Acting Brazilian President Michel Temer used his line-item veto power to eliminate provisions of an aviation re-organization bill that would have allowed 100 percent foreign-investor ownership of Brazilian-based airlines. Temer signed other provisions of the bill into law, the government said in a statement Tuesday. With Temer’s veto, foreign investors remain limited to holding no more than 20 percent stakes in Brazilian airlines. In his veto message, Temer went on record favoring a rise in foreign ownership to as much as 49 percent. Brazilian airlines have said they are badly in need of cash infusions and would welcome larger stakes from overseas investors.
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