Shares of meatpacking giant JBS 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.
Monday Mornings
The latest local business news and a lookahead to the coming week.
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
Calgary Herald
8 hours ago
- Calgary Herald
Oil prices caught between a $70 summer and growing surplus fears
Article content (Bloomberg) — Oil traders are grappling with a tension — there's a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel. Article content France's TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway's Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group. Article content Article content Article content Both the International Energy Agency and the US Energy Information Administration earlier this month bolstered their estimates for the surplus they see next year. The two widely-followed forecasters expect supply to eclipse demand by the most since the pandemic, with the IEA's projection at 2 million barrels a day. Article content Article content A surplus that pushes prices lower will help tame inflation, hurt high-cost producers and likely please US President Donald Trump who has called for lower prices since taking office. Article content It's a stark contrast with the here and now, where inventories at key storage hubs remain low, reflected in a bullish market structure that indicates tight supplies. Profits from turning crude into fuels are also far above seasonal norms, underpinning demand for crude. 'One of the issues that has been supporting oil has been the seasonal strength of the summer months,' Francisco Blanch, head of commodities and derivatives research at Bank of America Corp. said in a Bloomberg TV interview. 'Second half of the year the surplus is going to be close to 200 million barrels,' which will ultimately weigh on prices, he added. Article content Article content While most of the IEA's revision of next year's outlook centered on output additions by the Organization of the Petroleum Exporting Countries and its allies, who will meet to discuss output levels in early August, there were also some less obvious drivers. Forecasts for the supply of biofuels, which compete with conventional oil, are about 200,000 barrels a day higher than two months ago in the agency's estimates. Article content The US government now sees global oil supplies about 2.1 million barrels a day higher in the fourth quarter of this year than the first, the biggest increase it has seen over the period since February. The two bodies' forecasts constitute an important element in traders' evaluations of how the market will unfold. Article content For now, signs of robust demand remain. Article content Leading oil trader Vitol Group said last week that jet fuel demand has been steadily climbing, with flight numbers reaching all-time highs. US weekly oil-demand figures are the highest this year. That data has been revised higher in final monthly readings for four of the last five periods where complete figures are available.
Global News
2 days ago
- Global News
George Santos begins serving 7-year fraud sentence
Disgraced former U.S. Rep. George Santos is expected to begin serving a seven-year prison sentence on Friday for the fraud charges that got him ousted from Congress. The New York Republican pleaded guilty last summer to federal wire fraud and aggravated identity theft charges for deceiving donors and stealing people's identities in order to fund his congressional campaign. He must report to federal prison before 2 p.m. It's unclear where he'll serve his time, though a federal judge has recommended that Santos be housed in a facility in the Northeast. Santos and his lawyers repeatedly declined to comment to The Associated Press, and the federal Bureau of Prisons said it doesn't discuss the status of inmates until they're officially in custody. In a Thursday interview with Al Arabiya, a Saudi state-owned news organization, Santos said he'll serve his sentence in a minimum-security prison 'camp' that he described as a 'big upgrade' from the medium-security lockup he was initially assigned to. Story continues below advertisement The ever-online Santos, who turned 37 on Tuesday, also hosted a farewell party for himself on the social media platform X on Thursday night. 'Well, darlings…The curtain falls, the spotlight dims, and the rhinestones are packed,' he wrote in a post afterwards. 'From the halls of Congress to the chaos of cable news what a ride it's been! Was it messy? Always. Glamorous? Occasionally. Honest? I tried… most days.' 4:11 George Santos pleads guilty, faces at least 2 years in prison In April, a federal judge declined to give Santos a lighter two-year sentence that he sought, saying she was unconvinced he was truly remorseful. In the weeks before his sentencing, Santos said he was 'profoundly sorry' for his crimes, but he also complained frequently that he was a victim of a political witch hunt and prosecutorial overreach. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Santos was elected in 2022, flipping a wealthy district representing parts of Queens and Long Island for the GOP. But he served for less than a year and became just the sixth member of the House to be ousted by colleagues after it was revealed he had fabricated much of his life story. Story continues below advertisement During his winning campaign, Santos painted himself as a successful business owner who worked at prestigious Wall Street firms when, in reality, he was struggling financially. He also falsely claimed to have been a volleyball star at a college he never attended and referred to himself as 'a proud American Jew' before insisting he meant that he was 'Jew-ish' because his Brazilian mother's family had a Jewish background. The cascade of lies eventually led to congressional and criminal inquiries into how Santos funded his campaign and, ultimately, his political downfall. Since his ouster from Congress, Santos has been making a living hosting a podcast called 'Pants on Fire with George Santos' and hawking personalized video messages on Cameo. He has also been holding out hope that his unwavering support for President Donald Trump might help him win a last-minute reprieve. The White House said this week that it 'will not comment on the existence or nonexistence' of any clemency request. In media appearances this month, the former lawmaker wasn't shy about sharing his morbid fears about life behind bars. 'I'm not trying to be overdramatic here. I'm just being honest with you. I look at this as practically a death sentence,' Santos told Tucker Carlson during an interview. 'I'm not built for this.' Story continues below advertisement On social media, his recent musings have sometimes taken a dark turn. 'I'm heading to prison, folks and I need you to hear this loud and clear: I'm not suicidal. I'm not depressed. I have no intentions of harming myself, and I will not willingly engage in any sexual activity while I'm in there,' he said on X. 'If anything comes out suggesting otherwise, consider it a lie … full stop.'
Globe and Mail
3 days ago
- Globe and Mail
Warren Buffett Owns 10 High-Yield Dividend Stocks. Here's the Best of the Bunch.
Key Points Warren Buffett's company Berkshire Hathaway has never paid a dividend. That hasn't stopped Buffett and his team from investing in several high-yielding stocks. Dividends can make stocks with long turnarounds ahead much more attractive. 10 stocks we like better than Realty Income › Warren Buffett's company Berkshire Hathaway has never paid shareholders a dividend while under Buffett's leadership. The primary reason is because Buffett believed he could find better ways to invest the capital -- and he was definitely right. Berkshire's returns have crushed the broader benchmark S&P 500 index over many decades, and many people regard Buffett as the best investor of all time. While never paying a dividend, Buffett and his team of investors have never been afraid to invest in high-yielding stocks. They often look for companies in turnaround mode -- but they pay nice dividends to compensate investors for their time. Buffett and Berkshire own nine high-yielding stocks. Here's the best of the bunch. Three are top 20 positions Three of Berkshire's top 20 equity holdings warrant attention: Kraft Heinz (NASDAQ: KHC), Sirius XM (NASDAQ: SIRI), and Chevron (NYSE: CVX), which have dividend yields of roughly 5.6%, 4.5%, and 4.5%, respectively. Kraft Heinz is largely viewed as one of Buffett's most disappointing investments. Buffett first acquired a stake in Heinz in 2013 when he partnered with the Brazilian private equity firm 3G to buy the company. The two parties then worked together in 2015 to merge Kraft and Heinz in a $49 billion transaction. Since then, the stock hasn't performed well and is down another roughly 4.7% this year (as of July 23). More recently, Berkshire has given up its seats on the board at Kraft Heinz and there is speculation that the company may soon break up. Sirius is a position that Berkshire added to heavily in recent years. The large digital audio company, which owns Sirius XM and the Pandora music streaming business, is considered one of the few legal monopolies but it looks like it will have a lengthy turnaround ahead after declining 30% during the past year. The large U.S. oil and gas producer Chevron is part of a growing number of energy assets that Buffett and Berkshire have gobbled up in recent years. Berkshire clearly thinks the price of oil is going higher long term and may also view energy as an asset that will be in high demand during the coming decades. Chevron, which is down about 4% during the past year, has increased its dividend for 38 straight years and is certainly a dividend gem. Buffett's "secret portfolio" While you can't see Buffett's other seven high-yielding dividend stocks in Berkshire's filings, the company, in essence, has a "secret portfolio" in New England Asset Management (NEAM), which is not directly managed by Berkshire. In 1998, Berkshire came to own NEAM via its acquisition of General Re, which bought NEAM in 1995. Here are the seven high-yielding dividend stocks in NEAM and their perspective dividend yields (as of July 23): Golub Capital BDC (NASDAQ: GBDC) -- 10.2% Ares Capital (NASDAQ: ARCC) -- 8.4% Pfizer -- 6.8% Realty Income (NYSE: O) -- 5.6% Bristol Myers Squibb -- 5.2% Campbell's -- 4.8% Lamar Advertising -- 5% You'll notice a few themes in this bunch. Golub and Ares are business development companies (BDCs), which are known for paying high dividends due to their unique corporate structure as regulated investment companies. If these companies pay out at least 90% of their taxable income to shareholders through dividends, they avoid paying corporate taxes. As a real estate investment trust (REIT), Realty Income has the same deal. Pfizer and Bristol Myers are both pharmaceutical stocks, which can also pay hearty dividends. The best of the bunch Although its stock has not performed great during the past five years, Realty Income is the best of the bunch, in my opinion, especially from an income perspective. Sure, there are some REITS and BDCs with much higher yields, but their payouts can fluctuate with earnings. As a REIT, Realty Income stands out in terms of consistent performance. It mainly operates a triple-net-lease model in which it rents its properties to tenants who pay maintenance and upgrade costs, property taxes, and insurance. In return, tenants may be able to negotiate more favorable terms and also have more control over the spaces they rent, which can be helpful for businesses. Realty Income specifically focuses on non-discretionary, low-price-point, and service-oriented tenants like 7-Eleven, Dollar General, and Walgreens, among many others. The company is also getting involved in higher-growth sectors, like gaming and data centers, while also looking to expand its geographic reach in Europe. As for the dividend, Realty Income is as reliable as they come, which is perhaps why the company's slogan is, "The Monthly Dividend Company." Since going public in 1994, Realty Income has increased its quarterly dividend for 110 consecutive quarters. The dividend has grown at a 4.3% compound annual growth rate and looks very sustainable. In 2024, Realty Income paid out about $3.13 of dividends per share and generated adjusted funds from operations (AFFO), which is basically like cash flow for REITs, of $4.19, giving it room to spare. Should you invest $1,000 in Realty Income right now? Before you buy stock in Realty Income, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Realty Income wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $634,627!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,799!* Now, it's worth noting Stock Advisor's total average return is 1,037% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, Bristol Myers Squibb, Chevron, Pfizer, and Realty Income. The Motley Fool recommends Campbell's and Kraft Heinz. The Motley Fool has a disclosure policy.
