ibusinesslines.com November 14, 2018

Buhari Congratulates Brazil’s Bolsonaro On Election Victory

03 November 2018, 09:58 | Justin Tyler

FP’s Guide to the Bolsonaro Presidency

Let’s deepen relations, Buhari tells Brazil’s Bolsonaro

Far-right leader Jair Bolsonaro has been elected Brazil's next president, marking the most radical political shift in the country since military rule ended more than 30 years ago.

Brazil's benchmark Bovespa stock index rose as much as 3 percent to an all-time high in opening trade, led higher by shares of state-owned firms and blue-chips, before retreating and closing 2.2 percent down.

Bolsonaro, a former army captain, also raised the prospect of building hydro-electric power stations in the Amazon that would greatly restrict water access and forcibly remove indigenous communities - and even mooted a rail line through the heart of the rainforest.

Licking their wounds, many party leaders can not help looking back to the past as they diagnose what went wrong. And we pledge to renew our efforts to support and bolster their efforts.

Now serving 12 years in prison, Lula was barred from running in the election.

In the run-up to the election, Bolsonaro, whose first foreign visits would be to Chile, Israel and the USA - that according to him "share our worldview" - has said: "The future ministry will come from the productive sector".

"I'm scared of him", Franco said, but she added she was also scared of "people who voted for him" who might now feel liberated to attack minorities.

The PT still managed to win the most seats in the lower house, with 56, plus six senators.

His brash style and harsh statements have led many to compare him to the USA president, referring to him as "Trump of the tropics" or "Brazil's Donald Trump".

The name of his party, PSL, translates to "Social Liberal Party", although it largely abandoned its socially liberal platforms after he joined.

But to effectively lead the opposition, the PT may have to give up or tone down its fight to free Lula, which has consumed an vast amount of its political resources.

Despite the victory, the PCdoB said Bolsonaro would face opposition to his attempts to bury democracy from those forces that have historically fought against regressive regimes and dictatorships in Brazil, which has a strong tradition of struggle.

Once the vanguard of the left, its prestige is badly tarnished.

German diplomatic circles are equally blasé and are awaiting Mr. Bolsonaro's first moves as president.

Retired General Augusto Heleno, slated to become defense minister, told reporters that Bolsonaro has a positive view of a planned $4.75 billion joint venture between Boeing Co and Brazilian planemaker Embraer SA.

One area where Bolsonaro can act immediately, however, is on indigenous rights.

"Lula-ism is bigger than the PT".

Also on Tuesday, a few thousand people rallied in Sao Paulo and Rio de Janeiro to protest against the president-elect.

"The PT isn't a homogeneous party".

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