What We're Reading

Soccer on Obama's agenda in Brazil

  • AFP, Tuesday, March 22, 2011 10:37 AM

Soccer was certainly on U.S. President Barack Obama's agenda during his trip to Brazil. He joined a group of children as they kicked around soccer balls in a Rio de Janeiro favela. And the U.S. Export-Import Bank, the U.S. government's lending agency, announced it will establish a $1 billion line of credit for infrastructure work in Brazil for the 2014 World Cup and 2016 Olympics.

An additional $2 billion in credit will go to Brazilian state-run oil giant Petrobras, which hopes to exploit huge oil reserves recently discovered off Brazil's coast. Obama was drumming up business for U.S. companies, saying the United States wants to "be one of your best customers" when Brazil starts pumping oil from its offshore reserves.

"There are many opportunities to increase bilateral trade and it will happen with the 2014 World Cup and the Olympic Games in 2016," U.S. Commerce Secretary Gary Locke said in an interview with O Estado de Sao Paulo published Monday. "We can help with the infrastructure."

Read the whole story at AFP »

Next story loading loading..