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Brazil Postpones Decision On Jet Fighter Contract

SAO PAULO (Dow Jones)--Brazilian President Luiz Inacio Lula da Silva will leave the decision on a multi-billion dollar jet fighter contract to his successor, Dilma Rousseff, who will take over as president Jan. 1.

Brazil is looking to buy 36 fighter jets as part of the modernization of its armed forces, a contract which is believed to be worth between $4 billion and $10 billion. The deal has been postponed several times and it now looks that it won't be finalized while Mr. da Silva is in power.