Brasilia  - Brazilian President Luiz Inacio Lula da Silva on Wednesday described Democratic candidate Barack Obama's victory as an "extraordinary event" and asked the US president-elect to lift the decades-old embargo on communist Cuba.

Lula said Obama's historic rise underlined the democratic aspects of US society. "It could only happen in a democratic regime in which society expresses itself."

Rio de Janeiro - British driver Lewis Hamilton, the youngest-ever Formula 1 world champion, said in Brazil that he would have supported Democratic Party presidential candidate Barack Obama, if he could vote in Tuesday's elections in the United States.

"I wish both candidates the best, but I really like Obama, and if I were (a citizen of) the United States I would have done my best to help him," the McLaren driver said, in comments that the Brazilian daily Folha de Sao Paulo published Tuesday.

Obama is seeking to become the first-ever black president of the United States.

Rio de Janeiro - Brazil coach Carlos Dunga on Monday played down his rivalry with Diego Maradona, after the new Argentina coach had criticized Dunga last week.

"I hope things go well for him," Dunga said.

After his controversial appointment last week as coach, Maradona recalled his playing days, when he had led Argentina on the pitch to the 1986 World Cup and Dunga had captained Brazil to the 1994 World Cup.

Sao Paulo - Banco Itau Holding Financeira SA agreed to acquire Uniao de Bancos Brasileiros SA on Monday, creating Brazil's biggest bank.

The Brazilian government applauded the merger and said it would make the country's financial system stronger.

"That new bank is set to become one of the largest financial institutions in the world," said Finance Minister Guido Mantega. He described the merger as "an important event, because they are two traditional, solid banks that will become even more solid."

Sao Paulo - Banco Itau Holding Financeira SA agreed to acquire Uniao de Bancos Brasileiros SA, creating Brazil's biggest bank.

According to a statement from the banks made public Monday in Sao Paulo, the merger is set to create "the largest private financial group in the southern hemisphere" and among the 20 largest in the world.

"It is a financial institution with the capacity to compete in the international stage with the world's great banks," said the statement issued by Itausa and Unibanco Holdings, which control both banks.

Sao Paulo - Brazilians were still trying to digest Monday the hard blow they took a day earlier, when they saw the Formula One world championship - which they have not celebrated since Ayrton Senna's triumph in 1991 - slip away from their hands within seconds.

For less than one minute - during the last lap of the Brazilian Grand Prix at the Interlagos circuit in Sao Paulo - the legion of Brazilian fans of motorsport revived the joy of celebrating an F1 title.