International

Brazil’s Lula appoints former mayor as finance minister

Photo: NELSON ALMEIDA / AFP

| By AFP |

Brazil’s president-elect Luiz Inacio Lula da Silva on Friday named former Sao Paulo mayor Fernando Haddad, viewed unfavorably by many in the business community, as his finance minister.

Lula da Silva, who narrowly defeated incumbent Jair Bolsonaro in October elections, unveiled ministers in the key posts of foreign affairs, justice, defense, and chief of staff.

However, all eyes were on his pick for finance minister, with markets nervous over the incoming government’s commitment to fiscal discipline and the inflation-hit economy in fragile recovery.

“(I chose) comrade Fernando Haddad as Minister of Finance,” Lula said during a press conference in the capital Brasilia.

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Haddad, 59, who served as education minister from 2005 to 2012, succeeds powerful liberal economy minister Paulo Guedes, an ally of far-right President Jair Bolsonaro.

After Lula’s new government takes office following his January 1 inauguration, the economy ministry will be dissolved and transformed into finance, industry and planning agencies.

When Haddad’s name started circulating for the role, markets reacted with unease, viewing him as too much on the left and fearing he would jeopardize the budgetary balance.

“He represents the heterodox economic policy” that Lula’s Workers’ Party (PT) defends, said Antonio Madeira of the MCM consultancy firm.

Madeira said that with Haddad in the finance ministry, he expects “an increase in spending” and “a more assertive state giving a significant role to public companies.”

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Despite some of the reluctance towards Haddad, the Sao Paulo Stock Exchange’s Ibovespa index was up Friday by 0.5% after the names of the future ministers were announced.

Lula also tapped Mauro Vieira as foreign minister.

Vieira is a 71-year-old career diplomat who has already served as foreign minister as well as ambassador to Argentina, the United States and the United Nations.

He is currently serving as ambassador to Croatia, which on Friday knocked Brazil out of the World Cup.

For the justice ministry, Lula appointed Flavio Dino, a former governor of the northeastern state of Maranhao.

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Rui Costa, governor of the province of Bahia, was named to a ministry that falls between the roles of prime minister and chief of staff.

Jose Mucio Monteiro, a civilian, was named defense minister.

After appointing five white men to the key ministries, Lula promised that “in time, you will see more women than men here … as well as a number of Afro-Brazilians.”

“We will try and form a government in the image of Brazilian society.”

Lula, a former unionist who already served two terms as president between 2003 and 2010, said that he would announce the names of more ministers next week and he has “not yet decided the total number of ministers” he would have in his government.

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One of the most highly anticipated posts is that of the environmental minister, who will play a crucial role as Brazil seeks to tackle deforestation in the Amazon.

International

Security Council to Hold Emergency Meeting on Middle East Crisis

UN Secretary-General António Guterres on Saturday condemned the “military escalation in the Middle East” following attacks by the United States and Israel against Iran and Tehran’s retaliatory strikes, just hours before an urgent meeting of the UN Security Council.

“I call for the immediate cessation of hostilities and de-escalation,” Guterres said in a statement.

The Security Council is scheduled to meet on Saturday at 21:00 GMT (4:00 p.m. in New York) to address “the situation in the Middle East,” the United Nations announced.

The meeting, during which Guterres will deliver remarks, was convened at the request of France, Bahrain, Colombia, Russia and China, according to a diplomatic source.

International

Trump Floats “Friendly Takeover” of Cuba Amid Rising Tensions

U.S. President Donald Trump said Friday that his administration is considering what he described as a “friendly takeover” of Cuba, as Washington continues to increase pressure on the island’s communist government.

“The Cuban government is talking to us and they have very serious problems, as you know. They have no money, they have nothing at this moment, but they are talking to us and maybe we will see a friendly takeover of Cuba,” Trump told reporters as he departed the White House for a trip to Texas.

Earlier in the week, U.S. Secretary of State Marco Rubio said Cuba needed a “radical change,” shortly after Washington eased restrictions on oil exports to the island for what officials described as “humanitarian reasons,” amid a deep economic crisis.

The United States has imposed an energy blockade on Cuba since January, citing what it calls an “extraordinary threat” posed by the communist-run island, located roughly 150 kilometers (90 miles) off the coast of Florida, to U.S. national security.

International

Argentina’s Senate Reviews Milei-Backed Labor Overhaul

Argentina’s Senate on Friday began reviewing the Labor Modernization Law promoted by the administration of President Javier Milei, a proposal that would significantly reshape labor rules across the country.

The upper chamber opened its final discussion of the contentious initiative, which revises the method used to calculate severance payments — lowering the amounts owed in dismissal cases — and introduces an “hour bank” mechanism that allows overtime to be offset with paid leave rather than extra wages.

The legislation also broadens the classification of essential services, a change that would place new limits on the right to strike in designated sectors.

The bill was initially approved by the Senate on February 11 and then moved to the Chamber of Deputies, where lawmakers passed it with amendments. It has now returned to the Senate for definitive approval.

Outside the Congress building in Buenos Aires, workers, trade unions and left-wing organizations staged demonstrations beginning at midday. The gathering later thinned out amid reports of disturbances and a strong police presence. Security forces had secured the area surrounding the legislature since early morning hours.

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Union leaders contend that the reform weakens labor protections, while many business representatives back the measure but stress that sustainable formal employment will require economic expansion, improved credit conditions, greater investment and a more dynamic domestic market.