Brazil’s JBS, the world’s largest meat packer, has agreed to pay about $1.5 billion for Moy Park, the British unit of rival Mafrig Global Foods. JBS, which has undertaken a massive overseas expansion since 2007, will pay $1.19 billion in cash and will assume Moy Park’s debt totaling £200 million as part of the deal, Marfrig said in a statement.
Brazil's President Dilma Rousseff capped off her U.S. tour on Wednesday with a visit to Silicon Valley, where she met with top technology executives and took a ride in Google Inc's self-driving car. Rousseff used her visit to strengthen ties with U.S. technology companies after visiting Washington, D.C. and New York City earlier in the week.
Brazilian police on Thursday arrested Jorge Zelada, former director of Petrobras' international division, as part of an ongoing investigation into bribery and corruption at the state-run oil producer, prosecutors have said. Zelada is suspected of money-laundering, appropriating public funds, corruption, tax evasion and contract fraud.
Brazil reported a primary budget deficit for May that was its widest for 2015, making its annual savings goal more difficult to achieve despite government efforts to raise taxes and cut spending. Central bank data showed a primary budget deficit of 6.9 billion Reais ($2.23 billion). This compared with a primary surplus of 13.445 billion Reais in April.
President Barack Obama and visiting Brazilian President Dilma Rousseff sought Tuesday to cast their nations as natural partners collaborating closely on critical issues like climate and regional diplomacy, glossing over recent tensions over spying that have strained relations between the first and seventh world economies.
U.S. Department of Agriculture's Animal and Plant Health Inspection Service announced Monday that it is amending its regulations to allow imports of fresh (chilled or frozen) beef from (Argentina) and 14 states in Brazil. It's the first step in a process for these regions to gain access to the U.S. market for beef, the APHIS said in a statement.
State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.
Brazil's President Dilma Rousseff met Sunday with investors in New York on the first day of a long-delayed US visit aimed at overcoming strains caused by the NSA spying scandal. Revelations two years ago that the US National Security Agency electronically eavesdropped on Rousseff's email and other communications prompted her to angrily call off an official visit to Washington that had been set for October 2013.
Brazil's state-run oil company Petrobras urged a U.S. judge on Thursday to throw out an investors' class action lawsuit claiming a multibillion-dollar bribery scandal overvalued it for years. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper said the company itself was a victim of the fraud, which he said was orchestrated by a handful of individuals.
The Brazilian Central Bank on Wednesday raised its inflation estimate for 2015 to 9%, or almost double the midpoint in the official range and well above the 6.5% top end target, and said the economy may contract by 1.1% this year, marking the worst performance since 1990.