Outgoing President Michel Temer issued an executive order that allows foreign groups to own 100% of a Brazilian airline. Previously, non-Brazilians were limited to 20% of shares. The decision occurs in the midst of a bankruptcy proceeding filed by Avianca Brasil.
The speaker of Brazil’s lower house of Congress, Rodrigo Maia, said he will run for the presidency with a market-friendly platform advocating tax cuts and more efficient public spending. Maia’s preliminary nomination by his centre-right Democrats party, the main ally to President Michel Temer, must be formalized at a convention in late July.
Brazilian Finance Minister Henrique Meirelles said on Monday that although there may be differences in strategy between president Michel Temer and the speaker of the House of Representatives, Rodrigo Maia, everyone's goal is to ensure the approval of the pension reform.
The speaker of the lower house of Brazil's Congress, Rodrigo Maia, vowed on Wednesday to fight any changes President Michel Temer makes to a landmark labor reform passed by the Senate a day earlier, highlighting fresh tension between longtime allies.
Brazilian President Michel Temer since taking office, in May 2016, has faced one crisis after the other, and now the man who rose to power thanks to an impeachment process of Dilma Rousseff, faces himself the threat of removal from office.