Brazil's da Silva announces incoming Cabinet ministers

BRASILIA, Brazil (AP) — Brazil’s President-elect Luiz Inácio Lula da Silva on Friday unveiled some of the faces that will comprise his incoming administration, including his much-awaited pick for finance minister: former Sao Paulo mayor Fernando Haddad.

Haddad's nomination ends weeks of suspense that have led to stock volatility and ups and downs of the country’s real currency, amid intense pressure from financial markets for da Silva to make his choice known.

Haddad, 59, is a former education minister who has been a member of the leftist Workers' Party for more than 20 years. He has limited experience in the markets. Da Silva’s choice for a politician close to the party for the job rattled some experts.

“This government's level of concern for the following years' expenses isn't clear yet. Haddad has less commitment to fiscal matters than what the market expects, and less dialogue with Congress than da Silva's former ministers,” said chief economist from MB Associates, Sergio Vale.

While Brazil's stock exchange dipped sharply immediately after the Haddad announcement, it later rebounded.

Haddad acknowledged on Friday that his incoming team will work closely with the person da Silva chooses to head the planning and budget ministry. “We need to have a plural and cohesive team and this needs to be combined with the planning minister.”

The future planning and budget minister still needs to be chosen. The Cabinet position had been scrapped by President Jair Bolsonaro, who opted for an all-powerful Economics Ministry, led by University of Chicago-trained liberal Paulo Guedes.

Haddad joined the planning and budget ministry in da Silva's first administration, in 2003. He later became education minister – a job he kept for six years. He left da Silva’s second administration...