Petrobras Profit and Dividends, News Quiz of the Week and What Matters in the Market

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Petrobras: profit of BRL 46.1 billion and disputed dividends

Petrobras made a profit of BRL 46.1 billion in the third quarter of 2022. It is the fourth largest ever recorded by a Brazilian company, according to data from the TradeMap platform.

• The state-owned company announced the distribution of BRL 43.7 billion in dividends referring to the performance in the period, totaling BRL 180 billion in resources destined to shareholders in 2022.

• The federal government is entitled to 36.6% of dividends for its participation in the company (via União and BNDES).

More numbers: in the third quarter, Petrobras’ profit declined in relation to the previous three months, but rose 48% compared year on year.

• The movement is related to the price of oil in the international market. In the third quarter, it was, on average, US$ 100.85 per barrel, down 11.4% from the previous quarter.

Contested strategy: associations linked to unions of state-owned workers promise to go to court to try to prevent a new distribution of dividends on the eve of the change of government.

• They claim that the decision should be left to the company’s new management.

• The proposal also received criticism from PT president, Gleisi Hoffmann. “After the election, the bloodletting at Petrobras returns,” she said.

The current dividend policy was implemented under Roberto Castello Branco, the first president of the state-owned company under Jair Bolsonaro (PL).

• It provides for the distribution of 60% of the company’s cash generation, less investment expenses, for each quarter in which the gross debt is below $65 billion – which has been happening since the middle of last year.

Who should take over Petrobras in the Lula government? The nominee should be defined only when the new government is close to taking over, but the Sheet showed that a strong name is that of senator Jean Paul Prates (PT-RN).

• See here for other candidates for important positions in the economy.

Shein at the mall

The Chinese Shein is going to set up a temporary store (pop-up) at the Vila Olímpia mall, in the south zone of São Paulo, for five days, from November 12th to 16th.

It will be the debut of the online fashion retailer in the in-person sale of clothes in the country. In March, she had set up a showroom at the Village Mall in Rio.

what explains: the temporary store will serve to measure the temperature of the Brazilian consumer for a project of this type of the retailer here.

• In a space of 265 m², about 11 thousand pieces will be available for purchase, including accessories, women’s and men’s fashion.

• Visitors will receive 15% discount for in-store and app purchases.

Understand: Shein (read xi-in), considered the “Chinese Zara”, has thousands of low-cost models and revolutionized fast fashion, which is characterized by the high turnover of collections.

• Its great secret lies in the system with data on new orders and trends in real time, which is integrated with partner manufacturers.

• In the online store, you can find 80 thousand dress options from R$ 15 and 9,700 pants whose prices start at R$19.

In numbers: in 2021, 21% of Brazilian consumers who shopped online purchased Shein products. In the previous year, this percentage was zero.

• Among the cross-border (international) sites, her jump from one year to the next was only smaller than that of the also Asian Shopee (8% – 58%).

take a break

• To watch: “Runaway CEO: The Carlos Ghosn Story” on Netflix

The documentary interviews former employees and people close to Carlos Ghosn to show how the executive born in Porto Velho (RO) changed the course of the Renault-Nissan group, ended up in prison years later, and reports details of his incredible escape to Lebanon.

Remember: Ghosn was arrested in November 2018 in Japan on charges that he failed to disclose his actual pay to authorities, which he denies. The breakout happened in December 2019, eight months after he went under house arrest.

• In addition to being Brazilian, the executive also has French and Lebanese citizenship, a country where he lives to this day and which does not have an extradition agreement with Japan.

To escape from prison home in Japan, the former CEO had the help of at least 15 people in a plot that took months of planning. On the way to the plane, he had to hide in an instrument box.

• “The 30-minute wait in the box on the plane, waiting for takeoff, was probably the longest wait I’ve ever had in my life,” the executive said last year in an interview with the BBC, reproduced by Sheet.

In addition to the economy:

• Illustrated Express: Podcast discusses the election hit, “Tá Na Hora do Jair Já Ir Although”.