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. .China’s investment bank bigger than the World Bank The China Development Bank has assets greater than the World Bank and the Asian Development Bank combined. The Bank is making rapid inroads in third world lending as its rates are cheaper and approval process faster. Recently they won a deal to finance repairs to Manila’s water aqueduct that supplies the city with 98 percent of its needs. The Philippine government turned its back on the Asian Development Bank and jumped over to the better deal offered by the Chinese. . South Korean workers strike Hyundai’s 44,000 workers went on strike because their year end bonus was cut from 150% of their monthly salary to just 100%. The car company argued that the reduced bonus was based on yearly targets not being achieved because of a previous strike in July.  Union workers have struck Hyundai every year between 1987 to 2006 except for 1994. Meanwhile in 2006 US autoworkers faced 130,000 lost jobs without any labor actions taken. .Polish workers too expensive When Poland entered the EU many thought of the new labor market as what Mexico is to the US, a cheap source of workers close at hand. Now Polish workers are losing jobs to the Ukraine were wages are about a quarter of those in Poland. As of now labor intensive industries are affected, but banks, food producers and furniture makers are also looking to move. .Immigrant entrepreneurs in the US One in four technology start-ups in the US are the work of foreign born immigrants. Immigrant start-up companies employ 450,000 workers and generate $52B in sales. California lead the way with 39% of all new companies started by immigrants, followed by 38% in New Jersey, 33% in Michigan, 30% in Georgia, 29% in Virginia and 29% in Massachusetts. Technology start-ups tend to be in the semiconductor, communications and software areas. Out of the 7,300 start-ups Indians were the most common founders consisting of 26% of the chief executives, presidents or head researchers. The least likely sector for start-ups was the defense industry, the least globalized and most nationally based and guarded economic field in the US.

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