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The Shocked investor is in Brazil, where he will stay for 3 weeks. Here are some first impressions:
Lots of news cars on the roads. In spite of the completion of a massive new road (ring road) in Sao Paulo, traffic is back to what it was 2 years ago. The reason is that a lot of people have new cars. With the boom and easy access to credit, lots of people bought new cars (as we reported actually!).
Also, gasoline is a lot more expensive here. We thought gas was expensive in Canada at $1.13 a liter. Here in Sao Paulo the price is $1.75 a liter.
What is on the news here is that the U.S. has managed to add an extension to the Ethanol subsidies into its tax package (the one that extends the Bush tax cuts). What a sausage that tax package must be now. I wonder if they proposed lowering the taxes on wooden arrows too.
Embraer (ERJ) has confimed creation of a new military unit (Embraer Defense) that is expected to earn about $1.0B in 2011.
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The temperature today was +33C
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Sunday, December 12, 2010, 60 minutes (U.S. television) had a segment on Brazil including its economy. One of the "stars" was
Lula.
Temperature here this morning is 9 degrees farenheit!
Enjoy your visit!
Seamus
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