Word: brazil
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...Beijing is now frantic to buy. On March 3, China National Petroleum Corp. agreed to buy Calgary based Verenex Energy, which has a 50% stake in a huge Libyan oilfield, for $390 million. The China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator in one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the fields. In return, China will get 100,000 to 160,000 barrels of oil a day over 20 years...
...Brazil is no stranger to economic crises. In the 1970s and '80s, Latin America's economic giant turned financial mismanagement into an art form. The current global turmoil has not left Brazil unscathed: stock prices, exports and growth are all down. But something interesting is at work this time around, and the best place to see it is in one of Brazil's favelas, the vast urban slums that are desperate even in the best of times. Walk through São Paulo's sprawling Brasilândia, though, and you don't sense the relentless doom and gloom gripping...
...Recent deals with Brazil and China highlight Beijing's ability to use loans a means of securing energy supplies. In mid-February, Beijing negotiated a $10-billion loan to Brazil's state-owned oil company Perobras, as well as a $25-billion loan to Russia's state-run oil company Rosneft. Both companies' revenues have plummeted in recent months as crude oil prices fell by more than two-thirds. China offered large cash amounts in a tight credit market, but rather than require that the loans be serviced and repaid in cash, Brazil and Russia will repay the loans...
...startled the drug industry and the public-health world by announcing a groundbreaking program intended to extend access to medicines for millions of people living in developing countries. GSK’s proposal is not a perfect solution: Millions of patients in middle-income countries, such as India and Brazil, will be left out of the deal. HIV research is also excluded from parts of the program, and even at reduced prices GSK products may remain out of reach for most patients in Least Developed Countries. Nevertheless, the announcement represents a remarkable willingness by a pharmaceutical company to change...
...Moscarini and Postel-Vinay have another theory. After observing the same broad trend within different industries and states, and even overseas in countries like Denmark and Brazil, they postulate that small companies hire disproportionately more early on in an economic recovery because it's easy for these firms to find good workers while unemployment is still high-and easy for workers to come across small companies since there are so many of them. Once the economy is chugging along at full-steam and the labor market is tight, larger companies regain the advantage, since they're likely able to offer...