- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
Brazil's Bolsonaro fires third Petrobras chief as fuel prices soar
Brazilian President Jair Bolsonaro on Monday dismissed the president of state oil giant Petrobras, who had been in the job for only 40 days.
Fuel prices in Brazil have increased more than 33 percent in the past year, according to official figures, driving annual inflation of more than 12 percent and hurting Brazilians' wallets.
Inflation is a central issue as the far-right Bolsonaro seeks re-election in October and trails leftist ex-president Luiz Inacio Lula da Silva in the polls.
"The Federal Government, as controlling shareholder of Petroleo Brasileiro S.A., Petrobras, advises that it decided to make a change to the Company's presidency," said the Ministry of Mines and Energy in a statement.
Without giving specific reasons for the dismissal, it thanked Jose Mauro Coelho for his service but said: "Brazil is currently experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets."
Coelho was appointed in April to finish the term of his predecessor, Joaquim Silva e Luna, and became the third Petrobras president to be dumped by Bolsonaro with fuel prices soaring.
The government proposed for Coelho to be replaced by Caio Mario Paes de Andrade, the current secretary for de-bureaucratization at the Economy Ministry.
He must be confirmed by the company's board of directors.
- Inflation worries -
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.
However, Albuquerque and the energy ministry had no direct role in price decisions by Petrobras, whose pricing policy is based on the international oil market.
Disregarding the president's fervent demands, Petrobras went on to hike diesel prices by an additional 8.9 percent in the following days.
According to a statement by the Ministry of Mines and Energy, the proposed new Petrobras president Andrade holds degrees from Harvard and Duke universities in the United States.
"The nominee has all the qualifications to lead the company to overcome the challenges imposed by the current situation," the government statement said.
But according to economist Andre Perfeito of the consulting firm Necton, Brazilians should likely expect more of the same given Andrade's background.
"It does not seem reasonable to assume that Petrobras' pricing policy will change, quite the contrary," Perfeito said in a statement.
"Andrade is a professional with liberal values and close to (Economy) Minister Paulo Guedes," who launched a study of privatizing Petrobras, added Perfeito.
D.Philippon--CPN