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Economy & Business - March 2021

BRAZIL: Bolsonaro moves Petrobras goalposts

Under the leadership of Roberto Castello Branco, oil firm Petrobras, Brazil’s largest state-controlled company, seemed to be doing its homework: debts were down and profits were up. But this did not stop President Jair Bolsonaro from sacking Castello Branco and choosing a retired army general, Joaquim Silva e Luna, to replace him, a move which prompted investors to start a big sell-off of Brazilian assets.

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