Brazil’s benchmark Bovespa index fell more than 4% Monday following President Jair Bolsonaro's decision last week to replace the chief executive of state oil company Petrobras. The company's shares plunged more than 21% on news that the government nominated an army general with no oil and gas industry experience as its new CEO.
Brazilian President Jair Bolsonaro on Friday sacked a market-friendly economist as CEO of Petrobras and named a retired general to replace him, following on disputes over diesel prices that threatened a major teamsters stoppage.
Brazil's Minister of Institutional Security Sergio Etchegoyen on Tuesday rejected calls to deploy military troops to break up protracted nationwide protests against fuel price hikes. Etchegoyen, a general appointed by President Michel Temer, said such a heavy-handed response was outdated.