Chinese-owned grain trader COFCO International has added up Tony Tian, Helen Song and Alfonso Romero were to its executive committee, expanding the number of members to seven, and appointed Philip Xu as new managing director Brazil, replacing Valmor Schaffer. Tian will take on the additional role of Managing Director Regions for Brazil and North America and is to relocate from Geneva to Sao Paulo. COFCO International, which is majority owned by Chinese state food conglomerate COFCO Corp, had said in October that Schaffer and his regional finance director, Wander Meyer, had been placed on leave.
Grupo SBF, the formal name of Brazil’s sports goods chain Centauro, closed a $212 million deal to take over Nike operations in the country. Centauro’s shares (CNTO3.SA) rose more than 10% on Thursday mid-morning trading in Sao Paulo after the announcement. The deal, which will add 24 Nikes stores to the current Centauro’s 200 stores, still needs to be approved by Brazilian antitrust watchdog CADE.
Brazilian fashion retailer Lojas Renner SA reported an almost 17% jump in its fourth-quarter net income, as lower taxes and stronger operating results helped the company improve its margins. In a securities filing, the company said its quarterly net profit hit 513 million reais ($119.80 million) compared with 439.8 million reais a year earlier. “Conditions are increasingly favourable to achieve even better results in 2020”, said the company Chief Financial Officer Laurence Gomes.
Petrobras applied a price reduction on petroleum products in its refineries as of Thursday 6. The litre of gasoline will cost 4.3% less, diesel, 4.4%, S10 diesel for thermal power plants 4,6%, and marine diesel, 4.5%. Petrobras has not increased gasoline since December 1 and diesel since December 21. The accumulated fall in the year is R $ 0.02156 for gasoline and R $ 0.03236 for diesel.