Saturday, June 20, 2009

Cattle Empire Slows in Brazil

The International Finance Corporation (IFC), private lending arm of the World Bank, has withdrawn a BRL90 million loan to Brazilian cattle industry giant Bertin, following complaints that it was using the money to expand further into the Amazon region.. The move came two weeks after a Greenpeace report revealed that financial backing for the Brazilian cattle industry had turned it into the largest single source of deforestation in the world. Bertin has so far received BRL60 million in loan money, which it promised to return and will decline to receive the remaining BRL30 million.

This came from a news item in the weekly newsletter Global Development Briefing.

Oh dear...........

But it might be a positive for the Australian cattle and livestock industries.

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