. >> thank you >> we're going to talk about that with the ceo of petrobras in a moment.out earnings and more dow is down 128. another day of work. why do you do it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪ >>> brazil's state controlled oil producer petrobras reporting a slim earning implementing an aggressive turnaround strategy after more than a $16 billion loss last year pedestrian row parente joins us to talk about the company and the state of the industry. good to have you welcome. >> thank you very much a pleasure to be talking to you. >> manage to cut debt by 11% more divestments i think are on the way. how would you characterize the state of the company versus where you want to take it? >> yes, i think that we have many assets to mention one is operational terms, we're doing quite

country's not true gas fields they include british dutch company royal dutch shell repsol from spain petrobras from brazil and argentina as pan american energy bolivia's president is eager to quell doubts that the socialist government were neko in the agreement. contracts are going to be fulfilled. we have a flexible cabinet of ministers and a parliament that is well organized and will approve policies that favor bolivians . to guarantee major investments in bolivia. in two thousand and six the newly elected president evo morales nationalized the gas industry using military force foreign companies receive compensation but were not happy the move made bolivia very unpopular with investors but that nationalization was a boon for bolivia generating extra revenue that was in turn invested in oil and gas production. the output of natural gas has increased enormously since then by more than fifty percent in ten years to around twenty billion cubic meters today the majority of households have gas plus the government has been able to build new railways streets hospitals and schools president morales i

petrobras reported lower profit. up income was $81 million from a $5 million loss a year ago.d earnings missed an average estimate of 7 billion, production fell after two major offshore platforms were shut for maintenance. time for a quick look on what is coming up. a lot of data coming through from china. industrial production, retail sales. are breaking and getting a look into [indiscernible] playseeing the state of for china's economy having momentum and moving along, japan and gdp figures, another look at where the -- whether abenomics is working and not. beendays of losses, it has between the gain line. whether the markets are too hot right now. looking back at the earnings season which has wound down. what does it tell us about the state of play for the u.s. economy and the global economy? looking to the numbers out of japan, also fed inflation data, that should give us a clue to the rate hike in december, whether it will happen. in singaporeval as well. yvonne: markets coverage rish.ues with this is bloomberg. ♪ rishaad: president trump will head home with few concrete

so that's a big change we had on the ceo of petrobras earlier and you and he share a similar problem.erited companies with large amounts of debts because your predecessors thought the commodity boom would last forever and they borrowed a lot and spent a lot. you have promised to reduce debt down from 21 billion down to around ten how are you going to do that are you going to sell assets are you going to cut the dividend >> well, we are enjoying a good moment right now because we are starting the operation of our less big investment and it was a new mine in the system called s11d and we now have more volumes of high quality iron ore. consequently, we are taking advantage of very good margins right now, and our projection shows that during next year, we'll be moving into the direction of delivering the $10 million target mainly through operational direction without having to use any further divestments and any -- let's say, not normal things to get there. >> okay. >> two years ago a terrible tragedy. one of the company's mining dams collapsed. toxic mud killed 19 people you shared this