Brazilian meatpacker JBS begins trading on the New York Stock Exchange on Friday, capping a stunning comeback by brothers Joesley and Wesley Batista less than a decade after they were jailed in a record-breaking corruption scandal and forced into the backseat of their global food empire.
Tag Archives JBS
Brazil beef barons’ Wall Street listing caps a return from exile
Meat packer JBS began trading on the New York Stock Exchange on Friday
JBS backs off net-zero pledge
SAO PAULO, Brazil (Reuters) — JBS, the world’s largest meat packer, became in 2021 the first of its peers to commit to cutting or offsetting all its emissions by 2040, and to ending illegal deforestation across its long supply chain that starts in the heart of the Brazilian Amazon. It used terms such as “commitment” […] Read more
Big Mac bites Big Meat over alleged ‘artificially higher prices’
If you buy nearly two billion pounds of beef a year — an on-the-hoof equivalent of seven million cattle — you’d think you’d get the best deal ever from your suppliers. You are, after all, the world’s largest red meat buyer. Think again, says McDonald’s. On Oct. 4, it sued the big four meat packers […] Read more
McDonald’s sues major beef producers in U.S. price-fixing lawsuit
(Reuters) - McDonald’s has sued JBS, Tyson Foods and other leading meat processing and packing companies for allegedly conspiring for years to limit beef supplies, boosting their profits while causing the fast food giant to pay artificially higher prices. McDonald’s said in a lawsuit filed on Friday in Brooklyn federal court that the meatpackers, also including Cargill and National […] Read more
JBS expects earnings hike
SAO PAULO, Brazil — Brazilian meat packer JBS expects its core earnings this year to reach as high as US$6.75 billion on net revenue of $76.5 billion, the company said in a recent securities filing. In its filing, JBS forecasted 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of core profitability, […] Read more
Chicken, pigs offset beef slump for JBS profits
SAO PAULO (Reuters) — Brazil’s JBS SA, the world’s largest meat packer, said its divisions that process chicken and pigs lifted financial results in the last quarter, including poultry unit Pilgrim’s Pride, JBS USA Pork and Seara in Brazil. Performance there compensated for a slump in the Beef USA division, which accounts for about a third of […] Read more
JBS taps SAF sector
SAO PAULO, Brazil (Reuters) — Brazilian meat packer JBS is supplying animal waste from its operations abroad for the production of renewable aviation fuels and is studying a similar initiative in Brazil through the Friboi brand. The company said 1.2 million tonnes of beef tallow and pork lard from its units in the United States, […] Read more
JBS listing worries U.S. senators
WASHINGTON, D.C. (Reuters) — The New York share listing of Brazilian meat company JBS SA would expose investors to risk, and the U.S. Securities and Exchange Commission should closely scrutinize the company’s criminal and environmental track record, a bipartisan group of senators has written in a letter to the agency. JBS, the world’s largest meat […] Read more
JBS improves cattle record
SAO PAULO, Brazil (Reuters) — JBS, the world’s largest meat packer, has reduced cattle purchases from ranches with “irregularities” such as illegal deforestation, federal prosecutors found in their latest round of audits in the Amazonian state of Para. Prosecutors said in a briefing that six percent of JBS’s audited cattle purchases came from farms potentially […] Read more
JBS calls for more anti-deforestation efforts
CHICAGO, Ill. (Reuters) — Brazil needs a mandatory government program to track cattle being raised for beef to prevent deforestation, the head of the world’s largest meat company, Brazil’s JBS, said recently. Cattle ranching, along with clearing land to sell timber or grow crops, is driving deforestation in the Amazon rainforest. The destruction of rainforests, […] Read more
