International

Brazil February inflation rate hits seven-year high

AFP

Brazil’s inflation rate hit a seven-year high for the month of February, the government said Friday, as hefty fuel-price hikes took effect that will only exacerbate surging prices, a sore spot for President Jair Bolsonaro.

The monthly inflation rate for February in Latin America’s biggest economy came in at 1.01 percent compared to January. This was the highest for the month of February since 2015, said national statistics institute IBGE.

The annual inflation rate rose 0.16 point to 10.54 percent, it said.

That remains far above the central bank’s target of 3.5 percent, defying the bank’s efforts to rein in prices with one of the most aggressive series of interest-rate hikes in the world.

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With the Russia-Ukraine war now pushing prices even higher worldwide, Brazil’s inflation problem is only expected to get worse — especially after state-run oil company Petrobras announced it would hike gasoline prices by 19 percent and diesel by 25 percent from Friday over the fallout of the Ukraine crisis.

“Higher fuel prices are likely to push the headline (inflation) rate up even further in March, to above 11 percent,” William Jackson, chief emerging markets economist at Capital Economics, said in a note.

“While the central bank’s monetary policy committee hinted at its last meeting that the tightening cycle was nearing an end, the worsening inflation outlook is likely to keep it in a hawkish mood.”

Brazil’s central bank has raised the key interest rate from an all-time low of two percent in March 2021 to 10.75 percent currently.

But the massive hikes have yet to bring down soaring prices, which are hurting Brazilians’ wallets and Bolsonaro’s popularity as he fights an uphill battle to win reelection in October against leftist ex-president Luiz Inacio Lula da Silva, his likely opponent, who currently leads in the polls.

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International

Former South Korean President Yoon sentenced to five years in prison

Former South Korean president Yoon Suk-yeol was sentenced on Friday to five years in prison for obstruction of justice and other charges, concluding the first in a series of trials stemming from his failed attempt to impose martial law in December 2024.

The sentence is shorter than the 10-year prison term sought by prosecutors against the 65-year-old conservative former leader, whose move against Parliament triggered a major political crisis that ultimately led to his removal from office.

Yoon, a former prosecutor, is still facing seven additional trials. One of them, on charges of insurrection, could potentially result in the death penalty.

On Friday, the Seoul Central District Court ruled on one of the multiple secondary cases linked to the affair, which plunged the country into months of mass protests and political instability.

International

U.S. deportation flight returns venezuelans to Caracas after Maduro’s ouster

A new flight carrying 231 Venezuelans deported from the United States arrived on Friday at the airport serving Caracas, marking the first such arrival since the military operation that ousted and captured President Nicolás Maduro.

On January 3, U.S. forces bombed the Venezuelan capital during an incursion in which Maduro and his wife, Cilia Flores, were captured. Both are now facing narcotrafficking charges in New York.

This was the first U.S.-flagged aircraft transporting migrants to land in Venezuela since the military action ordered by President Donald Trump, who has stated that he is now in charge of the country.

The aircraft departed from Phoenix, Arizona, and landed at Maiquetía International Airport, which serves the Venezuelan capital, at around 10:30 a.m. local time (14:30 GMT), according to AFP reporters on the ground.

The deportees arrived in Venezuela under a repatriation program that remained in place even during the height of the crisis between the two countries, when Maduro was still in power. U.S. planes carrying undocumented Venezuelan migrants continued to arrive throughout last year, despite the military deployment ordered by Trump.

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International

Sheinbaum highlights anti-drug gains after U.S. says challenges remain

Mexican President Claudia Sheinbaum on Friday highlighted her government’s achievements in the fight against drug trafficking, after the United States said challenges remain in combating organized crime.

On Thursday, Mexican Foreign Minister Juan Ramón de la Fuente held talks with his U.S. counterpart, Secretary of State Marco Rubio. Following the meeting, the U.S. State Department said in a statement that “despite progress, challenges still exist” in addressing organized crime.

“There are very strong results from joint cooperation and from the work Mexico is doing: first, a 50% reduction in fentanyl seizures at the U.S. border,” Sheinbaum said during her regular morning press conference.

The president also said that authorities have seized nearly 320 tons of drugs and that there has been a “40% decrease in intentional homicides in Mexico” since the start of her administration on October 1, 2024.

Sheinbaum added that the United States should implement campaigns to reduce drug consumption within its territory and curb the flow of weapons into Mexico.

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“There are many results and there will be more, but there must be mutual respect and shared responsibility, as well as respect for our sovereignties,” she said.

On Monday, Sheinbaum held a phone call with U.S. President Donald Trump to discuss security issues. She said she once again ruled out the presence of U.S. troops in Mexico to fight drug cartels.

Security has been a recurring issue used by Trump to threaten tariffs on Mexico and to pressure negotiations over the USMCA (T-MEC) free trade agreement, which are scheduled for 2026.

The agreement is crucial for Mexico’s economy, as about 80% of the country’s exports are destined for the United States.