Malls to Carmakers Reopen While Brazil Cases Continue to Climb

(Bloomberg) -- Aircraft maker Embraer reported a $104 million adjusted loss in the first quarter, while malls operator Iguatemi will reopen four of its shoppings centers in Sao Paulo state as the region starts to phasing out quarantine.

Central Bank president Roberto Campos Neto said the economic activity had a much deeper contraction in the second quarter than the 1.5% decline in the first quarter and recovery should start during 3Q.

Brazil has overtaken Spain and France and is now has the fourth-most Covid-19 deaths globally at 29,937, and only trails the U.S. in cases, with 526,447.

Here’s a summary of the latest measures taken by Brazilian companies:

May 30, June 1st: Embraer losses; Iguatemi reopens malls

Embraer posted a first-quarter adjusted loss of $104 million, citing the real’s devaluation versus the U.S dollar, Covid-19 effects and negative impact from the failed deal with Boeing. The company said there are no talks on a possible partnership with companies from Russia or China, following a Reuters report Friday that had pushed shares up as much as 19%. Embraer sees regional aviation leading the rebound after coronavirus pandemic.

Iguatemi announced it will reopen four of its malls located in Sao Paulo state this week. Two malls in Sao Paulo and Rio de Janeiro cities set a partnership with Amazon and will have a exclusive page on technology firm’s marketplace, Folha newspaper reported.

A Court decision allowed JBS to reopen its Ipumirim chicken plant in Santa Catarina which was shut on May 18 due to a lack of measures to avoid Covid-19 contamination among workers.

Volkswagen resumes operation in Sao Bernardo do Campo unit, in Sao Paulo state, the automaker’s last plant in South America with activities halted due to the pandemic.

To see what companies did amid the crisis in May, click here. To see actions taken in April, click here. For those in March, click here.

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