Lula criticizes privatization of large companies in Brazil
Brazilian President Luiz Inácio Lula da Silva criticized the privatization of large companies in the country, making direct reference to Eletrobras and Vale. Both could be operating side by side with Petrobras as drivers of the nation’s economy, he argued.These and other critical remarks about mining giant Vale were made during a ceremony Wednesday (Jun. 19) to formally swear in Magda Chambriard as president of Petrobras. She has been in office since the end of May.Eletrobras was privatized in 2022 under Jair Bolsonaro’s government. At the time, new shares were issued, bringing the federal government’s stake down to less than 50 percent. Vale was sold in 1997, when the government led by Fernando Henrique Cardoso negotiated shares with a group of private companies and pension funds.“W...