Archive for November, 2009

ONS: backup para evitar apagão custaria até R$ 600 mi mensais

November 26, 2009
Em um restaurante de Copacabana, no Rio, clientes jantaram à luz de velas Foto: APEm um restaurante de Copacabana, no Rio, clientes jantaram à luz de velas
19 de novembro de 2009
Foto: AP

Laryssa Borges
Direto de Brasília

O diretor-geral do Operador Nacional do Sistema Elétrico (ONS), Hermes Chipp, afirmou nesta quinta-feira que seria antieconômico um eventual sistema de segurança para garantir pelo menos 4 mil megawatts de energia por meio de usinas térmicas e que funcionaria como mecanismo de socorro em caso de pane na hidrelétrica de Itaipu. De acordo com o funcionário, os custos de manter as térmicas em funcionamento diário seria de até R$ 600 milhões por mês.

“Imagine o que é gerar R$ 600 milhões de custo para prover um sistema de segurança de uma situação que nunca aconteceu. É antieconômico”, comentou o diretor-geral do ONS ao participar de audiência pública no Senado Federal.

“Não se espera que, para evitar essa contingência de probabilidade remotíssima, você gere (esse custo). Custaria de R$ 500 milhões a 600 milhões por mês. Não se usa isso porque a possibilidade (de ocorrer apagão) é remota”, disse. “O incidente tem pouca probabilidade de acontecer, o que elimina a justificativa para investimentos de grande porte”, ressaltou.

Apesar de ter conseguido, no dia 10 de novembro, restabelecer a geração e distribuição de energia em razoavelmente pouco tempo, Hermes Chipp disse que o governo nunca está satisfeito com a velocidade de recomposição do sistema e busca sempre aperfeiçoá-lo para minimizar os transtornos ao cidadão.

“Não estamos nunca sossegados nem confortáveis com o tempo de recomposição. A meta é reduzir sempre. Não estamos satisfeitos, mesmo que a nível internacional é bom”, disse, observando que um blecaute nos Estados Unidos, por exemplo, precisou de quatro dias para ser contornado.

Falta de Luz
Por volta das 22h30 de terça-feira (10), as 18 unidades geradoras da usina de Itaipu começaram a “rodar no vazio” – ou seja, não conseguiam passar eletricidade para a rede distribuidora. O problema atingiu pelo menos 18 Estados, sendo que quatro deles (Espírito Santo, Mato Grosso do Sul, Rio de Janeiro e São Paulo) ficaram completamente às escuras. Acre, Alagoas, Bahia, Goiás, Mato Grosso, Minas Gerais, Paraná, Paraíba, Pernambuco, Santa Catarina, Sergipe, Rio Grande do Norte, Rio Grande do Sul e Rondônia foram parcialmente atingidos pela falta de luz. A situação foi normalizada entre a noite de terça-feira e a madrugada e manhã desta quarta-feira.

Três linhas de transmissão com problemas teriam causado o apagão. De acordo com o secretário executivo do Ministério de Minas e Energia, Márcio Zimmermann, duas das linhas vão de Ivaiporã, no Paraná, a Itaberá, no sul de São Paulo. A terceira liga Itaberá a Tijuco Preto, no sul de Minas Gerais. O problema, afirma Zimmermann, foi possivelmente causado por condições meteorológicas adversas.

Com 18 unidades geradoras e 14 mil megawatts de potência instalada, a usina binacional de Itaipu fornece 19,3% da energia consumida no Brasil e abastece 87,3% do consumo paraguaio. De acordo com o Operador Nacional do Sistema (ONS), 28,8 mil megawatts de potência foram perdidos com a pane (cerca de 40% da energia do Brasil), o que impossibilitou o fornecimento para as demais regiões. Para abastecer o Estado de São Paulo, por exemplo, são necessários cerca de 17 mil megawatts.

ONS: backup para evitar apagão custaria até R$ 600 mi mensais
Advertisements

Brazil’s President Elbows U.S. on the Diplomatic Stage

November 22, 2009

BRASÍLIA — Brazil’s ambitions to be a more important player on the global diplomatic stage are crashing headlong into the efforts of the United States and other Western powers to rein in Iran’s nuclear arms program.

Luiz Inácio Lula da Silva, Brazil’s president, is set to receive Iran’s president, Mahmoud Ahmadinejad, here on Monday in his first state visit to Brazil. The visit is part of a larger push by Mr. da Silva to wade into the seemingly intractable world of Middle East politics, and follows visits in the last two weeks by Israel’s president, Shimon Peres, and Mahmoud Abbas, president of the Palestinian Authority.

But the visit is drawing criticism from lawmakers and former diplomats here and in the United States, who say it could undercut Western efforts to press Iran on its nuclear program, and consequently chill Brazil’s relations with the United States and damage its growing reputation as a global power.

Brazilian officials say the goal of the visit is to strengthen commercial ties between the two countries and help bring peace to the Middle East.

“This is part of Brazil projecting its role and strength as a global player,” said Michael Shifter, vice president of the Inter-American Dialogue, a policy research group in Washington. “And part of this has to do with Brazil sending a message to Washington that it will deal whomever it wants to deal with.”

And beyond the nuclear standoff, critics in Brazil and the United States say Mr. da Silva’s reception legitimizes Mr. Ahmadinejad just five months after what most of the world sees as his fraudulent re-election, followed by a brutal crackdown on dissent.

“This state visit is a gross error, a terrible mistake,” said Representative Eliot L. Engel, Democrat of New York, chairman of the House Subcommittee on the Western Hemisphere. “He is illegitimate with his own people, and Brazil is now going to give him the air of legitimacy at a time when the world is trying to figure out how to prevent Iran from having nuclear weapons. It makes no sense to me, and it tarnishes the image of Brazil, quite frankly.”

Relations between the United States and Brazil were already tense after Mr. da Silva’s government criticized the United States over its handling of the crisis in Honduras and increasing its military presence in Colombia.

But Mr. da Silva’s overture to Iran is consistent with President Obama’s policy of engagement, and the Obama administration says it is optimistic that the meeting will not damage and at best could reinforce the efforts already under way by Washington and European powers to deal with Iran.

“We would hope that all our friends and allies would understand that this is really a critical moment for Iran itself,” Ian C. Kelly, a State Department spokesman, said Thursday. “We would hope that Brazil would play a constructive role in trying to get Iran to do the right thing and fulfill its international obligations.”

Celso Amorim, Brazil’s foreign minister, said Mr. da Silva was encouraged by Western leaders, including President Obama, to seek a “direct and open dialogue” with Iran, in particular on the nuclear issue.

“It was said and reiterated that it was in the interest of Western nations that Brazil has a good interface with Iran,” Mr. Amorim said in an interview.

Brazilian officials said Mr. da Silva would try to sell Iran on the benefits of a Brazilian-style nuclear program, which is constitutionally limited to civilian use.

But Mr. Amorim made clear that Brazil did not see its role as carrying water for the proposed agreement for Iran to export most of its enriched uranium for processing into nuclear fuel.

“We are not here to convince Iran to accept some proposal,” he said. “Brazil is interested in peace.”

Since his election in 2002, Mr. da Silva has sought to cement Brazil’s dominance as Latin America’s economic and diplomatic leader, using its economic might to raise Brazil’s foreign-policy profile.

His government has also lobbied for a permanent seat on the United Nations Security Council and has become a respected voice in world climate change discussions. In recent months, he has added Middle Eastern diplomacy to his portfolio.

Brazil is no stranger to the region. Its national oil company, Petrobras, is helping Iran develop its oil fields and the two countries did about $2 billion in trade in 2007, mostly in Brazilian exports of food to Iran, Mr. Amorim said.

Brazil joined United Nations peacekeeping missions in Egypt after the 1956 Suez Crisis and has been involved in the Middle East ever since, said David Fleischer, a political science professor at the University of Brasília.

“Brazil is just starting to realize the weight it has,” Mr. Amorim said. “It wasn’t Brazil that went looking for the Middle East, it was the Middle East that went looking for Brazil.”

Brazilian officials say the holy grail of Mr. da Silva’s Middle Eastern initiative is to improve relations between Israel and the Palestinians, and they see Iran as a key player in resolving the conflict.

Success in this endeavor “would really put Brazil on the map and might put Lula in line for the Nobel Prize,” Mr. Fleischer said.

But it would have been difficult to have chosen a more formidable or polarizing quest. Many critics do not see Mr. Ahmadinejad — who has denied the Holocaust, called for Israel to be wiped off the map and backs anti-Israel militias — as a constructive force in the Middle East.

More than 1,500 people protested his visit this month in São Paulo, home to Brazil’s largest Jewish community, and a smaller protest took place on Sunday in Rio de Janeiro. Another is planned for Brasília on Monday.

It is not only the Israeli side that is leery of Mr. Ahmadinejad. Mr. Abbas, the Palestinian leader, said after meeting Mr. da Silva in Brazil on Friday that he had asked him to urge Iran to end its support for Hamas, the radical Islamist movement that controls Gaza.

But both Mr. Abbas and Mr. Perez urged Mr. da Silva to join the Middle East peace process. “Brazil, as an important country, and President Lula, as a respected leader, can play an important role,” Mr. Abbas told the newspaper Folha de São Paulo.

Some political analysts and American officials say that in his effort to burnish his credentials as a statesman, Mr. da Silva is marching to his own drummer rather than cooperating with allies to achieve larger geopolitical goals.

“As Brazil becomes more relevant on climate change and in world economic forums it is not going to be able to so openly criticize or be antagonistic with other major powers without paying a political price for it,” said Christopher Garman, an analyst with Eurasia Group, a political risk consultancy in New York. “Brazilian policy makers will no longer be able to have their cake and eat it too.”

But a diplomatic success would go a long way toward muting the criticism.

“Brazil should expect criticism for hosting Ahmadinejad to be sure,” said Julia E. Sweig, a Latin America expert at the Council on Foreign Relations. “But if it can play a moderating role — and clearly Washington is hoping as much — on the nuclear issue, it can surely deal with the critics.”

Published: November 22, 2009

Mery Galanternick contributed reporting from Rio de Janeiro.

Brazil’s President Elbows U.S. on the Diplomatic Stage

Waldemar Jezler

Lula Says U.S. Shouldn’t Be Broker Middle East Talks

November 20, 2009

Nov. 20 (Bloomberg) — Brazilian President Luiz Inacio Lula da Silva said the U.S. holds responsibility for the crisis in the Middle East and shouldn’t be coordinating peace talks.

Negotiations between Israel and the Palestinians ought to be managed by the United Nations, Lula said in an interview with two local radio stations in Salvador, Bahia state, according to an audio file on the presidency’s Web site.

“As long as the United States is trying to negotiate peace there won’t be peace, because other participants need to be seated at the negotiating table and talk,” Lula said. “The one who should oversee the negotiations is the United Nations, and that’s why Brazil wants to reform the UN system.”

Brazil is seeking a broader role in the Middle East, after hosting Israeli president Shimon Peres last week and Palestinian Authority President Mahmoud Abbas today. Lula is scheduled to meet Iranian president Mahmoud Ahmadinejad on Nov. 23 in talks built around trade relations with the wider objective of engaging the Persian country in political discussions.

Lula is “prepared” to play a role in the negotiating process, Abbas told reporters in Salvador today, during a joint press conference with Lula.

To contact the reporter on this story: Iuri Dantas in Brasilia at idantas@bloomberg.net

Last Updated: November 20, 2009 11:41 EST

Waldemar Jezler

Emerging-Market Controls to Fail, Brown Brothers Says

November 20, 2009

Nov. 20 (Bloomberg) — Emerging-market governments from South Korea to Brazil will fail in their efforts to stem currency rallies by limiting foreign investment, according to Brown Brothers Harriman & Co. and RBC Capital Markets. “Controls can certainly slow the moves but not reverse the gains,” Win Thin, a senior currency strategist at Brown Brothers in New York, said in an interview. Brazil said Nov. 18 it would impose a tax to close a “distortion” caused by last month’s levy on foreign purchases of stocks and bonds aimed at curbing the real’s 34 percent gain this year against the dollar. South Korea, India, Indonesia and Kazakhstan also signaled this week they are considering measures to halt the appreciation of their currencies, which have slowed exports and threaten to undermine their economies. Taiwan’s financial regulator banned foreign investors on Nov. 10 from placing funds in time deposits to curb currency speculation. “These measures have a short-term effect on reducing the pace of the currency appreciation,” Eduardo Suarez, an analyst at RBC in Toronto, said in an interview. “The strengthening of the currencies we’re seeing in many emerging markets is caused by very solid growth expectations, improvement of credit fundamentals and stock exchange gains. I don’t think they can totally stop the appreciation.” [more…]

To contact the reporters on this story: Allen Wan in New York at awan3@bloomberg.net; Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

Last Updated: November 20, 2009 10:31 EST

Waldemar Jezler

WTO authorizes Brazil sanctions over U.S. cotton

November 19, 2009

GENEVA (Reuters) – The World Trade Organization authorized Brazil Thursday to impose trade sanctions on the United States over its support for cotton, as Brazil ratcheted up pressure on Washington over the illegal subsidies.

But Brazil is not yet ready to levy the sanctions, as it considers which U.S. products to target and analyses U.S. data on subsidies which will determine the size of retaliation.

The formal move at the WTO’s dispute settlement body (DSB) brought Brazil one step closer to retaliating against the United States, the world’s biggest cotton exporter, in the highly sensitive 9-year-old row.

The reduction of rich countries’ cotton subsidies is seen by developing countries as the litmus test of efforts to reform the world trading system in the WTO’s Doha round, with African producers in particular demanding radical change.

Brazil’s request to go ahead and impose sanctions, following an award by WTO arbitrators on August 31, responds to the U.S. failure to comply with earlier WTO rulings condemning the subsidies, which distort the world market for cotton, hurting farmers in poor countries.

But U.S. WTO diplomat Juan Millan told the dispute body that Washington did intend to comply with the rulings and so Brazil would not need to levy the sanctions.

“While the United States understands that the DSB will today be authorizing the suspension of concessions or other obligations, we do not believe that it will be necessary for Brazil to exercise that authorization,” he said in a statement.

He said imposing sanctions could hurt the economies of both the United States and Brazil.

SCALE OF RETALIATION

The arbitrators allowed Brazil, the second biggest cotton exporter, in some circumstances to “cross-retaliate” against goods other than cotton, or even in services or intellectual property such as patents on drugs.

to exercise that authorization,” he said in a statement.

One source at Brazil’s WTO mission said that any retaliation would not take effect until after that consultation concluded.

Meanwhile Brazilian officials are calculating the scale of any retaliation on the basis of a formula set by arbitrators.

The arbitrators allowed Brazil to impose sanctions worth $147.3 million a year for subsidies such as marketing loans and counter-cyclical payments that the WTO had previously found hurt Brazil’s own industry.

In addition they allowed it to impose a variable amount to compensate for prohibited export credit guarantees known as GSM 102 payments, depending on the size of those payments.  Continued…

Waldemar Jezler

Brazil Iracema oil well flow rates strong

November 19, 2009

RIO DE JANEIRO, Nov 19 (Reuters) – Strong flow rates in a Petrobras oil well in Brazil’s offshore subsalt area suggest the region’s fields may have high productivity rates that could help control costs of the logistically complex production.

High flow rates would let companies produce those fields with fewer than expected total wells — which cost more than a hundred million dollars each — possibly boosting the appeal of an area that has become a new petroleum exploration frontier.

“These flow rates are very, very positive because it will mean the companies can reduce the number of wells they have to drill to the produce the fields,” said Ruaraidh Montgomery, Latin America Upstream Analyst for Wood Mackenzie.

“The big cost for these fields is the wells, because you have to drill deep, so the signs are very positive,” he said, though he added flow rates may be different in other parts of the same reservoir.

Petrobras (PETR4.SA)(PBR.N) said on Wednesday the Iracema well could have initial production rates of 50,000 (bpd) barrels per day after announcing similar flow rates earlier this year in the nearby Guara field.

Petrobras Finance Director Almir Barbassa said in a telephone interview the company could further reduce the number of wells for the area given the new flow data.

“It could be that we will need fewer (wells), that will depend on a lot of tests that still have to be done,” Barbassa said.

Earlier this year the company cut the projected number of wells necessary to produce 120,000 bpd in the subsalt region to 12 from 20, citing high well productivity.

Iracema is in the same concession block as the giant Tupi field, the largest find of Brazil’s subsalt region with an estimated 5 billion to 8 billion barrels of oil that spurred investor interest when it was announced in 2007.

For more details on Brazil’s subsalt discoveries, please click on [ID:N19167408].

The ultra-deep water production requires pumping oil from deep beneath the ocean floor at depths of as much as 7,000 meters (23,000 feet) below sea level, creating concerns about the cost of bringing the oil to surface and the risk of drilling dry holes. [more…]

Waldemar Jezler

Ahmadinejad Welcome May Weaken Brazil Trust as It Expands Trade

November 18, 2009

Nov. 19 (Bloomberg) — Brazilian President Luiz Inacio Lula da Silva’s goals of expanding his nation’s global influence and strengthening commercial ties with Iran may collide as he hosts President Mahmoud Ahmadinejad in Brasilia next week.

Lula wants to show Brazil can play a larger international role as it pursues a permanent seat on the United Nations Security Council. The talks will center on a plan to increase financing for Brazilian exports to Iran, which more than doubled to $1.13 billion since 2002. Iran is also considering building steel plants in Brazil to tap the country’s iron ore reserves.

…

No Superpowers

“Cooperation among underdeveloped countries is the way to fulfill our needs without the intervention of superpowers,” Mohsen Shaterzadeh, Iranian ambassador to Brazil, said in an interview from Brasilia. “The nations of the South, the underdeveloped world, have replaced the American market after this crisis.”

Exports to Iran, which holds the world’s second-biggest oil and natural gas reserves, account for less than 1 percent of Brazil’s sales abroad.

Iranians are ready to buy or rent land in Brazil to grow soy and corn to help assure supplies and will also consider producing ethanol, Shaterzadeh said.

In exchange, Iranians are seeking contracts to supply Brazilian farmers with fertilizers, the ambassador said.

Economic Strength

Lula is trying to increase his international role and show that Brazil can pursue its own policy even if it displeases other Western nations, said Brazil’s former Foreign Affairs Minister Luiz Felipe Lampreia[more…]

Sugar Prices Poised for ‘Explosive’ Move: Technical Analysis

November 13, 2009

By Yi Tian

Nov. 13 (Bloomberg) — Sugar traders should watch out for an “explosive” price change in the next two weeks, according to a technical analysis by LaSalle Futures Group in Chicago.

Except for a “false breakdown” on Nov. 10, intraday lows have been higher and highs have been lower for raw-sugar futures since the price reached a 28-year high of 25.43 cents a pound on Sept. 30, said George Kopp, a LaSalle senior market analyst. The so-called apex formation emerged as the gap narrowed between highs and lows and is setting the market up for a rapid, powerful move, he said.

The price may jump as much as 19 percent to 27 cents by Nov. 30, if the most-active contract closes above 24 cents for two straight sessions, Kopp said. There is an equal chance of a 12 percent fall to 20 cents, the lowest since Aug. 7, he said.

“An outside fundamental news story” will decide which way prices move, Kopp said. Until then, investors should be wary as the market “pinches into an area that would be explosive,” he said.

On Nov. 10, sugar fell below a rising trendline connecting the lows on Oct. 9 and Oct. 28. The next day, prices recovered back into the narrowing channel. The upper margin of the channel connects the highs on Sept. 30, Oct. 19 and Nov. 5.

Sugar has surged 92 percent this year as India, the world’s largest consumer, imported supplies to cover a production deficit. Excess rain has limited sugar output in Brazil, the biggest producer, compounding the strain on global resources. Yesterday, raw-sugar futures for March delivery advanced 0.02 cent to 22.69 cents a pound on ICE Futures U.S. in New York.

Technical analysts study price charts and other data to forecast market changes.

To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net.

Last Updated: November 13, 2009 00:00 EST

View Waldemar Jezler's LinkedIn profileView Waldemar Jezler’s profile

Brazil’s Blackout Spurs Hacker Speculation

November 12, 2009

Commentary by Alexandre Marinis

Nov. 13 (Bloomberg) — “Never believe anything until it has been officially denied,” said English journalist Francis Claud Cockburn.

Brazilian officials haven’t yet explained why a massive power outage sent more than 70 million people into darkness for four hours Tuesday night. Their initial explanation is that a storm knocked down power lines. But you have to wonder if bad weather could really pull the plug on the power grid covering 40 percent of the country.

Here’s one way to get at the truth: If we hear government officials deny it was a cyber attack, then we’ll know it was the cause.

In May, U.S. President Barack Obama said, “We know that cyber intruders have probed our electrical grid and that in other countries cyber attacks have plunged entire cities into darkness.” Obama didn’t identify the places, but intelligence and private security sources say one target was Brazil, according to a “60 Minutes” report broadcast Nov. 8.

With Brazil’s presidential election less than a year away, the power failure triggered an instant buzz. Politicians in the Democrats and the Social Democratic parties, who oppose president Luiz Inacio Lula da Silva, accuse the government of failing to improve the nation’s infrastructure. Their main target is Dilma Rousseff, Lula’s hand-picked candidate for president, who headed the Energy Ministry from 2003 to mid-2005.

Less Worse

Lula’s supporters seem most interested in showing how this episode was less serious than the widespread energy rationing that occurred in 2001, when the Social Democrats ran the country.

Political differences aside, this much is clear: countrywide power outages are extremely rare; all the official explanations offered so far are unconvincing; and the longer it takes Lula to come up with an explanation that makes sense, the more incompetent both he and Rousseff look.

Government officials and utility operators said the blackout probably happened after a rain storm disrupted two transmission lines, overloading a third one and causing a cascading effect that automatically shut down the Itaipu hydroelectric plant. The world’s largest plant in terms of electrical output, Itaipu supplies almost 20 percent of Brazil’s electricity and had never been forced to shut since opening in 1983.

This explanation may sound logical, but it doesn’t appear to be accurate. Meteorologists from Brazil’s respected National Institute for Space Research, known as INPE, ruled out the possibility that storms caused the event. There are no reports of a cyclone in the area where the outage began. The closest lightning was two kilometers to 10 kilometers (1.2 miles to 6.2 miles) away from the first transmission lines to fail.

Unlikely Cause

More important, the lightning strikes, which are constantly monitored, were weak and “wouldn’t be capable of shutting down the line, even if it hit the grid directly,” the INPE said.

Nonetheless, Energy Minister Edison Lobao blamed the weather. If lightning can knock out power in 18 of Brazil’s 27 states, this tropical country is in serious trouble.

It is tough to say which possible explanation is worst. Citing the weather seems to be patently false. Blaming poorly maintained transmission lines suggests the whole system is more vulnerable than imagined. Suggesting human error caused nearly half the country to go dark sounds even more ludicrous.

Blame Someone Else

The government should just say that a cyber attack caused the blackout. It wouldn’t be the first time. Hackers knocked out the power in Rio de Janeiro in January 2005 and in the state of Espirito Santo in September 2007, affecting more than 3 million people, according to last week’s “60 Minutes” report. Brazilian government officials dispute the story.

Obama’s speech on cyber warfare offers Lula a perfect escape from the tight spot he’s in. By accusing hackers, he and his cohort Rousseff can avoid looking incompetent. Although cyber attacks can be carried out by terrorists, Brazilians are more likely to believe that the culprits were mischievous teenagers. Soon they will consider this event no more serious than the graffiti covering dilapidated city walls.

Better yet, the government should announce that federal police will conduct a thorough investigation to catch the criminals responsible for this horrendous act against the people of Brazil.

Lula won’t lie if he admits hackers did it. My dictionary defines hacker as “a person who uses a computer system without a specific, constructive purpose or without proper authorization.” Lula’s government is filled with those folks.

(Alexandre Marinis, political economist and founding partner of Mosaico Economia Politica, is a Bloomberg News columnist. The opinions expressed are his own.)

Click on “Send Comment” in the sidebar display to send a letter to the editor.

To contact the writer of this column: Alexandre Marinis in Sao Paulo at amarinis1@bloomberg.net

Last Updated: November 12, 2009 21:00 EST

View Waldemar Jezler's LinkedIn profileView Waldemar Jezler’s profile

Brazil Can’t Let Markets Dictate Currency, Spence Tells Estado

November 9, 2009

By Camila Fontana

Nov. 9 (Bloomberg) — Michael Spence, former dean of the Stanford University Business School and co-winner of the 2001 Nobel Prize in economics, told O Estado de S. Paulo that Brazil shouldn’t let markets dictate its foreign-exchange rate.

“I don’t think the most sensible thing to do is just to sit and let capital markets, with their history of doing everything wrong, appreciate your currency,” Spence told the newspaper.

To contact the reporter on this story: Camila Fontana Correa in Sao Paulo at cfontana@bloomberg.net.

Last Updated: November 9, 2009 05:26 EST