Musical chairs at Petrobras, new rules for hybrid work and what matters in the market

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Another Petrobras president falls

President Jair Bolsonaro (PL) has decided that he will fire the president of Petrobras, Joaquim Silva e Luna.

The candidate to replace him is Adriano Pires, current director of the Brazilian Center for Infrastructure (CBIE), who has already publicly defended the need not to pass on oil volatility to the consumer.

The president of Flamengo, Rodolfo Landim, was nominated for chairman of the board. In practice, changes in the command of Petrobras should only occur within two weeks, after the General Shareholders’ Meeting.

What explains: the soaring price of fuel in Brazil overthrew yet another president of Petrobras. A little over a year ago, Silva e Luna had taken over the seat of Roberto Castello Branco, who was also fired because of Bolsonaro’s dissatisfaction with the rise in fuel prices.

• At the time, the announcement of Castello Branco’s resignation was poorly received in the market and generated an unprecedented stampede in Petrobras’ board of directors, with five directors declining the invitation to reappoint him.
• Datafolha research published this Monday showed that 68% of Brazilians consider that the government is responsible for the rise in fuel prices. For 30%, management is not to blame.

In the purse: the news arrived at the end of the trading session and Petrobras shares extended the fall on the day that the company’s shares were already in the red because of the plunge in oil prices. The state-owned company fell 2.17% and pulled the Ibovespa down 0.28%, to 118,746 points.

Oil tumbles: the price of a barrel of the Brent type plunged 9.46%, quoted at US$ 109.24 (R$ 521.90), late Monday afternoon. The quotes reacted to the forecast of a drop in demand after the lockdown imposed in Shanghai by the Chinese government.

Restriction measures in the city of 25 million, one of the most important in the country, have raised fears of further disruption to the global supply chain.

Repercussions of the change of command in the state-owned company:

Managers see opportunities in the stock market

The advance of vaccination and the reduction in the number of hospitalizations have made fund managers increasingly look to shares of companies that benefit from the cycle of resumption of activities.

What explains: sectors such as mall managers and clothing chains were impacted by the restrictions on circulation imposed during the height of the pandemic in the country. Now, with life returning to normal, experts believe these companies have the potential to recoup losses.

Not everything went up together: despite the Ibovespa accumulating a high of 13% in the year, the index is very much linked to commodities, which exploded with the war in Ukraine, while companies linked to retail did not follow the advance.

Banks: financial institutions operating in the country are also among the preferred roles for managers at the moment due to the cycle of high interest rates. When credit becomes more expensive, banks tend to operate with greater profitability.

The new rules of hybrid work

The new rules for the hybrid work and production contract regime began to take effect this Monday with the MP (provisional measure) published by the Bolsonaro government.

What changes: The telework model, which became part of the routine of many companies during the pandemic, had already been included in the CLT by the 2017 labor reform, but it was only valid for activities that were predominantly performed outside the company’s premises.

Now, the number of days the employee works at the company is no longer a limiting factor for the activity.

Other important changes:

• Workday: companies can control the journey of their employees who are in a hybrid regime. As it was before, without this control, there was no overtime payment based on the model.
• Hiring by production or task: in these new “on demand” models, there will be no employee journey control.
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• disconnection: the MP establishes that the use of software and other digital tools related to work, outside the normal working day, does not constitute time available to the employer.

Eve predicts R$ 1 billion in revenue in 5 years

Eve, the Embraer subsidiary that produces the aircraft known as “flying cars”, announced that it expects to deliver 340 units by 2027 and 1,000 by 2030.

In numbers: the company’s plan is to surpass US$ 1 billion in revenue by 2027 and US$ 4.5 billion in 2030. Each unit costs about US$ 3 million.

Understand: eVTOLs are electric vehicles with vertical takeoff and landing (we explain here how they work). They are considered a cheaper, quieter and less polluting alternative to helicopters.

IPO: at the end of last year, Eve announced that it will list its shares on the New York Stock Exchange (NYSE), anticipating the offer for this year.