IBOV 172,024 ▼ 0.68% IPSA 10,840 ▲ 0.72% IPC MEX 66,967 ▼ 1.00% MERVAL 3,168,608 ▼ 0.26% COLCAP 2,269.08 ▼ 0.75% BVL PERÚ 55,499.07 ▲ 1.21% USD/BRL5.18▲ 0.43% USD/MXN17.54▲ 0.30% USD/CLP922.45▲ 0.05% USD/COP3,393▼ 1.47% USD/PEN3.41▼ 0.37% USD/ARS1,484▼ 0.03% USD/UYU40.22▲ 1.44% USD/PYG6,084▲ 1.98% USD/BOB6.85▲ 1.62% USD/DOP59.19▲ 0.89% USD/CRC450.59▲ 2.27% USD/GTQ7.62▲ 2.44% USD/HNL26.70▲ 0.48% USD/NIO36.62▲ 0.89% USD/VES620.66▲ 5.79% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.39▲ 0.49% USD/TTD6.74▲ 1.07% EUR/BRL5.91▼ 0.12% BRENT 73.00 ▲ 0.11% WTI 69.47 ▼ 0.04% IRON ORE 161.91 — — COPPER 6.15 ▼ 0.73% GOLD 3,976 ▼ 1.17% SILVER 57.84 ▼ 2.76% SOY 1,146 ▲ 2.62% CORN 438.50 ▲ 6.24% WHEAT 593.75 ▲ 2.24% COFFEE 302.15 ▲ 3.80% SUGAR 14.80 ▲ 3.57% ORANGE JUICE 163.80 ▲ 15.56% COTTON 76.62 ▲ 6.42% COCOA 5,064 ▲ 3.45% BEEF 242.25 ▼ 5.89% CATTLE 364.35 ▼ 0.85% LITHIUM 78.28 ▲ 1.25% PETR4 37.80 ▼ 0.89% VALE3 77.88 ▼ 0.32% ITUB4 42.18 ▼ 0.54% BBDC4 18.10 ▼ 0.39% ABEV3 16.29 ▼ 1.81% BBAS3 19.91 ▼ 1.73% B3SA3 14.53 ▼ 1.22% WEGE3 46.91 ▲ 0.26% PRIO3 52.15 ▼ 1.88% SUZB3 39.75 ▲ 0.18% RENT3 41.54 ▼ 1.68% AZZA3 17.88 ▼ 2.72% CSAN3 3.70 ▼ 0.27% RAIZ4 0.38 ▼ 5.00% PCAR3 2.31 ▼ 0.43% GMAT3 3.67 ▼ 4.18% PSSA3 52.92 ▼ 0.71% CVCB3 1.36 ▼ 2.86% POSI3 4.10 ▲ 0.99% SLCE3 12.90 ▼ 0.85% NATU3 8.73 ▲ 5.18% BRKM5 6.36 ▼ 3.78% RANI3 7.84 ▼ 0.38% CSNA3 4.62 ▼ 0.43% CMIN3 4.18 ▲ 0.48% USIM5 8.45 ▲ 1.44% GGBR4 20.78 ▼ 2.40% ENEV3 26.72 ▲ 0.04% NEOE3 33.80 — 0.00% CPFE3 44.78 ▼ 0.82% CMIG4 10.87 ▼ 0.73% EQTL3 38.94 ▼ 2.01% LREN3 14.76 ▼ 1.53% VIVT3 33.95 ▼ 1.31% RAIL3 13.43 ▼ 1.32% KLABIN 16.74 ▼ 0.89% RAIA DROGASIL 16.81 ▼ 2.04% RDOR3 34.71 ▲ 0.09% HAPV3 10.21 ▼ 1.35% FLRY3 15.40 ▼ 1.16% SMTO3 15.70 ▲ 2.28% UGPA3 26.06 ▼ 0.99% VBBR3 29.89 ▼ 0.10% BBSE3 39.17 ▼ 0.41% BPAC11 54.09 ▼ 0.77% CURY3 35.06 ▼ 0.85% AERI3 2.02 ▼ 1.46% VIVARA 22.88 ▼ 0.52% COMPASS 24.28 ▼ 0.41% VAMOS 2.81 ▼ 2.43% SANB11 26.80 ▼ 0.07% ASAI3 8.74 ▼ 2.89% SBSP3 29.64 ▼ 0.03% WALMEX 51.26 ▲ 0.23% GMEXICO 197.62 ▼ 1.77% FEMSA 223.50 ▼ 2.04% CEMEX 21.00 ▼ 1.27% GFNORTE 185.20 ▲ 0.10% BIMBO 57.10 ▲ 0.21% TELEVISA 9.63 ▼ 0.41% AMX 22.73 ▼ 2.57% GAP 441.90 ▼ 0.81% ASUR 306.70 ▼ 0.56% OMA 247.17 ▲ 0.32% KOF 185.87 ▼ 0.32% GRUMA 282.05 ▼ 0.24% KIMBER 38.62 ▼ 0.69% SQM-B 68,450 ▲ 3.79% COPEC 5,751 ▼ 0.24% BSANTANDER 75.50 ▲ 0.67% FALABELLA 5,756 ▼ 2.62% ENELAM 82.60 ▲ 0.73% CENCOSUD 2,130 ▲ 0.14% CMPC 1,026 ▼ 1.35% BANCO CHILE 180.50 ▲ 1.52% LATAM AIR 26.81 ▼ 0.59% YPF 71,225 ▲ 0.92% GGAL 7,810 ▼ 0.95% PAMPA 5,135 ▲ 0.98% TXAR 662.00 ▼ 2.22% ALUAR 985.00 ▲ 0.25% TGS 9,325 ▲ 0.21% CEPU 2,323 ▼ 0.73% MIRGOR 16,250 ▲ 1.09% COME 41.95 ▼ 0.87% LOMA NEGRA 3,648 ▲ 1.04% BYMA 310.25 ▲ 1.39% TELECOM ARG 4,045 ▼ 0.19% ECOPETROL 14.24 ▼ 2.20% BANCOLOMBIA 79.43 ▼ 0.48% GRUPO AVAL 5.06 ▼ 0.76% CREDICORP 389.58 ▲ 1.26% SOUTHERN COPPER 174.26 ▲ 3.45% BUENAVENTURA 29.29 ▲ 2.48% MERCADOLIBRE 1,697 ▲ 0.85% NUBANK 13.36 ▲ 1.75% XP 16.26 ▼ 0.31% PAGSEGURO 9.05 ▼ 0.33% STONE 10.84 ▼ 0.46% GLOBANT 28.94 ▼ 3.79% TECNOGLASS 46.81 ▲ 1.30% GAP AIRPORT 253.08 ▼ 0.58% ASUR 306.70 ▼ 0.56% OMA AIRPORT 113.09 ▼ 0.17% AMX ADR 25.99 ▼ 2.84% FEMSA ADR 127.90 ▼ 2.52% CEMEX ADR 12.00 ▼ 1.15% PETROBRAS ADR 16.16 ▼ 0.74% VALE ADR 15.04 ▲ 0.07% ITAU ADR 8.17 ▼ 0.61% SANTANDER BR 5.25 ▲ 0.38% AMBEV ADR 3.14 ▼ 1.26% CSN 0.92 ▲ 0.54% GERDAU 4.04 ▼ 2.18% LATAM ADR 58.27 ▼ 0.73% BTC 58,584 ▲ 0.04% ETH 1,573 ▲ 0.20% SOL 74.37 ▲ 1.15% XRP 1.04 ▲ 0.18% BNB 545.62 ▼ 0.01% ADA 0.15 ▲ 4.05% DOGE 0.07 ▼ 0.96% AVAX 6.63 ▲ 1.58% LINK 7.18 ▼ 0.17% DOT 0.83 ▲ 1.38% LTC 42.28 ▲ 0.96% BCH 202.55 ▲ 1.53% TRX 0.32 ▲ 0.40% XLM 0.20 ▲ 5.47% HBAR 0.07 ▼ 1.16% NEAR 1.79 ▲ 0.76% ATOM 1.51 ▼ 0.24% AAVE 85.34 ▲ 0.39% SELIC 14.25% EMBRAER 81.85 ▲ 2.08% EMBRAER ADR 63.80 ▲ 2.65% JBS 11.85 ▼ 3.03% JBS BDR 60.85 ▼ 3.21% MBRF3 18.03 ▲ 1.86% MBRFY 3.47 ▲ 1.76% INTER 5.43 ▲ 0.93% EGX 50,488 ▲ 1.33% USD/ZAR16.44▲ 0.29% USD/NGN 1,378 — 0.00% NIKKEI 70,475 ▲ 0.59% CSI300 4,945 ▼ 0.70% HSI 22,881 ▼ 0.63% NIFTY 24,014 ▲ 0.62% KOSPI 8,303 ▼ 2.04% JCI 5,709 ▲ 1.17% USD/JPY162.66▲ 0.06% USD/CNY6.79▲ 0.13% DAX 24,996 ▲ 1.50% CAC 8,404 ▲ 0.44% FTSE 10,497 ▲ 0.12% MIB 51,682 ▲ 0.81% IBEX 19,472 ▲ 0.44% STOXX 641.73 ▲ 0.88% EUR/USD1.14▼ 0.20% GBP/USD1.32▼ 0.16% SPX 7,499 ▲ 0.79% DJI 52,319 ▲ 0.26% NDX 30,276 ▲ 1.68% RUT 3,024 ▲ 0.47% TSX 34,857 ▲ 0.10% VIX 16.45 ▼ 10.65% USD/CAD1.42▲ 0.16% US10Y 4.4180 ▲ 1.01% IBOV 172,024 ▼ 0.68% IPSA 10,840 ▲ 0.72% IPC MEX 66,967 ▼ 1.00% MERVAL 3,168,608 ▼ 0.26% COLCAP 2,269.08 ▼ 0.75% BVL PERÚ 55,499.07 ▲ 1.21% USD/BRL 5.18 ▲ 0.43% USD/MXN 17.54 ▲ 0.30% USD/CLP 922.45 ▲ 0.05% USD/COP 3,393 ▼ 1.47% USD/PEN 3.41 ▼ 0.37% USD/ARS 1,484 ▼ 0.03% USD/UYU 40.22 ▲ 1.44% USD/PYG 6,084 ▲ 1.98% USD/BOB 6.85 ▲ 1.65% USD/DOP 59.19 ▲ 0.89% USD/CRC 450.59 ▲ 2.27% USD/GTQ 7.62 ▲ 2.18% USD/HNL 26.70 ▲ 0.48% USD/NIO 36.62 ▲ 0.89% USD/VES 620.66 ▲ 5.79% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.39 ▲ 0.49% USD/TTD 6.74 ▲ 1.30% EUR/BRL 5.91 ▼ 0.12% BRENT 73.00 ▲ 0.11% WTI 69.47 ▼ 0.04% IRON ORE 161.91 — — COPPER 6.15 ▼ 0.73% GOLD 3,976 ▼ 1.17% SILVER 57.84 ▼ 2.76% SOY 1,146 ▲ 2.62% CORN 438.50 ▲ 6.24% WHEAT 593.75 ▲ 2.24% COFFEE 302.15 ▲ 3.80% SUGAR 14.80 ▲ 3.57% ORANGE JUICE 163.80 ▲ 15.56% COTTON 76.62 ▲ 6.42% COCOA 5,064 ▲ 3.45% BEEF 242.25 ▼ 5.89% CATTLE 364.35 ▼ 0.85% LITHIUM 78.28 ▲ 1.25% PETR4 37.80 ▼ 0.89% VALE3 77.88 ▼ 0.32% ITUB4 42.18 ▼ 0.54% BBDC4 18.10 ▼ 0.39% ABEV3 16.29 ▼ 1.81% BBAS3 19.91 ▼ 1.73% B3SA3 14.53 ▼ 1.22% WEGE3 46.91 ▲ 0.26% PRIO3 52.15 ▼ 1.88% SUZB3 39.75 ▲ 0.18% RENT3 41.54 ▼ 1.68% AZZA3 17.88 ▼ 2.72% CSAN3 3.70 ▼ 0.27% RAIZ4 0.38 ▼ 5.00% PCAR3 2.31 ▼ 0.43% GMAT3 3.67 ▼ 4.18% PSSA3 52.92 ▼ 0.71% CVCB3 1.36 ▼ 2.86% POSI3 4.10 ▲ 0.99% SLCE3 12.90 ▼ 0.85% NATU3 8.73 ▲ 5.18% BRKM5 6.36 ▼ 3.78% RANI3 7.84 ▼ 0.38% CSNA3 4.62 ▼ 0.43% CMIN3 4.18 ▲ 0.48% USIM5 8.45 ▲ 1.44% GGBR4 20.78 ▼ 2.40% ENEV3 26.72 ▲ 0.04% NEOE3 33.80 — 0.00% CPFE3 44.78 ▼ 0.82% CMIG4 10.87 ▼ 0.73% EQTL3 38.94 ▼ 2.01% LREN3 14.76 ▼ 1.53% VIVT3 33.95 ▼ 1.31% RAIL3 13.43 ▼ 1.32% KLABIN 16.74 ▼ 0.89% RAIA DROGASIL 16.81 ▼ 2.04% RDOR3 34.71 ▲ 0.09% HAPV3 10.21 ▼ 1.35% FLRY3 15.40 ▼ 1.16% SMTO3 15.70 ▲ 2.28% UGPA3 26.06 ▼ 0.99% VBBR3 29.89 ▼ 0.10% BBSE3 39.17 ▼ 0.41% BPAC11 54.09 ▼ 0.77% CURY3 35.06 ▼ 0.85% AERI3 2.02 ▼ 1.46% VIVARA 22.88 ▼ 0.52% COMPASS 24.28 ▼ 0.41% VAMOS 2.81 ▼ 2.43% SANB11 26.80 ▼ 0.07% ASAI3 8.74 ▼ 2.89% SBSP3 29.64 ▼ 0.03% WALMEX 51.26 ▲ 0.23% GMEXICO 197.62 ▼ 1.77% FEMSA 223.50 ▼ 2.04% CEMEX 21.00 ▼ 1.27% GFNORTE 185.20 ▲ 0.10% BIMBO 57.10 ▲ 0.21% TELEVISA 9.63 ▼ 0.41% AMX 22.73 ▼ 2.57% GAP 441.90 ▼ 0.81% ASUR 306.70 ▼ 0.56% OMA 247.17 ▲ 0.32% KOF 185.87 ▼ 0.32% GRUMA 282.05 ▼ 0.24% KIMBER 38.62 ▼ 0.69% SQM-B 68,450 ▲ 3.79% COPEC 5,751 ▼ 0.24% BSANTANDER 75.50 ▲ 0.67% FALABELLA 5,756 ▼ 2.62% ENELAM 82.60 ▲ 0.73% CENCOSUD 2,130 ▲ 0.14% CMPC 1,026 ▼ 1.35% BANCO CHILE 180.50 ▲ 1.52% LATAM AIR 26.81 ▼ 0.59% YPF 71,225 ▲ 0.92% GGAL 7,810 ▼ 0.95% PAMPA 5,135 ▲ 0.98% TXAR 662.00 ▼ 2.22% ALUAR 985.00 ▲ 0.25% TGS 9,325 ▲ 0.21% CEPU 2,323 ▼ 0.73% MIRGOR 16,250 ▲ 1.09% COME 41.95 ▼ 0.87% LOMA NEGRA 3,648 ▲ 1.04% BYMA 310.25 ▲ 1.39% TELECOM ARG 4,045 ▼ 0.19% ECOPETROL 14.24 ▼ 2.20% BANCOLOMBIA 79.43 ▼ 0.48% GRUPO AVAL 5.06 ▼ 0.76% CREDICORP 389.58 ▲ 1.26% SOUTHERN COPPER 174.26 ▲ 3.45% BUENAVENTURA 29.29 ▲ 2.48% MERCADOLIBRE 1,697 ▲ 0.85% NUBANK 13.36 ▲ 1.75% XP 16.26 ▼ 0.31% PAGSEGURO 9.05 ▼ 0.33% STONE 10.84 ▼ 0.46% GLOBANT 28.94 ▼ 3.79% TECNOGLASS 46.81 ▲ 1.30% GAP AIRPORT 253.08 ▼ 0.58% ASUR 306.70 ▼ 0.56% OMA AIRPORT 113.09 ▼ 0.17% AMX ADR 25.99 ▼ 2.84% FEMSA ADR 127.90 ▼ 2.52% CEMEX ADR 12.00 ▼ 1.15% PETROBRAS ADR 16.16 ▼ 0.74% VALE ADR 15.04 ▲ 0.07% ITAU ADR 8.17 ▼ 0.61% SANTANDER BR 5.25 ▲ 0.38% AMBEV ADR 3.14 ▼ 1.26% CSN 0.92 ▲ 0.54% GERDAU 4.04 ▼ 2.18% LATAM ADR 58.27 ▼ 0.73% BTC 58,584 ▲ 0.04% ETH 1,573 ▲ 0.20% SOL 74.37 ▲ 1.15% XRP 1.04 ▲ 0.18% BNB 545.62 ▼ 0.01% ADA 0.15 ▲ 4.05% DOGE 0.07 ▼ 0.96% AVAX 6.63 ▲ 1.58% LINK 7.18 ▼ 0.17% DOT 0.83 ▲ 1.38% LTC 42.28 ▲ 0.96% BCH 202.55 ▲ 1.53% TRX 0.32 ▲ 0.40% XLM 0.20 ▲ 5.47% HBAR 0.07 ▼ 1.16% NEAR 1.79 ▲ 0.76% ATOM 1.51 ▼ 0.24% AAVE 85.34 ▲ 0.39% SELIC 14.25% EMBRAER 81.85 ▲ 2.08% EMBRAER ADR 63.80 ▲ 2.65% JBS 11.85 ▼ 3.03% JBS BDR 60.85 ▼ 3.21% MBRF3 18.03 ▲ 1.86% MBRFY 3.47 ▲ 1.76% INTER 5.43 ▲ 0.93% EGX 50,488 ▲ 1.33% USD/ZAR 16.44 ▲ 0.41% USD/NGN 1,378 — 0.00% NIKKEI 70,475 ▲ 0.59% CSI300 4,945 ▼ 0.70% HSI 22,881 ▼ 0.63% NIFTY 24,014 ▲ 0.62% KOSPI 8,303 ▼ 2.04% JCI 5,709 ▲ 1.17% USD/JPY 162.67 ▲ 0.07% USD/CNY 6.7949 ▲ 0.24% DAX 24,996 ▲ 1.50% CAC 8,404 ▲ 0.44% FTSE 10,497 ▲ 0.12% MIB 51,682 ▲ 0.81% IBEX 19,472 ▲ 0.44% STOXX 641.73 ▲ 0.88% EUR/USD 1.1406 ▼ 0.18% GBP/USD 1.3244 ▼ 0.14% SPX 7,499 ▲ 0.79% DJI 52,319 ▲ 0.26% NDX 30,276 ▲ 1.68% RUT 3,024 ▲ 0.47% TSX 34,857 ▲ 0.10% VIX 16.45 ▼ 10.65% USD/CAD 1.4216 ▲ 0.15% US10Y 4.4180 ▲ 1.01%
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Wednesday, July 1, 2026

Who Runs São Paulo? The Fight Behind the Ticket

By · February 17, 2026 · 3 min read

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Key Points
Gilberto Kassab, the political fixer who made Tarcísio de Freitas governor of São Paulo in 2022, wants to be his running mate for reelection. Tarcísio has told allies the answer is no — and coalition partners are actively blocking Kassab too.
The governor prefers keeping current Vice-Governor Felício Ramuth, a quiet loyalist whom Kassab himself recruited — but who has since become closer to Tarcísio than to his own party chairman. Tarcísio is prepared to move Ramuth to another party if Kassab tries to veto him.
This fight shapes Brazil’s entire right-wing architecture for 2026. Kassab’s PSD controls three presidential pre-candidates and governor alliances nationwide — whoever wins this battle in São Paulo shifts the balance of power across the country.

São Paulo is Brazil’s largest state, with 46 million people and an economy bigger than Argentina’s. Whoever governs it commands the most powerful political machine in the country, which is why a backstage fight over the vice-governor slot matters far beyond state borders. This is part of The Rio Times’ daily coverage of Brazil politics and Latin American financial news.

In 2022, Tarcísio de Freitas was an outsider — an infrastructure engineer with no elected office experience and no network in São Paulo. He needed Gilberto Kassab, a former São Paulo mayor and chairman of PSD, one of Brazil’s largest parties, who knew every mayor and every deal.

Kassab delivered. He assembled the coalition, arranged the running mate — Felício Ramuth, a loyalist he personally brought into the PSD — and took the key cabinet post of government secretary, earning the label “strongman” of the administration.

Who Runs São Paulo? The Fight Behind the Ticket. (Photo Internet reproduction)
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Three years later, the apprentice has outgrown the mentor. Tarcísio has privately told allies there is no chance Kassab will be his running mate, and that he wants to keep Ramuth instead. The irony is sharp: the man Kassab installed as vice has become more loyal to the governor than to his own party chairman.

Kassab-Tarcísio Power Struggle Intensifies

Coalition partners are piling on. Leaders from Republicanos, MDB, and Podemos accuse Kassab of using his government post to poach lawmakers, including six state deputies lured from the PSDB. Tarcísio responded by installing a new chief of staff from his own party with orders to contain PSD’s expansion, effectively hollowing out Kassab’s role.

The tension has gone public. In January, Kassab warned that Tarcísio needed his own identity separate from ex-president Bolsonaro, cautioning against “submission” — the governor hit back the next day. Later, Kassab joked at an event that his PSD would field its own presidential candidate alongside Tarcísio for governor, and that “our ticket will beat his.”

Kassab’s real endgame is 2030: the vice-governorship would be his springboard to governor when Tarcísio terms out. If blocked, Tarcísio could move Ramuth to MDB and sidestep the PSD entirely.

The stakes are national. Kassab’s PSD controls three presidential pre-candidates — governors Caiado, Ratinho Jr., and Eduardo Leite — giving him leverage across Brazil. Post-carnival meetings this week should force a resolution before the April 6 resignation deadline. Whoever wins this fight in São Paulo will shape the right-wing coalition heading into Brazil’s 2026 elections.

Related coverage: Brazil’s Morning Call | Latin America Hits 477 Million Air Passengers as Brazil and

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