International
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.
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.
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.
International
Erin brings strong winds and storm surge despite weakening offshore
Hurricane Erin weakened to a Category 2 storm on Tuesday but continues to pose a threat to parts of the U.S. East Coast with potentially dangerous flooding, according to meteorologists.
Although the hurricane’s eye is expected to remain offshore, experts are concerned about Erin’s size, as strong winds extend hundreds of kilometers beyond the storm’s center.
In its 18:00 GMT bulletin, the U.S. National Hurricane Center (NHC) lifted tropical storm warnings for the Bahamasand Turks and Caicos Islands, but kept them in effect for parts of North Carolina.
Erin was located several hundred kilometers southeast of North Carolina and was moving northwestward.
“This means there is a risk of potentially life-threatening flooding of 60 to 120 centimeters above ground level,” said NHC Director Michael Brennan.
He also warned of the possibility of destructive waves, combined with storm surge, that could cause severe damage to beaches and coastal areas, making roads impassable.
International
Three U.S. Warships deploy near Venezuela to combat drug trafficking
Three U.S. naval vessels are moving toward the coasts of Venezuela, according to international media reports on Tuesday, after White House spokesperson Karoline Leavitt confirmed that President Donald Trump is ready to combat and curb international drug trafficking.
Reports indicate that the ships will reach Venezuelan waters within the next 36 hours as part of a recent U.S. deployment aimed at countering international narcotics operations.
The announcement coincides with Leavitt’s statement that Trump is prepared to “use the full extent of his power” to halt drug flows into the United States. The naval deployment involves approximately 4,000 military personnel.
“The President has been clear and consistent. He is ready to use every element of U.S. power to prevent drugs from flooding our country and to bring those responsible to justice. The Maduro regime is not the legitimate government of Venezuela—it is a narco-terror cartel,” the spokesperson said during a press conference.
International
Cuban authorities free salvadoran convicted in 1997 hotel bombing
Salvadoran national Otto René Rodríguez Llerena was released after serving a 30-year prison sentence for his involvement in a terrorist attack at a hotel in Cuba in 1997, the Cuban Ministry of Foreign Affairs reported.
During his trial, Rodríguez Llerena admitted to placing an explosive device at the Meliá Cohiba Hotel under the orders of anti-Castro exile leaders. He was arrested the following year when he returned to Havana with another load of explosives that failed to detonate.
“The Cuban government reiterates its commitment to combating terrorism, respecting human rights, and the need for the international community to hold accountable those who promote such acts,” the statement read.
He was released on August 15 and is the second Salvadoran to complete his sentence. In December of last year, another Salvadoran, Ernesto Cruz León, was released after planting bombs at tourist centers, one of which killed an Italian tourist identified as Fabio Di Celmo.
A third Salvadoran, Francisco Chávez Abarca, also received a 30-year sentence from Cuban courts in 2010 after being extradited from Venezuela through Interpol for actions against Cuba.
Rodríguez Llerena had requested conditional release in 2016, arguing that his actions had not caused any direct fatalities, but no further information was released about his situation until now.
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