With only a few days left until the country’s tightly fought presidential election, Brazilians can talk about little else. However, for Frederico Curado, chief executive of Embraer, the Brazilian aircraft manufacturer, it is the political situation 11,000 miles away in Beijing that is causing concern.
Ever since China’s president Xi Jinping cracked down on opulent spending as part of his anti-graft campaign this year, the world’s fastest-growing business jet market has stalled, says Mr Curado from his offices overlooking São Paulo’s banking district.
“It’s been sharp, it’s been sudden,” he says, adding that executives at Chinese state-owned companies as well as government officials have ditched chartered flights for fear of sending the wrong message. “We felt it on our sales, everyone felt it,” he says.