Three workers died of burn injuries received after a Petroleo Brasileiro SA (PBR) offshore drill rig explosion Friday, the Wall Street Journal reported. <\/p>\n
The Brazilian state-run oil company's unions said the accident, which is the worst since 2015, is proof that recent layoffs and cost cuts aimed at reducing Petrobras' heavy debt load have impacted safety. <\/p>\n
Petrobras hasn't commented on the cause of the explosion. A commission has been formed to investigate. <\/p>\n
Petrobras stock traded down over 1% in early afternoon trading. <\/p>\n
What's Hot on TheStreet <\/p>\n
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple AAPL on Sunday on fears the stock may be too richly valued. <\/p>\n
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores. <\/p>\n
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires. <\/p>\n
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets. <\/p>\n
Apple and General Electric are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL and GE? Learn more now . <\/p>\n
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Three Petrobras Workers Die After Offshore Explosion - TheStreet.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Three workers died of burn injuries received after a Petroleo Brasileiro SA (PBR) offshore drill rig explosion Friday, the Wall Street Journal reported. The Brazilian state-run oil company's unions said the accident, which is the worst since 2015, is proof that recent layoffs and cost cuts aimed at reducing Petrobras' heavy debt load have impacted safety Continue reading