Brazilian President Jair Bolsonaro. Photo: Mandel Ngan/AFP/Getty Images

The CEO of Brazil's state-controlled oil company Petrobras says there was no government interference in the company's decision not to increase the price of diesel after he received a phone call from President Jair Bolsonaro.

Details: Castello Branco, Petrobras' CEO, said Bolsonaro simply warned him during the call about the risks of a potential new truckers' strike if diesel prices rose, Reuters reports.

  • "The decision was taken by Petrobras management, no one told the company to cancel the price rise," Branco said.

Background: Bloomberg had previously reported that Bolsonaro made the call to tell Branco not to make the price hike, and Petrobras' stock fell by 8% after the news. Investors are worried that Brazil's new president, who came to office promising to jail his political opponents and praising the country's previous military dictatorship, will take a more hands-on approach to business decisions in Latin America's largest economy.

  • The Brazilian government effectively owns more than 60% of Petrobras, even though it is a publicly traded company.
  • Given not just the 20-year dictatorship in Brazil, but the penchant for state involvement of previous South American leaders like Cristina Fernandez de Kirchner and Hugo Chavez (and the unremarkable results), investors are understandably a bit uneasy.

The bottom line: Bolsonaro has routinely been referred to as a fascist by critics, and any indication that he's planning to put political interests over business interests at Petrobras is worrisome for Petrobras investors as well as just about any industry that does business with the government.

Go deeper: Brazil, Bolsonaro and the Bovespa

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A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

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Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 4 p.m. ET: 2,777,232 — Total deaths: 129,192 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
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  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
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Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

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Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.