Western financial news reacted in chorus to General Joaquim Silva e Luna’s announcement to preside over Petrobras, in place of Roberto Castello Branco, “University of Chicago-trained economist”, a phrase used by Bloomberg in the Wall Street Journal. and the Financial Times.
It was most read in Bloomberg reports, throughout Monday, “Markets in Brazil fall with Bolsonaro’s turn to interventionism.” The Brazilian representative “said he could make more changes, especially energy”.
The finance department points out that “Bolsonaro’s popularity reached record levels after a cash distribution program expired in December.” And that Minister Paulo Guedes remains “silent”.
The WSJ won the drop in Petrobras shares on Monday and Tuesday, noting that “the Brazilian president’s decision has generated a crisis of confidence in his government’s commitment to free market policies.”
He reports that the general “served alongside the president decades ago, under Brazil’s military dictatorship,” and that Bolsonaro’s appeal to military leaders, in various ministries, has broadened.
The FT brought Petrobras to the headlines, in its US edition and others, but not in the UK, dealing with the British collapse. In the statement (above), “Brazil is shaken by Bolsonaro’s move to change the oil chief for an army general”. In the text:
“Many members of the powerful Brazilian business lobby backed Bolsonaro when he ran because they believed he would implement an ambitious program of privatization and deregulation. But in addition to major security reform social vote in 2019, most of the major changes have not happened. “
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