The article outlines eight instances where Brazilian President Luiz Inácio Lula da Silva overruled Finance Minister Fernando Haddad on economic policies. Key disagreements include the delinking of benefits from the minimum wage, inclusion of meats in the basic food basket, and taxation of international e-commerce purchases. Lula's interventions often reflect political considerations, contrasting with Haddad's fiscal strategies. The article highlights the tension between maintaining fiscal responsibility and addressing political pressures, with Lula's decisions sometimes causing market instability. Despite these challenges, Lula expresses confidence in Haddad's capabilities.

Following Joe Biden's decision not to seek re-election, the Democratic Party must select a new candidate by August 19 for the upcoming presidential election on November 5. Kamala Harris, the current Vice President, is a leading contender, supported by Biden and other party members. Other potential candidates include California Governor Gavin Newsom, Illinois Governor J. B. Pritzker, Michigan Governor Gretchen Whitmer, and Massachusetts Senator Elizabeth Warren. The article discusses their backgrounds, political stances, and public perceptions, highlighting Harris's prominence and the challenges she faces. The Democratic Party's decision will shape the race against Republican candidate Donald Trump.

In 2024, Brazil will see a range of tax changes including updates to the IPTU, new federal tax rules affecting offshores and exclusive funds, reoneration of diesel, biodiesel, and cooking gas with PIS and Cofins, and potential import tax on online purchases under $50. Companies will face changes in IRPJ and CSLL deductions for state subsidies and JCP rules. The Ministry of Finance proposed some changes to meet the deficit target. States will increase ICMS rates, and the tax reform allows IPVA on aircraft and watercraft and progressive ITCMD. Diesel and biodiesel will be subject to PIS and Cofins after a year-long exemption, and online purchases from foreign retailers may lose import tax exemption.

The Brazilian government, fulfilling a promise by President Luiz Inácio Lula da Silva, has increased the local content requirements for future offshore oil and gas concession auctions. The new policy mandates a minimum of 30% local content in exploration and production development phases, up from the previous 18% and 25% respectively. The decision, approved by the Conselho Nacional de Política Energética (CNPE), aims to boost domestic industry but has faced criticism for potentially increasing costs and reducing competitiveness. The OECD has highlighted the long-term inefficiencies and economic drawbacks of such policies. The move marks a return to practices from previous PT administrations, with Petrobras and its subsidiary Transpetro planning to contract national shipyards for tanker construction starting in 2024.

The current administration under Luiz Inácio Lula da Silva has engaged in various creative accounting practices to manage fiscal constraints and increase spending. These practices, reminiscent of previous administrations, include limiting budget contingencies, excluding certain expenses from primary deficit calculations, and reclassifying debt payments. The Supreme Federal Court recently allowed the government to pay delayed debts without reclassifying them, while legislative actions have both supported and opposed these fiscal maneuvers. Critics argue that these practices undermine fiscal responsibility and transparency.

The Brazilian government, led by Luiz Inácio Lula da Silva, is considering a milder alternative to the proposal to eliminate the Interest on Equity (JCP) mechanism, which allows companies to reduce their taxable income. The new proposal aims to limit the use of JCP and increase the tax rate on distributed JCP from 15% to 20%. This measure is expected to generate additional revenue for the government. The Ministry of Finance is exploring these changes due to the lack of progress in Congress on the original proposal, which would have abolished JCP entirely.

The article discusses the Brazilian government's shift in energy policy under President Luiz Inácio Lula da Silva, focusing on Petrobras' retreat from privatization and efforts to expand state control over refineries. The Ministry of Mines and Energy has suspended asset sales and is considering the repurchase of previously privatized refineries to reduce dependency on imported diesel. The article highlights the political and economic implications of these moves, including the potential legal actions from affected companies like Grepar Participações.

Finance Minister Fernando Haddad defended President Luiz Inácio Lula da Silva's veto of a bill extending payroll tax relief for 17 economic sectors until 2027, citing constitutional concerns. Haddad questioned claims that the veto would increase unemployment and emphasized his role in not yielding to blackmail. The bill, proposed by Senator Efraim Filho, aimed to extend reduced tax rates on gross revenue instead of payroll for certain sectors. Haddad mentioned alternative measures would be presented after the COP 28 conference in Dubai. He also highlighted the financial impact of the tax relief and the need for fiscal balance.

At least 12 Brazilian states plan to increase the ICMS tax rate in 2024, leading to a dispute between state governments and the federal government led by President Luiz Inácio Lula da Silva. State officials attribute the tax hike to the upcoming tax reform and previous financial mismanagement by former President Jair Bolsonaro's administration. The federal government counters that the need for the increase stems from revenue losses due to Bolsonaro-era policies. The tax hike is expected to impact consumer prices and inflation, with significant implications for state revenues and economic stability.

The delay by President Luiz Inácio Lula da Silva in appointing new members to the Administrative Council for Economic Defense (Cade) has halted merger and acquisition operations and competition disputes due to a lack of quorum. The tribunal requires at least four of its seven seats filled to function, but currently only three are occupied. The government has announced new nominees, but they must be approved by the Senate. This delay has suspended critical business operations, including acquisitions by Nestlé and a merger involving Bunge and Viterra. The situation mirrors a similar delay in 2019 during Bolsonaro's administration, highlighting ongoing challenges in maintaining quorum for Cade's operations.