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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.

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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.

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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.

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International

María Corina Machado says Venezuela’s political transition “must take place”

Venezuelan opposition leader María Corina Machado said this Thursday, during a virtual appearance at an event hosted by the Venezuelan-American Association of the U.S. (VAAUS) in New York, that Venezuela’s political transition “must take place” and that the opposition is now “more organized than ever.”

Machado, who is set to receive the Nobel Peace Prize on December 10 in Oslo, Norway — although it is not yet known whether she will attend — stressed that the opposition is currently focused on defining “what comes next” to ensure that the transition is “orderly and effective.”

“We have legitimate leadership and a clear mandate from the people,” she said, adding that the international community supports this position.

Her remarks come amid a hardening of U.S. policy toward the government of Nicolás Maduro, with new economic sanctions and what has been described as the “full closure” of airspace over and around Venezuela — a measure aimed at airlines, pilots, and alleged traffickers — increasing pressure on Caracas and further complicating both air mobility and international commercial operations.

During her speech, Machado highlighted the resilience of the Venezuelan people, who “have suffered, but refuse to surrender,” and said the opposition is facing repression with “dignity and moral strength,” including “exiles and political prisoners who have been separated from their families and have given everything for the democratic cause.”

She also thanked U.S. President Donald Trump for recognizing that Venezuela’s transition is “a priority” and for his role as a “key figure in international pressure against the Maduro regime.”

“Is change coming? Absolutely yes,” Machado said, before concluding that “Venezuela will be free.”

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International

Catalonia’s president calls for greater ambition in defending democracy

The President of the Generalitat of Catalonia, Salvador Illa, on Thursday called for being “more ambitious” in defending democracy, which he warned is being threatened “from within” by inequality, extremism, and hate speech driven by what he described as a “politics of intimidation,” on the final day of his visit to Mexico.

“The greatest threat to democracies is born within themselves. It is inequality and the winds of extremism. Both need each other and feed off one another,” Illa said during a speech at the National Autonomous University of Mexico (UNAM) in Mexico City.

In his address, Illa stated that in the face of extremism, society can adopt “two attitudes: hope or fear,” and warned that hate-driven rhetoric seeks to weaken citizens’ resolve. “We must be aware that hate speech, the politics of intimidation, and threats in the form of tariffs, the persecution of migrants, drones flying over Europe, or even war like the invasion of Ukraine, or walls at the border, all pursue the same goal: to make citizens give up and renounce who they want to be,” he added.

Despite these challenges, he urged people “not to lose hope,” emphasizing that there is a “better alternative,” which he summarized as “dialogue, institutional cooperation, peace, and human values.”

“I sincerely believe that we must be more ambitious in our defense of democracy, and that we must remember, demonstrate, and put into practice everything we are capable of doing. Never before has humanity accumulated so much knowledge, so much capacity, and so much power to shape the future,” Illa stressed.

For that reason, he called for a daily defense of the democratic system “at all levels and by each person according to their responsibility,” warning that democracy is currently facing an “existential threat.”

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International

WMO predicts 55% chance of weakened La Niña impacting global weather this winter

The World Meteorological Organization (WMO) reported on Thursday that there is a 55% chance that the La Niña phenomenon, typically associated with cooler temperatures, will affect global weather between December and February, though in a weakened form.

In its update released Thursday, the WMO clarified that while La Niña is usually linked to a temporary drop in average global temperatures, some regions could still experience warmer-than-normal conditions.

As 2026 progresses, the WMO expects the planet to shift toward neutral conditions, neither influenced by La Niña nor by its opposite, El Niño, which is associated with increased temperatures. The likelihood of neutral conditions is expected to rise to 75% between February and April, according to the agency’s regular bulletin on these phenomena.

La Niña occurs due to cooling of the central and eastern Pacific Ocean waters and is also linked to changes in tropical atmospheric circulation, including wind and rainfall patterns. The opposite phenomenon, El Niño, has not been observed by experts since 2024, which currently remains the warmest year on record.

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