INTERNATIONAL BRIEFING
INTERNATIONAL BRIEFING
Warren E. Buffett is on a tour of Europe.
(Santi Burgos - Bloomberg News)
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DEVELOPMENT
World Bank Watchdog Faults Anti-Graft Effort
The World Bank's effort to combat corruption in poor countries has "rarely succeeded," according to a report by the lender's internal watchdog.
The Independent Evaluation Group's report said a quarter of nations borrowing from the bank to improve the quality of government made "major improvements" in curbing graft. Half of the countries made some progress, the report said.
"Direct measures to reduce corruption, such as anti-corruption laws and commissions, rarely succeeded, as they often lack the necessary support from political elites and the judicial system," the report said. The findings cast doubt on the World Bank's drive to tackle graft.
MERGERS & ACQUISITIONS
Buffett Sees Missed Opportunities in Europe
Billionaire investor Warren E. Buffett said he made a mistake by not seeking acquisitions in Europe 10 years earlier for his company, Berkshire Hathaway. Speaking in Madrid during a four-day tour, he predicted "more large acquisitions, possibly, in Europe than in any part of the globe."
Buffett has been looking to buy family-owned companies to boost Berkshire's earnings, and an economic boom has helped swell the ranks of Spanish companies large enough to meet his minimum requirement of $75 million in pretax earnings.
Buffett has been looking for places to put Berkshire's $35 billion in cash, investing in China, Israel and Britain because, he says, there's a dearth of U.S. opportunities.
BRAZIL
Petrobras to Buy $30 Billion In Drilling Ships by 2017
Petroleo Brasileiro plans to order 40 drilling ships and platforms worth about $30 billion for delivery by 2017.
The state-controlled oil producer, also called Petrobras, plans to spend $112 billion through 2012 to help increase its oil and natural gas production and expand its refining and distribution operations.
The discovery of the billion-barrel Tupi field and the possibility of other large fields nearby may require even more spending on offshore equipment, Chief Financial Officer Almir Barbassa said.
