Word: brazil
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Dates: during 1960-1969
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...long last, a P2V Neptune flying from Puerto Rico found the Anzoátegui where no one expected it to be-180 miles off Surinam, sailing south down the coast of South America. Instead of Cuba, the hijackers were headed or Brazil, where another hijacker. Soldier of Fortune Henrique Galvão had taken Portugal's Santa Maria two years...
...enough to make old Peter Stuyvesant stomp around on his stump. From Brazil, 23 Jews had arrived in Governor Stuyvesant's New Amsterdam in 1654. Peter sent off a letter to his superiors in the Dutch West India Company seeking permission (unsuccessfully) to evict the members of the "very repugnant, deceitful race, hateful enemies and blasphemers of the name of Christ, lest they infect and trouble this new colony with their customary usury and deceitful trading...
...Brazil's recent practice of expropriating U.S. companies was proving both expensive and risky. In February 1962, the state government in Rio Grande do Sul expropriated Companhia Telefônica Nacional, an International Telephone and Telegraph subsidiary. Five months later, the governor of Pernambuco took over a subsidiary of American & Foreign Power Co., Pernambuco Tramways and Power Co. In both cases, the companies received little or no payment, while the companies' legal protests ground their way through Brazil's agonizingly slow courts-years and perhaps decades away from firm settlement. Last week, suddenly, both companies were near...
What apparently spurred Brazil into the settlements was a retroactive amendment tacked onto President Kennedy's Foreign Assistance Act of 1962, freezing foreign aid to any country that expropriates U.S.-controlled companies without reimbursing the owners for their loss within a proper time...
...invested capital. But in recent years, the average return achieved by U.S.-owned companies in Latin America has dwindled to 9% v. 15% in Europe. Prime reason for this is inflation: Argentina's peso is now worth only one-eighth what it was five years ago, and Brazil's cruzeiro has dropped by two-thirds in less than two years. This means that companies must earn almost astronomical sums in present-day money to cover the real costs of their original investment...