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BRASILIA, Feb 22 (Reuters) - 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 after 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 cut Brazilian stocks to ‘marketweight’ in its Latin American portfolio, excluding Petrobras and state power company Eletrobras entirely.
Shares in Brazil s Petrobras plunge 20% rfi.fr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rfi.fr Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
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BRASILIA, Feb 12 (Reuters) - Brazil moved a step closer on Friday to reviving pandemic emergency aid to the poor, as Senate President Rodrigo Pacheco said the chamber will prioritize approving the payments, which he expects to be granted over four months from March through June.
Speaking alongside Economy Minister Paulo Guedes and lower house leader Arthur Lira, Pacheco said emergency aid and COVID-19 vaccines are “the absolute priority,” and will remain so until the pandemic is over.
“We expect there will be emergency aid in March, April, May and eventually a fourth month of June,” Pacheco said, insisting that the package meet the government’s fiscal rules.
Brazil s Bolsonaro to oust Petrobras CEO after fuel pricing spat channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
RIO DE JANEIRO Brazilian President Jair Bolsonaro moved to replace the head of state-run oil company Petrobras, naming a retired army general to the CEO post…