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☆ Lula's Approval Ratings Inch up Ahead of Brazil's Local Elections -Poll
▼ + stars: | 2024-01-23 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

Those who consider Lula's administration as bad or terrible increased marginally to 27.9% from 27.2 four months ago, it showed. The rating of the leftist president's performance edged up to 55.2% from 54.9% in September, while disapproval also rose slightly to 39.6 from 39.0%, the MDA poll commissioned by the transport sector lobby CNT. Lula gets his best approval ratings among lower-income Brazilians and in poorer northeastern Brazil, his political bastion. He does badly among higher income groups and evangelical Christian voters, MDA said. MDA polled 2,002 people in person between Jan. 18-21 and the poll has a margin of error of 2.2 percentage points.

Persons: Luiz Inacio Lula da, Lula, Marcelo Souza, Anthony Boadle, Steven Grattan, Susan Fenton Organizations: Reuters, pollster MDA, MDA, CNT, Christian Locations: BRASILIA, Brazil

☆ Brazil reinforces border with Venezuela and Guyana over Esequibo tensions
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 5 (Reuters) - Brazil's military is reinforcing its northern border due to rising tensions between its neighbors Venezuela and Guyana over Venezuela's claim to the Esequibo region, the Ministry of Defense said on Tuesday. Venezuela reactivated its claim over the Esequibo in recent years after the discovery of offshore oil and gas. In Sunday's referendum, Venezuelan voters rejected the jurisdiction of the International Court of Justice over their country's territorial dispute with Guyana and supported the creation of a new Venezuelan state in the potentially oil-rich Esequibo region. Brazil did not ask Venezuela to cancel the vote, but President Luiz Inacio Lula da Silva's government is expected to criticize the stepped up Venezuelan campaign for the Esequibo. An international tribunal in Paris in 1899 settled the issue, but Venezuela says the ruling was rigged.

Persons: Gisela Padovan, Nicolas Maduro's, Luiz Inacio Lula da Silva's, Ricardo Brito, Rodrigo Viga Gaier, Anthony Boadle, Bill Berkrot Organizations: Ministry of Defense, Mechanized Cavalry Regiment, Reuters, International Court of Justice, Thomson Locations: BRASILIA, Venezuela, Guyana, Boa Vista, Roraima, Ireland, America, Caribbean, Venezuelan, Brazil, British, Paris, Brasilia, Rio de Janeiro

☆ Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says
▼ + stars: | 2023-12-01 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

Jean Paul Prates, CEO of Brazil's state-run oil company Petrobras, speaks during a news conference at the Petrobras headquarters in Rio de Janeiro, Brazil March 2, 2023. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Prates, who in October received OPEC Secretary General Haitham Al Ghais in Brazil, noted OPEC+ was a group that includes countries with no voting rights and to which production caps are not imposed, which would be the case of Brazil.

Persons: Jean Paul Prates, Pilar Olivares, Luiz Inacio Lula da Silva's, Haitham Al, Brazil's, Prates, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan Organizations: Petrobras, REUTERS, DE, PETR4, Reuters, OPEC, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, DE JANEIRO, OPEC, American, South America, Haitham Al Ghais

☆ Brazil's economy enters negative territory in Q3, shows central bank data
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 17 (Reuters) - The Brazilian economy ended the third quarter in negative territory, central bank data showed on Friday, reversing a performance that had been surprisingly positive due to a booming farming sector. The IBC-Br index, a key predictor of gross domestic product (GDP), posted a seasonally adjusted 0.64% decline in the third quarter. The Finance Ministry last estimated a 3.2% gross domestic product (GDP) growth for this year after a robust first-half performance, a figure expected to be revised next week. Meanwhile, private economists surveyed weekly by the central bank project a 2.89% increase in GDP for this year. The September IBC-Br index was in line with a negative performance of the service sector, which accounts for roughly 70% of the country's activity, said Nova Futura economist Nicolas Borsoi.

Persons: Fernando Haddad, Nicolas Borsoi, Luiz Inacio Lula da Silva's, Marcela Ayres, Steven Grattan Organizations: IBC, Reuters, Finance, Finance Ministry, Nova Futura, Thomson Locations: BRASILIA, Brazilian

☆ Brazil cenbank cuts rates, with more likely to come, but flags 'adverse' backdrop
▼ + stars: | 2023-11-01 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee, known as Copom, unanimously reduced its Selic benchmark interest rate to 12.25%, a move expected by all 40 economists polled by Reuters. However, despite its expectation of keeping its pace of rate cuts, the bank mentioned an "adverse" global outlook that "requires caution on the conduct of monetary policy." The prospect of higher long-term U.S. interest rates has led to a tightening of global liquidity and strengthening of the dollar, adding to inflation pressures in emerging markets like Brazil. In its statement, the central bank also highlighted the persistence of elevated core inflation in several countries, alongside emerging geopolitical tensions following the outbreak of the Israel-Palestine conflict. The inflation target for the upcoming year and beyond stands at 3%, with the same tolerance interval.

Persons: Daniel Cunha, Luiz Inacio Lula da, Lula, Marcela Ayres, Diane Craft Organizations: Reuters, Thomson Locations: BRASILIA, Brazil, Israel, Palestine

☆ Brazilian Oil Industry Gets Support From New Congressional Caucus
▼ + stars: | 2023-10-26 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

By Anthony BoadleBRASILIA (Reuters) - Brazilian lawmakers have set up a congressional caucus to represent Brazil's oil and gas industry, led by state-run producer Petrobras, and to back the company's plans to explore offshore fields near the mouth of the Amazon River. Petrobras has planned to explore in the so-called Northern Brazilian Equatorial Margin, following major discoveries in neighboring Guyana and Suriname. We have to explore for oil at the mouth of the Amazon," Pazuello said. The Parliamentary Front in Support of Oil, Gas and Energy, as the caucus is called, was launched on Tuesday with 217 members, or 42% of the lower chamber of Congress. He said the launch of the caucus received unprecedented support in Congress and was a non-partisan effort.

Persons: Anthony Boadle BRASILIA, Eduardo Pazuello, Luiz Inacio Lula da Silva's, Pazuello, Equinor, Washington Quaquá, Jair Bolsonaro, Anthony Boadle, Rod Nickel Organizations: Reuters, Petrobras, Wednesday, Mines and Energy Ministry, Gas, Energy, Lula's Workers Party Locations: Para, Guyana, Venezuela, Suriname, Brazil, Rio de Janeiro

☆ Lula approval falls on view Brazil economy slipping -Genial/Quaest poll
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Brazil's President Luiz Inacio Lula da Silva attends a meeting with Chinese Politburo Standing Committee member, Li Xi at the Planalto Palace in Brasilia, Brazil September 22, 2023. REUTERS/Adriano Machado/File Photo Acquire Licensing RightsBRASILIA, Oct 25 (Reuters) - Approval of President Luiz Inacio Lula da Silva's performance has fallen on Brazilian worries that Latin America's largest economy is worsening, a new Genial/Quaest poll showed on Wednesday. Approval of his way of governing has fallen to 54% in October from 60% in August, while 42% of those polled say he is doing a bad job, up from 35% in the previous survey. Genial/Quaest interviewed 2,000 people of voting age between Oct. 19 and Oct. 22. The poll has a 2.2 percentage point error margin.

Persons: Luiz Inacio Lula da Silva, Li Xi, Adriano Machado, Luiz Inacio Lula da, Quaest pollster Felipe Nunes, Lula, Jair Bolsonaro, Quaest, Anthony Boadle, Steven Grattan, Jonathan Oatis, Deepa Babington Organizations: REUTERS, Rights, Thomson Locations: Brasilia, Brazil, Rights BRASILIA

FDI in Brazil fell 36% in the first eight months of 2023 to $37.9 billion. Currently, investors in long-term projects in Brazil with exposure to foreign currency pay taxes on currency appreciation over the course of the project - which the central bank has long flagged as a deterrent for FDI. Haddad said he was confident that policymakers had found a tool to shield investors from currency risks keeping them away. Executive orders in Brazil have immediate validity but must be endorsed by lawmakers within four months or they expire. Without that measure, Haddad said it will be "very challenging" to erase the deficit in next year's budget bill.

Persons: Fernando Haddad, Haddad, Luiz Inacio Lula da, Marcela Ayres, Bernardo Caram, Brad Haynes, Christopher Cushing Organizations: Finance, Reuters, Sao Paulo, leftist Workers Party, Executive, Thomson Locations: BRASILIA, Brazil, Brasilia, Sao, United States

☆ Brazil's Gilberto Gil pays tribute to London, his home in exile, in joyous show
▼ + stars: | 2023-10-12 | by ( Angus Macswan | ) www.reuters.com time to read: +2 min

That's why I came to London," he told the audience at the Royal Albert Hall. He introduced "Ladeira da Preguica" saying: "This a a song I wrote in London while I was missing my homeland." The military junta deemed them subversive and arrested them, detaining them for nine months before forcing them to choose exile or jail. Veloso was miserable but Gil, settling in Notting Hill Gate, immersed himself in London life. "I used to eat Jamaican food at the Mangrove," Gil told the audience, referring to a famed cafe in Notting Hill Gate.

Persons: Gilberto Gil, Gil, Caetano Veloso, Veloso, Pink Floyd, Bob Marley, Bob Marley's, Luiz Inacio Lula da Silva's, Toda, Angus MacSwan, Alex Richardson Organizations: London, Royal Albert Hall, Thomson Locations: London, Salvador, Bahia, Brazil, Notting Hill, Glastonbury, Rio de Janeiro

☆ Deforestation in Brazil's Amazon falls 57% in September
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsCompanies Amazon Fund II LP FollowSAO PAULO, Oct 6 (Reuters) - Deforestation in Brazil's Amazon rainforest fell 56.8% in September compared to a year earlier, government data showed on Friday, while the region is struggling with a historic drought. In September, Brazil's Environment Minister Marina Silva announced at the United Nations Summit in New York more ambitious climate targets for the country. Deforestation and fires usually spike in the Amazon in August and September, when the weather turns drier. Fires in the region last month fell 36%, improving from the worst September in more than a decade in 2022. Last month, Switzerland and the United States donated $8.4 million to Brazil's Amazon Fund to help preserve the world's largest tropical rainforest.

Persons: Ueslei Marcelino, Luiz Inacio Lula da Silva's, Jair, Marina Silva, Peter Frontini, Diane Craft Organizations: REUTERS, Amazon Fund, SAO PAULO, Brazil's, United Nations Summit, Thomson Locations: Seca, Uruara, Para State, Brazil, New York, Switzerland, United States

☆ Lula government's approval rating dips nine months into office in Brazil
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

The CNT/MDA poll said 40.6% of the people surveyed said the performance of the Lula government was "great" or "good" compared with 43% in the previous poll in May. Lula narrowly defeated Bolsonaro in a runoff election last October and took office in January. Still, 46% of those polled say the new government is better than Bolsonaro's, which had a 12-percentage-point lower approval rating after nine months in office. Approval of Lula's own performance as president has also dipped, to 54.9% from 57%, with disapproval rising to 39% from 35%. MDA, commissioned by the national transport lobby CNT, polled 2,002 people across Brazil between Sept. 27 and Oct. 1.

Persons: Luiz Inacio Lula da Silva's, Jair Bolsonaro, Lula, Marcelo Souza, Bolsonaro, Anthony Boadle, Steven Grattan, Rod Nickel Organizations: CNT, MDA, Thomson Locations: BRASILIA, Brazil, Brasilia

He has sought to boost Brazil's cred with each state visit and speech, one multilateral forum after another. PUSHING FOR GLOBAL GOVERNANCE — BRAZIL-STYLEDuring Lula’s travels, he has pushed for global governance that gives greater heft to the Global South and advocating diminishing the dollar’s dominance in trade. After the International Criminal Court issued a warrant for Russian President Vladimir Putin's arrest, Lula said he would review Brazil's membership in the court. Some in Washington had initially hoped Lula could be helpful in advancing a shared agenda in Venezuela, Winter said. As they stood embracing, Lula remained seated while applauding a few feet away and nearly out of the camera frame.

Persons: Luiz Inacio Lula da Silva's, Brazil —, —, Lula, Bolsonaro, ”, Oliver Stuenkel, Getulio Vargas, Ukraine’s, Vladimir Putin's, “, Brian Winter, Biden, Winter, ” Biden, Jake Sullivan, Narendra Modi, Saudi Crown Prince Mohammed bin Salman, Cuba “, ” Lula, Nicolás Maduro, LULA, Lula isn't, Modi, Thomas Traumann, Azali Assoumani, Assoumani's, Paulo Peres, Said Peres, Eleónore Hughes, Madhani, David Biller Organizations: UNITED NATIONS, —, General, Getulio, Getulio Vargas Foundation, Global, . National, Bolsonaro, Indian, Saudi Crown, Biden, Federal University of Rio, . Security, Associated Press Locations: Brazil, United States, China, Italy, India, Argentina, Angola, Sao Paulo, — BRAZIL, Washington, Western Europe, U.S, York, Americas, New York, Ukraine, New Delhi, Cuba, Havana, Venezuela, ”, Brazilian, Federal University of Rio Grande do Sul, Rio de Janeiro

☆ Lula approval stable, rejection rate ticks up, poll shows
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Brazil's President Luiz Inacio Lula da Silva speaks during a press conference at a hotel after the G20 Summit, in New Delhi, India, September 11, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsSept 14 (Reuters) - Approval of Brazil President Luiz Inacio Lula da Silva's government remained stable in September, although his rejection rate increased, according to a poll published on Thursday. The survey by Datafolha showed positive approval of the government rose slightly to 38% of respondents from 37% in June, while negative views rose from 27% to 31%. Approval of Lula's performance as president after the first eight months of his term is higher than former President Jair Bolsonaro's, who had a 29% approval rate at the same point in 2019. The poll has a margin of error of 2.0 percentage points.

Persons: Luiz Inacio Lula da Silva, Anushree, Luiz Inacio Lula da Silva's, Datafolha, Jair Bolsonaro's, Marguerita Choy Organizations: REUTERS, Carolina, Thomson Locations: New Delhi, India

☆ Brazil Sees Amazon Rainforest International Security Hub Launch This Year
▼ + stars: | 2023-09-13 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Ricardo BritoBRASILIA (Reuters) - Brazil is preparing to launch a center for international police cooperation to combat environmental crimes and drug trafficking in the Amazon rainforest by the end of 2023, Federal Police officials told Reuters. The center, agreed upon at the summit of Amazon nations in August, will bring together police authorities from the eight countries of the Amazon Cooperation Treaty Organization (ACTO). Uniting the Amazon countries against criminal activity in the world's largest rainforest is key to President Luiz Inacio Lula da Silva's effort to restore Brazil's environmental credentials after four years of soaring deforestation under predecessor Jair Bolsonaro. "We expect to see a significant reduction in environmental crimes in the area and also action involving the entire Amazon region and not just a few isolated countries," Urquiza said. "There's no point in operating only in Brazil," he said, adding that criminals in the region move around the countries of the rainforest to evade authorities.

Persons: Ricardo Brito, Luiz Inacio Lula da, Jair Bolsonaro, Valdecy Urquiza, Urquiza, Humberto Freire, Ameripol, Freire, Peter Frontini, Timothy Gardner Organizations: Ricardo Brito BRASILIA, Reuters, Federal Police, Amazon Cooperation Treaty Organization, Federal Police's, Police, Interpol Locations: Brazil, Bolivia, Colombia, Ecuador, Guyana, Peru, Suriname, Venezuela

☆ Brazil eyes tax perks for energy sector, sparking 'green' vs oil debate
▼ + stars: | 2023-08-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +4 min

Last year, more than 500 qualified energy projects received some 9 billion reais ($1.85 billion) in tax exemptions. However, senior officials at the Mines and Energy Ministry are pushing to broaden the incentives to include oil refineries and fuel storage facilities. Energy Ministry officials have argued that targeting tax benefits too narrowly would curtail oil and gas investments, calling in a technical note to expand incentives to oil and natural gas exploration, production and transportation. The Energy Ministry did not immediately respond to a request for comment. Brazilian state-run oil firm Petrobras (PETR4.SA) has forecast oil production for the next four decades, even as it ramps up investments in renewable energy.

Persons: Adriano Machado, Luiz Inacio Lula da Silva's, Lula, Marcela Ayres, Brad Haynes, David Gregorio Our Organizations: National, REUTERS, Petroleo Brasileiro SA Petrobras Follow, Reuters, Finance Ministry, Mines and Energy Ministry, Finance, Energy Ministry, Mines, Investments, Petrobras, PETR4, Thomson Locations: Brasilia, Brazil, Petroleo Brasileiro SA Petrobras Follow BRASILIA, Ukraine, biorefineries, divestments

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

☆ Brazilian consumer prices seen virtually flat in July vs June
▼ + stars: | 2023-08-09 | by ( Gabriel Burin | ) www.reuters.com time to read: +3 min

A customer looks at the prices at a supermarket in Rio de Janeiro, Brazil, May 6, 2016. "Moreover, services and core services indexes also improved... although they will continue to be considerably above the inflation target," the analysts noted. Brazil is enjoying benign food inflation trends resulting from a record-breaking crop that may be repeated next season, provided the country's vast production of grains and oilseeds is spared from the impact of the El Nino climatic pattern. Apart from helping to open a window for much awaited interest rate cuts, stable food prices facilitate President Luiz Inacio Lula da Silva's government initiative to raise fuel taxes again in a bid to strengthen Brazil's public accounts. Reporting and polling by Gabriel Burin; Editing by Ross Finley and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nacho Doce, Luiz Inacio Lula da Silva's, Gabriel Burin, Ross Finley, Jan Harvey Organizations: REUTERS, Santander, El, Thomson Locations: Rio de Janeiro, Brazil

Minister of Indigenous Peoples Sonia Guajajara said more Indigenous people felt comfortable identifying themselves as such. Tebet told reporters the new population numbers will allow for improved budget funding for policies to help Indigenous communities, in education but mainly in health services and basic sanitation to make up for government neglect. Half of Brazil's Indigenous communities live in the Amazon region, some 867,900, with the highest urban concentration in the city of Manaus, the capital of Amazonas state. But the main reason for the exponential growth in numbers, besides higher fertility rates among Indigenous communities, is the rise in visibility of Brazil's Indigenous movement, he said. "When you have strong Indigenous leaders bringing positive connotations to being Indigenous, this encourages people to begin identifying themselves," Barros said by telephone.

Persons: Vanderlecia Ortega dos Santos, Vanda, Ueslei Marcelino BRASILIA, Sonia Guajajara, Guajajara, Simone Tebet, Tebet, Luiz Inacio Lula da Silva's, Jair Bolsonaro, Lula, Leonardo Barros, Barros, Anthony Boadle, Aurora Ellis, Jamie Freed Organizations: Brazilian Institute of Geography, Teatro, REUTERS, Ueslei, IBGE, Government, Indigenous, Federal University of Viçosa, Thomson Locations: Belem , Para, Brazil, Belem, Portugal, Venezuela, Manaus, Amazonas, Minas Gerais

☆ Brazil central bank kicks off rate cuts more aggressively than expected
▼ + stars: | 2023-08-02 | by ( Peter Frontini | ) www.reuters.com time to read: +3 min

The bank's rate-setting committee Copom cut its Selic policy rate to 13.25%, as just 10 of 46 economists surveyed by Reuters had anticipated. Although Wednesday's policy decision was closely divided, Copom's policy statement signaled a shared outlook to keep up the pace of rate cuts in coming months. Wednesday's rate decision reflected a split among board members, with five votes in favor of the 50-basis-point cut and four votes for a more modest 25-basis-point cut. Finance Minister Fernando Haddad had called for a rate cut of 50 basis points earlier on Wednesday. Brazil's inflation target is 3% for both years.

Persons: we'd, William Jackson, Luiz Inacio Lula da Silva's, Roberto Campos Neto, Lula, Campos Neto, Fernando Haddad, Haddad, Copom, Peter Frontini, Marcela Ayres, Brad Haynes, Diane Craft Organizations: SAO PAULO, Reuters, Capital Economic, Finance, Fitch, Carolina, Thomson Locations: Brazil

☆ Brazil's jobless rate hits lowest since 2014 for a quarter through June
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, July 28 (Reuters) - Brazil's jobless rate fell in the quarter through June to its lowest level for the period in nine years, statistics agency IBGE said on Friday, underscoring the labor market's resilience despite its high interest rates. It was the fourth consecutive drop for a rolling quarter, according to IBGE, which said the move reflected seasonally lower vacancy rates. Finance Minister Fernando Haddad cautioned that despite the positive data, the unemployment rate should not be perceived as an indicator of a strong economy, given the country's 10% real interest rate leading to an activity slowdown. Some economists also expect high interest rates to take their toll going ahead, as economic growth softens in the country. "All in all, the labor market remained strong in the second quarter, defying the drag from stiflingly high interest rates," Pantheon Macroeconomics' chief economist for Latin America, Andres Abadia, said.

Persons: Fernando Haddad, Haddad, Andres Abadia, Luiz Inacio Lula da Silva's, Rui Costa, Gabriel Araujo, Steven Grattan, Alistair Bell Organizations: SAO PAULO, IBGE, Reuters, Finance, Macroeconomics, Twitter, Thomson Locations: Brazil, America

☆ Sao Paulo governor turns heads on Brazil's right after Bolsonaro election ban
▼ + stars: | 2023-07-20 | by ( Ricardo Brito | ) www.reuters.com time to read: +5 min

Although the governor and his closest advisers insist he is focused on serving Sao Paulo state, many of Brazil's seasoned conservative power brokers are already calling the pro-business moderate a natural candidate for the presidency in three years. It also helped shore up three-quarters support among Sao Paulo lawmakers for the reform as it cleared one chamber of Congress. He is pushing to privatize the port of Santos on the Sao Paulo coast, a bid blocked for now by the federal government. And he has vowed to revive efforts to privatize state water utility Sabesp (SBSP3.SA), while Lula has decried recent privatizations under Bolsonaro. "He has to finish his mission in Sao Paulo with a second term," said one close aide, asking not to be named as he was not authorized to speak about the governor's plans.

Persons: Tarcisio de Freitas, Jair Bolsonaro, Freitas, Bolsonaro, Luiz Inacio Lula da Silva's, Marcos Pereira, of God, Arthur Lira, Ciro Nogueira, Bolsonaro's, Antonio Queiroz, Dilma Rousseff, Lula, Queiroz, Ricardo Brito, Anthony Boadle, Brad Haynes, Paul Simao Organizations: Paulo, Republicans, Universal Church of, Liberal Party, ARMY, Workers Party, Sao, Thomson Locations: BRASILIA, Sao Paulo, of, Brazilian, Santos

"Everyone is expecting a rate cut," Finance Minister Fernando Haddad noted in an interview with RedeTV journalist Kennedy Alencar. Planning Minister Simone Tebet was even more emphatic, saying at an event in Rio de Janeiro that the central bank must start its easing cycle with a 50-basis-point cut. She said high interest rate levels were hurting the retail sector. However, they still diverge on the size of the cut, with 55% of those polled betting on a 25 basis point move while 32% expect a 50 basis point cut. On Thursday, Lula himself renewed calls on the central bank to cut interest rates.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Kennedy Alencar, Haddad, Simone Tebet, Lula, Gabriel Galipolo, Ailton Aquino, Lula's, Bernardo Caram, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Josie Kao, Frances Kerry Organizations: RIO DE, Finance, Reuters Graphics Reuters, Thomson Locations: BRASILIA, RIO, RIO DE JANEIRO, Rio de Janeiro, Brazil, Brasilia

☆ Brazil govt eyes sending income tax reform proposal to Congress
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, July 10 (Reuters) - President Luiz Inacio Lula da Silva's government will not wait for Brazil's Congress to finish voting on a tax reform related to consumption before submitting its proposal for an income tax reform, Finance Minister Fernando Haddad said on Monday. "I will need Congress to consider this second phase (of tax reform) along with the budget bill," said Haddad, referring to the budget proposal that, by law, the government must submit by the end of August. The measure still requires final passage in the Senate, with no date yet set for a vote. According to Haddad, a carbon credit bill is set to be presented to Congress in August. Additionally, the government has scheduled an official presentation to attract companies interested in making products labeled as "clean energy," Haddad said.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Haddad, Brazil's, Lula, Marcela Ayres, Mark Porter, Will Dunham Organizations: Finance, Workers ' Party, Thomson Locations: BRASILIA

☆ Brazil finance minister confirms 3% inflation target in 2024, backs tweaking time frame
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, June 29 (Reuters) - Brazil's finance minister has confirmed the country's monetary council will keep next year's inflation target at 3%, but reiterated he expects the body to tweak the time frame used to assess the goal's fulfillment. Fernando Haddad's remarks in an interview with GloboNews aired late on Wednesday came as markets on Thursday closely watch the National Monetary Council's (CMN) meeting for potential changes on inflation targets. Inflation targets that have the calendar year as a time frame cause "unnecessary pressure," he said. The central bank currently targets inflation of 3.25% in 2023 and 3% in 2024 and 2025, with a tolerance margin of 1.5 percentage points up or down. Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that helped worsen expectations for consumer price changes.

Persons: Fernando Haddad's, GloboNews, Haddad, Luiz Inacio Lula da, Lula, Fabricio de Castro, Gabriel Araujo, Emelia Sithole Organizations: SAO PAULO, Monetary, Thomson

Santander and Goldman Sachs were the latest to upgrade their recommendations on the oil company to "Buy". They announced the change late on Tuesday, citing an attractive valuation and limited impacts from recent changes to key company policies. That followed similar calls earlier this month by Morgan Stanley and JPMorgan, which upgraded Petrobras to "Overweight" mentioning less disruptive policy changes than initially expected and lower risk perceptions, respectively. Analysts now await an announcement on the firm's dividend policy by July, but they do not foresee a major shift. "We believe the company's financial vigor and the government's fiscal needs make the case for limited changes," said Santander analysts, who raised their rating to "Outperform".

Persons: Goldman Sachs, Morgan Stanley, Goldman, Luiz Inacio Lula da Silva's, Gabriel Araujo, Brad Haynes, Emma Rumney, Sharon Singleton Organizations: SAO PAULO, Petrobras, PETR4, Santander, JPMorgan, Thomson Locations: Brazil

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