Politics
Dollar could be lower without political uproar, says Gedes
The dollar could have been lower if not for the political uproar, Economy Minister Paulo Gedes said today (7) at a public hearing in the Chamber of Deputies. He stated that the political war is affecting the financial market.
“The dollar could fall in relation to the real one if we didn’t have this war,” the minister said, without going into details. Today (7) the commercial dollar closed at 5.24 reais, the highest value since the end of May.
Despite a call for more political consensus, Gedes said the high dollar is helping some sectors of the Brazilian economy, such as domestic tourism. According to him, the current level of exchange is conducive to domestic travel.
“What happens today when the dollar is 5 reais? Modest families from all over Brazil benefit because this wealthy family, in quotation marks, instead of going to Disneyland with employees and a lot of people, travels in Brazil, ”he said. In his speech, the minister did not link domestic tourism with the restrictions on international travel imposed by the covid-19 pandemic.
Administrative reform
The Minister participated in two public hearings in the Chamber of Deputies. In the morning, he went to the Financial Inspection and Control Committee to provide clarifications on economic policy. And since noon, Gedes has been talking to a special commission that discusses administrative reform.
During the hearings on the administrative reform, the minister faced the demands of the opposition MPs about the government’s calculations with the economy promoted by the reform. Parliamentarians argue that the deadline for presenting the main points in the text expires tomorrow (8) and that the lack of details does not allow for amendments and changes.
The minister responded that data on the financial impact of the administrative reform is public and has been known since the proposal was sent to Congress last September. However, Gedes pledged to send the data back to the special commission.
The deputies demand the presentation of figures in the form of an appendix to the research of the reform. According to lawmakers, the Ministry of Economy itself was at odds on this issue, publishing estimates of savings of R $ 300 billion and R $ 450 billion over the next ten years.
Gedes defended the difference by stating that different numbers consider different scenarios for approval proposed constitutional amendment…
The parliamentarians attending the hearing want House of Deputies President Arthur Lira to extend the deadline for the submission of amendments and highlights after the detailed data is submitted by the economic group.
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Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!
Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.
Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.
The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.
For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!
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The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.
Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.
No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.
Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.
Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.
The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.
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The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .
The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.
Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.
The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.
Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.
“This is a victory for Italian and European citizens who demand energy security,” he added.
Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.
However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).
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