Petrobras Sinks: Poll Shows Lead For Incumbent Brazilian President

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Petroleo Brasileiro Petrobras SA
PBR
fell sharply on news that Brazil's current socialist president Dilma Rousseff has taken a commanding lead over rival Marina Silva. Silva has based her campaign for the Oct. 5 election in part on alleged corruption scandals in the state-controlled energy giant Petrobras, which has a market capitalization of more than $108 billion. A poll published Sunday by Brazilian media conglomerate Grupo Folha showed Rousseff ahead with 47 percent of the votes against 43 percent for Silva. Petrobras' shares sank more than 10 percent on the New York Stock Exchange Monday. Silva had been the running mate of presidential candidate Eduardo Campos until an Aug. 13 plane crash killed Campos. Her candidacy has sought to tap unrest in Brazil that led to widespread rioting in 2013. Earlier this month a jailed former Petrobras executive reportedly provided prosecutors with the names of about two dozen government officials and politicians who allegedly received kickbacks from Petrobras. Among those reportedly on the take were Eduardo Campos.
Posted In: NewsManagementEventsGlobalIntraday Update
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