Brazil’s Petrobras raises fuel prices

AFP

Brazil’s state-owned oil company Petrobras announced Friday it is raising fuel prices, infuriating President Jair Bolsonaro as he faces an inflationary spike and a re-election bid in October.

Painful price increases, especially for food and fuel, have emerged as a key weak spot for the far-right incumbent.

Petrobras, the largest company in Latin America, said it will hike gasoline prices by 5.18 percent and diesel prices by 14.26 percent starting Saturday.

It blamed “a challenging scenario in Brazil and the world,” the latter a reference to the war in Ukraine, which has triggered higher oil prices around the world.

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Brazil has already seen fuel prices surge by over 33 percent in the past year, according to official figures — with the last spike in gasoline and diesel rates coming three months ago.

Bolsonaro reacted angrily saying Petrobras “could sink Brazil in chaos.”

In May, Bolsonaro dismissed the president of Petrobras, who had been in the job for just 40 days, with the country’s energy ministry saying “Brazil is currently experiencing a challenging moment.”

As in many countries of the world, prices are soaring in Brazil. Inflation stands at 11.73 percent, far above the central bank’s target of 3.5 percent.

The bank raised its benchmark interest rate for the 11th straight time on Wednesday as it battles inflation.

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Bolsonaro faces an uphill battle against leftist ex-president Luiz Inacio Lula da Silva (2003-2010), who leads in opinion polls and is remembered for presiding over a booming economy.

That is a sharp contrast to today, with Brazil’s economy struggling to bounce back from the pandemic and now reeling from the inflationary pressures unleashed by Russia’s invasion of Ukraine

Japan reopens Kashiwazaki-Kariwa Plant despite public concerns

La centrale nucléaire japonaise de Kashiwazaki-Kariwa, la plus grande au monde, a repris ses activités mercredi pour la première fois depuis la catastrophe de Fukushima en 2011, malgré les inquiétudes persistantes d’une partie de la population.

La remise en service a eu lieu à 19h02 heure locale (10h02 GMT), a indiqué à l’AFP Tatsuya Matoba, porte-parole de la compagnie Tokyo Electric Power (Tepco).

Le gouverneur de la préfecture de Niigata, où se situe la centrale, avait donné son feu vert à la reprise le mois dernier, en dépit d’une opinion publique divisée. Selon une enquête menée en septembre par la préfecture elle-même, 60 % des habitants se déclaraient opposés au redémarrage, contre 37 % favorables.

Mardi, plusieurs dizaines de manifestants ont bravé le froid et la neige pour protester près de l’entrée du site, sur les rives de la mer du Japon.

« L’électricité de Tokyo est produite à Kashiwazaki. Pourquoi seuls les habitants d’ici devraient-ils être exposés au danger ? Cela n’a aucun sens », a déclaré à l’AFP Yumiko Abe, une riveraine de 73 ans.

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La centrale de Kashiwazaki-Kariwa avait été mise à l’arrêt lorsque le Japon a fermé l’ensemble de ses réacteurs nucléaires à la suite du triple désastre de mars 2011 — un séisme, un tsunami et un accident nucléaire — survenu à Fukushima.

International

Markets rise as Trump halts Europe tariffs and floats Greenland agreement framework

U.S. President Donald Trump on Wednesday lifted his threat to impose new tariffs on several European countries and said he had outlined the framework of a future agreement on Greenland during a meeting in Davos with NATO Secretary General Mark Rutte.

“Based on this understanding, I will not impose the tariffs that were scheduled to take effect on February 1,” Trump wrote on his social media platform Truth Social, without providing details about the proposed “framework.”

The announcement boosted financial markets. Wall Street, which had been trading slightly higher, extended its gains following Trump’s message, while the U.S. dollar strengthened against the euro.

Trump has repeatedly insisted that Greenland, rich in mineral resources, is ‘vital’ to the security of the United States and NATO, particularly as Arctic ice melts and global powers compete for strategic advantage in the region amid rising tensions with China and Russia.

Last week, the U.S. president threatened to impose tariffs of up to 25% on eight European countries for supporting Denmark and sending a military exploratory mission to Greenland. All of the targeted countries are NATO members, including the United Kingdom, Germany, and France, Europe’s largest economies.

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Trump said on Wednesday that additional discussions are underway regarding the “Golden Dome” missile defense system, specifically in connection with Greenland.

He assigned Vice President JD Vance, Secretary of State Marco Rubio, and special envoy Steve Witkoff to lead the negotiations.

Hours before his post, Trump ruled out the use of force to seize Greenland for the first time, but demanded “immediate negotiations” for its acquisition, reiterating his view that only the United States can guarantee the security of the Arctic island.

International

Venezuela’s interim president predicts 37% increase in revenues for 2026

Venezuela’s interim president, Delcy Rodríguez, said Wednesday that the country’s revenues are expected to increase by about 37% in 2026, in a statement made during a session of the Federal Government Council at the Miraflores Presidential Palace in Caracas.

Rodríguez said the projected rise in foreign currency income comes as agreements on Venezuelan oil sales with the United States are being implemented, including deals in which Washington will trade Venezuelan crude and manage the proceeds before transferring funds to Caracas.

“This year, revenues expressed in foreign currency will increase by 37%,” Rodríguez declared, according to EFE. She noted that the increase will also benefit regional governments and local authorities. “You will have more resources for your management, which I know you need,” she added.

Rodríguez said the distribution formula for revenues will remain the same as in 2025: 53% for communes, 29% for state governments, 15% for municipalities, and 3% for institutional strengthening. She also said the government would intervene to “correct imbalances” in how funds are allocated, particularly among some municipal and regional authorities.

The announcement follows reporting that Venezuela received at least $300 million from oil revenues tied to a U.S.–Venezuela deal that could involve up to 50 million barrels of crude. Washington officials have said the interim government met U.S. requirements under the agreement.