Brazil’s Supreme Court could upend years of work by the Carwash anti-corruption task force that sent some of the nation’s top politicians and businessmen to jail, Bloomberg News reported. A panel of five judges is discussing whether Sergio Moro, once the judge in charge of the investigation and its most public face, was biased in his rulings against Luiz Inacio Lula da Silva. If he’s deemed unfit, the decision could open the door for others he convicted to request their cases be reviewed.
Rio Tinto PLC said that its chairman would step down because of its destruction of two ancient rock shelters in Australia last year, bowing to demands from some investors for greater accountability for the incident, the Wall Street Journal reported. Rio Tinto said that Simon Thompson won’t seek reelection next year, tying the decision to the May demolition of the Juukan Gorge shelters that contained a trove of artifacts indicating they had been occupied by humans more than 46,000 years ago.
Petrobras shares plunged 21% on Monday, wiping out 70 billion reais ($12.7 billion) in market value, as Brazilian President Jair Bolsonaro again slammed its pricing policies after he replaced the state-controlled oil company’s market-friendly CEO with a retired army general, Reuters reported. The selloff, following a series of analyst downgrades, deepened after Bolsonaro said the company’s fuel policy was only pleasing to financial markets and select groups in Brazil and should be changed as part of an effort to lower gasoline and diesel prices.
Brazil on Thursday ditched a trade complaint against Canada over aircraft subsidies and called for wider negotiations between all aircraft producing nations to halt a slide toward aircraft trade wars, sidestepping the World Trade Organization, Reuters reported. The abrupt move by Brazil, home to the world’s third largest planemaker Embraer, comes as larger rivals Airbus and Boeing remain locked in a 16-year-old fight at the WTO that led to tit-for-tat transatlantic tariffs.