Petrobras CEO saga sends bonds tumbling as fiscal fears mount

4 days ago 3
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Petrobras bonds slumped on Monday after Brazil's president Jair Bolsonaro nominated retired general and former defence minister Joaquim Silva de Luna to be the state-owned oil and gas giant’s new CEO. One analyst decried “corporate statism” as others saw the decision as a warning about the direction of Brazil’s fiscal policy.

Brazil’s Ministry of Mines and Energy sent Petrobras a letter after market close on Friday requesting that Silva de Luna — who has no experience in the oil and gas industry — replace Roberto Castello Branco as CEO. This came after Bolsonaro had criticised Castello Branco for his ...

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