Vale do Rio Doce in Brazil Brazil's corporations from 21 different business sectors doubled their profits in the five years of President Luiz Inácio Lula da Silva administration (2003/2007), according to information disclosed by Economática consultants in São Paulo, in the Brazilian Southeast.

    President Lula was first elected in 2002 and re-elected in 2006.

    The profits of 257 corporations with shares in the stock market increased 100.76% between 2003 and 2007, which means earnings jumped from the equivalent of US$ 37 billion to US$ 73 billion in 2007; between 2006 and 2007, 20.1%.

    The best performance for the fifth year running was the banking sector which managed profits of US$ 14.7 billion last year. Banks are followed by oil and gas, with earnings of US$ 11 billion and mining, US$ 10.2 billion.

    If only the profits of oil company Petrobras and mining company Vale do Rio Doce, the two largest corporations of the country are considered, the aggregate profit was US$ 48.7 billion in 2007 compared to US$ 20.3 billion in 2003, an increase of 139.64%.

    Just to give an idea, Petrobras profit in 2007 reached US$ 12.7 billion and Vale's US$ 11.9 billion, equivalent to 50.5% of the total registered by all the companies researched by Economática.

    Not counting the two giants, the electricity generation sector had profits of US$ 8.6 billion; ironwork and metallurgy, US$ 6.6 billion and telecommunications US$ 4.1 billion.

    No wonder the hard core Socialists, former members of the ruling Workers Party, define President Lula da Silva as the father of the poor and the mother of banks?

    Mercopress

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    • Show Comments (4)

    • ch.c.

      Is this a lot…..from a mostly commodities producing country……
      …during a cycle of commodities boom ??????

      That represents 15 % OR SO…..compounded annually !!!!!!!

      What will happen when the cycle ends ?
      An economic collapse !!!!

      Profits growth of 15 % is only a well managed company…..NOT producing commodities !

    • João da Silva

      [quote]congress needs to raise the minamuin wage[/quote]

      Hey Forrest, minimum wages for the congressmen? They already have very high ones!

    • forrest allen brown

      and yet no more money for the workers
      the rich are getting richer and the poor cant even buy

      food , on what they are paid

      this breeds hate and thefit from business and owners as they see there hard work

      go unrewared no matter how hard they work

      congress needs to raise the minamuin wage

    • João da Silva

      [quote]Brazil’s corporations from 21 different business sectors doubled their profits in the five years of President Luiz InÀƒ¡cio Lula da Silva administration (2003/2007), according to information disclosed by EconomÀƒ¡tica consultants in SÀƒ£o Paulo, in the Brazilian Southeast.[/quote]

      A very good Friday evening news. The article proves that the generally accepted view of how friendly our government is towards the businesses is quite correct.I think that our beloved Prez is doing a great job. This great nation owes him a million thanks. Keep up the good work, Mr.President

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