Exclusive: Petrobras may redirect oil to Asia due to US tariff on Brazil, CEO says
Although oil and gas exports make up a hefty share of Brazil's exports to the United States, Petrobras CEO Magda Chambriard said it is not an essential market for the firm.
"It is not much that we export (to the U.S.). In general, we are not very worried," she said in her first public comments about the 50% tariff U.S. President Donald Trump announced last week.
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Reuters
11 minutes ago
- Reuters
Japan's minority government likely to lose upper house control, exit polls show
TOKYO, July 20 (Reuters) - Japan's ruling coalition is likely to lose its majority in the upper house, exit polls showed after Sunday's election, potentially heralding political turmoil as a tariff deadline with the United States looms. While the ballot does not directly determine whether Prime Minister Shigeru Ishiba's shaky minority government falls, it heaps pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito needed 50 seats to retain control of the 248-seat upper chamber in an election where half the seats were up for grabs. They are forecast to secure 32 to 51 seats, the exit poll by public broadcaster NHK showed. Other broadcasters forecast the ruling coalition would hold 41-43 seats. If the coalition holds less than 46 seats, it would mark its worst result since the coalition was formed in 1999. That comes on top of its worst showing in 15 years in October's lower house election. That has left Ishiba vulnerable to no-confidence motions that could topple his administration and trigger a fresh general election. Opposition parties advocating for tax cuts and increased welfare spending look set to make gains, the exit polls show, with rising consumer prices - particularly a jump in the cost of the staple rice - a key issue for voters. "The LDP was largely playing defence in this election, being on the wrong side of a key voter issue," said David Boling, a director at consulting firm Eurasia Group. "Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home." The LDP have been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Adding to the anxiety around the world's fourth largest economy, Japan faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market.
Reuters
41 minutes ago
- Reuters
Japan's ruling coalition likely to lose upper house majority, exit poll shows
TOKYO, July 20 (Reuters) - Japan's ruling coalition is likely to lose its majority in the upper house, an exit poll for Sunday's election showed, potentially fuelling political instability in the world's fourth largest economy as a tariff deadline with the United States looms. While the ballot does not directly determine whether Prime Minister Shigeru Ishiba's shaky minority government falls, it heaps pressure on the embattled leader who also lost control of the more-powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito needed 50 seats to retain control of the 248-seat upper chamber in an election where half the seats are up for grabs. They are forecast to secure 32 to 51 seats, the exit poll by public broadcaster NHK showed. The LDP, which has ruled Japan for most of the post-war period, had its worst showing in 15 years in October's lower house election. That has left Ishiba vulnerable to no-confidence motions that could topple his administration and trigger a fresh general election.
The Independent
an hour ago
- The Independent
Fire at Iran's largest oil refinery kills 1 in the country's southwest
A fire at Iran's oldest and largest refinery in the southwest killed one person, state media reported Sunday. A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday, killing a worker, according to the state-owned IRAN newspaper. Firefighters put out the blaze in two hours and operations remained unaffected, the report said. Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday that some workers were also injured, media outlets said. Abadan oil refinery, some 670 kilometers (nearly 416 miles) from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25% of the country's fuel with more than 5,200,000 barrels of oil refined daily. Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame. Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales.
