A monster offshore oil discovery could help Brazil join the ranks of the world’s major exporters, but full-scale extraction is unlikely until 2013 and will be very expensive. The "ultra-deep" Tupi field off the coast of Rio de Janeiro could hold as much as eight billion barrels of recoverable light crude.
Brazil descended again into air chaos on Wednesday after the nation’s number-one airline cancelled dozens of flights to and from the country’s busiest airport, causing a ripple effect nationwide that stranded thousands and sent tempers flaring. On Tuesday, ticket purchases were halted at São Paulo’s Conghonas airport.
Trade ministers from 21 developing nations will try to find ways to restart talks on a global trade treaty during a weekend gathering of the Group of 20 (G20) in Rio de Janeiro. Led by Brazil and India, the group of emerging-market nations will hold two days of talks at Rio’s famous Copacabana Palace hotel.
