Connect with us

Business News

Brazil’s Bolsonaro Taps General To Head State-run Oil Giant

Published

on

News18 Logo


RIO DE JANEIRO: Brazilian President Jair Bolsonaro on Friday tapped a retired general to replace a market-friendly economist who has been CEO of state-run oil giant Petrobras since the beginning of 2019.

In picking former Defense Minister Joaquim Silva e Luna to take over from Roberto Castello Branco, Bolsonaro is seeking to appeal to truck drivers, who threatened to go on strike at the beginning of the month due to recent increases in fuel prices.

Bolsonaro had said in a live broadcast Thursday that he would make changes at Petrobras, which is 50.26% owned by Brazil’s government. He also promised to end federal taxes on diesel fuel over the next two months.

If confirmed by Petrobras board, Luna would become the first military man to hold the position at the oil company since 1989.

Petrobras stocks fell 6.6% at the Sao Paulo Stock Exchange on Friday as investors anticipated a change in the management of the oil giant.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



Click to comment

Leave a Reply

Business News

Airline CEOs, Biden Officials Consider Green-Fuel Breaks

Published

on

News18 Logo


Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



Continue Reading
Advertisement "Pages & Posts Ads Section"

Recent Posts

Trending

%d bloggers like this: