Brazil markets tank as Bolsonaro shakes up Petrobras to cut energy costs

Brazil markets tank as Bolsonaro shakes up Petrobras to cut energy costs

From reuters.com

Brazilian financial markets went into a tailspin on Monday, as investors dumped the country’s currency and stocks, while pushing up interest rates, after President Jair Bolsonaro moved late on Friday to sack the head of state-run oil firm Petrobras following weeks of clashes over fuel price hikes. The right-wing populist’s intervention in one of Brazil’s most valuable companies, along with a vow to reduce prices in the power sector too, cast growing concern on the government’s commitment to free markets. Several brokerages downgraded Petroleo Brasileiro SA, as Petrobras is formally known, and Bank of America ... (full story)

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