The bad news never ends! According to Reuters Brazil, we are now going to have to wait until late May, rather than March for the audited financial report. I am holding my shares but feel like we are being played the fool by the company and the Brazilian government. The amount of corruption and fraud that will be exposed will be an embarrassment to all Brazilians and hopefully will be the catalyst for a regime change and a paradigm shift in the ideology of the Brazilian people. It is more likely though, due to the magnitude of the problem, it will take generations to change the way business is conducted in Brazil. I am still holding my foolish shares in hopes of a turn-up in the share price over time. PBR is the largest producer of oil at this time and that must be worth something! Strap yourselves in and prepare for a rough ride!
Brazil's Pres. Rousseff has accepted an offer by Petrobras (NYSE:PBR) CEO Maria das Graças Foster to step down this month, setting in motion a plan to replace senior management at the company, Reuters reports, citing a government source.