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%).
Brazil’s negotiators already face a tough job at United Nations climate talks, given anger at President Jair Bolsonaro’s stance on the Amazon, but it has become doubly difficult as they are in the dark on their own government’s aims.
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.
European organizations have been reacting with alarm to reports that farmers in Brazil are seeking to end the Amazon Soy Moratorium, a commitment made by traders and crushers not to buy soy from cleared land after 2008 in the Amazon.
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.
Telxius has struck a deal with Telefónica Brasil (Vivo) for the acquisition of 1,909 sites in Brazil for R$ 641 million ($153 million). Under the terms of the agreement, Telxius will double its existing portfolio bringing it to a total of 3,850 sites and reinforcing its position as a one of the biggest infrastructure operators in the country.
Brazil is hoping global investors demand for green debt will help raise funds for some of its largest infrastructure projects, including a multi-billion railway crossing through a portion of the Amazon rainforest. Latin America’s largest economy is seeking a “green seal” for the $3.1 billion Ferrograo railway.
Brazil’s central bank capped the rates of overdraft loans, one of the country’s most expensive forms of credit. Overdraft loans may not surpass a limit of 8% per month, or about 150% a year, starting on Jan. 6 2020. At present, interest rates on this automatic banking credit averages around 306% a year.
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.