Latest news with #PatriciaVilasBoas
Yahoo
5 days ago
- Business
- Yahoo
MercadoLibre expands free shipping in top market Brazil amid rising competition
By Patricia Vilas Boas SAO PAULO (Reuters) -Latin American e-commerce giant MercadoLibre is expanding free shipping in its main market Brazil, it said on Friday, a move expected to be costly but which the company hopes will drive sales higher amid fierce competition. MercadoLibre, Latin's America most valuable company by market cap, earns more than 50% of its e-commerce revenues in Brazil, where it competes with Amazon and Sea's Shopee, and more recently with players like Temu. MercadoLibre said sales of 19 reais ($3.40) or more are now exempt from shipping fees in Brazil, from a minimum of 79 reais ($14.15) previously. "Practically the entire site will have free shipping from now on," the head of MercadoLibre's e-commerce operations in Brazil, Fernando Yunes, told journalists. He said the financial impact will be absorbed by the company, although he did not give an estimate on the scale of the costs of the expanded free shipping. MercadoLibre confirmed it has been cutting shipping costs for the companies and people selling on its platform in Brazil by up to 40% since late May, a move that had been noted by analysts. "The increased shipping discount targets a price range of products close to where Shopee seems to be gaining traction," analysts at Itau BBA said in a May 22 report to clients. ($1 = 5.5845 reais) Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
MercadoLibre expands free shipping in top market Brazil amid rising competition
By Patricia Vilas Boas SAO PAULO (Reuters) -Latin American e-commerce giant MercadoLibre is expanding free shipping in its main market Brazil, it said on Friday, a move expected to be costly but which the company hopes will drive sales higher amid fierce competition. MercadoLibre, Latin's America most valuable company by market cap, earns more than 50% of its e-commerce revenues in Brazil, where it competes with Amazon and Sea's Shopee, and more recently with players like Temu. MercadoLibre said sales of 19 reais ($3.40) or more are now exempt from shipping fees in Brazil, from a minimum of 79 reais ($14.15) previously. "Practically the entire site will have free shipping from now on," the head of MercadoLibre's e-commerce operations in Brazil, Fernando Yunes, told journalists. He said the financial impact will be absorbed by the company, although he did not give an estimate on the scale of the costs of the expanded free shipping. MercadoLibre confirmed it has been cutting shipping costs for the companies and people selling on its platform in Brazil by up to 40% since late May, a move that had been noted by analysts. "The increased shipping discount targets a price range of products close to where Shopee seems to be gaining traction," analysts at Itau BBA said in a May 22 report to clients. ($1 = 5.5845 reais)
Yahoo
02-05-2025
- Entertainment
- Yahoo
Fly with a smile: Brazil airlines cheer Lady Gaga-driven demand
By Gabriel Araujo and Patricia Vilas Boas SAO PAULO (Reuters) - Brazilian airlines are enjoying a boost as fans from all over the country fly to Rio de Janeiro ahead of a free Lady Gaga concert that is expected to draw more than 1 million fans to Copacabana Beach this weekend. The 39-year-old "Die with a Smile" and "Poker Face" singer from New York will take the stage at the famous beach on Saturday as part of Rio's efforts to bring superstars to perform at free events that authorities say lift the local economy. The country's largest carriers - the local unit of Chile's LATAM Airlines, Gol and Azul - all reported on Friday that they have been operating more flights that are close to full. LATAM said in a statement that between Wednesday and Monday it had increased the frequency of its flights to Rio's two main airports, Galeao and Santos Dumont, by 25% compared to the previous week, while offering 26% more seats. "Passenger demand justifies the investments," said the carrier, which is also a sponsor of the concert, noting that on Wednesday and Thursday its flights from Brazilian cities to Rio de Janeiro were 90% full, a measurement known as the load factor. That is higher than the 80.8% load factor LATAM registered in domestic routes in the first quarter. Rio de Janeiro's city government estimates that 1.6 million people will attend the concert, Gaga's first in Brazil since 2012, with attendance also boosted by a long weekend as the South American country celebrated Workers' Day on Thursday. Azul in a statement said the load factor of its operations to Rio this week hit 91%, while Gol said it had added 60 flights to Galeao airport from other major Brazilian cities. The free open-air concerts, whose lineup also included Madonna last May, are providing a much-needed boost after a drastic reduction in recent years in the number of flights to Rio while the city grappled with an economic crisis. "Music tourism is the darling of the moment in Brazil," Tourism Minister Celso Sabino said. "People are traveling more and more to see concerts and festivals. This boosts the entire tourism industry, from hotels to coconut water stalls."
Yahoo
29-03-2025
- Business
- Yahoo
Brazil meatpacker JBS to spend $100 million to build 2 factories in Vietnam
By Patricia Vilas Boas (Reuters) - Brazilian meatpacker JBS announced on Saturday that it will invest US$100 million to build two factories in Vietnam, aiming to expand its presence in Southeast Asia and strengthen its position in the global market. According to a statement from the company, the plants will produce beef, pork and poultry, and will mainly use raw materials imported from Brazil. The goal is to supply Vietnam and other countries in the region. The agreement was formalized on Saturday through a memorandum of understanding with the Vietnamese government, JBS said. Reuters reported last week that JBS was considering the deal. The deal was sealed during a state visit by Brazilian President Luiz Inácio Lula da Silva to Vietnam, in which the opening of the Vietnamese market to Brazilian meat was announced. JBS was part of the business delegation accompanying the president. "The new plants in Vietnam will not only be an expansion of production capacity, but an investment with a purpose: to generate value for the local economy, create skilled jobs, and contribute to food security throughout Southeast Asia," said Renato Costa, the CEO for Friboi, JBS' beef division, in the statement. Friboi presents itself as a leader in the beef market in Brazil. According to the plan announced by JBS, the first facility will be built in Khu công nghiệp Nam Đình Vũ, including a logistics center with storage capacity, covering pre-processing, cutting and packaging activities. The agreement projects the second factory will be built in the south of Vietnam two years after the first facility starts operations. It will include similar infrastructure, including a logistics center and a processing plant. Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
Brazil meatpacker JBS to spend $100 million to build 2 factories in Vietnam
By Patricia Vilas Boas (Reuters) - Brazilian meatpacker JBS announced on Saturday that it will invest US$100 million to build two factories in Vietnam, aiming to expand its presence in Southeast Asia and strengthen its position in the global market. According to a statement from the company, the plants will produce beef, pork and poultry, and will mainly use raw materials imported from Brazil. The goal is to supply Vietnam and other countries in the region. The agreement was formalized on Saturday through a memorandum of understanding with the Vietnamese government, JBS said. Reuters reported last week that JBS was considering the deal. The deal was sealed during a state visit by Brazilian President Luiz Inácio Lula da Silva to Vietnam, in which the opening of the Vietnamese market to Brazilian meat was announced. JBS was part of the business delegation accompanying the president. "The new plants in Vietnam will not only be an expansion of production capacity, but an investment with a purpose: to generate value for the local economy, create skilled jobs, and contribute to food security throughout Southeast Asia," said Renato Costa, the CEO for Friboi, JBS' beef division, in the statement. Friboi presents itself as a leader in the beef market in Brazil. According to the plan announced by JBS, the first facility will be built in Khu công nghiệp Nam Đình Vũ, including a logistics center with storage capacity, covering pre-processing, cutting and packaging activities. The agreement projects the second factory will be built in the south of Vietnam two years after the first facility starts operations. It will include similar infrastructure, including a logistics center and a processing plant.
