Brazil lower house lifts foreign ownership cap for airlines

Brazil’s lower house of Congress approved a bill that removes restrictions on foreign ownership of the country’s airlines. The Chamber of Deputies voted 199 to 71 Tuesday to allow foreigners to own up to a 100% stake in domestic carriers, up from the current 20%. Lawmakers are still voting on amendments, though they aren’t expected to change the main thrust of the bill. The Senate still has to hold a vote as well. Easing foreign ownership in the aviation industry is the latest example of how acting president Michel Temer is moving to roll back 13 years of heavy intervention in the economy under the Workers’ Party of president Dilma Rousseff, who was suspended last month to face an impeachment trial. The original proposal called for the limit of foreign ownership to rise to 49%. <br/>