UPDATE 1-Brazil pension reform legislation unlikely in 2018 -Bolsonaro [Reuters (UK)]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Reuters
UPDATE 1-Brazil pension reform legislation unlikely in 2018 -Bolsonaro | Reuters 2 Min Read (Adds Bolsonaro comments, new state development bank head) By Rodrigo Viga Gaier RIO DE JANEIRO, Nov 12 (Reuters) - Brazil’s Congress is unlikely to pass pension reform legislation this year, far-right President-elect Jair Bolsonaro said on Monday, a blow to investor hopes that caused the country’s currency to weaken in futures markets. Investors snapped up Brazilian assets in the wake of Bolsonaro’s election victory last month, cheered by his party’s stronger-than-expected showing in congressional races, which raised hopes he could make quick advances on fiscal reforms. Many economists say cuts to Brazil’s social security system are essential to controlling a huge federal deficit and regaining Brazil’s investment-grade rating. Last week, Bolsonaro said he would like to see some form of pension reform passed this year to make it easier to deal with the deficit after he takes office on Jan. 1. O
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