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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

☆ No 'witch-hunt' in Brazil's Jan. 8 probes, vows top military prosecutor
▼ + stars: | 2023-02-17 | by ( Ricardo Brito | ) www.reuters.com time to read: +2 min

BRASILIA, Feb 17 (Reuters) - There will be no "witch-hunt" to root out members of Brazil's military who may have potentially been involved in the Jan. 8 Brasilia riots, the country's top military prosecutor said in an interview, pledging to follow due process to mete out justice. For months ahead of the Oct. 30 Brazilian presidential election, far-right former President Jair Bolsonaro sought to enlist military support for his baseless claims of electoral fraud. There has been mounting public pressure for anyone in Brazil's military accused of involvement in the riots to be tried in civil courts. However, Brazil's army brass are unhappy about efforts for military wrongdoing to be tried by the Supreme Court, and want to keep litigation in military courts, according to sources familiar with the matter. Fifteen military investigations related to Jan. 8 have been opened, according to the military attorney general's office.

☆ Criticism of Lula's economic plans mounts as Brazil markets tank
▼ + stars: | 2023-01-04 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Haddad, a former mayor of Sao Paulo, took office vowing to restore public accounts and with the challenge of presenting a credible fiscal framework after Congress passed a giant Lula social spending package. Markets reacted badly to Haddad's first days in office, especially after Lula ordered a budget-busting extension to a fuel tax exemption which Haddad had publicly opposed. "Haddad learned on his first day in office that he will be a decorative figure, a sort of task worker for President Lula," the conservative daily said in an editorial. On Tuesday, markets were further rattled by remarks by Lula's social security and labour ministers. That was compounded when he said Lula's government would need to review the investor-friendly pension reform approved by Bolsonaro's administration.

☆ Next Petrobras CEO says he will change company's fuel price policy
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Dec 30 (Reuters) - The incoming chief executive of Brazil's state-run oil company Petrobras (PETR4.SA) said on Friday he planned to tweak the country's fuel price policy, but said investors need not worry. Prates told journalists he will change the firm's pricing policy, which pegs fuel to global oil prices, but stressed that this does not mean prices will be completely unlinked to the international market. "Petrobras' pricing policy will be changed, but not necessarily to traumatize investors," he said. The company's pricing policy was at the center of turmoil during President Jair Bolsonaro's administration. Three of Petrobras' CEOs were ousted during his term, as fuel price hikes stoked inflation and hurt his popularity.

Among Thursday's highlights were Marina Silva for environment minister and Senator Simone Tebet as planning and budget minister. Lula gave them key positions after they provided crucial endorsements for his narrow Oct. 30 election victory over outgoing President Jair Bolsonaro. One of Brazil's best-known environmentalists, Silva previously held the same ministerial position for five years during Lula's first term as president, overseeing a significant drop in deforestation. "She played an extremely important role in the campaign," Lula said of Tebet, who will oversee Brazil's budget and set up a multiannual plan with goals for the administration. Lula, who had previously disclosed 21 of the future ministers, also tapped other moderate figures to his cabinet in order to secure support in Congress.

[1/2] FILE PHOTO:Brazilian President-elect Luiz Inacio Lula da Silva cries while speaking during a meeting with members of the government transition team in Brasilia, Brazil November 10, 2022. REUTERS/Ueslei Marcelino REUTERSBRASILIA, Nov 15 (Reuters) - A dust-up among aides to Brazil's president-elect over the country's choice to lead the Inter-American Development Bank (IDB) is fueling concern that hardcore leftists on his team are eclipsing the influence of more market-friendly moderates. As his transition team begins its work ahead of the Jan. 1 inauguration, investors are wondering which group will be more influential in steering the two-term former president's economic policy. His appointment as coordinator of Lula's transition team was seen as good news for those hoping for market-friendly policies. SEEKING TO PLEASEInvestor concern about Lula's economic plans has been growing since last week.

Investors have called for Lula to restore firm rules for public spending after major outlays by outgoing President Jair Bolsonaro through the pandemic and election campaign. Instead, Lula is pushing to dismantle old budget rules to ramp up social spending. Senator Simone Tebet, of the centrist Brazilian Democratic Movement party (MDB), said the economy minister should be his first cabinet pick to make clear what his policies are going to be affecting the economy. "An economy minister is needed to explain the president's political thought," she told reporters. The rout made clear that many investors want to see more clarity over ministerial appointments and how Lula aims to stabilize Brazil's public finances.

☆ Brazil's VP Alckmin announces team for budget planning government transition
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

[1/2] Brazilian President-elect Luiz Inacio Lula da Silva gestures near Geraldo Alckmin, Brazilian elected Vice President during a meeting with members of the government transition team in Brasilia, Brazil November 10, 2022. REUTERS/Ueslei MarcelinoBRASILIA, Nov 10 (Reuters) - The transition team of Brazilian President-elect Luiz Inacio Lula da Silva will have a budget planning group aligned with the leftist Workers Party (PT), indicated Vice-President-elect Geraldo Alckmin on Thursday. According to Alckmin, the team will feature former Finance Minister Guido Mantega, lawmaker Enio Verri, former Federal Budget Secretary Esther Dweck and Antonio Correa de Lacerda, president of the Federal Economic Council. Reporting by Lisandra Paraguassu; Writing by Marcela Ayres; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil leftist Lula wins third presidential term to redeem tarnished legacy
▼ + stars: | 2022-10-31 | by ( Anthony Boadle | ) www.reuters.com time to read: +4 min

His policies lifted millions from extreme poverty, expanded access to education and healthcare, and reduced Brazil's deep social inequalities during years of robust growth driven by a global commodities boom. GLOBAL PRESTIGEHis presidency also reinvigorated Brazil's oil and ship-building industries, while its economy rose to sixth-largest in the world. Brazil's global prestige hit new levels as it was chosen to host the Olympics and soccer World Cup. However, Lula's legacy was tarnished amid revelations of a vast kickback scheme on public contracts, benefiting leaders from major political parties, including his own. A heavy smoker for years, Lula was treated with chemotherapy for throat cancer in 2011, deepening his gruff baritone.

[1/5] A citizen of Brazil leaves a voting station after casting his vote for his country's election, in Lisbon, Portugal, October 30, 2022. Nearly 81,000 Brazilians in Portugal are eligible to vote, with more than half registered in Lisbon, according to consulate data. The queue to vote in Lisbon snaked around the city's law university, with divisions between voters on display. Several polls showed the race between them tightening in the final week, with Bolsonaro eroding a slight lead for Lula. Reporting by Catarina Demony, Miguel Pereira and Pedro Nunes; Editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Treasury to receive $8.5 billion from development bank BNDES this year
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Oct 25 (Reuters) - Brazil's Treasury will receive 45 billion reais ($8.5 billion)from loans it has granted to development bank BNDES in the past, the Economy Ministry said on Tuesday, an action that will help reduce the country's gross debt. The amount still owed by BNDES totals 69.1 billion reais, and the bank will pay the Treasury 45 billion reais by November 30th, the ministry said in a statement. The remaining 24.1 billion reais will be paid off by November 30, 2023, it added. Between 2008 and 2015, under the administrations of the leftist Workers Party (PT), the Brazilian Treasury transferred more than 500 billion reais to the development bank, weakening public finances and squeezing commercial lenders out of capital markets. According to the latest data from the central bank, Brazilian gross debt stands at 77.5% of GDP.

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