Good morning! Today, Petrobras has a busy day amid rumors of a CEO swap, and then dividend decisions. Hackers are dipping their hands into Brazil’s cookie jar.
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Petrobras under scrutiny
Brazil’s Securities Commission (CVM) on Thursday opened an investigation into the leak of rumors about Petrobras, the country’s state-controlled oil and gas giant, that caused stock prices to swing wildly.
Play by play. Between 11:20 a.m. and 12:20 p.m., the price of Petrobras shares took a 5 percent nosedive — and then crawled back just as quickly. The plunge came after reports of a CEO swap gained momentum in the press, and the rally came after news that the company would pay more dividends appeared in a major newspaper.
- Petrobras issued a securities filing to deny any decision on dividends.
Context. There is a dispute over what to do with the company’s dividends. CEO Jean Paul Prates and Finance Minister Fernando Haddad defend continuing to pay the so-called extraordinary dividends to shareholders for the final quarter of last year.
- Mr....