JBS donates R$700m for pandemic relief

JBS announced a package of donations to help the fight against covid-19. With annual sales of $50 billion a year, the world’s largest meat producer will donate R$700 million – R$400 million in Brazil and R$300 million in the US – or 28.7% of its net profit last year. In Brazil, the money will go toward public health, social assistance and research and development efforts. The company says the donation will benefit 162 municipalities of 17 states, supplying personal protective equipment, food, ICU equipment, and financing new hospitals, among others. Former Seara chief Joanita Karoleski will head the effort. In the US, the company has been under fire over working conditions, with at least one family of an employee from a Pennsylvania facility claiming in court that he died from covid-19 after working without protective equipment, according to a report in the Greeley Tribune.

Source: Valor Econômico
http://www.valor.com.br/international

Safra bets on independent investment advisers

Brazil’s Safra took another step away from its conservative past, entering the until recently red-hot market for independent investment advisers. With its platform, SafraInvest, the bank hopes to establish a network of advisers and firms that can expand its reach to more clients and regions, a significant shift for a bank known for being discreet and conservative. With over R$240 billion in assets under management and 130 branches across Brazil, Safra will compete in a market it estimates could be worth R$350 billion to R$400 billion, including investments channeled by market leader XP. “We want to be second or third in up to four years,” says Safra’s private banking director, Fernando Cruz.

Source: Valor Econômico
http://www.valor.com.br/international

M. Dias Branco posts higher 1Q sales amid pandemic

Sales by M. Dias Branco, Brazil’s largest biscuit and pasta manufacturer, grew 22.4% in volume from January to March compared to the same period last year and remain strong. The company’s revenue rose 24.3% in the first quarter to R$1.64 billion. Chief Investment Officer Gustavo Theodozio said the effect of the pandemic was seen in the second half of March, but the pace of expansion had already been in double digits in previous months. “Demand remains strong in the second quarter. At the end of March, there was a rush to the supermarkets because of the lockdown. Many people bought to stock goods. But we still saw very strong demand in April.”

Source: Valor Econômico
http://www.valor.com.br/international