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Lula Is Leaning Toward Ex-Mayor Haddad to Helm Brazil’s Economy

  • He’s likely to give job to Workers’ Party member, advisers say
  • Swap rates jump as markets worry about Lula’s possible choice
Fernando Haddad, former mayor of Sao Paulo and gubernatorial candidate, speaks during a campaign event at Vale do Anhangabau in Sao Paulo on Aug. 20.
Fernando Haddad, former mayor of Sao Paulo and gubernatorial candidate, speaks during a campaign event at Vale do Anhangabau in Sao Paulo on Aug. 20.Photographer: Victor Moriyama/Bloomberg
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Brazil’s President-elect Luiz Inacio Lula da Silva is inclined to pick former Sao Paulo Mayor Fernando Haddad as his finance chief, entrusting him with the mission of negotiating key economic reforms with congress, according to three people familiar with the matter.

The leftist leader is likely to hand his most important cabinet position to a member of his Workers’ Party, ruling out more pro-business options after appointing a mix of liberal and left-leaning economists to the government transition team, the people said, asking for anonymity as the discussion isn’t public.