Reading Time: 2 minutes Rio de Janeiro | Reuters – Brazilian police arrested one of the controlling shareholders of meatpacker JBS SA on Friday in connection with an ongoing police inquiry into illegal campaign contributions while a local news outlet reported two former agriculture ministers were also arrested. A member of JBS’ controlling family Joesley Batista is expected only to […] Read more
JBS shareholder Batista arrested in food sector corruption investigation
Russia to resume beef, pork imports from Brazil
Reading Time: < 1 minute Moscow/Sao Paulo | Reuters – Russia’s agriculture safety watchdog said on Wednesday it would allow imports of beef and pork from nine Brazilian plants beginning on Thursday, ending an 11-month ban triggered by concerns about the safety of their meat products. Russia’s Rosselkhoznadzor had placed temporary restrictions on imports of pork and beef products from […] Read more
Hog industry worldwide getting slaughtered in trade war
Reading Time: 5 minutes Beijing/Chicago/Carambei | Reuters – Ken Maschhoff, chairman of the largest U.S. family-owned pork producer, has watched profits fall as trade tensions rise between the United States and China. His company, The Machhoffs, has halted U.S. projects worth up to $30 million and may move some operations overseas. Investing in domestic operations now would be “ludicrous” […] Read more
Brazil judge orders Monsanto to deposit royalties related to GMO seed
Reading Time: 2 minutes Sao Paulo | Reuters — A Brazilian judge has ordered local units of Monsanto to put royalties related to a GMO soy seed technology in an escrow account, in a decision likely to hinder the U.S. seed company’s ability to collect royalties from the business. The July 3 ruling relates to a patent dispute between […] Read more
Chickens culled as Brazil truckers disrupt commodity exports
Reading Time: 3 minutes Sao Paulo | Reuters — Striking truckers in Brazil have disrupted supply and exports of farm produce from one of the world’s agricultural commodity powerhouses. Brazil is the top global exporter of soybeans, sugar, coffee and chickens. The strike over high fuel prices has paralyzed Latin America’s largest economy, emptied Brazilian roadways and left major […] Read more
Marfrig to buy control of U.S.-based National Beef
Reading Time: 2 minutes Sao Paulo | Reuters –– Brazil’s Marfrig Global Foods said Monday it would buy control of Kansas City-based National Beef Packing for US$969 million, in a deal that would make it the world’s No. 2 beef processor. Marfrig also said it was seeking to sell an existing U.S. unit, Keystone Food. The proceeds will be […] Read more
JBS still keen on U.S. IPO despite scandals
Reading Time: 2 minutes Sao Paulo | Reuters — JBS SA, the world’s largest meatpacking firm, remains intent on a stock market listing of subsidiary JBS Foods International in the U.S. despite corruption and food safety scandals, executives said on Thursday. In April all of JBS operations will meet U.S. auditing and compliance requirements under the Sarbanes-Oxley Act, JBS […] Read more
Brazil pushes back decision on Bayer-Monsanto tie-up
Reading Time: < 1 minute Sao Paulo | Reuters — Brazilian antitrust agency Cade on Wednesday extended its deadline to review Bayer’s proposed takeover of Monsanto by 90 days to late March, potentially spoiling plans to wrap up the US$66 billion tie-up by the end of the year. A spokesman said Cade had approved the extension at a session on […] Read more
JBS still seeks U.S. unit IPO
Reading Time: 2 minutes Sao Paulo | Reuters — JBS SA will proceed with plans to list a U.S.-based unit when market conditions allow, as the world’s No. 1 meatpacker wrestles with a shareholder revolt over the role of the controlling Batista family in a massive graft scandal. In a Tuesday conference call to discuss second-quarter results, CEO Wesley […] Read more
Brazil federal police raid JBS on insider trade probe
Reading Time: 2 minutes Sao Paulo | Reuters — Brazil’s federal police on Friday raided the offices of JBS SA to investigate the alleged use of insider information in financial market dealings, pushing shares in the embattled meatpacker to a two-week low. Police said there were indications that JBS and controlling shareholder FB Participacoes SA gained an unfair advantage […] Read more
A message from April Stewart, Country Guide's Associate Editor
