PETROBRAS CAUGHT IN FISCAL CRUNCH

Brazil's state owned Petroleos Brasileiro SA remains ensnarled in a fiscal crisis. Petrobras is delaying payment of employees' wages as well as money owed suppliers. That comes after the state company cut its capital budget to $1.4 billion from $2.9 billion earlier this year (OGJ, July 6, p. 38). Petrobras also is considering selling assets and delaying some tax payments to ease its financial crunch. The company issued a memo to employees that said, "The company's financial

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