Yahoo Finance's Julia La Roche sits down with executive chairman and former CEO of Starbucks Howard Schultz
|Bid||24.30 x 0|
|Ask||25.00 x 0|
|Day's Range||24.16 - 24.81|
|52 Week Range||15.41 - 29.50|
|PE Ratio (TTM)||-9.29|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Brazil’s President Michel Temer said Wednesday in New York that the government will maintain control of indebted, state-controlled oil producer and refiner Petroleo Brasileiro or Petrobras (PETR3.Brazil and PBR). Petrobras shares rose 4% to $10.43 in U.S. trading Wednesday, while the iShares MSCI Brazil Capped exchange-traded fund (EWZ) was up only 0.3%. Shares of power utility Centrais Eletricas Brasileiras or Eletrobras (ELET3.Brazil and EBR) rose 2%.
Brazil's President Michel Temer said on Wednesday that despite his government's aggressive privatization agenda, state-run oil company Petroleo Brasileiro , a symbol of national sovereignty, would remain under government control. Temer, speaking at a Reuters Newsmaker event in New York, also said that sprawling investigations that have led to corruption charges against scores of powerful figures - including him - show that Brazil's governmental institutions are independent and working well.
Brazil's state-run oil company Petroleo Brasileiro SA will inject 6.3 billion reais ($2 billion) of fresh capital into its fuel distribution arm, cleaning up its balance sheet in an effort to attract investors to an initial public offering. The money from the capital injection, approved by the board of the company and announced in a securities filing on Friday, will solve a long-standing problem with state-controlled power utility Centrais Eletricas Brasileiras SA. The capital injection solves the main hurdle to the initial public offering of the unit, Petrobras Distribuidora SA, according to a person with direct knowledge of the matter.