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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

Trump administration begins downsizing ‘bloated’ state department workforce

The U.S. Department of State issued layoff notices on Friday to more than 1,300 employees both domestically and abroad, marking the start of a workforce reduction aimed at trimming what officials have called a “bloated” staff. The move is part of President Donald Trump’s broader effort to restructure the federal government.

According to local media reports, more than 1,100 Civil Service employees and around 250 Foreign Service officers received notifications via email. Those affected will be placed on administrative leave for periods ranging from 90 to 120 days from the date of their dismissal notice.

The job cuts are part of a plan to centralize and streamline the agency’s operations without disrupting its overall functioning. The restructuring was designed by Secretary of State Marco Rubio, who had previously informed Congress in May of his intention to reduce the department’s workforce by 15%. The State Department currently employs about 18,000 people.

According to the top U.S. diplomat, the goal is to optimize what he described as a “bloated bureaucracy that stifles innovation and misallocates scarce resources,” as well as to eliminate remnants of “radical political ideology.”

The reorganization is expected to hit hardest in offices focused on human rights and refugee issues, which will now be handled by regional bureaus, according to The New York Times.

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“We inherited a system that needed reform, and we are delivering it,” said State Department spokesperson Tammy Bruce on Thursday, adding that the Administration is committed to a foreign policy that puts U.S. interests first.

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International

Trump defends Bolsonaro, hints at talks with Brazil after tariff warning

U.S. President Donald Trump said on Friday that he “might at some point” choose to speak with the Brazilian government after threatening to impose a 50% tariff on imports from the South American country, citing what he claims is a political persecution against former president Jair Bolsonaro.

“I might talk to them at some point,” Trump said when asked whether he had spoken with officials in Brasília following the tariff threat he sent earlier this week.

The president once again insisted that the government of President Luiz Inácio Lula da Silva is “treating former President Bolsonaro very unfairly.” He reiterated his admiration for Bolsonaro, calling him “a good negotiator” in trade matters.

“I shouldn’t like him because he was such a good negotiator. But he was an honest man,” Trump stated before departing Washington for flood-affected regions in Texas.

“I can tell the difference between those who are corrupt and those who are honest,” the Republican added, referring to the far-right former Brazilian president.

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On Wednesday, Trump sent a letter to the Brazilian government announcing a 50% tariff on Brazilian imports starting August 1.

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International

Sheinbaum slams ICE raids after 355 mexicans detained and 67,000 repatriated

Mexican President Claudia Sheinbaum stated on Friday that at least 355 Mexican migrants have been detained in various immigration raids across the United States, and over 67,000 have been repatriated since January 20, when Donald Trump’s administration began.

“There are 355 Mexican nationals directly linked to the raids who have been detained,” the president reported during her morning press conference.

She clarified that, on Thursday alone, following a raid on agricultural fields in California, the Mexican consulate received 25 calls from relatives seeking assistance for the detainees. However, the total number of those arrested is still being verified.

Sheinbaum’s comments come in response to Thursday’s reports that Mexican workers were detained by Immigration and Customs Enforcement (ICE) during raids on farms in California, specifically in Santa Barbara County, in the Carpinteria area.

The actions of ICE agents sparked protests, which were dispersed when officers deployed tear gas on demonstrators in the middle of the fields.

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In response, the Mexican government, through its foreign ministry, activated its consular support protocol to assist the detained nationals.

The Mexican leader took the opportunity to condemn the raids, calling them “deeply unfair” and warning that “they will significantly harm the U.S. economy.”

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