Macroeconomy/Finance

21,000 Petrobras workers end three-week strike – production not affected

After an arbitration hearing, around 21,000 workers at Brazil’s state-owned oil giant Petrobras (a third of total workforce) have ended a strike of nearly three weeks that left the firm scrambling to avoid a drop in production. Labor unions said they were protesting the closure of a fertiliser plant in the southern state of Parana, with around 1,000 total layoffs. Petrobras said the strike did not affect production thanks to the hiring of outsourced labor. The company announced a record net profit of $10.2 billion for 2019 earlier this week, an on-year jump of more than 55%.

Source: Merco Press