Brazilian President Jair Bolsonaro said on Thursday that the country's state-controlled companies should fulfill a social function and any different understanding by their chief executives was unacceptable.
As stocks fall, Brazil s Bolsonaro calls for more government intervent laosnews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from laosnews.net Daily Mail and Mail on Sunday newspapers.
February 26, 2021
RIO DE JANEIRO (AFP) – Brazil’s state-run oil company, Petrobras, announced on Wednesday it returned to profit in the fourth quarter of 2020, welcome news two days after its stock took a 20-per-cent nose-dive.
Petrobras beat analysts’ expectations to post a net profit of BRL59.9 billion (USD11 billion, at the current exchange rate) for the period from October to December, reversing three straight quarters of losses fueled by the coronavirus pandemic.
The result was strong enough for Brazil’s biggest company to end the Covid-shaken year with a surprise annual profit of BRL7.1 billion.
It will likely be the company’s final quarter under Chief Executive Roberto Castello Branco, a respected economist whom President Jair Bolsonaro decided last week to replace with an army reserve general.
By Reuters Staff
1 Min Read
LONDON, Feb 25 (Reuters) - The sacking of the head of Brazil’s state-run energy firm Petrobras by the country’s President is not a good omen for Latin America’s largest economy, rating agency Fitch said on Thursday, although it will not immediately hurt its credit score.
“It is not a good sign” Shelly Shetty, Fitch’s co-head of Americas Sovereigns said during a webcast. “It shows Brazil can be prone to one step forward and two steps back.”
Brazil’s currency, stocks and bonds tumbled on Monday after President Jair Bolsonaro moved late on Friday to oust Petrobras chief Roberto Castello Branco following weeks of clashes over fuel price hikes.
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