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Senate setback for Brazil’s Temer rattles reform agenda, markets

A Brazilian Senate committee on Tuesday rejected President Michel Temer’s labor reform bill, in an unexpected blow to his administration that does not kill the pro-market proposal but shows weakening support for his agenda.

Even after being rejected in the social affairs committee by 10 to 9 votes, the proposal moves to the constitutional and justice committee before its heads to the floor for a full vote, said Ricardo Ferraco, the senator drafting the bill. Ferraco said he expected the bill to be approved by late June.

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