to include the pandemic's biggest winners - and why industry titans like Facebook and Uber fit the bill</a></strong></em></p>

Car-rental app Turo aims to list shares publicly in 2021, report says

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Turo</span></p><p class="caption">Turo CEO Andre Haddad.</p></div><p></p></div></div></p><ul class="summary-list"><li>Automakers have in recent years begun rolling out ride-hailing, car-sharing, and subscription services to prepare for a potential move away from individual vehicle ownership, but many of those services have shut down or contracted.</li><li>Andre Haddad, the CEO of the car-sharing service <a href="https://www.businessinsider.com/category/turo">Turo</a>, told Business Insider there were three primary reasons auto companies have struggled to grow their mobility services.</li><li>Automakers don't have much experience dealing directly with consumers, lack expertise in non-vehicle technology, and sometimes decline to use the names of their car brands in those of their mobility apps, he said.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>As the auto industry enters a potentially transformative period marked by a shift toward electric and autonomous vehicles, <a href="https://www.nytimes.com/2019/03/22/opinion/end-of-cars-uber-lyft.html">some</a> <a href="https://www.businessinsider.com/no-one-will-own-a-car-in-the-future-2017-5">observers</a> have raised the possibility that personal ownership of vehicles may one day be replaced by ride-hailing, car-sharing, and subscription services.</p><p>Automakers have in recent years begun rolling out their own mobility services to stay ahead of the curve, but many of them have shut down or contracted. In September, Ford <a href="https://www.autonews.com/mobility-report/ford-agrees-sell-canvas-fair-bowing-out-vehicle-subscriptions">sold</a> its subscription service, Canvas to a competitor, the startup Fair, a year after a Lincoln executive told <a href="https://www.autonews.com/article/20180924/RETAIL/180929912/lincoln-rethinks-subscription-experiment">Automotive News</a> he was surprised by the lack of interest in it. Six months earlier, Ford <a href="https://www.businessinsider.com/ford-shuttle-van-company-chariot-shutting-down-in-march-2019-1">shut down</a> its shuttle-based ride-sharing service, Chariot. Those moves came as <a href="https://www.businessinsider.com/gm-to-end-maven-ride-sharing-service-in-8-us-cities-boston-chicago-2019-5">General Motors</a>, <a href="https://www.autonews.com/mobility-report/car2go-latest-short-term-car-rental-service-pull-out-major-us-cities">Daimler</a>, and BMW have reduced the number of cities in which their car-sharing services operate.</p><p>"These OEMs have tried to build their own products, their own mobility services, and they haven't been very successful," Andre Haddad, the CEO of the car-sharing service Turo, said in an interview with Business Insider.</p><p>Automakers rely on third-party dealerships and repair shops to handle sales and service, so they don't have much experience dealing directly with consumers, Haddad said. That issue has been compounded by their lack of expertise in developing nonvehicle technology, like mobile apps, and the fact that automakers have sometimes declined to use the names of their car brands in those of their mobility apps.</p><p>"They don't actually leverage their brands, which is kind of absurd, when you think about it," Haddad said.</p><p>Automakers have said that, even when their mobility services don't work as planned, they <a href="https://www.theverge.com/2018/11/2/18050020/cadillacs-car-subscription-service-shutting-down">gain</a> <a href="https://www.freep.com/story/money/cars/general-motors/2019/05/20/gms-ride-sharing-service-maven-start-exiting-certain-cities/3745289002/">knowledge</a> that will be useful in the future. And even if individual ownership declines, someone will still have to make the vehicles used in mobility services. The long history of <a href="https://www.businessinsider.com/here-are-14-defunct-car-brands-and-how-they-failed-2017-6">failed</a> <a href="https://www.motor1.com/news/76196/6-electric-car-companies-that-have-tried-and-failed/">auto startups</a> serves as a reminder that vehicle manufacturing can be prohibitively difficult for new entrants.</p><p>But if automakers are unable to gain much traction in areas like autonomy and mobility services, they may find new companies taking some of their already-thin profit margins. In the third quarter of 2019, <a href="https://csimarket.com/Industry/industry_Profitability_Ratios.php?ind=404">auto and truck manufacturers</a> had earned an average profit margin of 7.9% in the past year. The <a href="https://csimarket.com/Industry/industry_Profitability_Ratios.php?s=1000">tech industry</a> earned an average margin of 21.9% in the same period.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/renting-a-tesla-model-3-turo-tips-review-2019-10">I rented a Tesla Model 3 on the car-sharing app Turo with almost no human interaction - and it was clear why the app is great for millennials</a></li><li><a href="https://www.businessinsider.com/turo-ceo-andre-haddad-rents-teslas-on-the-car-rental-service-2018-7">The CEO of Turo rents out his 5 cars, including the trifecta of Teslas, to strangers - here's why he thinks nearly everyone will be doing it in 10 years</a></li><li><a href="https://www.businessinsider.com/turo-car-rental-review">I tried Turo, a car share company that connects vehicle owners and renters - here's why I'll never use a traditional car rental again</a></li><li><a href="https://www.businessinsider.com/cars-and-trucks-with-the-best-resale-value-model-years-2019-11" data-read-more-link="" data-e2e-name="read-more-link">These are the 10 cars expected to have the best resale value 5 years after purchase</a></li></ul><p class="tagline">Get the latest Ford stock price<a href="http://markets.businessinsider.com/stock/f-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/nasa-weird-space-robots-mars-moon-titan-2019-10">8 weird robots NASA wants to send to space</a></h3>        <div>                    </div>    </div>

GM, Ford, and other car companies have struggled to break into vehicle-sharing and subscriptions. There are 3 reasons why, according to the CEO of the car-sharing app Turo.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Tesla; Turo; Melia Robinson/Business Insider</span></p><p class="caption">Andre Haddad is CEO of Turo.</p></div><p></p></div></div></p><ul><li><strong>Turo is a car-rental service most easily described as <a href="https://www.businessinsider.com/turo-airbnb-for-cars-car-rental-review-2018-1">"Airbnb for cars."</a></strong></li><li><strong>Its CEO, Andre Haddad, lists five of his vehicles, including the "trifecta of Teslas," on the Turo app. He's earned $11,000 renting them out so far in 2018.</strong></li><li><strong>Haddad said he believes shared vehicles are the future of driving, because people will want to make their self-driving cars go to work for them.</strong></li></ul><p> </p><p>Over the last Fourth of July weekend, Andre Haddad handed over the keys to his cars to seven strangers. While he barbecued with family at home, his Audi R8 and three Teslas carried guests where they needed to go. By Sunday night, they were back in his driveway.</p><p>Haddad rents out the vehicles on Turo, <span>a person-to-person car-sharing service most easily described as </span><a href="https://www.businessinsider.com/turo-airbnb-for-cars-car-rental-review-2018-1">"Airbnb for cars,"</a> where Haddad has been CEO since 2011.</p><p>"I'm a car enthusiast. I have the trifecta of Teslas," Haddad told Business Insider.</p><p>And he puts those cars to work. So far in 2018, Haddad said he's earned a little over $11,000 renting five luxury vehicles on Turo. He's on track to beat his 2017 earnings.</p><p>Turo is changing the economics of owning a car in pricey<span> cities like San Francisco, Los Angeles, and New York</span>. Car owners list their vehicles on the platform and lease them by the day for a fee. According to Turo, the average host makes $625 a month on Turo, more than enough to cover the <a href="https://www.experian.com/blogs/ask-experian/sticker-shock-is-real-car-payments-hit-a-record-high/">national average monthly car payment</a> on a new vehicle.</p><p>Haddad, who was a veteran executive at eBay before joining Turo as CEO, believes that someday about half of the cars on the road will be shared vehicles. He said drivers will use services like Turo - or its competitors Getaround, Zipcar, and traditional can-rental companies - to get from point A to B because of the cost and environmental savings.</p><p>"The norm, I think, is going to be shared vehicles, not fully owned vehicles," Haddad said. "That's exciting for us, and it's exciting for people who have for a long time expected that the vehicle will cost them money and depreciate. Now it can pay for itself."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">Tesla's Model 3 uses your phone to open doors and start the car.</p></div><p></p></div></div></p><p>According to Haddad, the rise of autonomous vehicles will be the catalyst for this change. The person who leases their self-driving car on Turo will be able to monitor their car's location through GPS and lock and unlock it remotely via the Turo app.</p><p><span>"In that scenario, it will be amazing to own an autonomous vehicle, because it can go work for the owner while they're asleep," Haddad said.</span></p><p><span>He added: "Obviously, we're not there yet. It's a bit 'science-fiction-ey.' But I can see a path to getting us there ... over a long-term horizon, ten years from now or so."</span><span></span></p><p><span>Turo is having its best year on the books, with seven million people signed up on Turo and two million users joining in 2018 alone. Usage is also rising. So far this year, there have been 4.9 million days booked across the quarter-million vehicles on the service.</span></p><p><span><a href="https://www.businessinsider.com/turo-tesla-san-francisco-rent-cars-2018-7">Business Insider spoke to several Turo "power hosts" who said</a> renting their cars to strangers on Turo completely covers the cost of car ownership. One user even bought a Tesla Model 3 after seeing how much money she could make leasing her old Toyota Corolla. Both cars pay for themselves through her earnings on Turo, this host said.</span></p><p><span>"It's like having a free car in the city," another host said.</span></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/miss-r-quicker-xing-mobility-tesla-roadster-2018-5">An electric car from a startup company could outperform the Tesla Roadster</a></h3>        <div>                    </div>    </div>

The CEO of Turo rents out his 5 cars, including the trifecta of Teslas, to strangers -&#160;here's why he thinks nearly everyone will be doing it in 10 years

<ul class="summary-list"><li>I am currently renting through <keyword id="3615669" type="PERSON" weightage="60" keywordseo="Turo">Turo</keyword>, a car-sharing app, to avoid sky-high rental-car prices.</li><li>I've rented a Mercedes Benz for 24 hours and a Prius for more than 30 days through the app.</li><li>I learned from three mistakes that made me worry about my safety and being charged additional costs.</li></ul><p>To avoid <a href="https://www.insider.com/personal-finance/rent-a-car-cheap-alternatives-2021-5">skyrocketing rental-car prices</a> while traveling around the United States as a digital nomad, I recently turned to San Francisco-based car-sharing app <a href="https://www.businessinsider.com/turo-car-rental-review">Turo</a>.</p><p>Turo functions like an Airbnb for <keyword id="20632" type="ORGANIZATION" weightage="60" keywordseo="Cars">cars</keyword> in that you can book vehicles directly from their owners. The company has over 450,000 listings across the US and Canada, so it's available in most major cities, and I have found it to be more affordable than booking through companies like Hertz and Enterprise.</p><p>So far, I have booked two cars through the app: a 2010 Mercedes Benz for 24 hours and a 2009 Prius for more than 30 days.</p><p>Overall, I've enjoyed using Turo, but after a few unpleasant and harrowing experiences, I've learned a few lessons and am going to use the app differently in the future.</p><p>If you book through Turo, here are three tips to avoid stress, additional fees, and the possibility of your car breaking down in the middle of nowhere.</p><h2>1. Read reviews thoroughly before booking </h2><p>On a recent trip, I was in a hurry to lock in a 24-hour rental car and found a 2010 Mercedes-Benz listed by an all-star host on Turo. I booked it without looking at reviews, but reading them would have saved me a headache.</p><p>When I met the host at the airport to pick up the car, our exchange was very quick. We both took photos of the outside, then he handed me the key and left. It was only when my partner and I got to our destination that I realized the car seemed far from "like new" as the listing had described. There was a large gash in the middle of the driver seat, exposing the foam, and the passenger door didn't open from the inside, which is a safety issue.</p><p>After reading reviews, I realized that recent guests had called out these faults and given the listing low ratings. Because of older, more positive reviews, the host's rating was still high overall.</p><div type="image" title="Turo car sharing website screenshot" height="972" width="1946" msid="82592331" hostid="261"></div><h2>2. Factor in time to examine the car before you accept the reservation</h2><p>As I drove around in the Benz, I noticed a nauseating smell of cigarettes in the car. Reading Turo's smoking policy, I learned I was on the hook for it because I did not immediately file a report.</p><p>Turo <a href="https://support.turo.com/hc/en-us/articles/203990550-No-smoking-policy-for-guests#:~:text=Turo%20prohibits%20guests%2C%20their%20passengers,%2Dcigarettes%2C%20or%20personal%20vaporizers.">tells guests</a> not to check in to a reservation if they smell cigarette smoke upon picking up a car and instead to call customer service. A representative will then cancel the trip and arrange a replacement car.</p><p>Fortunately, my host accepted the car back with the smoke odor, but he technically could have charged $50 for odor removal.</p><h2>3. Research the car model and how it works, and ask the car owner about quirks or issues</h2><p>I am currently renting a 2009 Prius, and so far the host has been incredibly helpful and responsive, but I wish I had asked him how the car performs in different environments as well as when the car was last serviced to avoid a few hairy situations.</p><p>When driving along a highway in high wind, I realized that the car drifts to the right if you don't have two hands on the wheel, which caused my heart to jump out of my chest.</p><p>I also panicked when my partner and I were heading home from Death Valley National Park recently. We were driving the Prius at around 50 mph shortly after sunset when the car started to make odd sounds, almost as if it was stuck in the wrong gear. A strong electrical smell started to waft through the windows.</p><p>We pulled over and saw heat escaping from the engine, which was disconcerting considering that <a href="https://www.nps.gov/deva/index.htm">Death Valley National Park</a> advises visitors to pack to survive, there is no cell service in the park, and the weekend before, a man was <a href="https://www.sfgate.com/california-parks/article/missing-man-found-dead-campers-hiking-death-valley-16090357.php">found dead</a> after his car broke down in a remote area of the park. We were on a main road, but it was empty nonetheless. </p><p>Thankfully, we made it out of Death Valley, and the car engine started to make normal sounds again.</p><p>I found Turo to be a great and easy-to-use app with affordable rental options, but I recommend doing your due diligence before driving someone else's car.</p><p>When contacted by Insider for this story, Turo CEO Andre Haddad said in a statement via email: "We are excited record numbers of travelers are discovering the amazing hospitality of Turo hosts, our superior selection, convenience and value."</p><p>Learn more about how to use Turo <a href="https://www.businessinsider.com/turo-car-rental-review">here</a>.</p><p><em>This is an <keyword id="6356002" type="UNKNOWN" weightage="60" keywordseo="opinion">opinion</keyword> column. The thoughts expressed are those of the author(s).</em></p>

I've saved money by renting cars from strangers through Turo, but 3 mistakes I made almost left me stranded on the highway

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Andre Penner</span></p><p class="caption">Debate mediator Ricardo Boechat, center, stands with Brazil's presidential candidates before the start of a debate in Sao Paulo, Brazil, Thursday, Aug. 9, 2018, ahead of October elections. From left are Alvaro Dias of Podemos Party, Cabo Daciolo of Patriota Party, Geraldo Alckmin of the Social Democratic Party, Marina Silva of the Sustainability Network Party, Jair Bolsonaro of the National Social Liberal Party, Guilherme Boulos of the Socialism and Liberty Party, Henrique Meirelles of the Democratic Movement Party, and Ciro Gomes of the Democratic Labor Party.</p></div><p></p></div></div></p><ul class="summary-list"><li>Brazil will hold its first round of elections this weekend. </li><li><strong>Analysts say neither of the presidential frontrunners would be good news for markets.</strong></li><li><a href="https://markets.businessinsider.com/currencies/usd-brl">Watch the Brazilian real trade in real time here.</a></li></ul><p><span>In one of its most unpredictable and divisive elections since reclaiming democracy three decades ago, Brazil will vote Sunday for its next president and hundreds of lawmakers</span>.<span> </span>Here's what that could mean for <span>Latin America's largest economy.</span></p><h2><strong>Who's running?</strong></h2><p><span>Far-right candidate Jair Bolsonaro of the Social Liberty Party and leftist Workers Party rival</span><span> Fernando Haddad, who is running in place of the imprisoned former president <a href="https://www.reuters.com/article/us-brazil-election-haddad-newsmaker/brazils-haddad-rides-lula-coattails-risking-backlash-idUSKCN1ME1XK">Luiz Inácio Lula da Silva</a>, are presidential frontrunners. </span></p><p><span>Bolsonaro has maintained a lead for months, but it's far from certain how he will fare with a large pool of undecided voters or in a runoff. Having even been called</span><span> <a href="https://www.washingtonpost.com/world/the_americas/just-like-trump-bolsonaro-leads-brazils-presidential-race-with-right-wing-populist-pitch/2018/10/04/c4ba3728-c65c-11e8-9c0f-2ffaf6d422aa_story.html">Brazil's Donald Trump,</a> the outsider has a history of expressing autocratic, racist, and sexist views. He's currently recovering after being <a href="https://www.reuters.com/article/us-brazil-election-bolsonaro/brazil-far-right-candidate-bolsonaro-in-serious-condition-after-stabbing-idUSKCN1LM2YJ">stabbed</a> at a rally in September. </span></p><p><span>Less competitive contenders include left-leaning <a href="https://www.reuters.com/article/us-brazil-politics/marina-silva-counts-on-brazil-anti-graft-wave-in-threadbare-campaign-idUSKBN1JW2PE">Marina Silva</a> and <a href="https://www.reuters.com/article/us-brazil-politics-gomes/brazil-presidential-contender-gomes-would-reverse-privatizations-idUSKCN1GS2IL">Ciro Gomes</a>, as well as centrist <a href="https://www.reuters.com/article/us-brazil-politics/brazils-alckmin-firms-presidential-bid-with-centrist-support-idUSKBN1KA2L7">Geraldo Alckmin</a>. With rejection rates for both Bolsonaro and Haddad on the rise, lagging candidates could unexpectedly advance. </span></p><p><span></span><span>No candidate is expected to win a majority on Sunday, which means a second round of elections would be scheduled for October 28. Voting in Brazil is compulsory for citizens between 18 and 70 years old.</span></p><p><span><div class="KonaFilter image-container click-to-enlarge"><div class="image on-image"><a title_source="Exotix" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5bb7692676545359201fbe9a-960/screen shot 2018-10-05 at 93718 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Exotix</span></p></div><p></p></div></span></p><h2><strong>What are analysts saying?</strong></h2><p><span>A firebrand who's capitalized on public anger about the still-ailing economy, Bolsonaro has said he would consider privatizing all firms in the country. Analysts predict a Bolsonaro win might initially lead to a stronger Brazilian real, a rally in longterm domestic bonds, and wider external debt spreads. </span></p><p>Meanwhile, Haddad supports scrapping a government spending cap and strengthening public banks and companies. Analysts forecast a Haddad presidency might be followed by a weaker Brazilian real, a sell-off in longterm domestic bonds, and wider government debt spreads. <span></span></p><p><span>One thing the two have in common: they're running against the backdrop of a highly divisive political scene. </span><span>Rafael Elias, an analyst at Exotix Capital, said he doubts either will be good news for markets in the long-run. </span></p><p><span>"Governability will be a challenge for both potential presidents, and gaining broad support in Congress for any of their policies will be extremely difficult," Elias said. "The upcoming elections do not seem to suggest a scenario under which this situation could change."</span></p><h2><strong>What about lawmakers?</strong></h2><p>The incoming administration will likely face an uphill battle working with the country's two legislative bodies<span>, which are split among dozens of political groups. No party currently has more than 12% of control in the lower house of Congress, which has all 513 seats on the ballot. And in the Senate, where about two-thirds of seats are up for grabs, just 19 of 81 members are part of the ruling Brazilian Democratic Movement. </span><span></span></p><p><span><div class="KonaFilter image-container click-to-enlarge"><div class="image on-image"><a title_source="HSBC" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5bb76c8f66fb3f58ef44d8cb-960/screen shot 2018-10-05 at 95150 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>HSBC</span></p></div><p></p></div><div class="KonaFilter image-container click-to-enlarge"><div class="image on-image"><a title_source="HSBC" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5bb76cba9fb84c5a3a4dea4d-960/screen shot 2018-10-05 at 95236 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>HSBC</span></p></div><p></p></div></span></p><p><span>With a lack of a strong support for any candidate or party, it is likely the legislatures will remain fragmented. That has the potential to stall any reform efforts. </span></p><p><span>Bolsonaro, a fringe figure who has praised Brazil's military dictatorship, may have an especially difficult time working with lawmakers in an effective way. Analysts say Haddad appears more equipped to forge alliances and get things done - although this isn't exactly comforting for investors.</span><span></span></p><h2>What does that mean for the economy?</h2><p>With a broken balance sheet and a double-digit unemployment rate, Brazil is struggling to recover from one of the worst recessions on record. Soaring crime rates and a high-profile <a href="https://www.bbc.com/news/world-latin-america-35810578">government corruption scandal</a> have damaged confidence in institutions.</p><p>And analysts say <a href="https://www.nytimes.com/2018/05/28/world/americas/brazil-truckers-strike-economy.html">a truckers strike</a> that paralyzed the country earlier this year added to fiscal concerns. Sending stock markets <a href="https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-stocks-hit-year-low-battered-by-truckers-protest-idUSL2N1SZ0YH">to yearly lows</a>, the 10 days of turmoil led the government to declare a state of emergency and to force out the chief executive of its oil company.</p><p>But assets have rallied in the week ahead of the election, with the <a href="https://markets.businessinsider.com/currencies/usd-brl">real</a> rising more than 4% and the <a href="https://markets.businessinsider.com/index/bovespa">Bovespa</a> stock index notching its biggest daily gain since 2016. Meanwhile, other Latin American indexes have been relatively flat, suggesting the movements are related to <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword>. </p><p>But <span>William Jackson, chief emerging markets economist at Capital Economics, questions whether the optimism is warranted. </span></p><p><span>"It looks to us like investors may be too sanguine about political risk," Jackson said. "The presidential race is on a knife edge."</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://markets.businessinsider.com/currencies/usd-brl">Markets Insider</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/wikipedia-founder-jimmy-wales-donald-trump-backlash-is-coming-2018-9">Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies</a></h3>        <div>                    </div>    </div>

Brazil's unpredictable presidential election is 'on a knife edge' - here's what it could mean for markets

<ul class="summary-list"><li>A "perfect storm" has created a rental-car shortage across the US, an expert said.</li><li>Prices have risen to $700 per day in some markets, becoming more expensive than airfare and hotels.</li><li>If you want to avoid these high prices, plan ahead.</li></ul><p>A rental-car shortage is pummeling the US and may only get worse as <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> increases.</p><p>Vaccinations and easing travel restrictions have been pushing more people to travel again. Airline and hotel costs are still lower than they were before the pandemic, <a href="https://www.nerdwallet.com/article/travel/will-travel-costs-change-as-vaccines-roll-out">Nerdwallet recently reported</a>. But if you're planning a last-minute vacation to a warm destination, you might want to check the local car-rental prices before you book any flights or rooms.</p><p>Hot tourist locations in Hawaii, Florida, Phoenix, Arizona, and Puerto Rico are being hit by what some are calling a "<a href="https://www.forbes.com/sites/laurabegleybloom/2021/03/11/a-car-rental-apocalypse-is-coming-heres-what-you-need-to-know/?sh=76a394b9223e">car-rental apocalypse</a>."</p><p>Two or three years ago, the average car rental in Hawaii cost about $50 a day. Now some rental cars are going for over $500 a day, Jonathan Weinberg, the founder and CEO of <a href="https://www.autoslash.com/">AutoSlash</a>, told Insider. In extreme cases, prices have risen to $700 a day, more than doubling 2019's numbers, Chris Woronka, a senior hotel-and-leisure analyst at Deutsche Bank, told Insider.</p><p>Procrastinators looking to book a <keyword id="2650638" type="PERSON" weightage="60" keywordseo="rental-car">rental car</keyword> a week in advance in places like Florida could see prices about five to 10 times the average, Weinberg said. But even travelers who are planning ahead can see double or triple the typical costs.</p><p>"People are quickly realizing that they need to take the cost of the rental car into account, because it's no longer just an add-on," Weinberg said. "It literally could be the majority cost of your trip, so folks who are planning things last minute are unpleasantly surprised by it."</p><h2>What the car-rental companies are saying</h2><div type="image" title="enterprise.alamo.national" height="2125" width="2834" msid="82104367" hostid="261"></div><p>The car-rental company <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> is expecting "strong demand" through the summer, resulting in decreased vehicle availability in certain parts of the country, it said in an emailed statement to Insider.</p><p><keyword id="6356323" type="UNKNOWN" weightage="60" keywordseo="enterprise">Enterprise</keyword> echoed these sentiments, adding that it had been "working closely with our manufacturing partners since last summer to continue to add vehicles to our fleet to meet the ongoing increase in demand."</p><p>Hosts with Turo, a car-sharing company, have also seen a surge in demand as traditional vehicle-rental companies have become too expensive, Andre Haddad, Turo's CEO, said in an emailed statement.</p><p>"2021 has definitely been a huge turnaround for the car-sharing industry in Orlando," Anthony Paulino, a Turo host in Orlando, Florida, said in an emailed statement. Paulino is seeing bookings as far into the future as November, he said, adding, "Half of my guests have told me they will never return to another traditional rental company again."</p><h2>How a 'perfect storm' created the shortage</h2><div type="image" title="Avis 2" height="1977" width="2640" msid="82104369" hostid="261"></div><p>This rental-car shortage can be linked to several factors, creating what Woronka called "a perfect storm."</p><p>When the COVID-19 pandemic halted travel around the US, car-rental companies like Hertz - which filed for Chapter 11 bankruptcy protection in 2020 - and Avis <a href="https://www.nytimes.com/2020/06/19/your-money/rental-car-companies-hertz-coronavirus.html">had to sell off chunks of their fleets</a> to save money. But that move has become an issue as people scramble to book vacations in warm destinations after a year of no travel.</p><p>To resolve this problem, companies like Enterprise have been shuffling vehicles from less popular locations to more frequented hot spots. While this could alleviate the immediate shortage issues, locations that had cars removed could have limited availability in the future as well, creating a "balancing act" issue, Woronka said.</p><p>Weinberg hypothesized that this reshuffling could also be why rental cars are selling out or selling for very high rates in markets like Charlotte, North Carolina; Charleston, South Carolina; and Montana's Glacier Park International Airport.</p><p>"You start to wonder why those areas, and the only real logical explanation is that they're pulling vehicles out of there and they're leaving those areas with a short supply," Weinberg said. "No matter how much shuffling the rental-car companies do with the vehicles that they have on hand, I just don't think it's going to be enough."</p><div type="image" title="hertz" height="2432" width="3242" msid="82104370" hostid="261"></div><p>As for the companies buying new cars, it's not that simple. A <a href="https://www.businessinsider.com/cars-most-likely-impacted-by-chip-shortage-brands-models-2021-2">computer-chip shortage has begun to harm the auto industry</a>, making it more difficult and expensive for these companies to acquire new vehicles.</p><p>This chip shortage is the "No. 1 issue," Woronka said, preventing these companies from quickly restocking their fleets because of skyrocketing used-car prices and a decreasing number of new cars.</p><p>"It's like everybody going to the fire exit at once in a movie theater," Woronka said. "It's an unusually broad and quick surge in demand that's being exacerbated by this shortage of new-car availability."</p><p>As a result, these car-rental companies are likely to hold on to their existing vehicles for longer than usual. Rental vehicles with over 60,000 miles - once rare - could become typical in the coming months.</p><p>There could be a light at the end of the tunnel for car-rental companies in a few months. Demand for rental cars often slows down in September, which could give these companies some "breathing room," Weinberg said.</p><p>But if you don't want to wait until September and don't want to pay more for a rental car than you would a flight, considering planning your vacation further ahead of time.</p>

A 'perfect storm' is causing massive rental-car shortages, and prices are skyrocketing up to $700 a day in popular destinations

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Turo</span></p><p class="caption">Turo "host" Daniel poses beside the BMW he rents out on the platform.</p></div><p></p></div></div>LONDON - Turo, an American startup that lets you rent your car to strangers, is launching in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>.</p><p>But there's just one catch: You can't actually use it to rent out <em>your</em> car.</p><p>To begin with, individual car owners won't be able to use it to list their vehicles, with the focus instead on small car rental businesses looking for an online platform to list their vehicles on.</p><p>It's an interesting move - and highlights that despite the buzz around the "sharing economy," some of the most successful startups in the space end up looking a lot like the traditional businesses they are trying to disrupt.</p><h2>Turo? Think 'Airbnb for cars'</h2><p>The company originally launched in 2009 under the name "RelayRides," <a href="https://techcrunch.com/2015/11/03/relayrides-rebrands-as-turo-and-raises-47-million-led-by-kleiner/">rebranding as Turo in November 2015 as it raised a $47 million</a> (£38 million) series C funding round from Kleiner Perkins Caufield &amp; Byers (<a href="http://venturebeat.com/2011/08/11/google-ventures-relayrides/">previous investors include Google Ventures</a>, now known as GV).</p><p><a href="http://venturebeat.com/2016/12/14/turo-launches-airbnb-for-cars-in-uk/">It's been referred to</a> as the "Airbnb for cars" - it lets you rent out your vehicle when you're not using it to strangers for a few days at a time, and taking a cut of the proceeds. Available in its home market the US as well as Canada, it claims to have 2 million registered users, and 110,000 vehicles listed on the platform from more than 4,500 cities.</p><p>It markets itself heavily on its uniqueness - showing photos of "Winston's" BMW 4 Series, "Osama's" Porsche Cayman, or "Elrich's" Ford Escape Aviato on its homepage. With the focus on these individual, non-professional car owners looking to make a bit of extra cash, it couldn't be more different from traditional car rental services.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Turo</span></p></div><p></p></div></div></p><p>But since its launch, the company has undergone an interesting evolution: Increasingly, the platform is used by "power users" - people who, rather than rent out their personal vehicle when they're not using it, have a dedicated fleet of cars that are owned only to be rented out on Turo. Traditional car rental services, in other words.</p><p>Most Turo car owners (the company calls them "hosts") are still ordinary users - just 15% of hosts are "power users," CEO Andre Haddad told Business Insider.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Turo</span></p><p class="caption">Andre Haddad, CEO of Turo.</p></div><p></p></div></div>But nearly 60% of the company's revenues come from that 15% of professional power hosts.</p><p>"We've expanded from the individual owner which was just the very start of the company to the entrepreneur enthusiast," Haddad said.</p><p>Some of these power users actually started out as regular hosts, before realising the opportunities of the platform and building a fleet of cars, becoming a "car rental enthusiast ... inspired by the potential of Turo." Others are "existing 'mom and dad' type car rental operations."</p><p>In the UK, only these professional operations will be able to rent out vehicles on the platform to customers, although Haddad says the plan is to open it up to non-professional hosts halfway through 2017.</p><h2>Traditional businesses are getting in on the 'sharing economy'</h2><p>The "sharing economy" promises to use tech to connect ordinary people with something to spare to others looking to use it on a temporary basis.</p><p>But Turo's success highlights another side to it: How companies in the space are often finding success by arbitraging professional businesses and customers instead.</p><p>Airbnb is perhaps the most obvious example of this. Its appeal (and $30 billion (£24 billion) valuation) is based on rejecting traditional, sterile hotels in favour of authentic local apartments and rentals. "Don't go there," <a href="https://www.airbnb.co.uk/livethere">says the company</a>. "Live there."</p><p>But around the world, professional landlords with multiple properties have also hopped on the platform, using it to rent out properties year-round. One study estimated that in 12 major metropolitan areas, guests spent $1.3 billion (£1 billion) in around a year, with $500 million (£402 million) generated by landlords with multiple properties, <a href="https://www.bloomberg.com/news/articles/2016-01-20/study-professional-landlords-generate-500-million-per-year-on-airbnb">Bloomberg reported in January 2016</a>.</p><p>Another example is Zaarly, a startup backed by Kleiner Perkins and Ashton Kutcher. On Zaarly, users didn't share spare goods but spare time: You could list odd-jobs you needed doing on the platform, and your neighbours could agree to do them for a fee. It <a href="http://bits.blogs.nytimes.com/2011/10/25/zaarly-reels-in-14-million-meg-whitman/">raised $14 million (£11 million) in 2011</a>, but <a href="https://techcrunch.com/2013/03/09/zaarly-shutters-its-reverse-craigslist-marketplace-goes-all-in-on-virtual-storefronts-as-co-founder-exits/">ultimately pivoted in 2013</a> into a more traditional storefront for home services, from pest control to cleaning. (It continues to operate in this current iteration today.)</p><p>None of this is a criticism of Turo, of course. Andre Haddad is open about the platform's power user base, and emphasises the company's interest in smaller operations that offer customers "diversity." Around 25% of the UK rental market is non-franchisees, that "tend to have between 10 and 50 cars" with "unique service offerings, unique cars."</p><p>"We're not interested in the franchisees of Hertz and others," he says.</p><h2>Turo: In some ways innovative, in some ways orthodox</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Turo</span></p><p class="caption">A publicity photo shared by Turo ahead of its UK launch.</p></div><p></p></div></div>Turo currently employees around 200 people, with an office recently opened in London to accompany the launch. Andre Haddad declined to disclosed revenues, and said the company isn't yet profitable, focusing on investment for the future instead. The company is already thinking about future expansion, with elsewhere in Western and Eastern Europe, Australia, and Brazil all areas of interest.</p><p>It's a hybrid model - the innovative alongside the orthodox, the "sharing economy" alongside a much more familiar marketplace. And its success illustrates how that the tech industry's bold promises of disruption often end up morphing into something rather more conventional.</p><p>"I don't see these two as contradictory to one another," Haddad says of the platform's dual use by ordinary users and professional power hosts. "It doesn't make us less interested in bringing individual hosts because we know that by bringing those individual hosts in the first place, we will see ... power hosts emerging ... I'm feeling good about the balance between the two," he said.</p><p>"The vast majority of our hosts remain individual hosts ... and they provide a lot of that diversity in the market place."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-pizza-plastic-table-2016-12">Why pizzas come with that plastic table in the center</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="l5Njd5NzE6oFDDTVjwSd4LMVNLXQfLXZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The 'Airbnb for cars' is launching in the UK - but there's a catch

<ul class="summary-list"><li><keyword id="1757034" type="PERSON" weightage="60" keywordseo="Brian-Chesky">Brian Chesky</keyword>, CEO of <keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword>, predicts that after the pandemic, there's going to be a big change in the reason people <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword>: They will be traveling for fun, not for work.</li><li>Previously, people have traveled for work and entertained themselves on screen. That's a pattern he predicts is about to invert.</li><li>There could also be a rise in people choosing to live as digital nomads because they won't be tied to one city for their job.</li><li>Chesky is one of more than 200 CEOs who shared their thoughts with Business Insider on how the coronavirus will change the world.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>As the coronavirus pandemic spread around the world, demand for travel plummeted to nearly zero. </p><p>Brian Chesky, CEO of Airbnb, which has a business model that relies on people's desire for community and exploration, has a few bold predictions about what travel will look like once the pandemic eases and people feel more free to venture out into the world again. </p><p>Chesky is one of more than 200 chief executive officers who spoke with Business Insider for <a href="https://www.businessinsider.com/whats-next-ceos-on-how-their-business-will-be-transformed-by-the-covid-19-pandemic">a project that examines how the coronavirus pandemic will change the world</a>. </p><p>First, when it comes to leisure travel, Chesky said that people will likely start off by booking more affordable trips that are closer to home. The State Department <a href="https://travel.state.gov/content/travel/en/traveladvisories/ea/travel-advisory-alert-global-level-4-health-advisory-issue.html">currently has a Level 4 health advisory in place</a> that warns against all international travel due to the uncertainty of the pandemic. It's not yet clear when the advisory, which was effective as of March 31, will be lifted. </p><p>Plus, with unemployment soaring to new heights, a trip abroad will likely be out of the picture for many, even once it is safe to resume. A record <a href="https://www.businessinsider.com/hotels-airlines-coronavirus-recession-economy-worker-job-losses-2020-3">20.5 million Americans lost their jobs in April</a>.</p><h2>Traveling for fun, not for work</h2><p>Chesky said that <keyword id="52765" type="PERSON" weightage="60" keywordseo="business-travel">business travel</keyword> could also look substantially different in the future. </p><p>"I think we're seeing that you can do a lot [via] video conferencing, and that's going to have a big impact on how often people travel for work," Chesky said. </p><p>Chesky's thoughts around business travel were echoed by several other CEOs who spoke with Business Insider. Many said they would be more selective when scheduling work trips in the future. </p><p>"We used to do a lot of travel for work and then we entertained ourselves on screens. That's going to inverse," Chesky said. "I think we'll work more on screens and entertain ourselves in the real world."</p><p>Many people watching the travel industry have predicted that vacations will come back before business trips do. The road trip, in particular, might see a resurgence.</p><p>"As home isolation orders are lifted yet physical distancing remains top-of-mind, we anticipate road trips and personal auto travel will rebound faster than group travel," Andre Haddad, CEO of car-sharing platform Turo, told Business Insider.</p><h2>The freedom to choose where — and how — you want to live</h2><p>The CEO is also predicting a different trend, one that is in direct opposition to the idea that more people will want to travel locally. He says there could be a rise in people choosing to live as digital nomads and that the homesharing company will focus more on longer-term stays to accommodate those needs.</p><p>People choosing to work remotely while traveling to different countries was already a <a href="https://www.mbopartners.com/state-of-independence/research-trends-digital-nomads/">growing trend</a> before the coronavirus. Some have argued that the <a href="https://www.businessinsider.com/cities-are-over-again-coronavirus-2020-5">pandemic has exacerbated</a> common issues in cities  — population density and a high cost of living, to name a few — that will eventually lead to a mass exodus from America's urban centers. </p><p>"Many people are realizing they don't have to be tethered to one city. So you'll see more people who are going to choose to live around the world, spending a few months at a time in different places," Chesky said.</p><p>This idea was echoed by Eventbrite CEO Julia Hartz, who pointed out that the Spanish Flu of 1918 was followed by a period of renewed human connection in the Roaring Twenties. </p><p>"We will return together through live gatherings as we did following the Spanish Flu," Hartz said.</p><p>Likewise, Chesky is confident that people will still want to travel in the future. </p><p>"In 1950, 25 million people crossed a border, and last year 1.4 billion people did. That happened because there is an innate human desire to travel, to explore and that is never going to go away," he said. "Travel may be on pause, but it's going to come back."</p><p><em>Troy Wolverton contributed reporting.</em></p>Read the original article on <a href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-predicts-future-of-travel-digital-nomad-2020-5">Business Insider</a>

Airbnb CEO Brian Chesky predicts a wildly different future of travel and living, and it sounds pretty great

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Eraldo Peres</span></p><p class="caption">Brazil's former President Luiz Inacio Lula da Silva amid supporters during the final rally of his week-long campaign tour of southern Brazil, in Curitiba, Parana state, March 28, 2018.</p></div><p></p></div></div></p><ul><li><strong>Former Brazilian President Lula da Silva looks likely to be jailed after an unsuccessful fight against a corruption conviction.</strong></li><li><strong>Lula would be the highest-profile Brazilian figure brought down in the Car Wash corruption investigation.</strong></li><li><strong>His exit would also significantly change the makeup of the upcoming presidential election, in which he is the front runner.</strong></li></ul><p>In the early morning hours on Thursday, Brazil's top court voted 6-5 vote a deny a request from former President Luiz Inacio Lula da Silva to stay out of jail while he appeals a corruption conviction.</p><p>That ruling was followed by federal judge Sergio Moro, who has led the Car Wash corruption investigation that has shaken Brazil's business and political worlds, giving Lula until 4 p.m. ET on Friday to turn himself in and begin serving a 12-year sentence.</p><p>A petition to quash the warrant was denied late on Friday afternoon, but Lula's supporters counted down the final seconds, chanting "<a href="https://www.nytimes.com/2018/04/06/world/americas/brazil-lula-prison.html" target="_blank" rel="noopener">There is no surrender</a>" after it passed. Lula himself was reportedly <a href="https://twitter.com/snolen/status/982352412986896385" target="_blank" rel="noopener">on his way</a> on his way to address supporters from a sound truck outside the union headquarters, with riot police also on site.</p><p><span>"According to Moro's office, [Lula's] not technically a fugitive, until Moro issues an order that says he is, which he hasn't, basically because ... we know where he is, on a sound truck," Globe and Mail Latin America correspondent Stephanie Nolen <a href="https://twitter.com/snolen/status/982353725661392896" target="_blank" rel="noopener">wrote on Twitter</a> late on Friday afternoon.</span><span></span></p><p><span>"Federal prosecutors in Curitiba tell AFP that Lula's missed deadline is kind of OK for now. He's not officially a fugitive. Not yet. This is Brazil," AFP correspondent Sebastian Smith <a href="https://twitter.com/SebastianAFP/status/982355431724109824" target="_blank" rel="noopener">said</a> on Twitter.</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Nelson Antoine</span></p><p class="caption">Brazil's former President Luiz Inacio Lula da Silva waves to supporters in front of the metal workers' union headquarters in Sao Bernardo do Campo, April 5, 2018.</p></div><p></p></div></div></span></p><p><span>Lula's party, the Workers' Party, has condemned the decision and pledged he will remain its candidate for the October presidential election.</span></p><p><span>"We consider this to be a political imprisonment. An imprisonment that will expose Brazil before the world," party chairwoman Gleisi Hoffmann <a href="http://www.businessinsider.com/ap-as-jail-looms-for-brazils-da-silva-his-party-vows-to-fight-2018-4" target="_blank" rel="noopener">said</a> Thursday. "We will become a banana republic."</span></p><p><span>His lawyers have said they will file injunctions to keep him out of jail, but those are unlikely to be granted. Being jailed would not necessarily end his candidacy, as the country's top electoral court will make final decisions about who can run in August. </span></p><p><span>Lula <a href="https://www.insightcrime.org/news/brief/brazil-ex-president-jailed-losing-another-judicial-battle/" target="_blank" rel="noopener">can continue</a> seeking his release and still has not exhausted his appeals.</span><span></span></p><p><span>But the Thursday ruling has "major implications" for the race, said <a href="https://www.controlrisks.com/who-we-are/our-experts/expert-bio/thomaz-favaro" target="_blank" rel="noopener">Thomaz Favaro</a>, Control Risks' analyst for the Southern Cone region, making it much more likely the court will reject Lula's run based on the Clean Slate Law that bars candidates with convictions that have been confirmed by an appeals court. (Though he could still be granted an <a href="https://www.insightcrime.org/news/brief/brazil-ex-president-jailed-losing-another-judicial-battle/" target="_blank" rel="noopener">exemption</a> to that.)</span><span></span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP Photo/Leo Correa</span></p><p class="caption">A demonstrator holds up a sign that reads, in Portuguese, "Lula, a thief's place is in prison" as people shout slogans against Brazil's former President Luiz Inacio Lula da Silva in front of the Federal Police Department in Curitiba, April 6, 2018.</p></div><p></p></div></div></span></p><p>The party's vow to keep Lula on the ballot means he "is therefore likely to remain on campaign mode and he will continue to seek legal loopholes that would allow him to run," Favaro told Business Insider. "The questioning of the judiciary's decision serves the PT's narrative of being victims of a politically motivated trial."</p><p><span>That narrative seems unlikely to resonate with many voters however.</span></p><p>With Lula's strong rebuke of the judiciary and investigators, "he was kind of playing into some of his core supporters from the left and moving away from the center position that actually got him elected before," Fernando Mello, chief political analyst at the Brazilian <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> site Jota, said on a Friday conference call.</p><p>"By aiming his discourse to the left supporters," Mello added, "Lula might have eliminated more the center or the majority of the population, because we have not seen many people going to the streets, for example, to defend him."</p><p>That response has also likely been shaped by attitudes toward the legal proceedings against Lula, which have been viewed as fair, even if the prosecution itself is seen as misapplied.</p><p>According to a survey conducted Thursday by Ideia Big Data, "80% of the Brazilian population think that the trial was a fair trial," Mauricio Moura, the firm's founder and chief pollster, said on the Jota conference call, adding that 55% of Lula voters said the same.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Andre Penner</span></p><p class="caption">Supporters of Brazil's former President Luiz Inacio Lula da Silva, with signs that read, in Portuguese "No to prison for Lula," outside the Metallurgic Union headquarters, after an arrest warrant for Lula was issued, in Sao Bernardo do Campo, Brazil, April 5, 2018.</p></div><p></p></div></div></p><p>"Nine out of 10 Brazilians support ... the Car Wash operation, and 85% support the work of judge Sergio Moro," Moura said. "And from the Lula voters, 75% think that he is going to jail in the next day, so they already internalized the fact that he's going to jail."</p><p><span>"Lula was convicted in open court. Ruling unanimously upheld by 3-judge appellate panel. Ensuing motions rejected by higher courts [including the] Supreme Court. So, this was not one 'renegade' judge. He had due process," Brian Winter, editor-in-chief of Americas Quarterly, <a href="https://twitter.com/BrazilBrian/status/982016015323287552" target="_blank" rel="noopener">said</a> on <a href="https://twitter.com/BrazilBrian/status/982016019463049216" target="_blank" rel="noopener">Twitter</a>. "On the other hand, if you're intellectually honest, it's impossible to justify why Lula is going to jail when so many other corrupt politicians walk free (&amp; still hold office)."</span></p><p>Lula's likely exclusion from the race means more trouble for Brazil's already divided political left. While Lula, who left office after two terms as president <a href="http://www.businessinsider.com/r-brazils-left-shaken-by-prospects-of-lula-jail-markets-rally-2018-4" target="_blank" rel="noopener">with over 80% approval</a>, has successfully boosted other candidates before - helping Dilma Rousseff follow him into office - he may not play kingmaker this time around.</p><p style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Paulo Whitaker</span></p><p class="caption">Former Brazilian President Luiz Inacio Lula da Silva inside a car in Sao Paulo, April 5, 2018.</p></div><p></p></div></div></p><p style="font-weight: 400;">"Local pollsters indicate that his party colleagues, Jacques Wagner and Fernando Haddad, have less than 5% of voting intentions in their best scenarios, with rejection rates north of 50%," Favaro said.</p><p style="font-weight: 400;">"Although the polls are probably underestimating the electoral strength of a PT candidate, it is nevertheless clear that no substitute would be able to reach Lula's levels of support."</p><p style="font-weight: 400;">Taking Lula out of the mix may also <a href="http://www.businessinsider.com/r-brazils-left-shaken-by-prospects-of-lula-jail-markets-rally-2018-4" target="_blank" rel="noopener">undercut</a> Congressman Jair Bolsonaro, an extreme-right candidate who has been polling in second behind Lula, buoyed by attacking the left.</p><p style="font-weight: 400;">The current president, Michel Temer, who is considering running, has <a href="http://www.businessinsider.com/r-brazil-presidents-popularity-mired-at-lows-in-election-year-poll-2018-4" target="_blank" rel="noopener">record-low approval</a>, with 72% of Brazilians rating his government "bad" or "terrible." Just 5% said it was "good" or "great."  </p><p style="font-weight: 400;"><span>"The votes originally intended to go to the former president are likely to be scattered through leftist and centrist candidates," Favaro told Business Insider. </span></p><p style="font-weight: 400;"><span>Other <a href="http://www.businessinsider.com/r-brazils-left-shaken-by-prospects-of-lula-jail-markets-rally-2018-4" target="_blank" rel="noopener">candidates</a> from the left and center, like Ciro Gomes of the Democratic Labour Party or Marina Silva of the Sustainability Network, could get a boost in a Lula-less field, Favaro said, but those votes may come from a much smaller pool. </span></p><p style="font-weight: 400;"><span>"A substantial amount of Lula's supporters are likely to engage in some form of protest vote - or simply refrain from voting at all," Favaro added. "An electoral race without Lula would most likely report the lowest turnout in recent history."</span></p>      <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-russia-is-so-involved-in-the-syrian-civil-war-2018-3">Why Russia is so involved in the Syrian Civil War</a></h3>        <div>                    </div>    </div>

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You Searched For "andre haddad" and got 9 results

Car-rental app Turo aims to list shares publicly in 2021, report says

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GM, Ford, and other car companies have struggled to break into vehicle-sharing and subscriptions. There are 3 reasons why, according to the CEO of the car-sharing app Turo.

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The CEO of Turo rents out his 5 cars, including the trifecta of Teslas, to strangers - here's why he thinks nearly everyone will be doing it in 10 years