Lula halts privatization of Brazilian state companies media

The national oil giant Petrobras will remain under government control

Brazil's newly returned President Luiz Inacio Lula da Silva has scrapped plans to sell off eight state-run corporate giants, including the oil company Petroleo Brasileiro, known as Petrobras, Brazilian news website G1 reported on Monday.

Lula, who was at the helm from 2003 through 2010, was sworn in as Brazil's president