JBS shares are expected to begin trading on the NYSE
Trading in New York is a long-held goal for JBS, which was founded 72 years ago and is now one of the world's largest meat companies. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. JBS is America's top beef producer and its second-largest producer of poultry and pork.
JBS's minority shareholders voted last month to approve the company's plan to list its shares both in Sao Paulo and New York, casting aside opposition from environmental groups, U.S. lawmakers and others who noted JBS' record of corruption, monopolistic behavior and environmental destruction.
JBS said a dual listing would give it broader access to investors and more competitive interest rates, which would help it finance its growth. It has also said a U.S. listing would subject it to more oversight from regulators. The U.S. Securities and Exchange Commission approved JBS's planned listing last month.
Still, the proposed listing has received significant pushback. Earlier this week, Mighty Earth, an environmental group, said it sent a letter to the NYSE board urging it to decline the listing. Mighty Earth contends that JBS is illegally profiting from deforested land in Brazil.
Glass Lewis, an influential independent investor advisory firm, was also among those recommending that JBS's shareholders reject the planned listing.
In its report, Glass Lewis said the recent return of brothers Joesley and Wesley Batista to the JBS board should concern investors. The brothers, who are the sons of JBS' founder, were briefly jailed in Brazil in 2017 on bribery and corruption charges.
Glass Lewis also objected to the company's plan for dual share classes, which give the Batistas and other controlling shareholders more voting power.
JBS said the outcome showed shareholders were confident in the benefits a dual listing would bring.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Magazine
3 hours ago
- Time Magazine
Breaking Down the Suspenseful Ending of 'Rivers of Fate'
Rivers of Fate (Pssica), a four-part Brazilian series filmed in Pará and adapted from Edyr Augusto's novel, follows three interconnected storylines set against the violent backdrop of the Amazon rivers. Janalice (Domithila Catete), a 15-year-old teenager whose private life is exposed, becomes vulnerable to abuse and is eventually caught in a trafficking network. Preá (Lucas Galvino), pushed into leading a gang of river pirates, faces internal disputes while trying to reconcile his role with his conscience. Mariangel (Marleyda Soto), a Colombian woman, seeks vengeance after losing her husband and child to the same gang. From its beginning, the series shows how crime, exploitation, and failed institutions intertwine to trap individuals in cycles of violence. The finale brings these threads together in a confrontation that seals the fate of each main character. How the story begins The narrative opens with Janalice at school, where a leaked intimate video leads to rejection by her peers and indifference from her parents. Sent to live with her aunt, she suffers harassment from the aunt's boyfriend and befriends Dionete and Miltinho, who reveals that his sister Luzia was kidnapped earlier. This background establishes Janalice's vulnerability and foreshadows her entrapment in trafficking. In another thread, Preá steps into leadership of the criminal group operating on jet-skis to raid boats along the rivers. His authority is challenged by Gigante, creating tension inside the group. Meanwhile, Mariangel's life is devastated when her husband and child are killed during one of the gang's attacks. Seeking justice, she turns to the police, but official channels fail to act, leaving her with no choice but to pursue revenge on her own. The abduction of Janalice Events escalate when Janalice calls her father to describe the abuse at her aunt's home, but receives no support. Later that night, she is attacked again and, while trying to escape, is kidnapped by Preá's gang. Although he develops sympathy for her, Preá cannot stop her from being delivered to trafficker Zé Elídio. At Zé Elídio's compound, Janalice and other girls are assaulted before being handed over to Philippe Soutin, who arranges to auction them during the mayor's birthday party. This marks the turning point where Janalice's story fully collides with the world of organized trafficking. Mariangel's hunt for justice Still mourning her family, Mariangel decides to act on her own to dismantle the gang. Her path intersects with the police officer Amadeu, who is investigating Janalice's disappearance. Their alliance provides Mariangel with crucial leads, and together they close in on the traffickers' operations. As Mariangel's vendetta intensifies, she systematically eliminates those tied to her family's death and Janalice's captivity. Tabaco becomes her first victim, followed by Gigante, whose rivalry with Preá has been destabilizing the gang. These killings mark Mariangel's transition from grieving widow to active agent of retribution, pushing her closer to the center of the conflict. The build-up to the auction With the auction approaching, different strategies unfold. Preá gathers enough money to attempt buying Janalice out of captivity, seeing this as his only way to rescue her. Mariangel recruits a former associate to infiltrate the event and place winning bids as part of her plan to secure the girl's release. Despite these efforts, Janalice shifts the outcome through her own actions. During the event, she overpowers Crisotbal, seizes his money, and escapes before either Preá's or Mariangel's plans can succeed. Her escape disrupts the careful schemes surrounding her and reasserts her agency within the story. The final confrontation While on the run, Janalice crosses paths with Preá. He insists on taking her away, but their exchange is cut short by the arrival of Philippe Soutin. A standoff ensues, ending with both men shooting each other. Their deaths reflect the collapse of two opposing forces: one seeking power through trafficking, the other seeking redemption while still entangled in crime. Mariangel arrives soon after the confrontation and leads Janalice to safety. She takes her back to her mother's home, but Janalice chooses not to remain there. Instead, she decides to stay with Mariangel, marking a definitive break from her family environment and signaling a new stage in her life. Meaning of the ending The conclusion highlights how each character's arc resolves. Preá's death demonstrates the futility of redemption while still bound to the criminal world. Philippe's downfall represents the removal of one link in the trafficking chain, though the larger system remains untouched. Mariangel's transformation from victim to avenger and then to protector completes her trajectory, as she redirects her quest for justice into guardianship of Janalice. For Janalice, the ending signals not only survival but a deliberate choice to step away from neglect and abuse. Her decision to remain with Mariangel reflects a search for stability outside of her fractured family and underlines the series' broader theme: in a setting dominated by exploitation and failed institutions, survival often depends on forging unexpected alliances.
Miami Herald
4 hours ago
- Miami Herald
Brazil bolsters economy in response to U.S. tariffs
Aug. 20 (UPI) -- After Washington imposed 50% tariffs on Brazilian exports, President Luiz Inácio Lula da Silva's government launched the Sovereign Brazil Plan, a $5.5 billion emergency package combining subsidized credit and guarantees for the hardest-hit exporters. The initiative also includes tax deferrals, tax credits through 2026, expanded access to insurance against canceled orders and public purchases to absorb agricultural and industrial surpluses. The aid -- tied to preserving jobs -- is paired with a diplomatic push and efforts to open new markets to prevent production cuts and protect growth. "We cannot be scared, nervous or anxious when there is a crisis. A crisis is for creating new things," Lula said Aug. 13 as he presented the measures. According to Brazil's Ministry of Development, Industry, Commerce and Services, the 50% tariff imposed by the United States affects 35.9% of Brazilian exports to the U.S. market. That was equal to $14.5 billion out of $40.4 billion in 2024, hitting key goods such as coffee, beef and sugar. In the short term, the Sovereign Brazil Plan will serve as a liquidity and risk buffer for the hardest-hit companies, providing loans and guarantees to ease cash shortages and prevent production shutdowns. At the same time, public purchases will act as a "demand floor" for sectors facing perishability or sudden drops in orders -- including meat, fruit and seafood -- to stabilize producers' income and prevent ripple effects in transport, logistics and services. The measure also buys time for the external track of the plan: challenging the unilateral tariffs at the World Trade Organization and, foremost, diversifying markets. According to the Brazilian government, 397 new markets have opened in less than three years, expanding the customer base for "Made in Brazil" products. With partial access to the U.S. market cut off, Brazil has moved on two fronts: the BRICS/Global South and deeper trade agreements with China. According to Brazil's presidency, Lula and Indian Prime Minister Narendra Modi spoke by phone Aug. 7 to discuss the economic situation and the unilateral tariffs that have hit both countries hardest. Lula and Modi agreed to strengthen bilateral trade and pledged to expand the Mercosur-India agreement to raise exchanges to more than $20 billion before 2030. They are preparing visits and business missions to open opportunities in trade, defense, energy and technology. With China -- its main partner -- Brazil relies on a strategic relationship backed by about $4.7 billion in Chinese investment in infrastructure, renewable energy and agribusiness, helping redirect exports and reduce dependence on the dollar. At the regional level, Ecuadorian President Daniel Noboa met Monday with Lula in Brasília, where they agreed to boost bilateral trade and coordinate responses to what they see as U.S. protectionism. Brazil also signaled it was willing to lower tariffs on some Ecuadorian products hit with an additional 15% U.S. duty, which affected exports of bananas, shrimp and flowers. In recent months, Brazil has revived its Mercosur agreement with the European Union, reached a deal with the European Free Trade Association and advanced negotiations with the Gulf states and Canada, along with new contacts with Vietnam. Ricardo Alban, president of the National Confederation of Industry, called the federal government's measures positive steps to mitigate the impact of the 50% U.S. tariff on Brazilian exporters. "We welcome these measures because they address many of the demands raised by industries, federations and industry associations, and also because they include two basic principles: continuing negotiations as a priority and adopting new measures if needed," Alban said. Brazil's National Confederation of Commerce in Goods, Services and Tourism said reducing risks in foreign trade requires diversifying markets, expanding trade agreements and strengthening economic diplomacy. The group also called for steps to contain production costs, rising prices and slowing economic activity, while preserving jobs and supporting solid growth in Brazil. The International Monetary Fund projects Brazil's economy will grow 2.3% in 2025, down from 3.4% in 2024. Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
6 hours ago
- Yahoo
Time to pay: Corinthians owe Memphis Depay 1.7 million euros
Corinthians reportedly owe Memphis Depay 1.7 million euros, according to Brazilian media outlet Lance. The Brazilian giants are currently facing major financial difficulties and still have a significant outstanding debt with Memphis. These are bonuses that were agreed upon when the Dutch national team's all-time top scorer signed in Brazil a year ago. Corinthians must transfer the entire sum to Memphis by the end of today, although the Brazilian club are trying to postpone the deadline. It is unclear whether Memphis is willing to agree with this. When Memphis arrived, Corinthians had to secure sponsors to finalise the deal for the 31-year-old striker. However, this financial arrangement didn't include bonuses. Even after selling Kauê Furquim to Bahia for over two million euros, Timão continues to struggle with cash flow problems. Memphis hasn't trained in recent days due to an injury and after reportedly being home with a virus. Earlier this summer, he also issued Corinthians an ultimatum regarding outstanding payments. This caused quite a stir among club management and supporters. GBeNeFN | Max Bradfield
