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...faces both large deficits and the need to take de facto control of parts of the credit, financial, and industrial sectors. In effect, the amount of the nation's economic activity controlled by the government will rise to a level which would have been unimaginable even months...
...retailer Expand has seen sales of its mid-priced bottles jump 25% each of the past few years, and it has opened new stores in provincial cities like Fortaleza, where beer and cachaça (cane liquor) were once the only tipples. Expand's owner, Otávio Piva de Albuquerque, says he spends as much time helping secretaries find $12 Concha y Toros as he does stockbrokers $75 Chambertins. "So many things Brazilians used to think of as unessential," he says, "are suddenly part of life here...
...downturn. Lula seems to have cracked Latin America's chronic conundrum: how to expand underachieving economies while reducing epic inequality. In so doing, he's created a model that's "an insurance ticket, not a lottery ticket," says Marcelo Neri, head of the Center for Social Policies in Rio de Janeiro...
Then there's oil. In 2007 and '08, state-controlled Petrobras discovered up to 12 billion bbl. beneath the Atlantic floor about 155 miles (250 km) off the coast of Rio de Janeiro. The oil lies almost 3 miles (5 km) below sea level and is covered by a thick layer of salt, so extraction will be a massive undertaking. And while the discovery promised a windfall when oil was $140 per bbl., at today's price of $40, profitability will be a challenge. Nor is oil always the blessing that it appears; in nations from Nigeria to Saudi Arabia...
...Lula, like the brawny, business-minded megalopolis he has made his home, has set a sturdy example. São Paulo's vast, stalagmite horizon of skyscrapers can't match the glamour of Rio de Janeiro, but the city of 20 million people is a truer and smarter reflection of Brazil's bandeirante (pioneer) character. This year, work will start on the hemisphere's first bullet train, which will eventually link the two cities. High-speed rail won't mask all Brazil's flaws. But it does show, perhaps, that the country of tomorrow has a brighter future...