Global Notes # 14
by Jerry Harris, SolidarityEconomy.net
. Brazilian capital moves abroad
For the first time Brazilian companies invested more abroad than the amount of direct investments coming into Brazil. In 2006 Brazilian companies had foreign investments of $26B compared to inward investments of $18B. CVRD lead the way with a $17.6B acquisition of Canadian miner Inco. CVRD is the world’s biggest exporter of iron ore and the second biggest mining group in the world. They have operations in 11 countries with their biggest market being China. These figures point to the growth of the transnational capitalist class in the third world and trade relations growing outside the US/European axis. (more…)
