Bloomberg report that Brazil’s state-run oil company Petroleo Brasileiro SA is looking for a way to pull out of a pricey sponsorship deal with the McLaren Formula 1 racing team, President Jair Bolsonaro declared on his Twitter account. He wrote: 'In 2018, Petrobrás signed an advertising contract of R$782-million ($191-million) with McLaren, valid for five years. At the moment, the company, by decision of my Government, seeks a way to terminate the contract. Bolsonaro, who took office in January, has promised to shrink government spending, and among other things he has aimed fire on advertising and publicity costs. Petrobras Chief Executive Officer Roberto Castello Branco said in an...
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