International

Bolsonaro changes energy minister amid fuel-price row

AFP

Brazilian President Jair Bolsonaro changed his energy minister Wednesday after repeatedly criticizing fuel-price hikes by state-run oil company Petrobras, blamed for driving inflation that is hurting his popularity five months from elections.

Bento Albuquerque, who had been Bolsonaro’s energy minister since the far-right president took office in 2019, will be replaced by economy ministry adviser Adolfo Sachsida, according to a note in the government gazette.

The energy ministry said Albuquerque had stepped down for “personal reasons” after a meeting with Bolsonaro, though speculation swirled in the Brazilian media that he had been sacked.

The shuffle comes after Bolsonaro said Thursday that Petrobras’s recent profits amounted to “rape,” and called on Albuquerque and the firm’s chief executive, Jose Mauro Coelho, to stop it from increasing fuel prices.

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Albuquerque and the energy ministry however had no direct role in price decisions by Petrobras, whose pricing policy is based on the international oil market.

Disregarding the president, Petrobras went on to hike diesel prices by an additional 8.9 percent Monday.

Bolsonaro has also repeatedly changed the chief executive at Petrobras, replacing Roberto Castello Branco in February 2021, then Joaquim Silva e Luna last April — in each case, after attacking the firm’s price increases.

The company only stoked Bolsonaro’s fury further when it reported a first-quarter net profit of $8.6 billion Thursday, up 38 times from the first quarter of 2021.

Fuel prices in Brazil have increased more than 33 percent in the past year, according to official figures, driving annual inflation of more than 12 percent that is hurting Brazilians’ wallets.

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Spiralling prices are a central issue as Bolsonaro seeks reelection in October, trailing leftist ex-president Luiz Inacio Lula da Silva (2003-2010) in the polls.

International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.