Brazil
Law clamps down on bribes
Bribing a public official in Brazil could become a very onerous mistake for businesses under a law enacted on Friday that for the first time makes companies liable for bribes paid by employees. Companies found guilty of bribery will face fines of up to 20 percent of gross annual revenue for the previous year or a maximum of 60 million reais (R256m). They could also be suspended from operating, have assets confiscated and even face possible dissolution. Brazil’s congress passed the law in record time in the wake of sweeping protests that shook the country in June. – Reuters
Zambia
Gemfields asks to sell overseas
Gemfields is lobbying the Zambian government to extend its emerald auctions beyond the country where it mines the precious stones. Gemfields, a London-listed mining house, wants to create a stable world market for emeralds and polish the gem’s image in the same way that De Beers has championed diamonds. The firm was selling output from its Kagem mine around the world until the Zambian government said in April that all emeralds mined in the country must be auctioned at home. – Reuters
New Zealand
China bans milk powder imports
China had stopped all imports of New Zealand milk powders after Auckland dairy producer Fonterra Co-operative warned of a contaminated ingredient, Trade Minister Tim Groser said yesterday. The decision by Beijing was “appropriate”, Groser said. Fonterra, the world’s largest dairy exporter, said an ingredient used in baby formula and other food showed strains of bacteria. – Bloomberg