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.
Grupo SBF, the formal name of Brazil’s sports goods chain Centauro, closed a $212 million deal to take over Nike operations in the country. Centauro’s shares (CNTO3.SA) rose more than 10% on Thursday mid-morning trading in Sao Paulo after the announcement. The deal, which will add 24 Nikes stores to the current Centauro’s 200 stores, still needs to be approved by Brazilian antitrust watchdog CADE.
Swedish truck and bus manufacturer Volvo announced an investment of R$ 1 billion ($237 million) in Brazil in the period between 2020 and 2023 for research and development of products and services, including construction of equipment and marine engines. Brazil was the second market of the group in the world in 2019 when heavy truck sales grew 58%, light heavy 55.5%, buses 73% and exports, mainly to Colombia and Chile, went up 77%.
Shares in Brazil’s budget airline Gol rose as much as 5.5% on Tuesday after signing a codeshare agreement with American Airlines, that will create “the most frequent service between the United States and South America”. Gol will connect customers to more than 30 destinations in the USA, and American will offer flights to Uruguay and Paraguay, in addition to the Brazilian cities of Curitiba and Foz do Iguaçu.
“ASF, coronavirus and a new outbreak of bird flu influence consumer habits and may drive Chinese demand for Brazilian meat,” said Francisco Turra, president of Brazil’s meat industry association ABPA. The new threat reported on Saturday comes as China has been trying to increase local poultry output to substitute for pork. Last year, Chinese imports of Brazilian chicken rose 34% while its imports of Brazilian pork jumped 61%.
The Brazilian Association for the Development of Nuclear Activities (ABDAN) and the Nuclear Energy Institute of the United States (NEI) signed a memorandum of understanding during the Brazil-USA Energy Forum in Rio do Janeiro. In the presence of Brazil’s Energy Minister, Bento Albuquerque, and US Energy Secretary Dan Brouillette, a letter of intent was also signed between Eletronuclear and the US company Westinghouse to extend the life of the Angra I nuclear power plant.
Brazil posted a trade deficit of $1.745 billion in January, the first shortfall for the month of January in five years and an indication that trade might continue to be a drag on overall economic growth. The setback was fuelled more by a sharp fall in export, which were 20% down to $14.43 billion from the same month last year, rather than imports, which also fell 1.3% to $16.175 billion, Economy Ministry figures show.
Brazilian President Jair Bolsonaro announced the construction in Brazil of an Israeli factory that draws water from the air, in order to “cope with the lack of water in the northeast, desalination, artesian wells and the São Francisco River.” Technicians and officials of the Brazilian National Water Agency travelled to Israel at the end of last year to discuss a memorandum of understanding between the two countries on water resources, desalination and wastewater management.
The BRIPAEM block is coordinating the trip of an Argentine trade mission to Iran with the purpose of strengthening agribusiness relations that could affect Brazil’s food exports to the Persian country estimated at $ 2.2 billion in 2019. Iran is the fourth largest importer of Brazilian food. Relations with Tehran became tense after Jair Bolsonaro’s support to Donald Trump’s decision to kill General Qassim Suleimani in Baghdad.
The number of Americans booking flights to Brazil has jumped 39% since Jair Bolsonaro’s government waived a visa requirement for USA citizens in June, according to Embratur President Gilson Machado. With an annual budget that was increased by Bolsonaro to $120 million from $8 million, Embratur is planning to draw more tourists by launching a publicity campaign to sell Brazil as a new and safer country.