Word: janeiro
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...JANEIRO: Congratulate the Brazilian people for their farsightedness: The current global contagion that has pushed Brazil's government to the brink of disaster has visited equal hardship on its people, yet the nation is poised to reelect President Fernando Enrique Cardoso with the full knowledge that he has even deeper hardship in store. Rarely have the IMF and its usual victims -- ordinary citizens -- been in such agreement...
...findings. That would leave the rest of us to report on the finding, critique it, buy stock in it and design policy around it. A few of us would ignore it completely. All of this would happen in Bilbao, Chicago, Pocatello and Rio De Janeiro, and in other places too. We will be right in the mix of the world, and we will be way out of it as well. On Thursday we will stand as one, but as many ones. Out of our many ones will come manifold destinies. Choose them wisely and with good care...
...that's the politically explosive part. The U.S. agreed at the 1992 environmental conference in Rio de Janeiro to voluntarily cut greenhouse gases back to 1990 levels by 2000, but the booming economy Clinton rode to re-election has caused the actual trend to move in the opposite direction. Ten percent more carbon is streaming out of American smokestacks and tailpipes this year than in 1990. Last year Under Secretary of State Timothy Wirth surprised negotiators by pledging the U.S. would agree to meet future reductions by setting legally binding targets. These are supposed to be determined at a December...
...rest. The volume of those reserves is expected to grow substantially as the company explores the vast Amazon Basin and oil pools off the Atlantic coast. Petrobras has become a leader in drilling deepwater, offshore wells in the so-called Campos Basin off the coast of Rio de Janeiro. Now the company is looking into joint ventures with 56 potential foreign partners, including Exxon, Shell and British Gas, which would allow expanded exploration around the country. In the next year the government is expected to sell off much, but not all, of up to $6 billion worth of stock...
Renno's talents will be tested as he faces the looming share sell-off. Nationalism runs high in Brazil, and many citizens oppose any auction of national patrimony. Government oversight is another perennial issue. Many important decisions about Petrobras are made not at corporate headquarters in Rio de Janeiro but at government ministries in Brasilia. In the past this has led to overstaffing and inefficiencies that could hinder the pace of future growth. "There has to be a change of mentality from being big to being more profitable," notes Ana Siqueira, an energy analyst with Icatu, a Rio de Janeiro...