Tag Archives: emerging markets

Lula’s 2022 bid gets an increase when a Brazilian court cancels his conviction | Instant News

Photographer: Victor Moriyama / Bloomberg

The path for a new presidential candidate run by Luiz Inacio Lula da Silva became clearer after Brazil’s top court backed one of its judges who had repealed all criminal sentences against the left-wing icon.

Seven of the court’s 11 judges voted in favor of the former president on Thursday, one month after Judge Edson Fachin ruled that the federal court in the southern city of Curitiba had no jurisdiction over the cases against Lula. Voting is still ongoing.

The Supreme Court plenary was called to decide the matter after Brazil’s top prosecutor appealed Fachin’s decision. Judges did not discuss whether Lula was guilty of corruption and money laundering – an indictment that landed him in jail in 2017, and barred him from running in the 2018 elections.

What Lula’s Return to Politics Mean for Brazil: QuickTake

Since Fachin’s decision, lawsuits against Lula have been sent to federal court in Brasilia, the nation’s capital, where they are expected to start over. That makes new sentences unlikely and enforced by an appeals court before next year’s presidential vote.

Lula is still a popular, albeit polarizing, political figure. A survey conducted by Datafolha days after Fachin’s decision showed 57% of Brazilians thought Lula’s sentence was fair, while 38% thought it was unfair. In a separate poll conducted by Ipec in March, 50% of respondents said they could vote for Lula next year if he ran, while only 38% said they could vote for President Jair Bolsonaro.


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Why It May Be Time to Buy Brazilian Stocks | Instant News

Luiz Inacio Lula da Silva, former president of Brazil, at a press conference in Sao Bernardo do Campo, Brazil, on March 10, 2021.

Victor Moriyama / Bloomberg

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Italy Mulls Shielding Automotive, Steel Of Chinese Interest | Instant News

Photographer: Matthew Lloyd / Bloomberg

Italy is considering extending state protection against foreign ownership to the auto and steel sectors in a bid to protect businesses from Chinese interests, a government minister said.

Economic Development Minister Giancarlo Giorgetti, of the anti-migrant League party, told lawmakers in Rome that unfair competition by China – with strong state subsidies not normally available to Italian and European companies – had been underestimated. The result is many jobs lost and company closings in Europe, he said.

“Several fields such as the automotive and the steel sector are in dire need of supporting steps because of their strategic character, and are highly exposed to this competition,” said Giorgetti.

“In this regard, we assess the possibility of extending the powers of the Golden Power rule to sectors that are currently excluded, and which have clear significance within the framework of the national economy,” he added.

Read More: Italy Strengthens Attitude Toward China, In Line With EU Investment Encouragement

The so-called Golden Power involves state action to block or manage foreign ownership in businesses that are deemed strategic.

League leader Matteo Salvini called Last month the government protected Iveco’s truck and bus business as a strategic asset, saying it would be disastrous for Italy if the company were to be sold to China FAW Group Co.

Read More: Fear of Chinese and US Buyers Forcing Europe to Hold on


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Campos Neto from Brazil Strengthens Partial Normalization: Estado | Instant News

Photographer: Andre Coelho / Bloomberg

Brazilian Central Bank chief Roberto Campos Neto said policymakers would not bring borrowing costs to neutral levels at this time because the economy still needs stimulus, according to the newspaper O Estado de S. Paulo, citing an interview with him.

Unless there are extraordinary changes in conditions, interest rates will rise by another 75 basis points in May, he said. Campos Neto also reiterated that the Central Bank does not make monetary policy based on exchange rates and is most concerned with inflation, according to Estado.

The President of the Central Bank expressed concern over Brazil’s budget bill, which was approved by artificially reducing mandatory spending. Campos Neto said if there is a perception that the budget is unworkable, Brazil’s fiscal risk will increase and monetary policy will be hampered, according to Estado.

Campos Neto has denied being invited to replace Economy Minister Paulo Guedes. He says their ideas are in line. The head of the center also provides assurance that he has a mission to fulfill and has been granted total freedom of action.


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Brazil’s Foreign Minister Spotted Leaving Job Due To Viral Diplomacy | Instant News

Photographer: Patricia Monteiro / Bloomberg

Brazilian Foreign Minister Ernesto Araujo is preparing to leave the post after pressure from lawmakers over the country’s failed strategy to contain the pandemic, two people familiar with the situation said.

Araujo is expected to step down as early as Monday, people said, declining to be named because a decision has not been announced. That situation The controversial minister, a close ally of President Jair Bolsonaro, is irreversible and the government is discussing a possible replacement, they said.

Bolsonaro’s office and the foreign ministry did not immediately respond to requests for comment.


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