LatinNews Regional Monitor: Brazil & Southern Cone - 25 April 2019

* Brazil’s state-owned oil company Petrobras has announced the creation of a voluntary redundancy programme, through which it expects to cut 4,300 jobs, as the company looks to reduce operational costs. According to Petrobras, the implementation of the programme (for which employees who are due to retire by June 2020 will be eligible) will cost R$1.1bn (US$276m) with an expected return of R$4.1bn (US$1bn). This announcement comes as data from Brazil’s employment registry (Caged) shows that the country recorded negative job creation in the formal sector in March, with the loss of 43,196 formal jobs.

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