Brazil’s Lula reunites with meat billionaire brothers as China ties bloom
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Brazilian President Luiz Inacio Lula da Silva reunites with meat billionaire Batista brothers, Wesley and Joesley Batista, at a JBS factory in Campo Grande, Brazil. The Batista brothers, who grew their family butcher shop into the world's largest meat producer, were previously involved in a corruption scandal that brought down thousands of politicians, including Lula. The meeting is part of Lula's efforts to increase agricultural exports to China and replicate the commodities-fueled growth of the early 2000s. A total of 38 Brazilian plants recently received authorization to export products to China, which is expected to boost Brazil's trade balance by $2 billion over the next year. JBS plans to invest $29 million to double the daily production capacity of the Campo Grande facility. The Batista brothers recently returned to prominence in Brazil and were named to the JBS board. It remains unclear whether Lula's government will support JBS's push to list its shares in the US. The Brazilian national development bank has not yet publicly stated its position on the matter.
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