Latest news with #Brazil
Yahoo
23 minutes ago
- Business
- Yahoo
World's top sugar maker shuts large Brazil plant to cut debt
By Marcelo Teixeira (Reuters) -Raizen SA, the world's largest sugar producer, said on Tuesday that it was shutting down for an indefinite period one of its largest plants in Brazil, the Santa Elisa mill, as the company continues to adopt measures to deal with a large debt load. Raizen, which is controlled by Shell and Brazilian conglomerate Cosan SA, said that as a result of the plant's closure it had entered into agreements with six sugar companies to sell 3.5 million metric tons of sugarcane that would be processed by the Santa Elisa mill. It said the sale of that sugarcane would bring in 1.045 billion reais ($188.18 million) that Raizen will use to cut its debt of over 30 billion reais. The Santa Elisa mill was a historical site for the Brazilian sugar and ethanol industry. The plant was founded 90 years ago in the main sugar belt of Ribeirao Preto, and helped consolidate Brazil's position as the world's largest sugar exporter. Its past owners were behind the political movement in the 1970s to create Brazil's ethanol program, called Proalcool, in a time when the world was struggling with record high oil prices. CEISE Br, an association of equipment makers for the sugar and ethanol industry, said the closure of Santa Elisa was worrying for the segment. "There are concerns about the impact of this action in the industry, particularly regarding ongoing contracts for maintenance, technical support and supply of equipments in the current crop," it said. Raizen sold one of its plants in May and has offered other assets to competitors in Brazil as it tries to cut debt. The company's woes happen in a moment of weak sugar prices, with benchmark raw sugar futures on the ICE exchange having hit a four-year low in June. ($1 = 5.5531 reais) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Sport
- Yahoo
Atletico Madrid reaches deal to sign Argentina international Thiago Almada
FILE - Lyon's Thiago Almada, centre, celebrates with teammates after scoring the opening goal during the Europa League quarterfinal first leg soccer match between Lyon and Manchester United at Groupama stadium in Decines, outside Lyon, France, April 10, 2025. (AP Photo/Thibault Camus, File) MADRID (AP) — Atletico Madrid has reached an agreement to sign Argentina international Thiago Almada from Brazilian club Botafogo. Atletico said Tuesday the 24-year-old attacking midfielder, who was playing on loan with French club Lyon, will sign his contract with the Spanish club after passing a medical. Advertisement Atletico did not disclose the transfer fee or give details on the length of the contract. Spanish media said the transfer was worth about 25 million euros ($29 million), with Botafogo receiving a percentage of a possible future transfer to another club. Almada arrives after forward Ángel Correa left Atletico to sign with Mexican club Tigres. He'll join an attack that includes countryman Julián Álvarez, Antoine Griezmann and Alexander Sorloth. Atletico had already boosted its squad by signing midfielder Álex Baena from Villarreal and 22-year-old Italian left back Matteo Ruggeri from Atalanta. Diego Simeone's team finished third in the Spanish league last season, behind Real Madrid and champion Barcelona. It was eliminated in the group stage of the Club World Cup. ___ AP soccer:
Khaleej Times
2 hours ago
- Sport
- Khaleej Times
Atletico agree deal to sign Argentine Almada from Botafogo
Atletico Madrid have agreed a deal to sign Argentina midfielder Thiago Almada from Brazilian side Botafogo, the La Liga club confirmed on Tuesday. "Our club and the Brazilian club have reached an agreement pending confirmation once the player passes the relevant medical examination and initials the contract," Atletico said in a statement. Local media reports said that Almada is set to sign a contract until 2030 after Atletico paid around 21 million euros ($24 million) for the 24-year-old, who can also play as a winger. A World Cup winner with Argentina, Almada made his senior debut with Velez Sarsfield in 2018 before joining Major League Soccer's Atlanta United. With Botafogo he won both the Brazilian Serie A title and the Copa Libertadores in 2024, before joining Ligue 1's Olympique Lyonnais on loan in January this year.
Reuters
2 hours ago
- Business
- Reuters
US tariffs could have pandemic-like impact on planemaker Embraer, CEO says
SAO PAULO, July 15 (Reuters) - The 50% tariff that U.S. President Donald Trump plans to impose on Brazilian exports starting in August could hammer the revenue of planemaker Embraer ( opens new tab like the COVID-19 pandemic did, its CEO warned on Tuesday, flagging risks to U.S. partners. Francisco Gomes Neto told reporters the tariffs would amount to a trade embargo on the regional jets it supplies to U.S. airlines and could trigger order cancellations, deferred deliveries and tough consequences for Embraer's U.S. suppliers. Sao Paulo-listed shares in Embraer, which had risen 3% earlier in the day, seesawed during his remarks, lost the gains before ticking back up 0.6%. They have fallen around 10% since Trump announced the tariffs, but are still up 33% so far this year. The U.S. is the main market for Embraer, the world's third-largest planemaker after Airbus ( opens new tab and Boeing (BA.N), opens new tab, with U.S. clients buying 45% of the firm's commercial airliners and 70% of its executive jets. Analysts had warned that the Brazilian planemaker would be one of the most affected by the tariffs. "Given the relevance of this market, we estimate that if this (tariff plan) moves on at this magnitude, we will have an impact similar to that of COVID-19 in terms of the decline in the company's revenue," Gomes Neto said. In 2020, when the pandemic ground air travel to a halt, Embraer's revenue plunged around 30% from the previous year. Gomes Neto emphasized that the tariffs would also hurt U.S. suppliers of components such as engines and avionics. "It's a lose-lose situation," he said. Aircraft are among the top U.S. imports from Brazil, along with oil, steel, coffee and orange juice. Embraer forecast the levies would generate an additional cost of around $9 million per airplane exported to the U.S., with potential impacts totaling around 2 billion reais ($360 million) this year. Shipments of E175 narrowbodies, a workhorse of U.S. regional aviation, would become "unfeasible" by the tariffs, Gomes Neto noted, adding that no order had been canceled so far. "It's a very new situation, so everyone is trying to understand this process and working toward reaching a solution within the deadline," the CEO said. In March, Embraer's E175 backlog included 90 firm orders from American Airlines (AAL.O), opens new tab, 40 from Republic, and 16 from SkyWest, which placed a fresh order in June for another 60 jets. ($1 = 5.56 reais)
Yahoo
3 hours ago
- Business
- Yahoo
Traders rush to land Brazilian coffee in the US before Trump's 50% tariff
By Marcelo Teixeira and May Angel NEW YORK (Reuters) -Commodities traders are racing against time to unload as much Brazilian coffee as possible in the United States before Trump's new 50% tariff on Brazilian products is implemented on August 1, they said on Tuesday. Newly released data showed U.S. consumer prices rose in June as the cost of the Trump administration's tariffs began to be passed on, including to cups of coffee. Some traders are diverting vessels mid-journey, canceling stops in other ports so that containers filled with Brazilian coffee can enter U.S. ports without paying the 50% tariff. Others are sending some Brazil-origin coffee they have in stock in neighboring countries such as Canada or Mexico, meant for use there, to the U.S. market instead. Meanwhile, U.S.-based importers are already posting wholesale listing prices that include the 50% additional charge for any shipment arriving after August 1. "We redirected some freight to land in the U.S. earlier, something that was headed to a longer journey," said Jeff Bernstein, managing director at coffee trader RGC Coffee. "But for some other cargos, we could not speed up." No workarounds are available for coffee yet to leave Brazil. Brazil produces a third of all the coffee used in the U.S., both as a single origin and as the base of most blends sold in the world's largest coffee-consuming country. The U.S. produces only around 1% of the coffee it uses. Prices for coffee in the U.S. have already risen sharply after a 70% spike in the market last year triggered by production shortages. If implemented, the new 50% tariff on imports from Brazil announced last week will cause a wave of price increases, market players say. "It is a form of taxation which is hurting American businesses. No one else. Not Brazil. Not Brazilian President Lula. This new 50% tariff is an existential threat to importers like me," said Steve Walter Thomas, chief executive of U.S.-based importer Lucatelli Coffee. Brazilian coffee co-op Expocacer, which increased its sales to the U.S. by 15% last year, said no renegotiation is possible for deals with delivery after August 1. "It is a tax imposed internally, in the importing country, so the importer is responsible to pay it and then pass it on to consumers," said Expocacer President Simao Pedro de Lima, adding that no export deals have been closed with U.S. buyers after the Trump announcement. Traders said if the tariff stands, coffee flows in the global market will be reordered, with Brazilian beans going to Europe and Asia, and the U.S. buying more from Africa, South and Central America. This change is not easy and will cost importers more, they said. One trader, who asked not to be named, said Brazilian coffee makes up a third of the blends sold by coffee chains Dunkin Donuts and Tim Hortons. He said it is also widely used by Starbucks. The three companies did not return requests for comment. The U.S. National Coffee Association declined to comment on the tariff, but said "coffee is a fixture in Americans' daily lives and the U.S. economy," noting that two-thirds of American adults drink coffee each day. The association has asked the Trump administration to exempt coffee from the tariffs on Brazil. Sign in to access your portfolio
