Brazil to raise foreign ownership in local airlines -source

Brazilian president Dilma Rousseff has signed a decree that allows an increase of foreign ownership in local airlines to 49%t from 20%, a govt source said Tuesday. The decision could allow foreign groups to bolster investment in Brazilian airlines struggling with a deepening recession and a sharp depreciation of the real currency. The decree, which is expected to be published in the country's official gazette Wednesday, is subject to ratification by Congress. The decision reflects a major policy shift by Rousseff to open up one of the Western hemisphere's most-closed economies and bring in badly needed capital to halt a recession that is entering its second year. Monday the interim aviation minister, Guilherme Ramalho, said the govt was working on the proposal to increase the ownership stake in two stages. <br/>