Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information Tankers transhipping oil at the Port do Acu in Sao Joao Da Barra 2025 at 6:00 AM EDTBookmarkSaveDonald Trump’s trade war may have crushed global commodity prices but it’s good news for one of Brazil’s largest ports which is seeing an uptick in export volumes was already investing in extra capacity to help resolve trading bottlenecks in agriculture and minerals Tariff-induced distortions in global trade are now providing an additional boost Júlia María de Assis thought someday she would take over the hotel her father had begun building in Atafona a seaside district in Brazil’s northern Rio de Janeiro state But the very attraction that drew the tourists to Atafona – the sea – became its foe Advancing water put the hotel’s construction on hold until “It was going to be 48 suites – a big hotel that never started operations,” said de Assis standing beside rubble that once composed her family’s dream “Even though the hotel’s structure was strong every time the waves hit the building they damaged it and over the past half century the Atlantic Ocean has been relentlessly consuming Atafona part of the Sao Joao da Barra municipality that is 250 kilometers (155 miles) from Rio de Janeiro’s capital and home to 36,000 people which originates in neighboring Sao Paulo state brings sediment and sand to Atafona where it empties into the Atlantic Ocean Its flow was mostly diverted in the 1950s to provide water to the growing capital which weakened Atafona’s natural barrier to the ocean materials technology professor at the Fluminense Federal Institute “Less land sediment and sand that stabilized the coast made it so the sea is eating away at the city,” said de Araújo who is pursuing a doctorate analyzing river erosion and seeking to model what that will mean for its delta going forward He estimates that the river has one-third of its original flow Deforestation of mangroves in recent decades also left Atafona more vulnerable The sea’s average position moves some five meters (16 feet) inland every year My biggest fear is that one day it will take my hut,” fisherwoman Vanesa Gomes Barreto said at the stall where she sells her catch Specialists have evaluated possible solutions such as construction of artificial barriers or depositing vast quantities of sand but none appear effective enough to halt the ocean’s advance Global sea level rise due to melting ice means destruction will continue if her city’s reversal of fortunes saddens her She says she is grateful she was born in Atafona “I feel nostalgic for the house where I spent summers,” she said “It’s at the bottom of the Atlantic Ocean.” Silva de Sousa reported from Rio de Janeiro Stay secure and make sure you have the best reading experience possible by upgrading your browser Vultures roam the sand in the Brazilian resort town of Atafona amid the ruins of the latest houses destroyed by the sea whose relentless rise has turned the local coastline into an apocalyptic landscape The Atlantic Ocean advances an average of 6m a year in this small town north of Rio de Janeiro which has long been prone to extreme erosion — now exacerbated by climate change The sea has already submerged more than 500 houses turning the once idyllic coastline into an underwater graveyard of wrecked structures One of the next to lose his home would be Joao Waked Peixoto Walking through the jumbled rubble of what was once his neighbors’ house he looks at what is left: a fragment of a blue-painted room strewn with tattered magazines “The sea advanced 3 or 4 meters in 15 days Our wall might not last until next week,” he said Waked Peixoto’s grandfather built the house as a vacation home a beachfront getaway with large rooms and a garden Waked Peixoto and his family moved in full-time it now looks inevitable the house would be swallowed by the sea because it holds so many memories of my whole family,” he said It is part of the 4 percent of coastlines worldwide that lose 5m or more every year The problem is being exacerbated by global warming which is causing sea levels to rise and making currents and weather patterns more extreme geologist Eduardo Bulhoes of Fluminense Federal University said Atafona has had a “chronic problem” for decades agriculture and other activities that drain it upstream that has drastically reduced the river’s volume meaning it transports less sand to Atafona,” Bulhoes said the town’s beaches have stopped regenerating naturally Construction on the coast has only made the problem worse by stripping away sand dunes and vegetation The result has been disastrous for the tourism and fishing industries “Large boats can’t come through the river delta anymore .. and the money disappeared along with them,” said Elialdo Bastos Meirelles head of a local fishermen’s community of about 600 people Local authorities have studied several plans to curb the erosion including building dikes to reduce the force of the ocean’s waves and hauling sand from the river delta to the beach which is modeled on similar initiatives in the Netherlands Brazilian Undersecretary for the Environment Alex Ramos said no one had yet come up with a definitive solution and that any plan would have to gain environmental regulators’ approval first the county has launched a social assistance program that pays 1,200 reais (US$228) a month to more than 40 families who lost their homes to erosion critics accuse the local government of a lack of political will “We keep hearing promises,” said Veronica Vieira head of neighborhood association SOS Atafona Please upgrade your browser to improve your experience Forts and watchtowers typically stand guard on some pretty choice locations That doesn’t change when they’re converted into hotels Decommissioned forts and watchtowers make for a surprisingly delightful hotel experience they tend to be located in elevated locations that offer panoramic views A timeless strategy whether you’re fighting off an advancing army or a creeping hangover it probably took a little extra work making these structures feel welcoming Here's where to spend the night in an old fort Torre di MoravolaPerugia ItalyItaly isn’t exactly hurting for impressive small hotels but Torre di Moravola stands out all the same they had us at “thousand-year-old Umbrian hilltop watchtower converted into a seven-room boutique hotel,” and that was before we ever saw inside For while the exterior may be a thousand years old Faro Capo SpartiventoDomus de Maria ItalyLighthouses don’t get much more grand than the 160-year-old Faro Capo Spartivento freeing this unique building (and the neighboring keeper’s cottage) to transform itself into a small and secluded luxury hotel and the interior-design style is inspiring and unique Castello di ReschioPerugia ItalySet on a vast estate in the picturesque hills of Umbria Castello di Reschio dates back all the way to the tenth century which includes the decade-plus its owners spent on a careful restoration Given the results you’d have to agree it was worth the wait — especially the extravagant suite that spans five floors of the castle’s ancient watchtower with a spectacular view of the Umbrian landscape Hotel Torre di Cala PiccolaGrosseto ItalyBuilt on what’s left of a centuries-old watchtower on cliffs a hundred meters above the coast Torre di Cala Piccola is one of the Mediterranean’s most glamorous luxury retreats since Liz Taylor and Richard Burton visited in the 1960s — proof that some kinds of hospitality never really go out of style Alila Fort BishangarhJaipur IndiaYou’d have to be a pretty jaded traveler to not be impressed by Alila Fort Bishangarh Jaipur an 18th-century hilltop fortification that’s been transformed into a dramatic and surprisingly contemporary luxury boutique hotel The rooms and suites are pleasingly modern though they never lose touch with their Indian heritage Brij Rama PalaceVaranasi rather than attempt to wrestle with Varanasi’s snarled roads and you’ll find yourself in an eclectic environment — the interiors span any number of eras and styles and the elevator is a replacement for what is alleged to have been the first one installed in South Asia Villa AugustusDordrecht NetherlandsThey don’t make water towers like they used to — this one and once contained housing for technicians it’s back in business as a thoroughly unusual hotel with some rooms occupying the old tower quarters or even floating on the surface of the Wantij river Tainaron Blue RetreatVathia GreecePerfectly positioned at the southernmost point of the Greek mainland Tainaron boasts spectacular sea views to match any Aegean island Housed in a centuries-old tower that was designed to keep intruders out the fully restored guesthouse now welcomes visitors from around the globe but not too many of them — there are just three suites two in the tower and a third in the adjoining tower house Forte De Sao Joao Da BarraTavira Forte São João da Barra was originally constructed in the 17th century to protect the port town of Tavira Though you might forget it while having breakfast on the terrace it’s important to note that the stone citadel is a landmark and not a hotel purpose-built with travelers’ predilections in mind — which only adds to its appeal Torre del CanónigoIbiza SpainAn ancient watchtower in Ibiza’s historic hilltop old town is home to Torre del Canónigo The Dalt Vila district is one of the quietest parts of town though still close to pretty much everything combined with the fact that towers are literally built to provide astonishing views makes the Canónigo experience a spectacularly panoramic one Parador de BaionaBaiona with a commanding view over a port and a protected bay a medieval fortress that’s been refashioned as a luxurious and atmospheric 122-room hotel Two restaurants serve upscale traditional Galician fare with a heavy emphasis on locally sourced seafood; not many hotels can offer a walk along two kilometers of fortress walls Parador de AlarcónAlarcon SpainThe castle that’s now known as the Parador de Alarcón traces its history all the way back to the eighth century which makes it one of the oldest Tablet hotels by any measure Its 2003 restoration brought it up to modern hospitality standards while retaining an incredible wealth of history during which the castle itself was established Torre VellaMinorca SpainSister to the nearby finca-style Santa Ponsa Torre Vella is a farmhouse hotel with a twist; this one is built around an old fortified watchtower set amid acre after acre of olive groves and medicinal herbs It’s a slightly more bohemian vision than the more refined Santa Ponsa Hotel L’AubergePunta Del Este UruguayPunta del Este caters to the cream of Brazilian and Argentinian high society most of whom come to stay in ostentatious seaside palaces or big-money casino hotels are quite understandably few and far between and when it comes to country house hotels crafted from converted Tudor-style water towers there’s really only one: the Hotel L’Auberge Photo by George MessaritakisAll other photos by the hotels unless otherwise stated From listening bars to neighbourhood restaurants explore all the top recommendations from Chishuru’s Adejoké Bakare One of the most prominent chefs serving Indian cuisine talks India and his New York Update your must-visit list with The MICHELIN Guide’s new London restaurants the best hotel rooftops are a go-to when you touch down What the MICHELIN Guide Inspectors Saw in 2025 From Texas Barbecue to Mexico City's cutting-edge dining these new MICHELIN Guide hot spots promise unforgettable vacations and world-class cuisine These are the best lake vacations for a summer break from Lake Tahoe in the US to Lake Como in Switzerland and the MICHELIN-recommended restaurants and bolt holes to bed down in when you visit The MICHELIN Guide Inspectors have already added hundreds of hotels to the MICHELIN selection in 2025 we’re highlighting a special list of 10 that thrive in the sunny season where do fashion’s biggest names retreat for a bite and a bed We imagine the post-Gala sanctuaries of the chicest attendees From tartan fabrics and stag antler furnishings to rare Scotch whiskies and castle views you'll have no doubt which country you're in when staying at these Michelin-Key hotels Sustainability is more than a buzzword—it’s a core value embraced by some of North America’s most design-forward hotels explore some of its best MICHELIN Guide dining spots and uncover its hidden gems From exquisite cuisine to artisan treasures get to know the Tuscan city like a local with our handy guide for a curated taste of Florence’s finest Marseille is a crossroads of culture and cuisine shaped by 2,600 years of migration and maritime trade From its Greek founders to waves of immigrants from Italy each community has left an indelible mark on the city’s dynamic food culture Southern England's Dartmoor National Park boasts a unique granite landscape which takes in rocky outcrops ancient forests and globally significant wetlands fauna and historical sites are just waiting to be explored Find out where four-legged family members are treated like VIPs Non-members can add the privileges at checkout through our 30 day free trial By continuing I accept the Terms & Condition and Privacy Policy. I would like to receive Newsletter from MICHELIN Guide Save lists of your favorite restaurants & hotels Decommissioned forts and watchtowers make for a surprisingly delightful hotel experience A timeless strategy whether you\u2019re fighting off an advancing army or a creeping hangover Please press and hold the button until it turns completely green If you believe this is an error, please contact our support team 147.45.197.102 : 72eb975a-bb23-445e-a197-0af34303 Brazilian billionaire Eike Batista gestures to the audience during a ceremony in celebration of the start of oil production of OGX at the Superport Industrial Complex of Acu in Sao Joao da Barra in Rio de Janeiro in this April 26 (Bloomberg) — The last of the 66 meter-long (217 feet) concrete blocks sit ready to be towed out to sea as work on Latin America’s most expensive private port draws to a close a flamboyant opening ceremony couldn’t be further from reality The 6.3 billion reais ($2.4 billion) Acu port project in Rio de Janeiro state is the brainchild of Brazil’s most famous entrepreneur While the port is finally becoming active after delays and cost overruns Batista is busy defending himself against insider-trading charges after his commodities empire collapsed when a ship loaded with 80,000 metric tons of iron ore departed to China from a terminal shared by Prumo Logistica SA Another ship was moored last month to a quay of National Oilwell Varco Inc. as Paris-based Technip SA also ramps up a flexible pipes plant “This is a new stage,” Prumo Chief Executive Officer Eduardo Parente “We are finishing the basic infrastructure works completing the financial structure arrangements The commercial negotiations are much easier and we have the first operations taking place.” which means grand in the Tupi-Guarani indigenous language comprises two terminals along the coast near Sao Joao da Barra about 320 kilometers (200 miles) northeast of Rio’s famous beaches which occupies about 90 square kilometers (35 square miles) markets its close proximity to the Campos Basin oilfields source of about 80 percent of Brazil’s output this year opened in Acu its second manufacturing plant in Brazil to produce flexible pipes capable of resisting the layer of salt that blankets Brazil’s giant crude discoveries “The Acu plant is performing in line with our expectations with good quality production and is progressing on ramp-up,” the company said in an e-mailed statement “We remain very excited about the prospects.” After losing about $30 billion of personal wealth Batista’s involvement with Acu has been reduced to a minority stakeholder Overburdened with debt and lack of capital to finish his projects last year he surrendered control to EIG Global Energy Partners LLC the $15 billion private-equity fund based in Washington The scale and ambitions of the venture also changed he envisaged a super-port as the centerpiece that would integrate his oil Batista’s vision for Acu included an industrial complex with everything from car plants to steel mills as well as an annexed urban center called the “X” city He used the letter X in his company names because he said it symbolizes the multiplication of wealth The port would be the biggest in the Americas and among the world’s top three Batista would relentlessly say in his pitches with the iron-ore terminal initially projected to start operations in 2010 Journalists were shown the project by helicopter to better appreciate its magnitude “It will become the tropical Rotterdam,” he said in a message on his Twitter account in March 2013 comparing the venture with Europe’s busiest port which is having his stake in Prumo reduced to less than 10 percent after failing to participate in a capital increase last month attended the first hearing of a landmark trial in Brazil for alleged insider-trading and market manipulation Batista didn’t reply an e-mail seeking comments on Acu Prumo took a more conservative approach to focus on the delivery of the port and attract customers as shares trade close to its lowest level since 2008 Batista’s grandiose “X” city and the steel cement and industrial center he once envisioned were scrapped The company expects to finish installation of the 47 concrete blocks required for terminal 1 by April and the 42 blocks for terminal 2 by July Units of Edison Chouest Offshore International and Wartsila Oyj are scheduled to start in the first half of 2015 Prumo also expects a joint venture with BP Plc to set up maritime fuel storage and distribution to start operating in the second half of next year The port plans to operate terminal space to handle bulk while it waits to sign contracts with oil companies for crude handling by 2016 after belated negotiations adding that he expects the venture to start generating operating profit next year Prumo rose 2.8 percent to 37 centavos at 11:27 a.m reducing its decline this year to 66 percent “This project will gain strength now that it enters the operational stage and companies set their bases,” said Wagner Victer who originally developed the port concept in 2000 before presenting it to Batista as Rio’s secretary of energy “It became a reality even with all the obvious difficulties and delays in projects of this scope.” Sign up for gCaptain’s newsletter and never miss an update and updates delivered daily straight to your inbox 2025 (Bloomberg) –Sudan’s army said its opponents used drones to strike a military airbase and other locations in Port Sudan May 4 (Reuters) – An international NGO accused Malta on Sunday of impeding access to a Gaza-bound humanitarian aid ship which it says was bombed by two drones two days.. May 3 (Reuters) – India said on Saturday it had banned the import of goods coming from or transiting via Pakistan and barred Pakistani ships as tensions rise between the nuclear-armed neighbours in the wake of a deadly attack on.. Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news Stay informed with the latest maritime and offshore news For general inquiries and to contact us,please email: [email protected] To submit a story idea or contact our editors, please email: [email protected] For advertising opportunities contactEmail: [email protected]Phone: +1.805.704.2536 Essential news coupled with the finest maritime content sourced from across the globe - One of the world's newest industrial port complexes adopts NEC's integrated systems to manage CCTV NEC is a registered trademark of NEC Corporation Other product or service marks mentioned herein are the trademarks of their respective owners Top of this page Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Complete digital access to quality analysis and expert insights complemented with our award-winning Weekend Print edition Terms & Conditions apply Discover all the plans currently available in your country See why over a million readers pay to read the Financial Times Disinformation report hotline: 010-85061466 DC-based private equity group is focusing its acquisitions on renewable energy and midstream oil which includes storage and transportation of oil products EIG is also considering selling its 76% stake in Prumo Logistica SA a holding company for infrastructure projects including Porto do Acu Operacoes SA a Manhattan-sized port in Rio de Janeiro state that is one of Brazil’s main oil and natural gas hubs 2017 at 4:30 PM ESTUpdated on November 29 2017 at 5:55 AM ESTBookmarkSaveLock This article is for subscribers only.Iron ore will weaken next year as global supplies increase including from a new mine in Brazil at the same time that steel production risks topping out in China which expects prices to decline back toward $50 a metric ton The raw material may fall to $60 a ton in three months according to the New York-based bank’s projections which suggest a second year of lower prices after they dropped in 2017 Benchmark ore with 62 percent content was at $67.92 a dry ton Wednesday To anyone who doesn’t keep up with Jiu-Jitsu it could seem like José Aldo became famous overnight with his big win over Chad Mendes at UFC 142 last night the Nova União black belt has been toiling hard for years to make it to the top and the tip of everyone’s tongue—and he’s worn out many a gi too Which happens to be what he’s still doing the UFC featherweight champion’s team dug deep into their collective memory to point out the five most memorable matches of José Aldo’s Jiu-Jitsu career The fighter from the Brazilian state of Amazonas first appeared on the pages of GRACIEMAG back in 2004 for a performance he put in at a No-Gi tournament in the town of São João da Barra Aldo brought the crowd to a frenzy with a barnburner of a match against Rodrigo Damm Despite having been around the competition block Aldo’s teachers don’t have too many of his matches fresh in their memory “It’s getting harder and harder to remember,” replied Dedé Pederneiras fighting off sleep one day before UFC 142 “That’s because back then he was just another guy on the team Now he’s our UFC champion,” smiled the coach The one who ends up solving the issue is Professor Vitor “Shaolin” “He competed against Cobrinha, Bruno Frazatto and Wilson Reis. And he had an awesome match against Celso Venícius in a lightweight absolute tournament in Buzios. It was a great match,” recalls the teacher at NYC BJJ academy Aldo against Rodrigo Damm in submission wrestling in São João da Barra José Aldo crossed paths with four-time featherweight world champion-winning black belt Rubens Charles Cobrinha (Alliance) They had two matches and both were won by Aldo GRACIEMAG.com has been hunting down videos of the encounters as though lost treasure the beachgoers who strolled past the mats at Arena Búzios got the chance to see one of José Aldo’s greatest matches Celso (Gordo Jiu-Jitsu) is the one who recalls it: “We were brown belts and we came up against each other in the first match of the under-75 kg absolute We scowled at each other and the mood was one of altercation immediately but it wasn’t personal—fight stuff In the end I sunk a Kimura lock; I don’t remember if I finished with it but it was along those lines He was already a really tough fighter; if he hadn’t concentrated on MMA he’d have certainly made more of a name for himself in Jiu-Jitsu.” at the Tijuca Tennis Club in Rio de Janeiro two MMA aces crossed paths as purple belts before reaching stardom “We made it to the light featherweight quarterfinals and it was a tough I already knew Aldo from prior championships but a lot of folks didn’t know him yet,” recalls Wilson (BJJ United) “Even so he surprised me with his accelerated game but I managed to land a double-leg takedown and win by 4 to 2 one of the Jiu-Jitsu wins I’m proudest of since I always saw him as being one of the top guys.” An ace from Atos Jiu-Jitsu team and a student of Roberto Tozi Bruno Frazatto was another to Aldo’s worth in the gi I’m still carrying bile for him (laughs) 4-4 on the scoreboard and he won on advantage points We swapped a bunch of sweeps and ended up in a tangle that seemed like the 50/50 guard He was already the stalwart fighter he is today You can tell him I want a rematch—but only in the gi (laughs)!” To get a sense of what José Aldo’s style in the gi check out this match against Leandro Martins who at the time represented TT Jiu-Jitsu and is now on team CheckMat Pragmatic88Slot Gacor the helicopter rose from the tarmac and swept into a cobalt sky It powered north-east over deserted beaches, dense Atlantic rainforest and fishing boats that bobbed lazily in the ocean below. Then finally, 80 minutes on, the destination came into view: a gigantic concrete pier that juts nearly two miles out into the South Atlantic and boasts an unusual nickname: the Highway to China Dotted with orange-clad construction workers and propped up by dozens of 38-tonne pillars this vast concrete structure is part of the Superporto do Acu a £1.6bn port and industrial complex that is being erected on the Rio coastline on an area equivalent to 12,000 football pitches Reputedly the largest industrial port complex of its type in the world, Açu is also one of the most visible symbols of China's rapidly accelerating drive into Brazil and South America as it looks to guarantee access to much-needed natural resources and bolster its support base in the developing world its 10-berth pier will play host to a globetrotting armada of cargo ships among them the 380-metre long Chinamax – the largest vessel of its type capable of ferrying 400,000 tonnes of cargo soy and millions of barrels of oil are expected to pass along the "Highway" each year on their way east where they will alleviate China's seemingly unquenchable thirst for natural resources "This project marks a new phase in relations between Brazil and China," Rio's economic development secretary said during the recent visit of about 100 Chinese businessmen to the port complex which is being built by the Brazilian logistics company LLX and should receive billions of dollars of Chinese investment This new phase of engagement with Brazil and South America is part of China's "going out strategy" – an economic and energy and food by pouring the country's colossal foreign reserves into overseas companies and projects China is expected to overtake Japan as the world's second largest economy this year and may already be the world's greatest energy consumer Now it is set to become Brazil's top foreign investor with its companies plowing $20bn into the country in the first six months of 2010 A recent study by Deloitte predicted that Chinese investments in Brazil could hit an average of about $40bn a year between now and 2014 with companies throwing money at sectors ranging from telecommunications "Relations with Brazil in all areas have entered a new era," Qiu Xiaoqi recently told the state news agency Xinhua The surge in China's South American spending is not just a Brazilian phenomenon Ecuador has already signed around $5bn of bilateral deals with China this year including $1.7bn to help build a hydro-electric dam and $1bn investments for oil exploration and infrastructure projects That compared with Chinese investment of just $56m in 2009 Chinese companies have sunk $1.4bn into mining operations in Peru this year while in April Hugo Chávez announced that the Chinese already major sponsors of Venezuelan oil exploration had agreed to open a $20bn credit-line for the "Bolivarian revolution" a book about the growing tussle for global resources described today's China as "the shopaholic of planet Earth" "The Chinese authorities understand that to sustain the country's continued growth they will have to ensure that its industries are provided with adequate supplies of energy and other basic raw materials," he said But the "going out" strategy went far beyond business transactions "They seek to fashion a multipolar world in which no single power – read the United States – plays an overwhelmingly dominant role they seek to bolster ties with rising regional powers like Brazil and South Africa." the city nearest to Acu and one of Rio state's poorest regions the Chinese presence is being felt even before Brazil's Highway to China is complete LLX staff at the Açu port lay on hot water and Mandarin interpreters for visiting Chinese dignitaries has started offering free Mandarin lessons to locals interested in working with the wave of Chinese guests that is anticipated "You should see a 10-year-old boy saying 'I understand … the Chinese are coming and when the Chinese industries come I want to work for them and if I speak Mandarin I'll have a competitive advantage on the others'," beamed Eike Batista the billionaire entrepreneur behind the superport and one of the most vocal cheerleaders for Chinese advances into Brazil said during a recent tour of the port: "This is part of a Chinese strategy of going to the market more and more They are already a very considerable presence in Africa and we are now going through this moment in Brazil." The Highway to China lay "in the middle" of this blossoming relationship with China adding: "We are betting that … this will continue growing." "There are many in Washington who worry about China's growing presence in Africa and Latin America and claim that this poses a threat to America's long-term strategic interests," said Klare that the US' "fixation" with Afghanistan and the war on terror meant there had been virtually no reaction In Brazil meanwhile China's arrival has prompted cries of neo-colonialism "The Chinese have bought Africa and now they are trying to buy Brazil," the prominent economist Antônio Delfim Netto complained in a recent interview with the Estado de Sao Paulo newspaper warning that it was a "grave mistake" to allow a foreign state to buy "land minerals [and] natural resources" from another sovereign power saying: "The association between Brazil and China is a two-way highway." Chinese companies such as Wuhan Iron and Steel had committed to helping build a $5bn steel mill at the port complex rather than always shipping out primary resources to process at home "You want to get three tonnes of raw iron ore [so] produce one tonne of steel in Brazil," he said "That philosophy is sinking in and is great for both sides." Neither would Chinese companies be allowed to flood the complex with hordes of foreign workers as had happened in Africa "If it was up to them they would bring lots of Chinese workers as they are used to doing," he admitted "[But] Brazil's legislation is very strict in this sense." Batista suggested that rather than complaining about China's courtship of Brazil western powers should urge their own companies to pay more attention to the region themselves "In the last 15 years or so the [American and European] CEOs have stopped coming here and that is why they are a little bit behind," he said "We are pushing European companies and saying: 'You're not really understanding what is happening in Brazil'." "Don't put Brazil in the same bag as our neighbours," he added This article was amended on 17 September 2010 The original refferred to the 380-metre wide ChinaMax