Word: braziller
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...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...
...Worth raising a glass to, right? But all last week's election in Brazil got from Wall Street was a Bronx cheer. The Brazilian currency, the real, continued a slide that, apart from a brief rally after an International Monetary Fund (IMF) rescue package last August, has gone on all year. In the markets, interest rates on Brazilian bonds (a proxy for the extent to which Wall Street regards investment in Brazil as a risk) are running more than 20 percentage points above comparable U.S. securities...
...would win a referendum on his presidency, which, under Venezuela's new constitution, he is not required to call until next August. The impoverished masses who march for him, and who had little if no voice in pre-Chavez Venezuela, are the key to his resilience, just as Brazil's exasperated poor, fed up with the unfulfilled promises of a decade of capitalist reforms in Latin America, are likely to vote Workers Party candidate Luiz Inacio Lula da Silva into the presidency next week. "The oligarchs in this country just want to demonize Chavez because he's giving our class...
...business expense and lower its assumed pension-plan rate of return to 8% from 9.5%. Citi still faces as much as $10 billion in potential costs stemming from settlements, fines and shareholder lawsuits, Mayo estimates. At the same time, the bank is dealing with souring investments in Argentina and Brazil and is under a cloud for lending practices in the Caribbean. This should have been Weill's year. Citi's booming earnings have put it on track to unseat ExxonMobil as the most profitable corporation in the world. Fortune named Citi one of the world's most admired companies...
...National government, however, will demand a nimble balancing act from the PT. Its support is based on promises of meaningful reforms aimed at developing a more responsive state, creating a stronger and broader domestic consumer base and strengthening Brazil's position in hemispheric affairs. But none of that will be possible by isolating Brazil from international investors, whose outlook may be more conditioned by the IMF orthodoxy of the recent past that has little sympathy for government spending on social programs to alleviate economic distress among the urban poor. Indeed, the socialist Lula's greatest challenge may lie in persuading...