Word: brazil
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This month Demel takes over as head of Magna Steyr (2001 sales: $1.5 billion), the Graz-based subsidiary of Canada's car-parts giant Magna International. His return to Austria--after 12 years in Germany and Brazil with Volkswagen--comes at a critical time for Magna Steyr, whose parent company hopes to spin it off next year. But Demel's move could be a watershed for the auto industry. As major carmakers sell more specialty cars, such as convertibles and four-wheel-drives, they are contracting out more of their manufacturing--even design and assembly--to suppliers like Magna Steyr...
...commerce is costly. Long strips of coastline south of Bangkok now look like powdery gray moonscapes. Shrimp farms can raise the salinity of the surrounding soil and water, poisoning the land for agriculture. Some flush their effluent into the sea, killing mangrove trees. Shrimp farming is also practiced in Brazil, India and Ecuador, and in the U.S. in Florida, South Carolina and Texas...
...DIED. JUAN SCHIAFFINO, 77, Uruguayan soccer legend who helped steer his country to a momentous 1950 World Cup final victory against favorites Brazil; in Montevideo. After his World Cup triumph, Schiaffino was poached by Italian club AC Milan for what was then a princely...
...Cotescu, union leader at Romania's ARO Campulung car factory, on workers' plans to pay the plant's €20 million debt by selling their semen "I can't respond to the deputy of the deputy of the American deputy secretary." Luiz Inácio Lula da Silva, Brazil's President-elect, on criticism by U.S. Trade Representative Robert Zoellick "It is glorious to be allowed to join the party. But the membership fee is very high." Xiang Shaoliang, CEO of Baopu Garment, on Chinese Communist Party plans to admit entrepreneurs
...prizes for guessing why the markets are jumpy. The winner of the first round, with 46.4% of the vote, was Luiz Inacio Lula da Silva--universally known as Lula--the candidate of the Workers' Party, which has in the past flirted with repudiating Brazil's massive external debt. Lula, 56, a former labor-union leader running for the presidency for a fourth time, is likely to defeat Jose Serra, the candidate of the governing coalition, in the runoff on Oct.27. Following the economic catastrophes in Argentina and Uruguay, American bankers fear that the commitment of Latin America to the Washington...