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CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividends

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CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividends
News

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CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividends

2024-05-16 03:33 Last Updated At:03:41

RIO DE JANEIRO (AP) — The head of Brazil’s state-controlled oil and gas giant Petrobras has stepped down, the company said Wednesday, following months of tensions with the federal government.

Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil’s President Luiz Inácio Lula da Silva, head of the ruling leftist Workers' Party.

Lula had defended that move, calling the market a “voracious dinosaur” after Petrobras' shares plunged following the decision regarding dividends.

The company’s shares fell by as much as 9% after the announcement of Prates’ departure, before paring losses. They were down by 7% by Wednesday afternoon.

Local newspaper O Globo reported that Lula himself informed Prates of his dismissal.

Prates, a former senator for the Workers' Party, will be replaced by engineer and former director of Brazil’s oil and gas regulator ANP, Magda Chambriard. Petrobras appointed the executive director of corporate affairs, Clarice Coppetti, as interim president.

Brazil's federal government has a controlling stake in Petrobras, while private investors also hold shares. That often creates a clash of interests between the government and minority shareholders.

“Magda Chambriard appears to have a more nationalist vision, that is, of Petrobras serving national interests more than those of shareholders,” said Rafael Schiozer, a finance professor at the Getulio Vargas Foundation, a university and think tank.

Prates “had a more pro-market vision — he was more concerned with the company’s value creation,” Schiozer added.

Chief Financial Officer Sergio Caetano Leite will also step down from his role. Petrobras appointed the current finance executive manager, Carlos Alberto Rechelo Neto, as interim, until the election of a new chief financial officer by the board of directors.

Fuel reservoirs of the Petrobras Distribution Center stand in Brasilia, Brazil, Wednesday, May 15, 2024. (AP Photo/Eraldo Peres)

Fuel reservoirs of the Petrobras Distribution Center stand in Brasilia, Brazil, Wednesday, May 15, 2024. (AP Photo/Eraldo Peres)

Fuel reservoirs of the Petrobras Distribution Center stand in Brasilia, Brazil, Wednesday, May 15, 2024. (AP Photo/Eraldo Peres)

Fuel reservoirs of the Petrobras Distribution Center stand in Brasilia, Brazil, Wednesday, May 15, 2024. (AP Photo/Eraldo Peres)

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Movie Review: A new generation drives into the storm in rousing ‘Twisters’

2024-07-18 01:15 Last Updated At:01:22

We have a complex relationship with disaster movies. Just look at the discussion about a “ Twisters ” poster, which became a perfect encapsulation of our love-hate tendencies.

In the promo for the film, in theaters Thursday, actors Daisy Edgar-Jones, Glen Powell and Anthony Ramos are standing in front a massive, menacing cyclone. It not only contains various objects swirling in mid-air, from houses to trucks, but also appears to be on fire. Some people wondered why the stars weren’t looking at said tornado. Others said if you’re asking questions like why the tornado is on fire, this movie isn’t for you.

Both lines of thought can be true though. Maybe their coexistence is essential. This makes no sense! Also, sign me up immediately! Disaster movies are almost required to be graded on a curve. And filmmaker Lee Isaac Chung’s entry into the canon is perfectly paradoxical.

It might not be fair, or rational, but there is something about the genre that inspires otherwise reasonable moviegoers to giddily give themselves over to a wild premise — the more ridiculous and illogical the better. There is something to be said about the joy of collective laughter where there wasn’t an intentional joke, or a spirited post-movie debate about the flawed logistics of a plan and exactly how many people have died from being sucked into a tornado. These are the movies that are hard to see clearly the first time but tend to become sneaky favorites over the years.

Such is the case with “Twister,” Jan de Bont’s film about storm chasing and remarriage. The modern collective love for it would probably surprise even the critics who reviewed it favorably in 1996. Part of that is certainly the fact that in the 28 years since it was released we lost both Philip Seymour Hoffman and Bill Paxton. But it’s also just fun to watch with fresh eyes, to see the internet remember (or realize for the first time) that one of the storm chasers was played by Todd Field, the man who would go on to write and direct “Tár.” I re-watched it recently on plane and had a blast. I’d forgotten the insane opening but remembered Dusty’s impassioned foot chant.

There’s been a lot of cautious optimism surrounding “Twisters” that’s felt different from a lot of the reboots and “new chapters” (anything to avoid calling it a sequel) that have come and gone in recent years. Audiences are craving something big and fun, but worried that it won’t live up to their idea of what it should be. This is inherently flawed because “Twister” has earned its reputation, its quotability, across many viewings and many years. “Twisters” we’re just meeting. It’s hard to get too excited about a first date.

But Chung, a filmmaker best known for the comparatively small “Minari,” has made a solid film with escalating action sequences that look great on the big screen. There is once again a crazy opening that gives Edgar-Jones’ tornado-obsessed Kate a trauma origin story. Her hubris in thinking she could “tame” a tornado with science backfired and people died; But five years later her old friend Javi (Ramos) convinces her to come back to Oklahoma’s Tornado Alley to attempt a different kind of study.

The story is credited to Joseph Kosinski (who was once going to direct) and the screenplay to Mark L. Smith (“The Revenant”) and none of them can get the original out of their heads. Yes, these are all new characters (including Powell’s YouTube star storm wrangler Tyler) and the only real connection to the first movie is that the Dorothy technology exists. But it is so referential as to be distracting: Literal lines of dialogue (“I’m not back”); An attempt to make Tyler’s crew a gang of Dustys (which underserves actors like Sasha Lane and Katy O’Brian); Making David Corenswet wear what’s essentially a recreation of Carey Elwes’ baseball cap and earpiece. Don’t they want us to think of “Twisters” on its own terms?

But Chung clearly also had a vision, attempting to ground the insanity in a real place with regionally appropriate styles and music, and deeper characterization. The supporting players were thoughtfully cast. Its leads, Powell and Edgar-Jones, are endlessly watchable with palpable chemistry, even as they’re monologuing about sodium polyacrylate.

I wish I had the ability to know how “Twisters” will play 28 years from now, in 2052. Will the 12-year-olds seeing it this weekend go back to it as a comfort watch? Will it feel like it was part of the good old days of big studio movie making? Right now, it doesn’t necessarily feel like it’s destined for that kind of longevity. And I’d love nothing more than to be wrong about that.

“Twisters,” a Universal Pictures release, is rated PG-13 by the Motion Picture Association for “intense action and peril, injury images, some language.” Running time: 122 minutes. Two and a half stars out of four.

This image released by Universal Pictures shows Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Sasha Lane, left, and Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Sasha Lane, left, and Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones, from left, Anthony Ramos and Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones, from left, Anthony Ramos and Glen Powell in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, from left, Daisy Edgar-Jones and Maura Tierney in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, from left, Daisy Edgar-Jones and Maura Tierney in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Harry Hadden-Paton in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Harry Hadden-Paton in a scene from "Twisters." (Melinda Sue Gordon/Universal Pictures via AP)

This image released by Universal Pictures shows Brandon Perea, from left, Harry Hadden-Paton and Glen Powell in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Brandon Perea, from left, Harry Hadden-Paton and Glen Powell in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, left, and Daisy Edgar-Jones in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones, left, and Anthony Ramos in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Daisy Edgar-Jones, left, and Anthony Ramos in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, right, and Daisy Edgar-Jones in a scene from "Twisters." (Universal Pictures via AP)

This image released by Universal Pictures shows Glen Powell, right, and Daisy Edgar-Jones in a scene from "Twisters." (Universal Pictures via AP)

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