Petrobras CEO Ousting Triggers $13B Stock Loss ...Middle East

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Petrobras CEO Ousting Triggers $13B Stock Loss
source : OILPRICE ( Middle East ) () 16
The decision of Brazil's president Jair Bolsonaro to replace the chief executive of oil major Petrobras triggered investor panic and a selloff that led to a slump in the company's shares yesterday that can be measured in billions. Bolsonaro ousted Roberto Castello Blanco after less than three years at the Petrobras helm and replaced him with former defense minister and army general Joaquim Silva e Luna. As a result, banks and analyst agencies rushed to downgrade the company's credit ratings and shares in Petrobras took a 22-percent plunge on Monday…

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