{"text":[[{"start":7.5,"text":"Brazilian leader Luiz Inácio Lula da Silva pulled off a dramatic comeback that hands the 80-year-old a historic fourth term in office with a narrow victory over rightwing challenger Flávio Bolsonaro in the country’s presidential election."}],[{"start":23.7,"text":"With almost all votes counted, the leftwing politician known as Lula had 51.76 per cent against 48.24 per cent for the son of jailed ex-president Jair Bolsonaro, in a two-way run-off in Latin America’s largest democracy on Sunday. "}],[{"start":40.75,"text":"Lula’s triumph defied many polling forecasts, which had given a slight lead to Bolsonaro after the 45-year-old senator obtained a nearly two-point advantage in a first-round ballot this month. "}],[{"start":51.6,"text":"The president said he and his team had to overcome “external interference” through digital platforms and vowed to regulate big tech companies."}],[{"start":60.55,"text":"“Brazil is nobody’s backyard,” added Lula, who previously ruled from 2003 to 2010 before winning a third mandate four years ago. "}],[{"start":69.85,"text":"No runner-up in the first round had previously won the presidency since the South American country restored elections in 1989. "}],[{"start":78.05,"text":"Investors were braced for a negative market reaction on Monday. Brazilian financial assets had rallied at the prospect of Bolsonaro’s more pro-business policies."}],[{"start":87.3,"text":"Sunday’s electoral process was marred by controversy after a Supreme Court justice — who was formerly Lula’s personal lawyer — ordered a two-hour extension of voting at around the time when polling stations were scheduled to close. "}],[{"start":100.3,"text":"It followed complaints by Lula’s Workers’ Party about problems across several states with public transport, which many Brazilians rely on to get to polling stations."}],[{"start":null,"text":"
"}],[{"start":109.8,"text":"Bolsonaro refused to concede defeat and said he would launch a legal challenge. “What happened today was not normal. It was unacceptable. For the first time in history, a Supreme Court Justice has used his pen to change the rules of the game,” he said."}],[{"start":123.75,"text":"By bucking the trend of rightwing electoral wins across Latin America, Lula’s re-election delivers a blow to US ambitions for greater influence across the region. "}],[{"start":134.05,"text":"While the former union leader has criticised Donald Trump’s aggressive foreign policy, Bolsonaro had promised closer ties with his ideological ally in the White House. Washington has targeted Brasília with trade tariffs and other punitive measures since last year. "}],[{"start":151.4,"text":"Following a lacklustre early campaign, Lula announced a series of giveaways in the wake of the first round, including debt forgiveness, free weekend public transport and financial aid for poor students."}],[{"start":163.4,"text":"Opponents accused the incumbent of vote-buying and said the measures would further damage public finances. Lula won 4.4mn more votes than his adversary, turning around a 2.2mn advantage for Bolsonaro in the first round."}],[{"start":177.65,"text":"The rightwinger’s overriding objective was to free his father, who last year was found guilty of plotting a coup following his failed re-election bid in 2022. Jair Bolsonaro is now serving a 27-year sentence, currently at home for health reasons. Together with a tough crackdown on organised crime, the younger Bolsonaro had also pledged to cut public spending and lower taxes. "}],[{"start":200.95000000000002,"text":"Economists warn that Brazil’s public debt is high for a developing economy and suggest government spending cuts in order to lower the country’s elevated interest rates. "}],[{"start":211.4,"text":"“We believe the Lula administration will have no choice but to do some fiscal consolidation, but most investors doubt it will be enough to put debt sustainability back on track. We therefore expect a sharp sell-off at Monday’s [market] open,” said Thierry Larose, portfolio manager at Vontobel. "}],[{"start":227.75,"text":"A Brazilian real future contract was down 10 per cent on Sunday evening, while an ETF tracking Brazilian stocks fell 13 per cent in Japan."}],[{"start":237.7,"text":"The president will also face a hostile congress after conservative forces, led by Bolsonaro’s Liberal Party, scored sweeping gains in congressional elections this month. Analysts say this will make governing more difficult. "}],[{"start":252.14999999999998,"text":"Lula’s victory against the odds seals his status as one of the most consequential statesmen in the modern history of Brazil, following half a century in public life. The former metalworker contested three presidential elections before finally winning in 2002, introducing welfare programmes that helped reduce poverty. "}],[{"start":270.75,"text":"He later spent time in prison for corruption, on charges that were subsequently overturned, before staging a return to frontline politics four years ago by beating then-president Jair Bolsonaro."}],[{"start":282.7,"text":"The opposition candidate’s loss is a setback for the radical populist movement founded by his father around a decade ago, which has become the dominant force on the right of Brazilian politics. "}],[{"start":294.45,"text":"Data visualisation by Haohsiang Ko and Martin Stabe"}],[{"start":305.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792981793_3164.mp3"}