Petroleo Brasileiro SA’s two refinery fires in five weeks are darkening its profit outlook as the state-run oil producer may be forced to slow down fuel output and increase imports resold at subsidized prices.
Brazil’s top finance official is being roped into a growing scandal over Petroleo Brasileiro SA’s $1.19 billion purchase of a Texan plant, the latest in a string of troubles plaguing the company’s money-losing refining unit.
Petroleo Brasileiro SA is being pushed by minority shareholders led by Aberdeen Asset Management Plc to focus more on profit than job creation after the state- run producer’s earnings slumped to an eight-year low.
The Ibovespa entered a bear market as concern that an economic slowdown will spur a cut in Brazil’s credit rating drove down real-estate companies and retailers amid a selloff in emerging-market assets.
Banco do Brasil SA is trading above analysts’ target price for the first time in four years amid speculation the bank, Latin America’s biggest by assets, is planning an initial public offering for its credit-card unit.
Arezzo Industria & Comercio SA, whose shoes are sold in Bloomingdale’s Inc. and Bergdorf Goodman Inc. stores, is looking outside Brazil to help sustain revenue growth that’s five times the global industry’s average.