Word: foreigners
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Dates: during 2000-2009
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...There's no question that it's a buyer's market for raw materials, and that many resource companies are struggling to find willing partners and financiers. China's Rosneft injection will allow the Russian company to pay off $8.5 billion in debt - 60% of it owed to foreign banks - that matures this year. Beijing looks like the last, best hope of miners and drillers...
...does not transfer key pricing power over a key commodity to a big customer. They need to make that case, or I'm not inclined to vote for the deal" when it comes up for approval in May or June. The investment also must be cleared by the Australian Foreign Investment Review Board...
That too would mark a change. Brazilian officials have long wanted to make a mark outside their neighborhood, but until recently, the world rarely noticed what went on there - unless it involved beaches, soccer or Carnaval. "Brazil always suffered externally because of its internal poverty," says Lula's foreign-policy adviser, Marco Aurelio Garcia. The nation's founding monarchy, which lasted until 1889, insulated the country from the region's 19th century upheavals but also spawned a quasi-feudal class system that led to the inequalities that persist today. In 2000, fewer than 3% of Brazilians still owned more than...
...predecessor, Fernando Henrique Cardoso, was the first President to recognize that change was needed. He restored fiscal sanity by slaying hyperinflation, but his attempts at social reform were timid. Lula's victory in 2002 panicked Wall Street and the Brazilian élite. But instead of defaulting on Brazil's foreign debt or busting the budget, as they feared he would, Lula embraced one of the few positive legacies of Brazil's royalist roots: deliberate, negotiated consensus-building. It's a hallmark of Brazil's widely respected diplomatic corps - and it tempered Lula even when he was a metal-workers union...
...began in 2007, was funded largely by high commodity prices, most of which have now plummeted. But Brazil seems to have invested the windfall smartly. Exports have been diversified so as to reduce reliance on commodities, and before the downturn the nation socked away a record $208 billion in foreign reserves. The banking system has remained well regulated, and so far seems to have been less exposed to the toxic assets that have wrecked many U.S. and European banks. All this has "buffered Brazil quite a bit against the global downturn," says Paulo Leme, emerging-markets director at Goldman Sachs...