Reading Time: 2 minutes Sao Paulo | Reuters — Brazil-based food company JBS SA on Tuesday posted a narrower than expected quarterly loss on the back of a strong performance by its Seara processed foods and Brazil beef divisions, and resilience in certain of its U.S. operations. Seara booked net sales of 4.9 billion reais (C$1.72 billion) last quarter, […] Read more
JBS posts narrower-than-expected quarterly loss
JBS shareholder Batista arrested in food sector corruption investigation
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
Brazil’s regulator rejects JBS settlement deal
Reading Time: 2 minutes Sao Paulo | Reuters — The Brazilian securities regulator CVM said on Wednesday it had rejected a settlement with the world’s largest meatpacker JBS SA and major shareholders in an insider trading case because of the severity of the allegations. Wesley Batista, the former CEO of JBS, and his brother Joesley are the largest individual […] Read more
Brazil meat company Minerva plans IPO by Chilean unit
Reading Time: < 1 minute Sao Paulo | Reuters – Brazilian meat company Minerva SA plans an initial public offering in Santiago of its units outside Brazil as a way to reduce its debt, according to a securities filing on Tuesday. After a capital increase at its Chilean subsidiary Athena Food, Minerva said it will gather its operations in Paraguay, Uruguay […] Read more
Brazil’s BNDES willing to sell JBS stake
Reading Time: < 1 minute Rio de Janeiro | Reuters — Brazilian development bank BNDES is willing to sell its stake in meatpacker JBS SA, one source with knowledge of the matter said on Friday. The development bank had already expressed the intention to sell its stake “for the right price.” But the person, who asked for anonymity to discuss […] Read more
Ex-JBS chair Batista charged with corruption
Reading Time: < 1 minute Brasilia | Reuters — Brazilian federal prosecutors on Monday charged JBS SA shareholder Joesley Batista, another senior executive of the meatpacking company and a former federal prosecutor with corruption. The charges against Batista, former executive Francisco Assis and former federal prosecutor Marcello Miller were filed before a federal court in Brasilia, prosecutors said in a […] Read more
JBS beats estimates, refinances bank debt
Reading Time: < 1 minute Sao Paulo | Reuters — Brazil’s JBS SA, the world’s largest meatpacking company, beat analysts’ estimates for the first quarter and closed a deal to refinance the bulk of its bank debt on Monday. JBS’ net income for the first quarter, 506 million reais (C$179.45 million), was 48 per cent above analysts’ estimates, with higher […] 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
U.S. pork to feel further chill from China tariff threat
Reading Time: 2 minutes Beijing/Chicago | Reuters — China’s threat of steep tariffs on U.S. pork imports knocked down U.S. hog futures prices and shares of producers on Friday, while increasing fears of hard times for farmers already facing weaker demand from the world’s top buyer of the meat. U.S. farmers have worried for months that rising trade tensions […] Read more
Ex-JBS chairman released from jail
Reading Time: < 1 minute Brasilia | Reuters — A Brazilian federal court on Friday granted the release from jail of Joesley Batista, former chairman of the world’s biggest meatpacker, JBS SA, according to court documents. Joesley Batista, who steered JBS from a Brazilian beef processing firm to a global food conglomerate with major U.S. operations, was expected to be […] Read more
A message from April Stewart, Country Guide's Associate Editor
