LatinNews Daily - 04 November 2022

In brief: Brazil’s Petrobras announces profits and mega dividends

* Brazil’s state-owned oil company Petrobras has released its latest quarterly earnings report, which shows that the company posted US$8.8bn in profits in Q3 2022, up 48% on the same period last year. From January to September, Petrobras posted US$28.4bn in net income, up 99.3% year-on-year. Brazil’s oil giant also announced the distribution of R$43.7bn (US$8.5bn) in dividends for shareholders, generating controversy. The national president of the Partido dos Trabalhadores (PT), Gleisi Hoffmann, criticised the decision saying that these resources should be used for investments in the company. The PT – whose candidate, Luiz Inácio Lula da Silva, won the 30 October presidential election – claims that the current administration of president Jair Bolsonaro (Partido Liberal, PL) is anticipating the distribution of dividends at Petrobras to pay for an increase in spending that aimed to boost Bolsonaro’s failed re-election campaign. The federal government will receive a bit over a third of these dividends. The PT plans to go to the courts to try to block these payments this year.

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