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☆ Hunger is India’s ‘biggest problem’ — one of the world's largest food producers leaves millions hungry
▼ + stars: | 2024-01-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

A labourer works inside a mill of refined wheat flour at Khanna in India's Punjab state on May 18, 2022. "Hunger is the biggest problem in India," a representative of global agribusiness Bunge told CNBC on the sidelines of the Commodity Trading Week held in Singapore. If they are getting the food, it's not nutritious," said Amit Sharma, Bunge's global trade execution team leader. India's Department of Food and Public Distribution did not immediately respond to CNBC's request for comment. Vipin Kumar | Hindustan Times | Getty ImagesIndia's food problem is also compounded by the fact that the rising middle class is on course to demand for more food — and better quality food as well.

Persons: Sajjad Hussain, Bunge, There's, Amit Sharma, Sharma, India's, Garima, Louis Dreyfus, Vipin Kumar, Jain, It's Organizations: AFP, Getty, CNBC, Logistics, International Trade Administration, U.S . Commerce Department, India's Department of Food, ITA, Hindustan Times Locations: Khanna, India's Punjab, India, Singapore

Some are sentenced to hard labor and forced to work – or face punishment – and are sometimes paid pennies an hour or nothing at all. While prison labor seeps into the supply chains of some companies through third-party suppliers without them knowing, others buy direct. The AP reached out for comment to the companies it identified as having connections to prison labor, but most did not respond. Corrections officials and other proponents note that not all work is forced and that prison jobs save taxpayers money. They also aren’t learning skills that will help them when they are released,” said law professor Andrea Armstrong, an expert on prison labor at Loyola University New Orleans.

Persons: They’re, they’ve, Russell Stover, Bunge, Louis Dreyfus, Archer Daniels, Cargill, ” McDonald’s, Mills, ” Bunge, they’re, ”, David Farabough, don’t, Andrea Armstrong, Columbia University’s Ira A, Lipman Organizations: Associated Press, Kroger, Target, Aldi, U.S, Walmart, Costco –, Washington, American Civil Liberties Union, AP, Maine Foods, Taylor Farms, Archer Daniels Midland, Consolidated, Foods, Corrections, Loyola University New Orleans, Public Welfare Foundation, Columbia, Lipman Center for Journalism, Arnold Ventures Locations: U.S, Idaho, In Kansas, Cal, Arizona, Tennessee , Arkansas, Ohio, Arkansas, Investigative@ap.org

For instance, the U.S. has blocked shipments of cotton coming from China, a top manufacturer of popular clothing brands, because it was produced by forced or prison labor. While prison labor seeps into the supply chains of some companies through third-party suppliers without them knowing, others buy direct. Cargill acknowledged buying goods from prison farms in Tennessee, Arkansas and Ohio, saying they constituted only a small fraction of the company’s overall volume. For instance, about a dozen state prison farms, including operations in Texas, Virginia, Kentucky and Montana, have sold more than $60 million worth of cattle since 2018. “What for?”FOLLOWING THE MONEYThe business of prison labor is so vast and convoluted that tracing the money can be challenging.

Persons: it’s, Willie Ingram, “ They’d, billy clubs, they’d, ”, Ingram, didn’t, they’re, don’t, Andrea Armstrong, Frank Dwayne Ellington, Ellington, Koch, “ It’s, it’s somebody’s, Alishia Powell, Clark, “, Bunge, Louis Dreyfus, Archer Daniels, Cargill, ” McDonald’s, Mills, ” Bunge, Burger, Jermaine Hudson, ” Hudson, Calvin Thomas, Thomas, Ken Pastorick, Pastorick, Jennifer Turner, Faye Jacobs, Jacobs, ’ ” David Farabough, they’ve, Joshua Sbicca, Cliff Johnson, Jimmy Dean, Sara Lee, Tyson, Brevard County Sheriff Wayne Ivey, that’s, ” Ivey, “ They’re, ’ ”, William “ Buck ” Saunders, Hickman’s, Brooke Counts, Counts, John’s, Jack Strain, Tammany Parish, Russell Stover, Curtis Davis, Robert Bumsted, Cody Jackson, Columbia University’s Ira A, Lipman Organizations: Louisiana State Penitentiary, The Associated Press, Walmart, Cargill, U.S, Kroger, Target, Aldi, Corrections, Loyola University New Orleans, Koch Foods, Occupational Safety, Health Administration, Washington, Archer Daniels Midland, Consolidated, AP, Foods, Dairy Farmers of, Big, Sam’s, Tyson Foods, U.S ., Civilian, OSHA, Fair Labor, American Civil Liberties, Colorado State University, MacArthur Justice Center, University of Mississippi, PepsiCo, Brevard County Sheriff, Arizona . Companies, Costco, Correctional, Prisons, Nut, Maine Foods, Taylor Farms, Transitional, Associated Press, Public Welfare Foundation, Columbia, Lipman Center for Journalism, Arnold Ventures Locations: ANGOLA, La, Southern, Louisiana, Texas, In Louisiana, Angola, United States, “, Ashland, U.S, China, Tennessee , Arkansas, Ohio, Dairy Farmers of America, Texas , Virginia, Kentucky, Montana, Baton Rouge, Mississippi, Manhattan, America, Alabama, American, Arkansas , Texas, Florida , Alabama, South Carolina, Georgia, Arkansas, In Alabama, Florida, Brevard County, Arizona, Wisconsin, California, Colorado, state’s St, Tammany, Idaho, In Kansas, Cal, St, Francisville , Louisiana, Feliciana, Investigative@ap.org

☆ India's role as a wheat exporter is now 'ruled out,' says agricultural merchant and processor
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's role as a wheat exporter is now 'ruled out,' says agricultural merchant and processorGarima Jain, deputy CEO and head of grains for India at Louis Dreyfus, says India's food security is paramount.

Persons: Jain, Louis Dreyfus Locations: India

☆ Ex-IBM CEO: Here's the No. 1 thing my mom did to raise four highly successful executives
▼ + stars: | 2023-11-18 | by ( Ashton Jackson | ) www.cnbc.com time to read: +1 min

If you asked Ginni Rometty's mom how she managed to raise four high-powered executives, she'd be as stunned as you are. "My mom [is] always like, 'How did this happen?,'" Rometty, the former CEO of IBM, said on Wednesday at the World Business Forum summit. Rometty's youngest sister, Darlene Nicosia, is the CEO of food manufacturing company Hearthside Food Solutions. One particular lesson from their mom helped them all grow into successful adults, Rometty said: "Never let someone else define who you are." Her mom — who didn't have a job at the time, Rometty told the Horatio Alger Association in 2016 — managed to land a job at a local hospital.

Persons: Ginni, she'd, she'll, Darlene Nicosia, Anette Rippert, Joe Nicosia, Louis Dreyfus, Rometty, — Organizations: IBM, World, Food Solutions, Accenture, Louis Dreyfus Company, Horatio Alger Association

☆ Louis Dreyfus to build Ohio soy crush plant, add to processing boom
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

Two people converse in a soybean field during harvest season in Deerfield, Ohio, U.S., October 7, 2021. REUTERS/Dane Rhys/File Photo Acquire Licensing RightsPARIS, Oct 20 (Reuters) - Louis Dreyfus Company will build a soybean-processing plant in Ohio, the global crop merchant said on Friday, adding to a booming expansion of oilseed crushing in North America encouraged by biofuel use. Dreyfus will start construction in early 2024 on the facility in Upper Sandusky that will have annual soy-crushing capacity of 1.5 million metric tons, the company said in a statement. The plant will have capacity to produce 320,000 metric tons per year of edible soybean oil and 7,500 metric tons of lecithin, it said. Dreyfus said earlier this year it will more than double the size of its Canadian canola crushing plant in Yorkton, Saskatchewan.

Persons: Dane Rhys, Louis Dreyfus, Dreyfus, Archer Daniels, Gus Trompiz, Karl Plume, Jonathan Oatis, Rod Nickel Organizations: REUTERS, Rights, Louis Dreyfus Company, Reuters, Regional Growth, Archer Daniels Midland, Thomson Locations: Deerfield , Ohio, U.S, Ohio, North America, Upper Sandusky, North Dakota, Yorkton , Saskatchewan, Chicago

☆ Brazil clears bottlenecks to oust US as top corn exporter
▼ + stars: | 2023-08-24 | by ( Ana Mano | ) www.reuters.com time to read: +7 min

"We celebrated a lot... when (corn export) volumes via northern ports equaled Santos," said Sergio Mendes, head of Brazilian grain exporter group Anec. "By using northern ports... you are saving 20 reais ($4.12) per ton (of corn)." Treemap with data from Cargonave show the percentage share of corn exports of Brazil ports in north and south part of the country. CHEAPER ROUTE TO CHINAThe new export capacity has helped grains shipped from Brazil's northern ports to compete on logistics costs with U.S. farmers. "The greater share of shipments through northern ports reflects cheaper freight costs compared to routes to the ports in the south and southeast," said Thome Guth, a Conab official.

Persons: Adriano Machado, Sergio Mendes, Louis Dreyfus, Brazil's, Thiago Pera, Santos, ", Thome Guth, Ana Mano, Brad Haynes, Marguerita Choy Organizations: REUTERS, SAO PAULO, China, U.S, Cargill, Bunge, Louis Dreyfus Commodities, TCU, Shipping, U.S . Department of Agriculture, COFCO, Santos, Thomson Locations: Brasilia, Brazil, Santos, Ukraine, China, U.S, Northern, Madeira, Santarem, Barcarena, Itaqui, Canada, Argentina, Mato Grosso, CHINA, Iowa, Shanghai, Itacoatiara, Chicago, Para, Norte Sul, Tocantins, Goias, Minas Gerais, Mato

"It is not going to be easy for them (Russia)," said one industry executive with knowledge of grains exports. Last year, Russia exported a record volume of wheat on ships chartered from international companies and traders. "Most of what is coming out is dealt with by Russian traders using (shadow) fleet ships, which international traders would not touch". The Black Sea remains a critical area for Russian exports, with other locations more complicated and costly. Russia's Black Sea terminals handle about 70% of the country's grain exports.

Persons: Vladimir Putin, Eduard Zernin, Zernin, Cargill, Louis Dreyfus, Viterra, Dreyfus, Bunge, Denmark's, Mike Salthouse, Rosagroleasing, Victoria Mitchell, Jonathan Saul, Nigel Hunt, Polina Devitt, Gus Trompiz, Frank Jack Daniel Our Organizations: General's, REUTERS, Russia's, Grain, Reuters, International Grains Council, Russian, Control, Thomson Locations: Russian, Odesa, Ukraine, Russia Russia, Moscow, Africa, Novorossiysk, Russia's Union, Russia, Turkey, China, Denmark's NORDEN, Bulgaria, Romania, United States, Europe, Taman, Russia's, ., London, Paris

But some of its beans, known as unwashed or 'natural' arabicas, have not previously been used for high-end benchmark coffee contracts around the world. Unwashed coffee is so-called because its fruit is left to dry whole before the bean is extracted. He added that relatively little Brazilian coffee ends up in ICE warehouses because it usually fetches higher prices in the physical markets. The two companies declined to comment on whether they had got a mix of semi-washed and unwashed beans certified by ICE. Zooming out to inflation adjusted terms however, coffee prices in 1980 were equivalent to about $8 per lb - a whopping 500% higher than they are today, according to Reuters calculations.

Persons: Juan Carlos Ulate, Dagoberto Suazo, unwashed, Marcio Ferreira, Cecafe, Ferreira, Louis Dreyfus, Pedro Mendoza, Maytaal Angel, Gustavo Palencia, Marcelo Teixeira, Frank Jack Daniel Our Organizations: Workers, REUTERS, LONDON, Agricultural, Intercontinental Exchange, Reuters, Producers, IF IT, ICE, Central, Thomson Locations: Grecia, Costa Rica, TEGUCIGALPA, Honduras, Brazil, America, Africa, Cafetaleras, Colombia, Central America, Peru, Europe, Swiss, Sucafina, U.S, London, Tegucigalpa, New York

REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - Bunge Ltd (BG.N) raised its full-year earnings outlook on Wednesday after improved processing margins helped the agri-trader post a second-quarter profit above Wall Street estimates, sending shares up sharply. "Shares are up due to a strong quarter and raised guidance. ADM reported a drop in second-quarter profit last month but raised full-year guidance, citing improving market conditions in the second half of 2023. Bunge said second-quarter adjusted earnings in Agribusiness, its largest segment in terms of sales and volumes, jumped 75% as a record-large Brazilian soybean crop boosted processing operations. Bunge's adjusted profit was $3.72 per share for the three months ended June 30, compared with analysts' estimate of $2.69 per share.

Persons: Dado Ruvic, Bunge, Arun Sundaram, Archer, Cargill, Louis Dreyfus, Shilpi Majumdar, Nick Zieminski, Marguerita Choy, Kirsten Donovan Organizations: Bunge, REUTERS, Bunge Ltd, Wall, CFRA Research, Daniels, Midland, ADM, Specialty, Saikeerthi, Thomson Locations: Ukraine, Bengaluru

CHICAGO, July 25 (Reuters) - Archer-Daniels-Midland (ADM.N) beat Wall Street expectations for second-quarter profit on Tuesday, as the grain trader and processor benefited from a record Brazilian soybean harvest and robust global demand for grain and oilseeds. ADM, which previously forecast full-year 2023 earnings at $6 to $7 per share, said it would raise its earnings outlook but did not provide details. ADM and its agribusiness peers, including Bunge (BG.N), Cargill and Louis Dreyfus, have capitalized on strong demand for food, feed and biofuel, while global food supply chain disruptions such as lower grain shipments from war-torn Ukraine have boosted prices. ADM's Carbohydrate Solutions unit capitalized on strong demand for sweeteners and starches, though results were dented by weaker ethanol margins. Results in the company's high-margin Nutrition segment struggled in what ADM called a "challenging demand environment."

Persons: Archer, Cargill, Louis Dreyfus, Arunima Kumar, Shilpi Majumdar, Mark Porter Organizations: Daniels, Midland, ADM, Bunge, ADM's Ag Services, Thomson Locations: Ukraine, Bengaluru

Bloomberg News had reported on May 25 that Bunge and Viterra were in talks to combine, without providing details on the deal's terms and timing. Acquiring Viterra would bring Bunge revenue's revenues -- $67.2 billion in 2022 -- in line with Archer-Daniels-Midland, which registered sales of nearly $102 billion last year. In early 2017, Viterra, then known as Glencore Agriculture, attempted a takeover of Bunge, which was then valued at $11 billion. In May 2017, Bunge rebuffed Glencore after the latter made an informal approach to discuss "a possible consensual business combination." Viterra expanded its business of buying and selling grain in the United States through its $1.1 billion acquisition of Gavilon last year.

Persons: Bunge, Greg Heckman, Privately, Viterra, Archer, Louis Dreyfus Co, Glencore, Abigail Summerville, Anirban Sen, Jonathan Oatis Organizations: YORK, Bunge Ltd, Glencore Plc, Canada, Plan Investment Board, Columbia Investment Management Corp, Bloomberg News, Daniels, Midland Co, Cargill Inc, Bunge, Midland, Agriculture, Thomson Locations: Ukraine, Glencore, Brazil, Viterra, United States, Gavilon, New

☆ Russia's National Bank Trust sues commodity traders for over $1 billion
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Russian bank National Bank Trust said it had filed a lawsuit in the British Virgin Islands against a number of major commodity traders and was seeking over $1 billion in relation to what it said was fraud. The case is linked to the central bank's 2017 bailout of two private banks - Rost Bank and B&N Bank (Binbank). National Bank Trust is the legal successor to Rost Bank, which it says was defrauded by employees working for the commodity traders. A Bank Trust spokesperson said its international legal teams had carried out a large-scale investigation and it had extensive evidence to support its case. The central bank aims to liquidate Bank Trust in 2027.

☆ Grain trader ADM hikes dividend as quarterly profit tops estimate
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Archer-Daniels-Midland Co (ADM.N) on Thursday reported upbeat fourth-quarter profit and said it will raise its dividend payments, as the global grains merchant benefited from tight global supply and hefty demand for grain and oilseeds. The strong quarterly performance followed record third-quarter earnings as tight supply and strong demand for food, feed and biofuel propelled results for the Chicago-based agribusiness. Supply chain middlemen such as ADM tend to thrive when crises such as droughts or war trigger shortages in parts of the world. It also raised its quarterly dividend by 12.5% to 45 cents. Reporting by Sourasis Bose in Bengaluru and Karl Plume in Chicago; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

The approvals could reshape global trade flows and result in fewer sales for farmers in the United States, the world's top corn supplier. China relied on the United States and Ukraine for most of its corn supplies but Russia's invasion of Ukraine has disrupted exports. He said in an interview the list of approved Brazilian facilities that can export corn to China may be updated to include more units in coming weeks. Once China starts buying corn from Brazil, traditional Brazilian corn importers such as Spain and Egypt could shift some of their purchases to the United States. Beijing and Brasilia had signed a protocol for exporting corn from Brazil to China in 2014 but little trade had happened due to complex inspection requirements.

The defaults, though less widespread than last year, have scrambled the coffee market, leaving traders reluctant to agree to forward sales for next year's crop or the one after. "We've been told to have less exposure with (Brazilian farmers). However, when farmers default, traders do not have the physical coffee to sell to offset the futures market. That's what happened in September, when Arabica coffee futures rose from around 2.16 cents per pound to 2.32 cents late in the month, a 7% increase. A lawyer working for one of the five largest coffee exporters in Brazil said the defaults concerned less than 10% of Brazil's total forward contracts.

☆ Can sustainable soya farming come fast enough to save the Cerrado?
▼ + stars: | 2022-10-18 | by ( Mark Hillsdon | Mark Hillsdon Is A Manchester-Based Freelance Writer Who Writes On Business | Sustainability For The Ethical Corporation | ) www.reuters.com time to read: +12 min

“Crop finance is a key part of soy farmers' business models and there is a huge appetite and market for green finance,” he explains. It’s a message consistent with the UK Soy Manifesto, which now covers 60% of the soy coming into the UK. Unlocking green investment means this can now happen, he adds, by supporting sustainable agriculture and protecting forests in a financially sustainable way that rewards farmers. And ultimately it is the involvement of these traders in screening out “bad soy” on which any sustainable soy scheme succeeds or fails. The Retail Soy Group’s roadmap commits members to deforestation-free soy with a cut-off-date of August 2020, but soy traders aren’t following these guidelines, says Wijeratna.

The order should also prohibit firms related to "unfriendly" states from owning Russian companies involved in grain loading capacity in ports, and grain storage, he said. VTB owns stakes in a number of major Russian grain export hubs in the Black Sea. Russian grain market players should still be allowed to sell grain to international traders for export on a free-on-board basis, which includes delivery to the final destination, the letter said. "But the main idea is to strengthen the position of Russian traders on the global market, not to prohibit anyone from doing anything," the source said. According to one grain trader, the government is expected to prepare its response to VTB's proposal by Sept. 30.

☆ LDC in agreement to buy Longriver Farms's Emerald Grain
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterPARIS, Sept 26 (Reuters) - The Asian branch of global crop merchant Louis Dreyfus Company (LDC) said on Monday it had entered into an agreement with Longriver Farms for the acquisition of Australian grain handler Emerald Grain. The agreement is subject to regulatory approvals and customary closing conditions. Emerald Grain is a leading grain handling business in Australia, with a network of seven grain storage and receival sites across the states of New South Wales and Victoria, with a combined storage capacity of approximately one million tonnes, and a grain export terminal at the Port of Melbourne, LDC said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sybille de La Hamaide, editing by Tassilo HummelOur Standards: The Thomson Reuters Trust Principles.

☆ Новый Абрамович? Сын самой богатой русской женщины купил футбольный клуб в Англии
▼ + stars: | 2020-12-27 | by ( Super User | ) mybusiness.md time to read: +4 min

Он покупает контрольный пакет акции клуба третьего по силе английского дивизиона у бизнесмена Стюарта Дональда. «Во-первых, я хотел бы поблагодарить Стюарта Дональда за его порядочность и разумность в течение последних трёх месяцев, благодаря которым у меня появилась возможность получить контрольный пакет акций «Сандерленда». Состояние матери Кирилла, Маргариты, в ноябре 2020 года Forbes оценил в 5,6 млрд долларов, назвав её самой богатой русской женщиной в мире. После смерти Роберта контрольный пакет акции клуба перешёл к Маргарите. Связующим звеном между Луи-Дрейфусом и «Сандерлендом» стал уругвайский бизнесмен и политик Хуан Сартори, который с лета 2018 года имеет 20% акций клуба.

Persons: Кирилл ЛуиДрейфус, Стюарт Дональд, ЛуиДрейфуса, возрастеКирилл, Роберт луидрейфус, Маргарита Богданова, Кирилл, Маргарита, ЛуиДрейфусамладшего, Роберт, Хуан Сартори, Дмитрий Рыболовлев, ЛуиДрейфусмладший, Роман Абрамович, Максим Демин, Антон Зингаревич, Владимир Антонов Organizations: Сандерленд, АПЛ, Олимпик, УЕФА, Велодром, Ричмондская международная футбольная академия, луидрейфус, Сандерлендом, Монако, Первая лига, Челси, Борнмут, Рединг, Портсмут Locations: санктпетербург, Марсель, Лидс, Англия, Сандерленд

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