Brazil's Rousseff to name new economic team aimed at jumpstarting lagging economy

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Brazilian President Dilma Rousseff is expected to unveil the much-anticipated economic team, tasked with jumpstarting the country's stalled economy.

Major Brazilian news media say University of Chicago-trained banker Joaquim Levy is to be named finance minister for Rousseff's second term Thursday.

The choice has reportedly riled some in Rousseff's left-leaning Workers' Party, but rumors of Levy's appointment have soothed jittery financial markets. The nomination of a fiscal conservative nicknamed "Scissorhands" due to his reputation for slashing costs looks likely to build investor confidence in Brazil.

Though his last job was as a top executive for Brazilian bank Bradesco, Levy has served on government economic teams under Rousseff's predecessor Luiz Inacio Lula da Silva and the previous president, Fernando Henrique Cardoso.