Word: castello
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Brazil's doughty President Humberto Castello Branco is caught in a bind. He has promised to hold gubernatorial elections in eleven states (out of 22) in October and a presidential election next year; his revolution, he says, "is not afraid of the ballot box." But because Castello Branco has a scruple against outlawing the opposition, one of the contenders for votes will be the Brazilian Labor Party, the power behind the inflationist, leftist regime that Castello Branco overthrew last year. The President is counting on electoral courts to use the new Ineligibilities Law to keep off the ballot candidates...
...Then came a sudden and dramatic change. Last week, having broken all records in July, daily trading volume advanced to 1,626,447 shares, and daily sales topped $1,000,000 for the first time in history. Main reason: a new capital-market reform bill that Brazilian President Humberto Castello Branco signed into law last month. The law sets up an equivalent of the Securities and Exchange Commission by empowering the central bank to discipline the market, allows new brokers to enter the previously closed exchange, requires firms trading on the market to publish regular and reliable financial statements...
...initials, provide more than enough confusion for any ordinary citizen. Effective action in Congress is chronically hobbled by interparty bickering and mercurial coalitions. "Our politics have not surpassed tribal primitivism," admits José Eduardo Kelly, a founder of U.D.N. (National Democratic Union), one of the parties in President Humberto Castello Branco's current coalition...
Last week Castello Branco took a hopeful step toward detribalizing Brazil's politics by signing into law a new electoral code and a tough party reform. The new code is intended to put Brazil's election procedures into coherent form for the first time, banning coalition candidates in mayoral as well as state and federal deputy races so as to reduce confusion. The other reform measure is designed to cut the number of parties down to manageable size and ensure that they have meaningful grass-roots representation...
Apartments Wanted. Brasilia started regaining momentum with the revolution that ousted Leftist Goulart 14 months ago and installed Castello Branco in his place. The new President has no love for the raw new city either. As a friend says: "In Rio the President works and rests. In Brasilia he only works." Nevertheless, he seems determined to finish what Kubitschek started. "The consolidation of Brasilia," says Castello Branco, "requires only time and money-mainly money...