A step in the right direction

I know a lot of Brazilians moving back home. If it’s bad everywhere, they’d rather be where it’s bad but it’s good, as the saying goes…(The US is good but it’s bad, Brazil is bad but it’s good.)

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“MARCOS SILVA DE PAULA, a 37-year-old Brazilian who moved a decade ago to a Brazilian enclave in Astoria, Queens, can offer a ground-floor view of the city’s economic turmoil.

For many years, Mr. Silva De Paula made a decent living in what is something of a throwback profession — he shines shoes for a living — but he is now planning to return to Brazil with his wife, Miria, and their 3-year-old daughter, Kimberly. Both Mr. Silva De Paula and his wife, who works part time cleaning houses, have seen their incomes plummet in the past year, and in leaving, they will be following in the footsteps of many Brazilian friends who have already made the one-way trip.

Many immigrants are suffering economically these days, but as the recession deepens, Brazilians are among the few who have the option and incentive to return to their homelands. The reason is that Brazil’s economy, while clearly affected by worldwide troubles, has been relatively strong in recent years, so much so that even before the recession, its strength had drawn immigrants home.

On a recent evening, between bites of a Brazilian farmer’s cheese and his wife’s homemade cake, Mr. Silva De Paula sat in the kitchen of his two-bedroom apartment and talked about his decision to move back home.”

The rest of the story here at NYT.

Economic News on the Recession

São Paulo State Loses 10,000 Jobs

“Brazil’s most industrialized state lost 10,000 jobs in October as the global financial crisis shook Latin America’s largest economy, the nation’s most influential business group said.

Following the announcement by the Sao Paulo Federation of Industries, Brazil’s biggest real estate developer said Friday that it was putting off some apartment building projects and would cut an unspecified number of jobs in coming months.

The job losses for Sao Paulo state were the first registered for the month of October in five years, the federation said. Most affected were businesses that make leather products, shoes and furniture.”

The rest here.

Recession Worries Go South?

“WASHINGTON — While the United States wrestled with financial meltdown this fall, Latin American leaders often boasted that their economies were models of stability in an otherwise tumultuous global landscape.

Such confidence gave way, however, to panic this week, as the effects of the U.S. credit crunch and an international downturn wreak havoc on Latin America’s formerly booming economies.

On Wednesday, Brazilian officials stoked investor fears by allowing the country’s two biggest state banks, Banco do Brasil and Caixa Economica Federal, to buy stakes in private financial firms. Many of the country’s largest banks have seen their stock prices plummet, while smaller banks have been strangled by the global credit freeze.”

More here.

Brazilian Banks Merge

The second and third largest banks in Brazil (Unibanco and Itau) have merged, creating the largest bank in the Southern hemisphere. More on it here at Get Brazil.

Shots Ring out at Bovespa – Sign of the Times?

“A stock exchange trader has shot himself on the trading floor in Brazil.

Sao Paulo’s Bovespa stock exchange says the 36-year-old man shot himself in the chest a couple of hours before markets closed in South America’s biggest city.

The Bovespa statement says Paulo Sergio Silva was taken to a hospital, but his condition was not immediately available.

It was not clear if he shot himself due to the recent sharp losses in Brazilian stocks or for other reasons.

Trading was halted for a few minutes after the shot was fired on Monday.”

Int’l Herald Tribune