Hello! In this issue of our Weekly Report: Jair Bolsonaro’s approval ratings, and why Jorge Paulo Lemann is no longer Brazil’s richest man.
The week in review
- Problems ahead. Just this week, President Jair Bolsonaro contradicted his top two cabinet members. After Justice Minister Sergio Moro invited a gun control activist to an unpaid consultant position, Mr. Bolsonaro promptly ordered her dismissal. But the more worrisome episode involved Economy Minister Paulo Guedes. The president admitted to the possibility of diluting the pension system—against everything his economic guru has said.
- Oil. Brazil’s energy council announced the government will hold an auction on October 28 for production sharing contracts for companies to explore areas that it says hold “significant volumes of oil and gas.” The reserves are from the so-called Transfer of Rights area—a high-yield, pre-salt region currently being explored by state-run oil company Petrobras.
- Venezuela. Juan Guaidó, the leader of the Venezuelan opposition to Nicolás Maduro, visited President Jair Bolsonaro in Brasília. Mr. Guaidó is recognized by over 50 countries—Brazil included—as Venezuela’s legitimate head of state. Last week, however, Mr. Maduro grew politically stronger as he managed to block humanitarian aid from the U.S. through Colombia and Brazil.
- Central Bank. Roberto Campos...