Brazil reassures foreign countries after meat scandal

A butcher shop counter in Rio de Janeiro Brazil on Mar 17 2017

A butcher shop counter in Rio de Janeiro Brazil on Mar 17 2017

BRF said in an emailed statement that he surrendered to the authorities and is available to give all clarifications needed.

Brazil's President Michel Temer, confronting a corruption scandal tarnishing the country's lucrative meat industry, met on Sunday with executives and foreign diplomats to assuage health concerns tarnishing a sector responsible for $US12 billion in annual exports.

China and Hong Kong, which together are the biggest foreign market for Brazilian meat, were the destination of a third of the $5.5 billion of beef shipped from Latin America's largest economy a year ago, according to the meat exporters group Abiec. They noted that none of the more than 150 countries that already buy Brazilian meat has suspended imports. Some was exported-police allege three BRF cargoes tainted with salmonella are still en route to Europe. JBS also said the employee questioned in this matter played no strategic role in product quality or any verification processes. Only 33 of more than 11,000 inspectors, he added, are being investigated. On Friday, it said that while the scandal revealed isolated cases, it may more broadly harm the country's global trade reputation.

"To reassure our friends", he said, in 2016 some 853,000 shipments of meat were sent overseas and only 184 "had problems, either with their labeling or for minor matters, but in no case for their quality".

Premier Oil PLC (PMO) Receives GBX 89.50 Consensus Target Price from Analysts
In other news, insider Lucinda Riches acquired 5,000 shares of the business's stock in a transaction on Tuesday, December 20th. The shares were acquired at an average cost of GBX 917 ($11.21) per share, for a total transaction of £44,263.59 ($54,118.58).

An NTUC FairPrice spokesman said it is aware of ongoing investigations into BRF, which owns the Sadia and Perdigao brands, and JBS, owner of Big Frango and Swift brands, which supplies poultry products to NTUC FairPrice as well as other retailers.

JBS said: "The company vehemently repudiates any adoption of practices related to the adulteration of products".

Following the announcement, shares of JBS and BRF fell 10% and 8 % respectively according to BBC News. The European Commission said any companies found to be involved in the scandal there will be denied access to the European Union market. Bond yields for both companies also surged.

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