Chinese food companies bought up a quarter of Brazilian beef exports in 2018, up 50% on the previous year and more than any other country. As well as beef, China buys more soy than any other country from both Brazil, where production grew 312% between 1991 and 2017, and Argentina.
Tesco, Sainsbury’s, Asda and the UK’s largest asset manager are among 87 major companies and investors who have written to Brazil’s President, Jair Bolsonaro, urging his government to stop further deforestation of the Amazon for soy production.
Metal stocks such as Jindal Steel, Tata Steel, NMDC, and Vedanta declined in the early mornig trade on the NSE on Tuesday after US President Donald Trump “restored” tariffs on all steel and aluminium products imported from Brazil and Argentina. Individually, NMDC shed 2.7%, followed by Jindal Steel (2.4%), Steel Authority of India Ltd (2.2%), Tata Steel (2.19%), and Vedanta (2%).
Donald Trump is to reimpose tariffs on imports of steel and aluminium from Brazil and Argentina after accusing the countries of a “massive devaluation” of their currencies that hurt US farmers. Mr Trump originally announced the 25 per cent metals tariffs on national security grounds last year, but then exempted some US allies following lobbying from free-trade advocates on Capitol Hill.
MOSCOW, Nov 29 (Reuters) – Russia’s agriculture safety watchdog said on Friday it removed temporary restrictions on beef supplies to Russia from two plants in Brazil starting from Nov. 29. One of the plants authorized to resume sales to Russia is operated by Minerva SA and the other one by JBS , the Russian regulator, Rosselkhoznadzor said in a statement.
Compass Group, the world’s largest caterer, has announced plans to scale back operations in Europe, Japan, and Brazil by £300m as the global economy shows signs of weakness.
According to Der Spiegel magazine, German Environment Minister Svenja Schulze is proposing to complement the sustainability rules of the Mercosur Free Trade Agreement between the European Union and the Latin American countries with a certification system for both products. The country wants to avoid buying soy and meat whose production has affected the environment in the Amazon.