
Milei Beefs With Netflix Star Over Price of a Dozen Empanadas
Ricardo Darin, the award-winning star of Netflix science-fiction hit The Eternaut drew the administration's ire when he told a popular weekend dinner-show host he paid 48,000 pesos ($42) for a dozen empanadas and questioned Milei's latest tax measures meant to spur dollar spending. The government accused the actor of snobbery and making generalizations after buying a gourmet version of the savory pastry.
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an hour ago
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Brazil Investors Warn of Political Impact of Tariffs in Election
At a large financial market gathering in Sao Paulo, Donald Trump's threat to impose 50% tariffs on Brazil barely registers as a primary economic concern. What's truly unsettling money managers is the political fallout — the broader storm unleashed by the US president ahead of next year's elections. Since Trump issued the July 9 threat in retaliation for what he called a 'witch hunt' against Jair Bolsonaro, his conservative ally in Brazil, leftist President Luiz Inacio Lula da Silva has seen a boost in popularity that's strengthening his reelection bid.
Yahoo
2 hours ago
- Yahoo
Chevron: What Venezuelan oil would mean for US energy strategy
The US is reportedly shifting its strategy on oil strategy with Venezuela by allowing Chevron (CVX) to resume pumping oil in Venezuela after a prior permit was revoked. Yahoo Finance Senior Reporter Ines Ferré breaks down how this move could boost Chevron's cash flow and what it signals about US energy strategy. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. US reportedly making a shift from its strategy on Venezuela's oil sector, starting with Chevron, and Yahoo finances and NES Frey joins us now with details. Yeah, Josh. And this is quite a reversal from what the Trump administration had as a strategy back in May, when it revoked the right for Chevron to pump oil in Venezuela. It is now reversing that. And now, now Chevron will be able to pump oil in Venezuela. Analysts are saying that this is a positive for the company. This is a positive catalyst, even though the stock hasn't reacted much today. Year to date, the stock is up about 7%. But what analysts saying that this creates additional cash flow for the company? Chevron had been pumping about 200, more than 200,000 barrels per day out of Venezuela before that initial permit was revoked back in May. And this, of course, also comes on the heels of that arbitration ruling last week, last Friday, I believe, that lets Chevron gives Chevron the stake, the Guyana stake from the Hess acquisition. So, overall, a positive couple of weeks for Chevron. But this announcement from the Trump administration is really kind of highlighting the delicate balance that the Trump administration is, is doing with these sanctioned countries like Venezuela, and the need to keep energy prices low because this reversal comes on the heels of a deal between Caracas and Washington. Some Americans that have been detained in Venezuela, they will be brought back to the US. And Venezuela has agreed to that. And then also some Venezuelans, more than 200 Venezuelans in El Salvador, will be taken back to Venezuela. So, again, this kind of balancing act between keeping energy prices low, but also putting pressure on sanctioned countries like Venezuela, a similar situation with a country like Iran. And also with Trump wanting the war to end in Ukraine, and the type of pressure that is put on Russia as well. Bigger picture, Ines, looking at oil prices, are we still looking for lower prices by the end of the year, Ines? Look, we are looking at lower prices by the end of the year. I'm going to just pull up the chart just to show you where we're at right now. Part of the what analysts are talking about is some volatility that we could be seeing going into September. This is because those OPEC Plus increases that OPEC has announced, those will be absorbed in the market by then. The Trump, Trump's 50-day ultimatum for Russia to end the war with Ukraine, that expires at the beginning of September. And then you also have EU price caps on Russian oil that is set to go into effect at the beginning of September as well. So you may see some volatility in September. But the thesis overall hasn't really change, as with respect to supply in the market, that you will be seeing an increase of supply in the market. Of course, part of this has to do with those OPEC Plus barrels that are coming into the market. All right. Thank you, Ines. Appreciate it. Related Videos Trump's Fed visit: What to expect from FOMC next week GE Vernova earnings beat: How the energy stock is an AI play What the US–Japan deal signals for future global trade talks Ethereum: What's driving enthusiasm right now Sign in to access your portfolio
Yahoo
4 hours ago
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Trump tariffs weigh on Brazil chemical exporters, spark order cancellations
By Ana Mano SAO PAULO (Reuters) -Chemical products companies in Brazil, which exported $2.4 billion to the U.S. last year, face a slew of contract cancellations as President Donald Trump has threatened a new 50% tariff on the South American nation's exports from August 1. Since Trump's announcement, export orders have been canceled for certain resins and compounds used to make fertilizers, which Brazil supplies to the U.S. agriculture sector, Andre Cordeiro, head of Brazilian chemical lobby Abiquim, said on Friday. "Fundamentally, these decisions are being made because the bet is that he will actually apply the tariff," Cordeiro said. One company in Brazil had all its contracts for exports to the U.S. canceled, Cordeiro said, adding that other businesses have seen some of their contracts canceled. There are also cases where sellers had secured export financing for the order, which was later revoked. He declined to name the affected exporters. Losses associated with the tariffs go beyond direct exports, as almost every industry uses chemicals in manufacturing processes, from oil to steel, from machinery to production of agricultural commodities, he said. "No one produces coffee, even grains, without some kind of chemical product in the process." Cordeiro added that chemical companies are losing export business and also local sales to clients that export goods into the U.S. market. Brazilian plywood exporters, for example, use chemicals for bonding and themselves have faced U.S. order cancellations, he said. Orange juice makers, which sent 42% of their exports to the U.S. last year, also use chemical preservatives. Brazilian companies like Braskem have operations in the U.S. and could be affected. Dow Chemical, which has 10 plants in Brazil and sizeable exports of silicon metal for processing in the U.S., is also at risk. Braskem and Dow did not immediately comment. Exxon Mobil, which declined to comment, operates in Brazil and serves clients in various industries. Tariffs are unjustified because Brazil's chemical sector runs a $7.9 billion trade deficit with the U.S., Abiquim said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data