International

Board of Brazil’s Petrobras elects Lula ally as new president

Photo: AFP

January 26 | By AFP |

The board of directors of Petrobras on Thursday appointed Jean Paul Prates, an ally of President Luiz Inacio Lula da Silva, as head of the state oil company.

Prates, a 54-year-old lawyer and economist, was previously a senator in northeastern Rio Grande do Norte state and a member of Lula’s Workers’ Party.

Lula described Prates as a specialist in the energy sector when nominating him for the job on Twitter last month.

In a statement confirming the appointment, the Petrobras board said Prates had been chosen unanimously.

20260224_estafa_mh_728x90

Prates has 30 years experience in the oil, natural gas, biofuels and renewable energy sectors.

“I have been given the mission of managing Petrobras in the coming years,” Prates said.

He added that he was “honored to lead a company that is the heritage of all Brazilians.”

Petrobras is the flagship of Brazilian industry. It is the largest company in the South American country but was at the center of the wide-ranging “Operation Car Wash” corruption scandal.

As part of the graft investigation, Lula was himself convicted of accepting a bribe and spent 18 months in jail before a judge annulled his conviction.

20260224_estafa_mh_728x90

Petrobras went through some turbulent years during the presidency of Lula’s predecessor, Jair Bolsonaro.

The company went through four different CEOs during that period due major disagreements over Petrobras’s oil pricing policies.

Bolsonaro even went so far as to accuse Petrobras of theft over its price hikes.

The company sets prices based on the standard international rate for a barrel of oil.

The position of Petrobras chief executive is one that comes with great exposure to political pressure.

20260224_estafa_mh_728x90

In its 68 years of existence, the company has had 39 CEOs, meaning they have lasted on average less than two years.

The markets have expressed fears that Prates could change the company’s pricing policies and that under Lula’s socialist government there will be greater interference in the running of state companies.

The Brazilian state owns 50.26 percent of Petrobras’s capital and Lula has ruled out privatizing the company.

International

Trump Delays Potential Iran Strikes as Regional Peace Talks Continue

Donald Trump announced a new deadline for potential military action against Iran, saying he would temporarily delay planned strikes while regional negotiators continue efforts to secure a peace agreement.

Speaking at the White House, Trump said he decided to postpone the operation after receiving requests from the leaders of Qatar, Saudi Arabia and United Arab Emirates.

The U.S. president explained that the pause would remain in place for only a limited period, adding that discussions could continue through the end of the week or early next week.

Trump also warned that military action remained a possibility if negotiations fail to produce results, stressing that the United States could not allow Iran to acquire a nuclear weapon.

“Maybe we’ll have to hit them again,” Trump said, referring to Iran while reiterating his willingness to resume military operations if necessary.

20260224_estafa_mh_728x90

International

FAO Urges Urgent Action as Hormuz Disruption Threatens Global Food Supply

A prolonged closure of the Strait of Hormuz could trigger a “systemic agri-food shock” capable of causing a major global food price crisis within six to twelve months, the Food and Agriculture Organization warned on Wednesday.

Before the recent attacks launched by United States and Israel against Iran, roughly one-fifth of the world’s seaborne oil shipments passed through the strategic waterway.

The UN agency said the disruption should not be viewed as a temporary shipping issue, but rather as the beginning of a broader global agro-food crisis with potential long-term economic consequences.

The FAO urged governments to establish alternative trade routes, avoid export restrictions, protect humanitarian supply chains and build reserves to absorb rising transportation costs.

Máximo Torero said countries must urgently strengthen their resilience and prepare for the potential impact of disruptions linked to the maritime bottleneck.

20260224_estafa_mh_728x90

According to the organization, the window for preventive action is rapidly closing.

International

U.S. Sanctions Alleged Sinaloa Cartel Money Launderers Linked to Fentanyl Trade

The U.S. Department of the Treasury announced sanctions on Wednesday against more than a dozen individuals and companies allegedly linked to Mexico’s Sinaloa Cartel, accusing them of laundering money connected to fentanyl trafficking operations.

Among those targeted are Armando Ojeda Avilés, identified by U.S. authorities as a leading money laundering operator for the cartel, and Jesús “Chuy” González Peñuela, who has been subject to a $5 million reward since January 2024.

According to the sanctions list released by the Office of Foreign Assets Control (OFAC), other individuals sanctioned include Jesús Alonso Aispuro, described as the network’s financial chief, and Rodrigo Alarcón Palomares, accused of overseeing cash collection operations in the United States.

Relatives of the alleged cartel figures were also sanctioned for managing businesses reportedly tied to the network, including the security company Grupo Especial Mamba Negra and the restaurant Gorditas Chiwas in Chihuahua, Mexico.

The Sinaloa Cartel was designated a narcoterrorist organization last year under an order issued by U.S. President Donald Trump and has since become a major focus of U.S. law enforcement efforts.

20260224_estafa_mh_728x90

Two weeks ago, prosecutors in New York’s Southern District accused Sinaloa Governor Rubén Rocha Moya and several associates of collaborating with the cartel, a development that increased tensions with the administration of Mexican President Claudia Sheinbaum.