A coalition of environmental groups is pushing U.S. securities regulators to thwart JBS SA’s New York share listing over concerns about the meatpacker’s impact on deforestation, climate change and other issues. The Brazilian company, the world’s largest meat processor, hopes a U.S. listing will attract a broader investor base to give it more access to
Activists pressure against JBS listing
Brazilian meatpacker JBS sees gain from lower grain prices
Reuters – Brazilian meatpacker JBS SA has forecast gains of US$450 million this year related to lower grain prices, particularly corn, higher than guidance of US$340 million given at the end of the first quarter. CFO Guilherme Cavalcanti revealed the estimate, expected to primarily benefit the company’s pork and poultry businesses, as JBS discussed quarterly
Brazilian union sues JBS over alleged exploitation of chicken workers
Reuters – A Brazilian labour union has accused JBS SA of subjecting dozens of workers to “degrading conditions,” according to a class action suit filed against the world’s biggest meatpacker and its suppliers last week. The union filed the claim on behalf of at least 76 people, including members of the Terena Indigenous community, who
Brazil’s JBS reboots plan to list shares in New York
International meat packer hopes for access to lower-cost capital
Sao Paulo | Reuters — JBS SA, the world’s largest meat packer, on Wednesday proposed listing its shares in New York, hoping the move will bring its multiples closer to peers and that a broader investor base will give it more access to cheaper capital, sending its shares up eight per cent in mid-morning trade.
JBS shares slump with global difficulties
Shares in Brazilian food giant JBS fell more than 10 per cent in early trade May 12 after the company posted a wider-than-expected first quarter loss. It marks the first time the firm has faced difficulties in all countries where it operates. In a conference call with analysts, JBS global CEO Gilberto Tomazoni sought to
Global chicken meat oversupply improving, Brazil’s BRF says
Lower grain costs also expected to boost margins
Sao Paulo | Reuters — Chicken prices are rising as companies start to cut production to reduce global oversupply, Fabio Mariano, CFO of BRF SA, said on Tuesday, after a glut helped to push the Brazilian pork and poultry producer to a first-quarter loss. The firm posted a 1.024 billion-real (C$287.7 million) net loss for
With stakes high, Brazil meat industry dominates delegation to China
Reuters – More than a quarter of business leaders traveling to China with Brazilian President Luiz Inacio Lula da Silva come from the country’s booming meat industry, highlighting the high stakes for a sector reliant on Chinese demand for most of its exports. With 69 of the nearly 250 executives traveling, meatpackers dominate a roster
China agrees to resume imports of Brazilian beef
Beijing authorizes four new Brazilian plants
Beijing/Sao Paulo | Reuters –– Efforts by the Brazilian government to lift a month-long ban on beef exports to China paid off on Thursday, as Beijing agreed to resume imports while also approving four new beef packers based in Brazil, according to authorities in both countries. China’s General Administration of Customs approved the resumption of
Brazil approves cultivation of GM wheat
Only Argentina had approved a biotech wheat until now
Brazil has become the second country in the world, after Argentina, to approve the cultivation of genetically modified wheat, following a decision by the nation’s biosecurity agency CTNbio. The approval request was made by plant genetics company Tropical Melhoramento e Genetica, a partner in Brazil of Argentina’s Bioceres, which has developed a variety of drought-resistant
Several countries ban Brazilian beef as BSE probe goes on
Russia among those halting imports
Sao Paulo | Reuters — The Brazilian agriculture ministry said on Thursday that Thailand, Iran and Jordan have temporarily suspended imports of beef from Brazil while authorities investigate a case of BSE in an animal from Para state, according to a statement sent to Reuters. The ministry also confirmed that Russia has halted imports from
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