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BRAZIL NEWS BRIEFS POLITICS Former president Lula’s chief of balance the budget, staff sentenced to 23 years reform pensions, and José Dirceu, once chief of staff draw private money for former Brazilian President Luiz into the energy sector Inácio Lula da Silva, was sentenced despite the loss of two to 23 years in prison on Wednesday ministers to a corruption for corruption, money-laundering scandal. His chief of Photo: José Cruz/Agencia Brasil. and conspiracy in a vast bribery staff, Eliseu Padilha, scandal at the state-run oil company, said in an interview Petrobras. The Supreme Court that the government had previously sentenced him to enjoys a solid two- over 10 years in prison for running thirds majority in both Acting Pesident Michel Temer presses ahead with a congressional vote-buying chambers of Congress. fiscal reform, confident of Congress support. operation. (May 18) Passage last week of Temer confident of the 2016 budget authorizing an the majority it needs. Brazil could congressional support unprecedented deficit of R$170 balance its budget by 2018 without President Michel Temer is pressing billion (US$47.1 billion) was a signal having to raise taxes, Padilha said. ahead with ambitious plans to that Temer’s government does enjoy (June 3) INTERNATIONAL Foreign Minister Serra: Economy his first overseas trip, Foreign outweighs ideology Minister José Serra met privately According to new Foreign Minister with Argentine President José Serra, “Diplomacy will … Mauricio Macri and signed a transparently and firmly reflect memorandum of understanding the legitimate values of Brazilian on political coordination with his society and the interests of its counterpart Susana Malcorra. The economy, serving Brazil as a whole, Photo: Valter Campanato, Agencia Brasil. intent is to coordinate regional and and no longer the ... ideological global positions, and follow up preferences of a political party and on strategic bilateral integration its foreign allies.” Serra stressed that projects, particularly in the foreign policy will act in defense of New foreign Minister José Serra promises fields of science, technology democracy, liberties and human to pursue Brazil’s economic interests over ideological goals. and innovation, defense, air rights in any country and political industry, energy, trade, Malcorra regime, as established in international in Brazil: senator, former mayor of explained. She emphasized the treaties. He also said that relations São Paulo city and governor of São commitment of the two countries with new partners in Asia, especially Paulo state, and twice presidential to integration and the role Mercosur China and India will be a priority, and candidate. (May 20) plays, and anticipated a common will focus on bilateral trade treaties Macri and Temer seal closer agenda inside the bloc and to advance to reduce its dependence on the relationship joint negotiations with third countries, WTO. Serra is a political heavy weight In a brief visit to Buenos Aires, and groups of countries. (May 24) June 2016 The Brazilian Economy 5 BRAZIL NEWS BRIEFS ECONOMIC POLICY Parente is new Petrobras CEO run investment bank BNDES and Acting President Michel Temer has immediately abolish a fund created named former energy minister Pedro to channel Petrobras oil revenues Parente CEO of state-run oil giant into education. Petrobras. He succeeds Aldemir Bendine, Temer is also seeking a constitutional who was appointed by suspended amendment to limit growth in President Dilma Rousseff. The new primary government spending Petrobras CEO had been chairman of before debt payments to the rate of the São Paulo stock exchange. Under inflation from the previous year. The President Fernando Henrique Cardoso, intent is to bring down high interest Parente was chief of staff from 1999 rates and restore the country’s credit Photo: Fabio Rodrigues Pozzebom, Agencia Brasil. to 2003 and also served as Minister standing. He has also appointed of Planning and of Mines and Energy. a commission to study reform of New Central Bank Governor Goldfajn vowed to bring inflation back to 4.5%. Petrobras is the epicenter of a sprawling the pension system but two of the corruption scandal that has rocked country’s largest unions refused to inflation. The central bank’s monetary Brazilian politics and the economy since participate, saying they don’t recognize policy committee, Copom, decided 2014. Parente is its third CEO in less than his government. Finance Minister unanimously at its last meeting, led by 16 months. (May 20) Henrique Meirelles suggested that governor Alexandre Tombini, to keep Temer calls for tough austerity reform of the pension system should set the benchmark interest rate at 14.25%, measures a minimum age for retirement of current the highest in nearly a decade. workers of 65 years, in line with that of Brazil’s acting president has announced President Temer has appointed Ilan most countries. (May 25) austerity measures to pull Brazil out Goldfajn, a former Wall Street economist, of its worst crisis in decades, warning Interest rate unchanged chief economist for Itau Unibanco that failure to act would sentence at 14.25% (Brazil’s largest bank), and central bank future generations to “extraordinary Brazil held interest rates steady for the director, to head the central bank. The hardship.” Temer said the government seventh time on Wednesday, resisting nomination was promptly confirmed, would get an early repayment of pressure to slash borrowing costs but he did not participate in the Copom about US$28 billion from Brazil’s state- amid recession and near-double-digit meeting. (June 9) ECONOMY Economy down 5.4% in the first both agriculture and services shrank by 0.61% in April, the government statistics quarter from a year ago 3.7%. The demand side saw a steep 6.3% agency IBGE said. The rise was driven Brazil’s economy sank further into drop in household consumption relative largely by higher housing-related costs. recession in the first quarter, contracting to the first quarter of 2015 as rising Items including utilities rose 1.8% in May, 5.4% relative to the same three-month unemployment and inflation and lower after falling 0.4% in April. The rolling period of last year, the government said incomes reduced spending. (June 2)] 12-month IPCA was up 9.32% through Wednesday. Compared with the final May and is still well above the 6.5% quarter of 2015, the economy shrank by Inflation accelerates in May ceiling of its target range. (June 8) 0.3%. Industrial production declined by Brazil’s consumer-price index, the IPCA, 7.3% in the first quarter, and output in rose 0.78% in May, compared with 6 June 2016 The Brazilian Economy.
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