Day: February 12, 2020

Brazil and Argentina discuss bilateral trade and diplomatic wounds

Brazilian President Jair Bolsonaro on Wednesday hosts Argentina’s Foreign Affairs Minister Felipe Solá, who will also meet his counterpart Ernesto Araújo. They will discuss bilateral trade, the Mercosur customs union and Venezuela, according to official sources. Relations between the two key trade partners worsened late last year as Bolsonaro’s far-right administration clashed with Alberto Fernandez’s left-leaning government.

Vale boosts Brazil dam closure provisions by $671 mln

Brazilian iron ore miner Vale SA said will boost provisions to decharacterize upstream tailings dams by $671 million after conducting engineering studies following a disaster at its Brumadinho mining site last year. The charge, to be taken against Q4 earnings, includes a series of revisions including reclassifying two dams previously categorised as having been built by the “center-line” method to the upstream structure considered to be more unstable, the company said in a regulatory filing.

Corn production at record 100.5 million mt in 2019-20, Conab

Corn production in Brazil is pegged at record 100.5 million mt in 2019, according to the monthly crop survey published by national agricultural agency Companhia Nacional de Abastecimento (Conab). Corn prices in the Mato Grosso, the largest grain producer in the country, rose to Real 37.69/60 kg ($8.72/60 kg) as of the week ended February 7, up 76.5% on the year. The agency also pegged domestic consumption at 70.5 million mt against 65.2 million mt in 2018-19.

Carrefour Brasil in talks to acquire rival Makro

Carrefour Brasil (CRFB3.SA) said in a filing it is in talks to acquire stores operated by rival retail chain Makro by an undisclosed figure. However, the company denied reports by Brazilian media last week saying that it was acquiring Makro’s Brazilian subsidiary for 5 billion real ($1.16 billion), and said the deal value would be much lower.