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☆ Brazilian lender Santander's Chairman Rial resigns
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 20 (Reuters) - Brazilian lender Santander Brasil SA said on Friday its chairman and former chief executive, Sergio Rial, is resigning from his position at the firm. The resignation comes just days after Rial quit his short-lived job as chief executive of retailer Americanas SA after finding accounting "inconsistencies" that led the company to file for bankruptcy protection. Rial was Santander Brasil's CEO for six years, as well as the bank's regional head for South America, before transitioning to board chairman in early 2022. He is also chairman of the board at fuel distributor Vibra Energia SA (VBBR3.SA), vice chair at BRF SA (BRFS3.SA) and a board member at Delta Air Lines (DAL.N). Rial will be replaced on an interim basis by his vice chair, Deborah Stern Vieitas, until the bank's next general meeting on April 28.

☆ Lula's changes at Brazil farm ministry draw cries from food security agency
▼ + stars: | 2023-01-13 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

The ministry did not comment on the changes, which are part of broader efforts by the new administration to cut government spending. In the memo, signed by a group of civil servants opposing the changes, they urge that the reshuffle be reconsidered "in the name of public health." The union ANFFA, which represents federal auditors who inspect food plants in the world's biggest chicken exporter, denounced the overhaul. "The federal laboratories network has struggled against drastic budget reduction and critical staff shortages for years," said ANFFA in a statement to Reuters. Reporting by Ana Mano in Sao Paulo Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's BRF signs $111 million leniency deal after graft accusations
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Dec 28 (Reuters) - Brazilian food processor BRF SA (BRFS3.SA) on Wednesday signed a leniency agreement with local authorities over payments it must make to the South American country's government following accusations of graft. The deal with Brazil's attorney general (AGU) and comptroller general (CGU) offices requires BRF to pay around 584 million reais ($111 million) to the government, the CGU said, citing accusations that company employees paid public officials to gain "undue advantages" following federal police investigations. BRF said in a filing the payments will be made in five annual installments, starting next June 30. In a separate statement, BRF said it "understands that signing this leniency agreement puts an end to discussions regarding the past issue," adding that it does not condone illegal activity or improper conduct. Shares in BRF closed on Wednesday up nearly 8% at 7.76 reais, while the broader Bovespa Index rose 1.53%.

☆ Brazil chicken production and exports seen rising in 2023 -industry group
▼ + stars: | 2022-12-15 | by ( Ana Mano | ) www.reuters.com time to read: +1 min

SAO PAULO, Dec 15 (Reuters) - Brazilian chicken processors including heavyweights JBS SA (JBSS3.SA) and BRF SA (BRFS3.SA) will collectively increase output and exports in the new year, projections from meat industry group ABPA showed on Thursday. Brazilian companies will process up to 14.750 million tonnes of chicken meat in 2023 while they are also poised to raise exports by up to 8.5% to an estimated 5.2 million tonnes, the data showed. Ricardo Santin, ABPA president, said Brazil can increase its global share of chicken exports even as local companies grapple with higher corn prices and increases in packaging and fuel costs. Santin said 100 kilograms (220 pounds) of Brazilian broiler chicken is priced at around 146 euros ($156) compared with 263 euros for the European Union product and around 268 euros for U.S. chicken. Outbreaks in Venezuela, Colombia, Ecuador, Peru and Chile this year have prompted Brazilian companies to implement strict protocols, Santin said.

☆ South American fans bite their nails over World Cup chances - and inflation
▼ + stars: | 2022-11-06 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

That is pushing up costs from soccer stickers and jerseys to game time snacks and beer. "Prices are just too inflated," said 20-year-old Brazilian Breno Nery, who was buying popular collectible soccer stickers in a Sao Paulo mall. A pack of five stickers has doubled to 4 reais ($0.79) since the 2018 Russia World Cup. STICKER SHOCKThe World Cup will be played from Nov. 20 to Dec. 18 - late spring in the southern hemisphere, a change from the normal dates that fall in the region's winter. The World Cup even led Argentina to launch capital controls of overseas travel and spending dubbed as the "Qatar" FX rate, making travel to the Middle East nation even more expensive in local currency.

☆ The Fed, earnings, jobs and China: How we think about this week's deluge of data
▼ + stars: | 2022-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

It is very premature, in my view, to think about or be talking about pausing our rate hikes. The news sent those stocks reliant on China for growth — Starbucks, Estee Lauder and Wynn Resorts, among many others — higher. Or bad news could just be bad news if weak data signals a recession ahead. And good news could be good news: for example, if China reopens and U.S. companies exposed to the region see a boost in demand. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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