Nov 17

　　Brazil’s newly re-elected president, Luiz Inácio Lula da Silva, seems to be cementing his friendship with his Venezuelan counterpart. Less than a month before the December 3rd presidential elections in Venezuela, Mr da Silva displayed his support for Hugo Chávez by attending the November 13th inauguration of the US$1.2bn, 4-km Orinoquia Bridge linking their countries. Although he has followed much more moderate economic and foreign policies than the Venezuelan leader, Lula actively has been pursuing regional integration, and clearly views an alliance with Mr Chávez to be in Brazil’s political and economic interest.

　　Brazil’s relationship with Venezuela is looked upon with even greater concern by some Brazilians and foreign investors. They see Mr Chávez, with his fierce anti-US rhetoric and blend of oil-fuelled populism, as a particularly dangerous buddy for Mr da Silva. There had been speculation that Mr da Silva might distance himself from Mr Chávez after Bolivia’s president, a Chávez protégé, took action against Petrobrás’s assets, but there is no sign that this will be the case.