UPDATE 1-Brazil's Bolsonaro uses Davos speech to appeal to big business

Brazil's new right-wing President Jair Bolsonaro threw out the welcome mat for big business and foreign investors on Tuesday, telling a summit of CEOs in Davos that his government would make the country one of the top 50 in which to do business. Bolsonaro said he would work to open up Brazil's relatively closed economy, reduce and simplify taxes, privatize state companies and give his new justice minister the tools to tackle corruption.

The former army captain turned politician was elected in October on a wave of conservative nationalism and anti-leftist sentiment in a country fed up with political graft and a painful economic downturn. "We enjoy the credibility to carry out reforms that we need and the world expects of us," Bolsonaro told the Davos audience.

(Additional reporting by Anthony Boadle in Brasilia Editing by Phil Berlowitz)