Economics & Business Archive

On Dec. 22, the Russian government succeeded in its long-standing campaign to wrest control of the country’s largest single foreign investment project — the $22 billion natural gas development on the Russian Pacific island of Sakhalin. The project includes the first liquefied natural gas (LNG) plant and related export facilities built in Russia. According to the deal, Royal Dutch Shell, Mitsui & Co., Ltd., and Mitsubishi Corp. will each surrender half of their shares in the Sakhalin Energy consortium. In their place, OAO Gazprom, Russia’s state-controlled natural gas monopoly, has taken a majority (50 percent plus one share) stake in […]

RIO DE JANEIRO, Brazil — Brazil defies definition. Its contrasts and contradictions are everywhere — from the Europeans of the south to the African heritage of Bahia, the megalopolis of Sao Paulo to the untouched remoteness of the Amazon, the joyous samba amid the chronic gun violence of the shanty settlements. It has world-class companies like energy giant Petrobras, but in many ways is a highly uncompetitive economy. But the most overwhelming contrast is between the fabulously wealthy and the desperately poor. By every international measurement, Brazil is one of the most unequal societies on earth, a condition that has […]

PIRIÁPOLIS, Uruguay — Workers in this Uruguayan town have been busily crafting the finishing touches on beachfront shops and restaurants. The Southern Hemisphere’s summer is arriving to this time-travelers’ destination, a place oddly reminiscent of a mid-century resort in the South of France. With summer’s arrival, hordes of tourists from neighboring countries should start rolling in at any moment. As laborers toiled here, somewhere else in the continent a modern brand of Latin American professionals wrapped their work on a more ambitious project. South America’s new crop of leftist leaders met in Cochabamba, Bolivia, to chart a course of regional […]

MOSCOW — Under the leadership of the Justice and Development Party, Turkey has been drifting eastward in recent years — but not toward the Islamic world. Instead, disputes with European countries over Cyprus and other barriers to Turkey’s entry into the European Union, as well as continuing differences between Ankara and Washington over U.S. policy in Iraq, have helped launch a de facto Ankara-Moscow axis in Eurasia. The last decade has seen a weakening of the factors that have traditionally tied Turkey to the West. Turkish leaders no longer believe they need NATO’s support in an unlikely military confrontation with […]

MOSCOW — An estimated 20 percent of the Russian population now has access to the Internet. Whereas the Putin administration exerts tight control over the major domestic broadcast and print media, it does not currently restrict the content of Internet sites on a wide scale. Web sites such as Gazeta.ru and Lenta.ru provide many of the articles and commentary that would normally otherwise appear in an opposition press. Several wealthy Russians living in political exile, including Boris Berezovsky and Vladimir Gusinsky, own Russian-language websites that publicize their anti-Putin views to Russian audiences. In August 2006, Russian right-wing extremists used the […]

CARACAS, Venezuela — “Es-tu-dian-te u-ni-ver-si-ta-rio.” It took a while, but José Bueno finally read out “university student” from a bulletin board at a Caracas primary school, where he is learning to read thanks to a government-sponsored literacy program. “I didn’t know any of that before,” he said. “But if you set a goal, you can achieve it.” Bueno grew up in rural poverty, planting corn and sweet potatoes instead of going to school. It was a time of donkeys and candles, a time of two-party democracy, oil-fueled modernization schemes, and corrupt elites. The system later collapsed and then came change. […]

RIO DE JANEIRO, Brazil — U.S. lawmakers have again fallen for a steel industry propaganda campaign. The cause this time is a news article that rehashed what has been known for years about the inhumane conditions of charcoal workers in Brazil. Charcoal is used to make pig iron, which is transformed into any number of consumer goods for sale in the United States. Every several years, usually around election time, the United States steel industry stirs up its lobby in an effort to close the U.S. market to foreign competitors. Democrats and Republicans are both subject to the barrage of […]

BANGKOK, Thailand — Cambodia is on the verge of attracting the attention of business news writers instead of the horror headlines that for so long marked reporting about the Southeast Asian country. Instead of horrendous stories of the murderous and bizarre Khmer Rouge regime that bludgeoned the place back into the dark ages, the news out of Cambodia is set to focus on oil and gas production and refineries and port development. It should be a time for happy anticipation by the international institutions and NGOs that have propped up the country for years. But instead there is trepidation that […]