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An EU official said Lula would also meet on Wednesday with EU climate policy chief Frans Timmermans. Last month, Lula defeated right-wing President Jair Bolsonaro, who oversaw mounting destruction of the Amazon rainforest and refused to host the 2019 climate summit originally planned for Brazil. His team also worked to secure a jungle conservation alliance announced on Monday between the three largest rainforest nations - Brazil, Democratic Republic of Congo and Indonesia. They said other countries know Brazil will soon have a Lula government that has promised to take the issue more seriously than Bolsonaro, a climate change sceptic. Colombia's Environment Minister Susana Muhamad said Lula's election would allow renewed regional cooperation among Amazon rainforest nations to tackle deforestation, a major contributor to climate change.

[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.

☆ Brazil cenbank chief says fiscal prudence central to inflation aims
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

BRASILIA, Nov 11 (Reuters) - Brazil's central bank chief Roberto Campos Neto emphatically defended the need for fiscal balance on Friday, following statements by leftist President-elect Luiz Inacio Lula da Silva that soured the markets by downplaying the issue's importance. In Britain, for example, former Prime Minister Liz Truss resigned after markets shunned her plans for major unfunded tax cuts. "I don't know if there was a Liz Truss moment for Brazil (yesterday), but it was a clear demonstration of the markets' sensitivity to the fiscal issue," said Campos Neto. He said the central bank's autonomy would pass "an important test" but believed in the continuity of that status under Lula's future administration. Campos Neto also stressed that the bank's policymakers are open to participating in the transition government.

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.

☆ Rate cuts from June would be compatible with Brazil cenbank's target, official says
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 10 (Reuters) - Brazil's central bank believes rate cuts from June 2023 would be compatible with bringing inflation in line with its target in 2024 based on market forecasts, the bank's director of international affairs, Fernanda Guardado, said on Thursday. "I want to reinforce that it is not our focus now (to discuss the) timing of rate cuts. According to the director, the central bank calculates that inflation in 12 months will be around the 3% official target in the second quarter of 2024, ending that year around this level. In October, the central bank held interest rates at a 13.75% cycle-high for the second straight policy decision. Policymakers paused the tightening cycle in September after 12 hikes lifted rates from a 2% record low in March 2021.

Lula insisted in a speech that he would maintain fiscal discipline, but his comments added to growing investor skepticism that he would keep a lid on spending. Concerns have been mounting about Brazil's public finances after major outlays through the pandemic and this year's presidential election. But his advisers are already discussing with lawmakers how to open room for more spending outside a constitutional spending cap in order to deliver on campaign promises, including a possible "Transition PEC" amending the constitution. "The signals indicate that the spirit of the Transition PEC is very oriented around new public spending. Still, as tough policy tradeoffs loom, and with Lula's economic team still being defined, markets have grown less patient.

☆ Brazil's Lula says Bolsonaro push for military audit of voting machines 'deplorable'
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +3 min

[1/2] An electronic voting machine is seen during a simulation voting process of the electoral systems to be used in the Brazilian presidential election in Brasilia, Brazil September 15, 2022. The military audit was requested by Bolsonaro last year to get the military to identify problems with a voting system that he alleged - without proof - was liable to fraud. Bolsonaro, a far-right politician who once served as an army captain, repeatedly claimed without evidence that the electronic voting system was vulnerable. While the armed forces' report on the security of the electronic voting machines, made public on Wednesday, did not find specific issues it said there were vulnerabilities in the computer code that could potentially be exploited. "It is not possible to guarantee that programs executed in the electronic voting machines are free from malicious insertions that alter their functioning," the military said in a statement.

☆ Why hosting the World Cup can be a bad idea for some countries
▼ + stars: | 2022-11-10 | by ( Darren Geeter | ) www.cnbc.com time to read: +4 min

Hosting the World Cup draws massive exposure to a host country in terms of tourism, foreign trade, jobs and the potential for new development. Nevertheless, hosting the FIFA World Cup is viewed as an honor as soccer is the world's most popular sport, with over 5 billion fans. The United States, which hosted the 1994 World Cup, is viewed as the most successful of the tournaments, drawing over 3.5 million fans. But history suggests that fans will continue to tune in with hopes and aspirations of their country winning the cherished World Cup. Watch the video above to learn why hosting the FIFA World Cup can be a bad idea for some countries.

☆ Brazil's Economy Ministry predicts 2023 GDP growth between 1.4% to 2.9%
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 9 (Reuters) - Brazil's Economy Ministry predicted on Wednesday a GDP growth range in 2023 between 1.4% to 2.9%, arguing that the economy's structural growth is now higher than seen in the recent past. Private economists calculate the economy will grow by just 0.7% in 2023, according to the central bank's weekly Focus survey. The secretariat stated that traditional models for projections are based on past observations and, therefore, cannot respond appropriately to structural changes that have been implemented since 2016. Among the measures in this direction, the secretariat mentioned new legal frameworks for investment in various sectors, which increased private investment. The Economy Ministry's projections incorporate an economic slowdown in emerging and developed economists throughout 2022.

☆ 'Now I'm one of you,' Hamilton tells Brazil as he becomes honorary citizen
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/4] British Formula One racing driver, Lewis Hamilton gestures, after he received the title of honorary citizen of Brazil at the Chamber of Deputies in Brasilia, Brazil November 7, 2022. REUTERS/Adriano MachadoNov 7 (Reuters) - Seven-times Formula One world champion Lewis Hamilton was made an honorary citizen of Brazil on Monday by the country's lower house of Congress and dedicated the honour to his boyhood idol, the late Brazilian triple world champion Ayrton Senna. The lower house passed in June a bill to make the 37-year-old an honorary citizen that was proposed by congressman Andre Figueiredo after the British driver won the 2021 Brazilian Grand Prix for the third time. "I have so many amazing memories of Brazil," Hamilton said. Hamilton pledged to continue pushing for diversity and said that visiting the Amazon rainforest was one of his dreams.

☆ Brazil central bank opens public consultation to changes on capital requirements for banks
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, Nov 7 (Reuters) - Brazil's central bank opened on Monday a public consultation on changes to calculate capital requirements related to operational risk for financial institutions, scheduled to enter into force on Jan. 1, 2024. The proposal, which will be open for suggestions for 90 days, replaces the three current calculation methodologies with a single standardized model, adhering to the Basel III rules, to "increase the robustness and risk sensitivity of the capital requirement for operational risk," said the central bank. Reporting by Marcela AyresOur Standards: The Thomson Reuters Trust Principles.

☆ Former Petrobras executive asks Brazil court to block dividend payment
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 6 (Reuters) - Guilherme Estrella, former director of Brazil's state-controlled oil giant Petrobras (PETR4.SA), filed a lawsuit in court to block the payment of dividends by the company. Estrella asks for studies to be carried out to prove that the distribution of dividends does not compromise the company's competitiveness. Petrobras did not immediately respond to a request for comment outside normal business hours. On Friday, prosecutors from Brazil's audit court TCU asked to suspend dividends of around 43.7 billion reais announced by Petrobras last week on the back of a stronger-than-expected third-quarter profit. According to Reuters calculations, the amount represents more than double the average shareholder benefit paid by each of the five biggest Western oil producers.

☆ Movement to ban TikTok: What midterms could mean for future of app
▼ + stars: | 2022-11-05 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +8 min

The effort to ban TikTok is back, and it could gain more strength after the midterm elections. Alex Brandon / AP fileExperts said there’s a steep hill to climb for those who want a total TikTok ban, but the midterms could provide a push. The renewed push for a TikTok ban or forced sale is taking place while the company is in negotiations with the Biden administration on a potential written security agreement. TikTok says it believes the agreement would address not only privacy concerns but how the app moderates content. Rubio is co-sponsoring legislation to ban TikTok from all U.S. government devices.

Demonstrations erupted on Sunday in support of Bolsonaro after he was narrowly defeated by Lula, who previously governed from 2003 to 2010. Carvalho asked Brazil's federal police to open an official probe on 70-year-old Piquet to "clarify the facts". He said that Piquet, as a public figure, should have been aware that his remarks had the power to reach hundreds of thousands of people. One of Lula's closest allies, Senator Humberto Costa, stated earlier this week he was filing a complaint against Piquet with the public prosecutor's office following his comments. His latest remarks come just days ahead of the Brazilian Grand Prix, which is set to begin in Sao Paulo on Nov. 13.

The approvals could reshape global trade flows and result in fewer sales for farmers in the United States, the world's top corn supplier. China relied on the United States and Ukraine for most of its corn supplies but Russia's invasion of Ukraine has disrupted exports. He said in an interview the list of approved Brazilian facilities that can export corn to China may be updated to include more units in coming weeks. Once China starts buying corn from Brazil, traditional Brazilian corn importers such as Spain and Egypt could shift some of their purchases to the United States. Beijing and Brasilia had signed a protocol for exporting corn from Brazil to China in 2014 but little trade had happened due to complex inspection requirements.

[1/4] Supporters of Brazil's President Jair Bolsonaro hold a protest against President-elect Luiz Inacio Lula da Silva who won a third term following the presidential election run-off, at Urban Military Sector in Brasilia, Brazil, November 2, 2022. Bolsonaro has not officially acknowledged the result, though his cabinet has initiated a transition, with Lula set to take over the presidency on Jan. 1. Bolsonaro's supporters in Sao Paulo and Rio de Janeiro led festive rallies on Wednesday, carrying Brazil's yellow-and-green flag draped over their shoulders, blowing horns and chanting anti-Lula slogans. Lula, by contrast, was jailed in the 1970s for protesting against the military government. Reporting by Brian Ellsworth in Sao Paulo and Rodrigo Viga Gaier in Rio de Janeiro, additional reporting by Lisandra Paraguassu in Sao Paulo and Anthony Boadle in Brasilia, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Bolsonaro doesn't concede election, but authorizes transition
▼ + stars: | 2022-11-01 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

BRASILIA, Brazil — Brazilian President Jair Bolsonaro on Tuesday did not concede the election he lost to leftist Lula da Silva in a brief speech that marked his first comments since results were released two days ago. But afterward, Chief-of-Staff Ciro Nogueira told reporters that Bolsonaro has authorized him to begin the transition process. Bolsonaro’s address didn’t mention election results, but he said he will continue to follow the rules of the nation’s constitution. Bolsonaro lost Sunday’s race by a thin margin, garnering 49.1% of the vote to da Silva’s 50.9%, according to the nation’s electoral authority. That has led many political analysts to warn that Bolsonaro appeared to be laying the groundwork to reject election results.

☆ Brazil President Jair Bolsonaro Pledges to Respect Constitution After Election Loss
▼ + stars: | 2022-11-01 | by ( Samantha Pearson | Luciana Magalhaes | ) www.wsj.com time to read: 1 min

SÃO PAULO—Brazil’s President Jair Bolsonaro on Tuesday vowed to respect the constitution after he lost the presidential election to Luiz Inácio Lula da Silva , ending a tense silence of 45 hours in which he had refused to acknowledge the results even as his allies urged him to do so. Mr. Bolsonaro didn’t comment on his loss in Sunday’s runoff vote in a press conference in Brasília, the capital. His chief of staff, Ciro Nogueira, flanking Mr. Bolsonaro in the briefing, told reporters that the president had authorized him to begin the transition process that would end with Mr. da Silva’s inauguration on Jan. 1.

REUTERS/Roosevelt CassioSAO PAULO/BRASILIA, Nov 1 (Reuters) - Brazil's Supreme Court on Tuesday ordered police to remove scores of roadblocks set up by supporters of President Jair Bolsonaro to protest his defeat in the presidential election, while the far-right leader remained silent on the result. Some truckers posted videos calling for a military coup to stop Lula, a leftist who served as Brazil's president from 2003 to 2010, from taking office. Bolsonaro remained silent more than 36 hours after his defeat and has neither conceded the race nor called the president-elect. The main access road to Sao Paulo's Guarulhos international airport, the busiest in the country, also was blocked. Although Bolsonaro has remained silent on his election loss, his political allies and associates have already begun to establish contact with the Lula camp to discuss a transition.

☆ Brazilian President and Trump ally Jair Bolsonaro won't publicly say he's conceding, but a senior staffer said he's told them to move on after losing the election
▼ + stars: | 2022-11-01 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

He did not concede defeat, nor did he congratulate Lula on his victory, according to media reports. But Bolsonaro's chief of staff said the president will allow the government to start transitioning power. Some feared that Bolsonaro would turn to baseless election fraud claims — mirroring a playbook like that of his ally former President Donald Trump — should he lose. "President Bolsonaro has authorized me — when requested, based on the law — to start the transition process," Bolsonaro's chief of staff Ciro Nogueira said on Tuesday, the New York Times reported. During his speech on Tuesday, Bolsonaro thanked his supporters but asked them to stop the blockades, according to the Times.

☆ Brazil's Lula may seek more than $39 bln in extra 2023 spending, says aide
▼ + stars: | 2022-11-01 | by ( Bernardo Caram | ) www.reuters.com time to read: +3 min

BRASILIA, Nov 1 (Reuters) - Brazilian President-elect Luiz Inacio Lula da Silva will negotiate in the coming weeks an increase in 2023 government spending that could exceed 200 billion reais ($39 billion), said his former Finance Minister and close aide Guido Mantega. Mantega said the government would have to exempt at least 120 billion reais of new spending from a constitutional spending cap to fulfill campaign promises such as more generous welfare programs. For the government to also expand "emergency" public investments in infrastructure and housing, it may have to wave more than 200 billion reais, he added. Also, inflation will be lower, and we know that inflation helps tax revenues," he said. Lula has pledged to exempt workers who earn up to 5,000 reais from paying income tax, which Mantega estimated would cost around 120 billion reais.

☆ Brazil's Bolsonaro to speak today, won't contest election result -minister
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, Nov 1 (Reuters) - Brazilian President Jair Bolsonaro is set to make an official statement on his election defeat later on Tuesday, a minister said, adding that the far-right leader will not contest the results. Communications Minister Fabio Faria told Reuters that Bolsonaro was expected to meet with Supreme Court justices ahead of his speech. He lost a runoff vote to leftist former President Luiz Inacio Lula da Silva on Sunday but has yet to concede. Reporting by Ricardo Brito; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Bolsonaro expected to end silence and speak about Brazil election
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Oct 31 (Reuters) - More than 20 hours after losing the election to his fierce leftist adversary, Brazil's far-right President Jair Bolsonaro has yet to say one word publicly, but he is expected to break his silence on Monday afternoon. Bolsonaro's unusual silence raised concerns that he was planning to contest the narrow victory by former President Luiz Inacio Lula da Silva in Sunday's runoff vote. International election observers and diplomats said they did not doubt that Brazil's democratic institutions will prevail. Time is running out to dispute the election result as many international leaders, political allies and high-profile supporters have already recognized Lula's victory. Reporting by Anthony Boadle and Ricardo Brito; Editing by Josie Kao and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Most speculation has focused on who will be his finance minister, which will be a major signal to investors of his commitment to fiscal discipline. If Lula has settled on his pick, he has not yet told even his closes aides. "He banned any talk of this because in a tight election, anticipating names could have a negative impact," said a senior member of Lula's Workers Party who requested anonymity. Meirelles was finance minister in the government that replaced impeached President Dilma Rousseff in 2016, drawing lasting ire from some in the Workers Party. She would be a strong pick for agriculture minister, sources said, as she comes from farm state Mato Grosso do Sul, although she has said publicly she would rather be education minister.

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