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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – With plans to drastically reduce its expenses, but finding no support from falling international oil prices and a plummeting Brazilian currency, the country’s oil giant, Petrobras, is taking drastic measures. The company’s executive directors approved last week the non-renewal of third-party contracts, which in practice would mean a reduction of over five thousand employees.

According to a report by daily Estado de S. Paulo, the company has also agreed to reduce managerial posts and implement a widespread restructuring plan, which could mean further layoffs of both . . .

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