Page 27 - Brazil

Lula da Silva's efforts to boost spending in Brazil rattles markets

On the campaign trail, Luiz Incio Lula da Silva promised to sustain a massive welfare programme, increase the minimum wage and boost health and education spending. Now, Brazil's president-elect is trying to make good on those pledges -- and investors are showing concern. Da Silva's transition team on Wednesday night presented Congress with an outline of a proposal to skirt a constitutionally imposed spending cap by creating a carve-out for welfare. Then, at the climate talks in Egypt on Thursday, he reiterated that he pays little heed to whether his plans to lead a socially responsible government might cause jittery speculators to sell off. When trading opened on Thursday, Brazil's currency slid to its weakest level against the dollar since July and the benchmark Bovespa stock index fell more than 2.5 per cent, before trimming losses hours later. Traders have begun pricing in interest-rate hikes next year rather than cuts, as da Silva's proposal "confirmed (fiscal) risk that before .

At climate summit, Brazilian president Lula promises new day for Amazon

Six weeks before taking power, Brazilian President-elect Luiz Incio Lula da Silva on Wednesday told cheering crowds at the UN climate conference that he would crack down on illegal deforestation in the Amazon, reinitiate relationships with countries that finance forest protection efforts and push to host an upcoming world climate summit in the rainforest. In two appearances, da Silva laid out a vision for management of the world's largest rainforest, critical to fighting climate change, that was in stark contrast to that of President Jair Bolsonaro, whose administration witnessed some of the most rapid cutting of forests in decades. There will be no climate security if the Amazon isn't protected, said da Silva, adding that all crimes in the forest, from illegal logging to mining, would be cracked down on without respite. Brazilian presidents have a wide range of powers when it comes to monitoring and regulating the Amazon. The Ministry of Environment oversees the Brazilian Institute

Brazil armed forces' report on presidential election finds no fraud

The defence ministry released a report Wednesday highlighting flaws in Brazil's electoral systems and proposing improvements, but there was nothing to substantiate claims of fraud from some of President Jair Bolsonaro's supporters protesting his Oct. 30 defeat. It was the first comment by the military on the runoff election, which has drawn protests nationwide even as the transition has begun for President-elect Luiz Incio Lula da Silva's inauguration Jan. 1. Thousands have been gathering outside military installations in Rio de Janeiro, Sao Paulo, Brasilia and other cities calling for intervention by the armed forces to keep Bolsonaro in office. When the defence ministry announced this week that it would present its report on the election, some Bolsonaro supporters rejoiced, anticipating the imminent revelation of a smoking gun. That didn't happen. There is nothing astonishing in the document, Diego Aranha, an associate professor of systems security at Aarhus University in Denmar

US midterms: Even without a red wave, this could now be Weimar America

Having ridden to popularity on Trump's coattails, most will support The Donald in his expected rematch against President Joe Biden in two years.

What is COP27, and what issues are expected to be discussed at the summit?

Among other top agendas is the discussion on compensating the poor or developing nations for the 'loss and damage' due to climate change

President-elect Lula's team meets Bolsonaro as Brazil's transition begins

President Jair Bolsonaro met briefly on Thursday with the envoy coordinating the transfer of power to Luiz Incio Lula da Silva, four days after Bolsonaro's tight election loss that sparked protests by his supporters amid his refusal to publicly concede. The meeting between Brazil's far-right outgoing president and Vice President-Elect Geraldo Alckmin took place at the presidential palace, according to Alckmin, who heads da Silva's transition team. The team had earlier arrived in the capital of Brasilia, launching the process that will culminate with da Silva's Jan. 1 inauguration. While Bolsonaro declined to publicly concede defeat in his first public comments Tuesday, his chief of staff Ciro Nogueira told reporters he had received authorization from the incumbent for the transition process to proceed. It was positive, Alckmin told journalists after Thursday's meeting with Bolsonaro. He refused to answer whether the incumbent had congratulated him for Sunday's victory. Bolsonaro sp

Jair Bolsonaro declines to concede Brazil defeat in first address

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 authorised 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. I have always been labelled as anti-democratic and, unlike my accusers, I have always played within the four lines of the constitution, Bolsonaro, flanked by more than a dozen ministers and allies, told reporters in the official residence in capital Brasilia. Bolsonaro lost Sunday's race by a thin margin, garnering 49.1 per cent of the vote to da Silva's 50.9 per cent, according to the nation's electoral authority. It was the tightest presidential race since Brazil's return to democracy in 1985 and marks the first time Bolsonaro has

Lula's return: Brazil's left turn may be more muted this time

Lula's earlier popularity lay in his redistributive policies, but this time around, he will have to demonstrate an ability to negotiate the narrow path between populism and pragmatism

Jail term to third term: Lula's ups and downs in Brazil defy belief

On Sunday - in yet another twist - Brazilian voters chose him by the narrowest of margins to once again lead the world's fourth-largest democracy

Latest LIVE: Sebi bans Mehul Choksi from securities market for 10 yrs

From Morbi bridge collapse to Lula da Silva becoming Brazil's president again, catch all the live updates from the world here

Biden congratulates Lula da Silva on becoming Brazil's president again

US President Joe Biden on Sunday congratulated Luiz Incio Lula da Silva on his election to be the next president of Brazil. I send my congratulations to Luiz Incio Lula da Silva on his election to be the next president of Brazil following free, fair, and credible elections, Biden said in a statement. I look forward to working together to continue the cooperation between our two countries in the months and years ahead, he said.

Lula da Silva defeats Bolsonaro to become Brazil's president again

Brazil's electoral authority said Sunday that Luiz Incio Lula da Silva of the leftist Worker's Party defeated incumbent Jair Bolsonaro to become the country's next president. With 98.8 per cent of the votes tallied in the runoff vote, da Silva had 50.8 per cent and Bolsonaro 49.2 per cent, and the election authority said da Silva's victory was a mathematical certainty. Da Silva the country's former president from 2003-2010 has promised to restore the country's more prosperous past, yet faces faces headwinds in a polarised society. It is a stunning return to power for da Silva, 77, whose 2018 imprisonment over a corruption scandal sidelined him from that year's election, paving the way for then-candidate Bolsonaro's win and four years of far-right politics. His victory marks the first time since Brazil's 1985 return to democracy that the sitting president has failed to win reelection. His inauguration is scheduled to take place on January 1. Thomas Traumann, an independent politi

Looming elections in US and Brazil pose test for Elon Musk's Twitter

Pivotal elections in Brazil and the United States will present an early test to Twitter's new owner Elon Musk and his promise to ease up on the platform's policies on misinformation. Voters in both nations have already faced a torrent of misleading claims about candidates, issues and voting. That torrent could become a deluge if Musk makes good on his vows to roll back Twitter's rules just as millions of voters prepare to cast a ballot. This is the most critical time for this work, right before an election," said Alejandra Caraballo, an instructor at Harvard Law School's Cyberlaw Clinic who has been monitoring the online response to Musk's purchase. We're going to see a test run with the election in Brazil this Sunday, when we'll see how bad things get." Even if Musk waits until after the elections to make changes, his decision to fire the executive in charge of content moderation raises questions about the company's ability to combat misinformation and extremist content linked to .

Drought from China to US hits hydro dams, slashing top clean energy source

Globally, hydropower generates more electricity than nuclear and more power than wind and solar combined. In countries like Norway and Brazil, dams generate more than half of total electricity

Brazil's central bank revises growth forecast for 2022 up to 2.76%

Financial analysts upgraded their forecast for Brazil's economic growth for 2022 from 2.71 per cent to 2.76 per cent, and from 0.59 per cent to 0.63 per cent for 2023, the central bank said

India to soon sign long-term deal to export oil from Namibia: Report

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

Europe Is Buying Up Cheaper Brazilian Ethanol Amid Energy Crisis

Prices for natural gas and power are so high in Europe that some ethanol makers have considered shutting down plants

Lula losing Brazil's biggest state forces urgent campaign kick start

Lula unexpectedly lost the overall state of Sao Paulo to Jair Bolsonaro by almost seven percentage points, a defeat that has Lula's team scrambling to shore up support before the Oct. 30 showdown

Shooting disrupts Bolsonaro-backed Sao Paulo candidate's campaign stop

A Sao Paulo gubernatorial candidate's campaign event in the Paraisopolis neighbourhood came to an abrupt halt on Monday when gunfire erupted outside. Paraisopolis is one of Brazil's biggest favelas, or slums, and videos of the moment from local media show journalists and Tarcsio Gomes de Freitas crouching below windows. Sao Paulo Gov. Rodrigo Garcia said in a statement that he had ordered an investigation. Osvaldo Nico, the head of the state's police, said in a press conference there was a shooting in the region and one person was killed, but that the incident had no connection with de Freitas' visit. On Twitter, de Freitas characterized the shooting as an attack by criminals. Sao Paulo is the most populous state and its biggest economic power, making its race for governor prominent in any election. But this year there is heightened attention, with the contest seen as a proxy for the presidential race between President Jair Bolsonaro and former President Luiz Incio Lula da Silva.

Brazil court fines Apple $19 mn for not including chargers with iPhones

A court in Brazil has fined Apple nearly $19 million for not selling iPhones with a charging socket unit, saying it must provide chargers with its iPhones in the country.