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Petrobras shares fall after Bolsonaro fires its boss

AFP

The price of shares in Brazil’s state oil giant Petrobras fell Tuesday in reaction to President Jair Bolsonaro firing its boss after only 40 days on the job.

Bolsonaro dismissed Petrobras CEO Jose Mauro Coelho on Monday in a tug-of-war over rising fuel prices, which are set by Petrobras but tied to international market movement.

Petrobras shares lost more than four percent in afternoon trade on the Sao Paulo Stock Exchange, before recovering somewhat to 2.85 percent lower than Monday’s worth.

The movement reflects investor concerns of a possible intervention by the State, the main shareholder in Petrobras, in its autonomous pricing decisions.

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Coelho took over last month for what should have been a one-year term. He became the company’s third CEO in just over a year after Bolsonaro also fired his predecessors. 

Fuel prices in Brazil have risen more than 33 percent in the past year, according to official figures, driving annual inflation of more than 12 percent and hurting Brazilians’ wallets in an election year.

The far-right Bolsonaro trails leftist ex-president Luiz Inacio Lula da Silva in opinion polls ahead of elections in October.

Brazil’s Ministry of Mines and Energy announced Coelho’s dismissal, saying the country was “experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets.”

The government has proposed for Coelho to be replaced by Caio Mario Paes de Andrade, an official in the Economy Ministry.

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He must be confirmed by the company’s board of directors.

Earlier this month, Bolsonaro also replaced his longtime energy minister, Bento Albuquerque, days after Petrobras reported record quarterly profits.

Bolsonaro said those profits amounted to “rape,” and called on Albuquerque and Coelho to stop Petrobras from raising prices.

Petrobras went on to hike diesel prices by an additional 8.9 percent.

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International

Chile enters runoff campaign with Kast leading and Jara seeking a last-minute comeback

Chile’s presidential runoff campaign for the December 14 election kicked off this Sunday, with far-right candidate José Antonio Kast entering the race as the clear favorite in the polls, while left-wing contender Jeannette Jara faces an uphill scenario, hoping for a comeback that some experts describe as “a miracle.”

The final polls released in Chile—published before the mandatory blackout on survey dissemination—give Kast, an ultraconservative former lawmaker running for president for the third time, a lead of between 12 and 16 points. His opponent, the communist former minister in Gabriel Boric’s current administration, is weighed down not only by the government’s low approval ratings but also by a fragmented electorate.

Although Jeannette Jara received the most votes in the first round with 26.9%, her lack of alliances beyond the left makes it difficult for her to expand her support. Kast, who secured 23.9%, has already brought key figures on board: ultralibertarian Johannes Kaiser (13.9%) and traditional right-wing leader Evelyn Matthei (12.4%), both now backing his candidacy.

Analysts note that although Kast’s support base consolidates more than 50% of the electorate, it does not guarantee an automatic transfer of votes. Populist economist Franco Parisi, who placed third with 19.7%, emerges as the major wildcard. His party, the People’s Party (PDG), is set to decide this Sunday through an internal consultation whether to endorse one of the two finalists.

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International

Trump says asylum decision freeze will remain in place “for a long time”

U.S. President Donald Trump warned on Sunday that the suspension of decisions on asylum applications—implemented as part of his order to “halt” immigration from third-world countries following Wednesday’s shooting in Washington—will remain in effect “for a long time.”

The president declined to specify how long the freeze, imposed last Friday by the U.S. Citizenship and Immigration Services (USCIS), would last. The suspension affects individuals waiting for an asylum ruling from that agency, though it does not apply to cases handled by U.S. immigration courts.

The delay is part of a series of measures enacted by the Trump Administration after a shooting on Wednesday in which an Afghan national allegedly opened fire on the National Guard in Washington, D.C., killing one officer and leaving another in critical condition.

Trump has ordered a permanent halt to immigration from 19 countries classified as “third-world.” He also indicated on Sunday that “possibly” more nations could be added to the list.

“These are countries with high crime rates. They are countries that do not function well… that are not known for success, and frankly, we don’t need people from those places coming into our country and telling us what to do,” Trump said, adding: “We don’t want those people.”

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USCIS had already announced on Thursday a “rigorous review” of green cards held by migrants from 19 “countries of concern,” including Afghanistan, Cuba, Venezuela, and Haiti.

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International

Sri Lanka and Indonesia deploy military as deadly asian floods kill over 1,000

Sri Lanka and Indonesia deployed military personnel on Monday to assist victims of the devastating floods that have killed more than a thousand people across Asia in recent days.

A series of weather events last week triggered prolonged torrential rains across Sri Lanka, parts of Indonesia’s Sumatra island, southern Thailand, and northern Malaysia. Indonesian President Prabowo Subianto said Monday in North Sumatra that “the priority now is to deliver the necessary aid as quickly as possible.”

“There are several isolated villages that, with God’s help, we will be able to reach,” he added. Subianto also stated that the government had deployed helicopters and aircraft to support relief operations.

Floods and landslides have claimed 502 lives in Indonesia, with a similar number still missing.

This marks the highest death toll from a natural disaster in Indonesia since 2018, when an earthquake and subsequent tsunami killed more than 2,000 people.

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The government has sent three military ships carrying aid and two hospital vessels to the hardest-hit regions, where many roads remain impassable.

In the village of Sungai Nyalo, located about 100 kilometers from Padang, the capital of West Sumatra, floodwaters had receded by Sunday, leaving homes, vehicles, and crops coated in thick mud.

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