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Brazil’s Petrobras hikes prices, ignoring Bolsonaro

AFP

Brazilian state-run oil company Petrobras announced hefty increases in gasoline and diesel prices Thursday in response to the Ukraine crisis, ignoring President Jair Bolsonaro’s criticism of what he calls excessive prices.

Petrobras said it would raise the price of gasoline from its refineries by 18.8 percent and diesel by 24.9 percent from Friday, citing the “worldwide surge in the prices of oil and oil derivatives as a result of the war between Russia and Ukraine.”

The company said the move was in line with increases by other fuel suppliers, and emphasized that it had not raised prices in nearly two months.

But the move will likely irk the far-right president, who has been trying to rein in surging fuel prices and inflation more broadly, phenomena which are hurting his popularity as he gears up to seek reelection in October.

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Bolsonaro, who regularly criticizes Petrobras for high prices, said Monday the company’s policy of parity with international prices “cannot continue.”

Petrobras shares dove more than seven percent following the comment.

That echoed a stock plunge of more than 20 percent just over a year ago, when Bolsonaro changed Petrobras’s chief executive after saying the company should not be constantly “surprising people” with price increases.

Bolsonaro is pushing for Congress to pass legislation to bring fuel prices down, though experts say the short-term impact would be minimal.

He is also reportedly looking at decreeing emergency subsidies to lower prices.

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Both measures are unpopular with fiscal conservatives.

Surging prices in Brazil, where the annual inflation rate stands at 10.38 percent, are a weak spot for Bolsonaro as he eyes a tough reelection battle in seven months, likely against leftist ex-president Luiz Inacio Lula da Silva.

The international oil market has been rocked by volatility since Russia invaded Ukraine two weeks ago.

The Brent crude price hit a peak of $139 a barrel Monday, a 14-year high, before falling to around $116 Thursday.

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International

Study finds COVID-19 vaccines prevented 2.5 million deaths worldwide

Moderna reduces production of COVID-19 vaccine

COVID-19 vaccines prevented an estimated 2,533,000 deaths worldwide between 2020 and 2024, according to an international study led by Università Cattolica del Sacro Cuore in Italy and Stanford University in the United States, published in the journal JAMA Health Forum. Researchers calculated that one death was prevented for every 5,400 doses administered.

The analysis also found that the vaccines saved 14.8 million years of life, equivalent to one year of life gained for every 900 doses given.

The study, coordinated by Professor Stefania Boccia, revealed that 82% of the lives saved were people vaccinated before becoming infected with the virus, and 57% of deaths avoided occurred during the Omicron wave. In addition, 90% of the beneficiaries were adults over 60 years old.

“This is the most comprehensive analysis to date, based on global data and fewer assumptions about the evolution of the pandemic,” explained Boccia and researcher Angelo Maria Pezzullo.

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International

Trump administration blasts judge’s ruling reinstating TPS for Honduras, Nepal, and Nicaragua

The administration of U.S. President Donald Trump criticized a federal judge’s ruling on Friday that reinstated Temporary Protected Status (TPS) for Honduras, Nepal, and Nicaragua, stressing that the immigration program was never intended to serve as a “de facto asylum system.”

On Thursday, Judge Trina Thompson extended protections for about 7,000 Nepalese immigrants, whose TPS was set to expire on August 5. The ruling also impacts roughly 51,000 Hondurans and nearly 3,000 Nicaraguans, whose TPS protections were scheduled to end on September 8.

Immigrants covered by TPS had sued the Department of Homeland Security (DHS), alleging that the program’s termination was driven by “racial animus” and stripped them of protection from deportation.

DHS Deputy Undersecretary Tricia McLaughlin issued a statement saying the decision to end TPS was part of a mandate to “restore the integrity” of the immigration system and return the program to its original purpose.

“TPS was never conceived as a de facto asylum system; however, that is how previous administrations have used it for decades,” McLaughlin emphasized.

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She also criticized Judge Thompson, calling the ruling “another example” of judges “stirring up claims of racism to distract from the facts.”

McLaughlin added that DHS would appeal the decision and take the legal battle to higher courts.

The Trump administration has also terminated TPS protections for approximately 160,000 Ukrainians, 350,000 Venezuelans, and at least half a million Haitians, among other immigrant groups.

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International

Trump to build $200M ballroom at the White House by 2028

The U.S. government under President Donald Trump announced on Thursday that it will begin construction in September on a new 8,000-square-meter ballroom at the White House.

The announcement was made by Karoline Leavitt, the administration’s press secretary, during a briefing in which she explained that the expansion responds to the need for a larger venue to host “major events.”

“Other presidents have long wished for a space capable of accommodating large gatherings within the White House complex… President Trump has committed to solving this issue,” Leavitt told reporters.

The project is estimated to cost $200 million, fully funded through donations from Trump himself and other “patriots,” according to a government statement. Construction is scheduled to begin in September and is expected to be completed before Trump’s term ends in 2028.

The Clark Construction Group, a Virginia-based company known for projects such as the Capital One Arena and L’Enfant Plaza in Washington, D.C., has been selected to lead the project.

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The new ballroom will be built on the East Wing of the White House, expanding the iconic residence with a space designed for state dinners, official ceremonies, and large-scale events.

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