Changes, which still need the approval of the Senate, facilitate Mercadante’s nomination to the BNDES
The common shares of Petrobras closed Wednesday (14.Dec.2022) down 9.8%, with the negative impact of the breakthrough in the Chamber of Deputies of the project that modifies the Law of State-Owned Companies. Those of Banco do Brasil fell 2.5%.
Even with the fall in the shares of the state-owned company and the bank, the Ibovespa closed Wednesday (14.Dec) up 0.20%, at 103,745 points – against the grain of the main world exchanges.
The chamber approved the proposal on Tuesday (13.Dec). The text reduces the quarantine of nominees to occupy presidencies and boards of public companies to 30 days. Today, the term is 4 years. It also alters the maximum that can be spent on state-owned advertising.
The shorter quarantine time makes it easier to nominate the former minister Aloizio Mercadante (PT) for the presidency of the BNDES (National Bank for Economic and Social Development), announced by Lula on Tuesday (13.Dec).
Mercadante is seen as an advocate of expanding public spending. Part of the investors have concerns about the interference of the state bank in the capital market.
The increase in the publicity spending ceiling of state-owned companies would give Lula up to R$ 20 billion in 2023 for advertisements. The value represents 2% of the billing of public and mixed economy companies taking 2021 as the base year, which was R$ 998.8 billion.
The text approved by the deputies changes from 0.5% to up to 2% from gross operating revenue the limit on advertising and sponsorship expenses for these companies in each financial year, in addition to changing spending limits in an election year.
To enter into force, the bill needs the approval of the Senate. O Power360 found, however, that there is no agreement in Casa Alta for the approval of the project, despite pressure from PT members.
#Petrobras #shares #fall #State #Law