International

Brazil has near-record year for Amazon deforestation

AFP

Deforestation in the Brazilian Amazon reached near-record levels for the 12 months through July, according to figures released Friday, the latest bleak news for the world’s biggest rainforest under President Jair Bolsonaro.

A total of 8,712 square kilometers (3,364 square miles) of forest cover — an area nearly the size of Puerto Rico — was destroyed from August 2020 to July 2021, according to satellite data from Brazilian space agency INPE’s DETER monitoring program.

That is the second-worst year on record for the program’s August-July reference period, behind only the 9,216 square kilometers deforested the previous year — the worst for the Brazilian Amazon since the monitoring program was launched in 2015.

The latest annual figure is an increase of more than 90 percent since 2017-2018, the last full year before Bolsonaro took office.

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The far-right president has slashed environmental protection programs and pushed to open protected lands to agribusiness and mining.

Environmentalists say that is having a disastrous impact on the Amazon, a critical resource in the race to curb climate change.

“The rainforest’s future is currently in the hands of land speculators, illegal loggers and gold miners,” said Marcio Astrini, executive secretary of the Climate Observatory, a coalition of environmental groups.

“The Amazon has become a free-for-all for environmental crime, in partnership with the current government,” he said in a statement.

Facing international pressure to improve his administration’s environmental record, Bolsonaro accepted the resignation in June of environment minister Ricardo Salles.

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The regulation-slashing Salles, who was one of Bolsonaro’s most controversial ministers, is under investigation for allegations of involvement in a timber trafficking scheme.

The Climate Observatory said the new minister, Joaquim Leite, “has not yet made a single move to undo his predecessor’s policies.”

Two recent studies have found heavily damaged portions of the Amazon are now emitting more carbon than they absorb, a worrying sign the rainforest may not act as a curb on global warming much longer.

The DETER figure is for the period through July 30, meaning the final number is likely to be slightly higher.

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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.