International

Petrobras notches $5.9 bn profit in Q3

AFP

Brazilian state-run oil company Petrobras reported a hefty net profit of $5.9 billion for the third quarter Thursday, beating analysts’ expectations as oil prices continued to climb.

It was the fourth straight quarterly profit for the company, up from a loss of $236 million for the same period in 2020, when the coronavirus pandemic had sent crude prices crashing.

Since then, Petrobras has rebounded on the back of soaring prices — so much so that far-right President Jair Bolsonaro said earlier on Thursday it was making too much profit.

“Petrobras needs to be a company that doesn’t post excessively high profits, as it has been doing,” he said in his weekly live address on social media.

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“It has to play a social role, in the good sense of the term.”

Bolsonaro made the remarks just before the company announced its profit for the July-September period, which followed a profit of $8.1 billion for April-June.

Petrobras said the boost had come largely from the rebound of Brent crude prices to an average of $73.47 a barrel in the third quarter, up 70.9 percent in a year.

The company has largely passed that increase on to customers at the pump, drawing the ire of consumers — and Bolsonaro — as fuel prices soar.

The president had also criticized Petrobras on Wednesday, saying, “It’s a state-run company that, with all due respect, is just giving me headaches.”

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He said he was looking at putting the company “on the radar” to be privatized as part of his government’s massive sell-off of state-run firms.

Bolsonaro has not shied away from shaking things up at Petrobras in the past.

In February, he appointed army reserve general Joaquim Silva e Luna as chief executive of Petrobras, replacing respected CEO Roberto Castello Branco shortly after saying the firm should not be constantly “surprising people” with price increases.

International

New York Announces First 2,000 Seats in Universal 2-K Program

The Governor of New York, Kathy Hochul, and New York City Mayor Zohran Mamdani took another step today in their universal early education agenda by announcing the communities that will have access to the first 2,000 seats in the new 2-K program this fall — an initiative backed by a $73 million investment.

The funding is part of the $1.2 billion package previously unveiled by Hochul to strengthen child care and early childhood education across the city, one of the key campaign promises of the now Social Democratic mayor.

At the time of the announcement, the governor also outlined additional funds to reinforce the existing 3-K early education infrastructure, a program launched under former Mayor Bill de Blasio (2014–2021).

When the 2-K initiative was introduced in January, Mayor Mamdani explained that its first phase would offer 2,000 seats, with the goal of eventually expanding into a universal program — a commitment supported by the governor.

State investment in child care and preschool services is expected to increase to $4.5 billion by fiscal year 2027.

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Among the first communities set to benefit from the 2,000 seats are Upper Manhattan and Inwood — areas with large Dominican populations — as well as Fordham and Kingsbridge in the Bronx, a borough with a Latino majority.

In East Brooklyn, Canarsie, Brownsville, and Ocean Hill will also be included. Meanwhile, Ozone Park and the Rockaways are among the neighborhoods that will see the rollout of the 2-K program.

International

Warner Bros. Developing First ‘Game of Thrones’ Movie With ‘Andor’ Writer

Warner Bros. is developing the first feature film based on the hit saga Game of Thrones, with Beau Willimon — screenwriter of Andor — attached to direct, according to a report published Tuesday by Page Six.

The project, currently in early development, will focus on the conquest of King Aegon I Targaryen. A separate television adaptation centered on the same historical storyline within the franchise is also in early stages at HBO.

However, the outlet noted that it remains unclear whether the film will move forward following the recent acquisition of Warner Bros. Discovery by Paramount Skydance.

If the merger is finalized, the movie could potentially be shelved, although that scenario appears unlikely given that the Game of Thrones franchise remains one of HBO’s most valuable and beloved properties.

After six seasons adapting the work of George R. R. Martin, the platform expanded the universe with House of the Dragon, a prequel series set 200 years before the events of Game of Thrones that explores the history of House Targaryen.

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International

Spain’s Prime Minister to Address Nation Amid Trump’s Trade Threats

The Prime Minister of Spain, Pedro Sánchez, will deliver an institutional address this Wednesday at the Moncloa Palace regarding the escalating situation in the Middle East and recent threats directed at Spain by U.S. President Donald Trump.

The Spanish government announced that Sánchez will make a statement at 9:00 a.m. local time to outline his position on the latest developments following the U.S. and Israeli attacks on Iran.

Sánchez is expected to reiterate Spain’s reasons for opposing the use of U.S. military bases on Spanish soil in the operation—an action he has already described as being outside international law—while also expressing criticism of the Iranian regime.

Government sources indicated that the address had been planned prior to Trump’s remarks criticizing Spain’s stance. However, following those comments, Sánchez is now also expected to respond directly to the U.S. president’s statements.

Trump has threatened to “cut all trade with Spain” and said he wants “nothing to do” with the country after Madrid refused to authorize the use of the Morón and Rota military bases in southern Spain for operations against Tehran.

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The U.S. president also labeled Spain “a terrible NATO partner” and warned that “no one” would tell him he could not use the facilities.

In response, the Spanish government stated that Spain fulfills its commitments to NATO and European defense. It also warned Trump that any review of bilateral trade relations must respect international law and the agreements in place between the European Union and the United States.