Word: brazil
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Dates: during 1950-1959
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...propaganda success of Brazil's outlawed Communist Party was the slogan O Petróleo é Nosso (The Oil Is Ours). Under that Communist-devised battlecry, Brazilian nationalists have blocked any foreign participation in the development of the nation's oil. A product of the-oil-is-ours nationalism was Brazil's 1953 law, which set up an oil monopoly, Petrobrás, and forbade ownership of shares by foreigners-or even Brazilians married to foreigners...
Died. Arthur da Silva Bernardes, 70, onetime (1922-26) President of Brazil and indefatigable opponent of foreign-capital operations in Brazil; of a heart attack; in Rio de Janeiro. Outspoken, scrupulously honest Politico Bernardes was exiled and later pardoned by President Getulio Vargas for his part in the unsuccessful São Paulo revolt in 1932, in later years was widely hailed as the elder statesman of Brazilian nationalism and as a major influence behind the 1953 petroleum bill, which closed Brazil's oil resources to foreign companies...
...Brazil's inflation-harried, dollar-starved government heard good news last week from the jungle interior. Near the spot where the Madeira River flows into the Amazon, oil hunters brought in a high-grade gusher, the first oil ever found in Brazil outside the coastal state of Bahia. The oil spurted 150 feet, and made Brazilians gush just as effusively. Said Rio's Correio da Manhá: "Glad tidings! The greatest hope for Brazil's recovery...
...tidings were all the gladder because oil is one of Brazil's sorest problems. The wells in Bahia produce only 1,500,000 barrels a year, less than 3% of Brazil's consumption. Oil imports, which must be paid for in dollars, gobble up much of the dollar exchange Brazil earns from its coffee exports. But instead of welcoming foreign oil capital, Brazil has barred it with nationalistic laws. The government oil monopoly, Petrobras, can legally hire the services of foreign experts and drilling companies, but it cannot grant concessions or sell shares to foreigners. Because of this...
...adds up to a fat $6 billion in Latin America) is to build the plants to supply this expanding market. As a hint of the high earnings that are possible, Grace cited the interest on commercial bank loans that businessmen in Latin America are willing and able to pay: Brazil, 9%-12%; Peru, 9%-10%; Mexico 9½% (v. an average 3% in the U.S.). And he neatly disposed of the standard objections to investing in Latin America...