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Archive for October, 2012

For those who doubted it, the politicians convicted of corruption in Brazil are really going to jail.  Brazil’s Supreme Court has begun handing down sentences in a landmark corruption trial, according to a report in Wednesday’s Wall Street Journal.  The trial, which has gone on for months, centers on charges going back seven years that senior government officials, bankers and consultants conspired to divert public money to buy votes in Congress and fund campaigns during the presidency of Luiz Inácio Lula da Silva.  Big wowser!  The only question that remains is, where is Lula?

Read The Wall Street  article here:

http://on.wsj.com/RQ5DLU

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As the dates quickly approach, the general feeling is that Brazil is not up to speed for the Confederation Cup in 2013.  FIFA general secretary Jerome Valcke voiced doubts last week that Brazil will have all six stadiums ready for the Confederations Cup in June 2013 due to the slow pace of preparations. The tournament is considered a dress-rehearsal for the World Cup that Brazil is hosting the following year at 12 stadiums which are being upgraded or rebuilt from scratch in Brazil’s largest cities.  As I’ve said before, the Samba pace needs a Red Bull injection.

Read Ana Flor’s Reuters article here: http://reut.rs/RHNcbt

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Brazilian company bonds reached 6.12 years this October exceeding all other BRIC countries. Corporate bonds in Brazil are becoming more vulnerable to losses than any major developing nation as companies exploit record-low borrowing costs to sell the longest-dated overseas debt in three years. While bond investors turn to Brazil in search of higher returns as the U.S. Federal Reserve pledges to keep interest rates near zero into 2015 to bolster growth, a rise in U.S. government bond yields would result in the biggest corporate debt losses of any so-called BRIC nation. Investors have snapped up 30-year securities from companies as varied as Vale SA (VALE3) and Odebrecht SA, helping push the average maturity for Brazilian issues this year to 11.03 years, even as the country is forecast to grow at one- third the pace of the other BRICs.

Read Boris Korby and Drew Benson’sBloomberg article here: http://bloom.bg/Ty6cbZ 

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After being clearly negligent during the 2006 airline crash that killed 154 people on an airliner in Brazil, pilots Joseph Lepore of Bay Shore, New York, and Jan Paladino of Westhampton Beach, New York, will be retried in absentia Monday, a statement released by the prosecutor’s office said.

The two were allowed to leave Brazil two months after the crash, but were convicted last year and sentenced to 52 months in prison. The sentence was commuted to community service in the United States. The retrial was ordered after prosecutors appealed the sentence and asked that it be increased to 69 months in prison, without the possibility of it being replaced by community service.”The sentence should be increased because despite being professionals the defendants kept the aircraft’s anti-collision system turned off for almost one hour, thus causing the accident,” the statement quotes prosecutor Osnir Belice as saying.

Read The Wall Street Journal Miami Herald article here:

http://on.wsj.com/Qfm0S9

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