LatinNews Daily - 20 March 2024

*Brazilian petrochemicals company Braskem has released its latest financial results, registering a net loss of R$1.58bn (US$314m) in the fourth quarter of 2023 and an annual net loss of R$4.58bn. Consolidated net losses came to R$1.75bn for Q4 and R$4.89bn for 2023. The latest annual figures mark significantly greater losses compared to 2022, when the annual net loss was registered at R$336m and the consolidated net loss was R$821m. The petrochemicals giant has also come under pressure from the senate’s ongoing select committee inquiry (CPI) into Braskem’s alleged environmentally irresponsible mining operations in recent years which may have caused geological disturbances in some neighbourhoods of Maceió, capital of Alagoas state. Following the partial collapse of a Braskem salt mine in Maceió in December 2023, the federal police (PF) opened an investigation into the company and the senate officially approved the launch of a CPI, although the congressional inquiry’s proceedings only got underway in February. In the CPI’s session yesterday, the committee members approved motions to summon public officials as well as executives from Braskem and from one of Braskem’s major shareholders, Brazilian construction giant Novonor (formerly known as Odebrecht).