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Expand chart
Data: EIA; Chart: Axios Visuals

Brazil's markets tumbled on Monday, with state oil company Petrobras losing 19% of its value, after president Jair Bolsonaro announced he was firing the company's Chicago-educated CEO and replacing him with a former general.

Why it matters: Bolsonaro pledged to "put a finger on electricity" — to keep prices at artificially low levels, worrying investors who had previously been counting on him to have more of a laissez-faire approach to industry.

Flashback: The headlines coming out of Brazil are reminiscent of the way in which Venezuelan president Hugo Chavez dismantled his country's oil-production infrastructure after he came to power in 1999, starting with the forced resignation of Luis Giusti, the head of the state-owned oil company.

By the numbers: Venezuelan oil production has reached formerly unthinkable lows, given that the country sits on the largest oil reserves in the world.

  • Venezuela's 300 billion barrels of reserves now produce less than half a million barrels a day of oil.
  • Brazil's reserves are tiny in comparison — less than 13 billion barrels — but the company is producing far more oil, about 3 million barrels per day.

Between the lines: Technocrats tend not to fare well under populist presidents, be they of the right-wing or left-wing variety. Venezuela's PDVSA was an extremely well-run company before 1999, and Petrobras has been reasonably well-run until now.

  • But when an ex-military president takes over and puts generals in charge, loyalty to the regime tends to be rewarded more than professional competence.

Go deeper

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
4 hours ago - Health

Omicron gives a shot to boosters

Expand chart
Data: CDC; Chart: Will Chase/Axios

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.

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