Good morning! We’re covering how Brazil’s massive oil auction flopped. The rise of extreme poverty in Brazil. And the trial of the year finally set for an end. (This newsletter is for platinum subscribers only. Become one now!)
Historic oil auction is a flop
The much-awaited “mega” oil auction held by the Brazilian government yesterday turned out to be a complete flop. Of the four pre-salt oil and gas fields on offer, only two received bids. Meanwhile, the biggest winner was state-owned company Petrobras, despite the government’s hope to attract massive foreign interest.
Why it matters. The Brazilian government...