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During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

☆ Yellen, in Beijing, Criticizes China’s Treatment of U.S. Companies
▼ + stars: | 2023-07-07 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen on Friday criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China. Ms. Yellen delivered the forceful defense of American industry on her first day of meetings in Beijing during a high-stakes trip to ease tension between the United States and China. Her comments, to a group of executives from American businesses operating in China, underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences. In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The next month, the authorities questioned employees in the Shanghai office of Bain & Company, the U.S. management consulting firm.

Persons: Janet L, Yellen, I’ve, Ms, “ I’ve Organizations: Biden, American Chamber of Commerce, U.S, ”, Boeing, Bank of America, Cargill, Group, Bain & Company Locations: China, Beijing, United States, American, Shanghai, U.S

☆ Opinion: Lab-grown meat is an expensive distraction from reality
▼ + stars: | 2023-07-05 | by ( Alice Driver | ) edition.cnn.com time to read: +6 min

Lab-grown meat, also known as cultured or cultivated meat, costs about $17 a pound, making it unaffordable for most consumers. Lab-grown meat has more in common with meat produced at a slaughterhouse than you might think. Some critics of the meatpacking industry have gotten excited about the idea of lab-grown meat as an alternative to Big Chicken. Tyson Foods, the largest meatpacking company in the US, was an early investor in the plant-based meat company Beyond Meat and has put money in Upside Foods. Before celebrating cultured meat as a victory for anyone, surely more studies are needed to explore this point further.

Persons: Alice Driver, James Beard, Alice Driver Alice Driver, restauranteur, ” Andrés, Dominique Crenn, Andres ’, Cargill, Tyson, “ We’ve, David Humbird, Humbird, Davis Organizations: American Worker, CNN, CNN —, Tyson Foods, Foods, JBS, McKinsey & Company, Twitter, University of California, Biotechnology, Food Institute, Big Tech Locations: Little Rock , Arkansas, United States, China, Washington ,, San Francisco, Berkeley

☆ U.S. Companies Face EU Deforestation Rules on Coffee, Wood and Other Everyday Goods
▼ + stars: | 2023-06-29 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

The nonprofit estimates at least 37 big U.S.-based companies, including Starbucks and Kellogg, will be covered by the new rules. Trees absorb carbon dioxide, and forest loss and damage has caused around 10% of global warming, according to nonprofit World Wildlife Fund. The EU rules apply to companies meeting the bloc’s broad definition of an “operator,” which includes a business importing into the EU, exporting from it, or putting products on the bloc’s market. The EU rules are expected to become stricter over time. Sen. Brian Schatz, a Hawaii Democrat who is spearheading the effort, said the U.S. needs to follow the EU in enacting deforestation regulations on trade.

Persons: haven’t, “, Starling, —, Kellogg, ” Frans Timmermans, Guillaume Croisant, Sen, Brian Schatz, ”, Dieter Holger Organizations: European Union, EU, Global, Starbucks, Kellogg, Labs, Airbus, Companies, World Resources Institute, Consumer Goods, New, World Wildlife Fund, Cargill, Bunge, Sustainable Business, Barclays, Hawaii Democrat, dieter.holger Locations: European, Brazil, Indonesia, Malaysia, New York, Brussels, Linklaters, U.S, Hawaii, Europe

JECFA, the WHO committee on additives, is also reviewing aspartame use this year. The first group includes substances from processed meat to asbestos, which all have convincing evidence showing they cause cancer, IARC says. Like aspartame, this means there is either limited evidence they can cause cancer in humans, sufficient evidence in animals, or strong evidence about the characteristics. Pepsico removed aspartame from sodas in 2015, bringing it back a year later, only to remove it again in 2020. Listing aspartame as a possible carcinogen is intended to motivate more research, said the sources close to the IARC, which will help agencies, consumers and manufacturers draw firmer conclusions.

Persons: Coke, Shannon Stapleton, Health Organization's, JECFA, Nozomi Tomita, Zsuzsanna, Germany’s Bayer, IARC, Frances Hunt, Wood, Mars Wrigley, Kate Loatman, –, Jennifer Rigby, Richa Naidu, Michele Gershberg, Mark Potter, Susan Fenton Organizations: REUTERS, International Agency for Research, Cancer, Health, Reuters, Joint WHO, Food, Agriculture Organization's, WHO, Japan's Ministry of Health, Labour, Welfare, Food Safety Authority, U.S, International, Association, Cargill, International Council of Beverages Associations, Ramazzini Institute, EFSA, Pepsico, Thomson Locations: New York City, U.S, United States, Europe, Geneva, France, Italy, sodas

[1/4] Diet Coke is seen on display at a store in New York City, U.S., June 28, 2023. Aspartame, used in products from Coca-Cola diet sodas to Mars' Extra chewing gum and some Snapple drinks, will be listed in July as "possibly carcinogenic to humans" for the first time by the International Agency for Research on Cancer (IARC), the World Health Organization's (WHO) cancer research arm, the sources said. Pepsico removed aspartame from sodas in 2015, bringing it back a year later, only to remove it again in 2020. Listing aspartame as a possible carcinogen is intended to motivate more research, said the sources close to the IARC, which will help agencies, consumers and manufacturers draw firmer conclusions. But it will also likely ignite debate once again over the IARC's role, as well as the safety of sweeteners more generally.

Persons: Coke, Shannon Stapleton, Health Organization's, JECFA, Nozomi Tomita, Zsuzsanna, Germany’s Bayer, Frances Hunt, Wood, Mars Wrigley, Kate Loatman, –, Jennifer Rigby, Richa Naidu, Michele Gershberg, Mark Potter Organizations: REUTERS, International Agency for Research, Cancer, Health, Joint WHO, Food, Agriculture Organization's, WHO, Reuters, Japan's Ministry of Health, Labour, Welfare, Food Safety Authority, U.S, International, Association, Cargill, International Council of Beverages Associations, Ramazzini Institute, EFSA, Pepsico, Thomson Locations: New York City, U.S, United States, Europe, Geneva, France, Italy, sodas

☆ 'Real' meat maker Cargill may emerge big winner in plant-based food as buzzy startup boom fades
▼ + stars: | 2023-06-17 | by ( Bob Woods | ) www.cnbc.com time to read: +12 min

Additionally, Cargill began marketing several plant-based protein ingredients, made from soy, pea and wheat, to food and beverage manufacturers worldwide. What to expect for plant-based meat in next decade Cargill's calculated approach to plant-based meats coincides with the nascent industry's trajectory. And then there's the consumer's appetite to pay a premium price for plant-based meat. So Cargill's biggest competition will be the established plant-based meat companies, like Beyond and Impossible, he said. The future of plant-based meat might be analogous to the ongoing transition to electric vehicles.

Persons: Florian Schattenmann, Cargill Cargill, Cargill, Schattenmann, it's, John Baumgartner, Baumgartner, Caroline Bushnell, Bushnell, that's, Seth Goldstein, Goldstein, Tyson's Organizations: Cargill, Foods, Tyson Foods, Hormel Foods, Smithfield Foods, Cargill Inc, The, Bloomberg, Getty, Foods Cargill, Mizuho Securities USA, Good Food Institute, Cubiq Foods, FDA, North, Food and Drug Administration, Morningstar Research Services, Nielsen, annualized Nielsen, Nestle, Tesla, tiptoed, Ford, GM, Hyundai, Volkswagen Locations: U.S, Minneapolis, Montreal, Quebec, Canada, Spanish, Berkeley , California, Puris, North American, Netherlands, Bflike, Belgian, North America

☆ Cargill enters dispute for Brazil soy crusher's assets
▼ + stars: | 2023-06-16 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

In court documents seen by Reuters, Cargill expressed interest in bidding for the assets but sought clarification about the liabilities attached to the plants. Geraldo Gouveia Jr, Imcopa's attorney, told Reuters the bankruptcy judge has made no decision yet related to the request to suspend the court-supervised auction. Bunge, which has long sought to acquire Imcopa's assets, signed a contract to buy the Araucaria and Cambe plants in May 2020. Citing bankruptcy court filings, Imcopa's Gouveia Jr said Bunge has publicly reiterated interest in buying Imcopa's plants. The assets remain attractive because they produce high value soy byproducts for export and the domestic market.

Persons: Cargill, Bunge, Geraldo Gouveia Jr, Imcopa's Gouveia Jr, Ana Mano, David Evans Organizations: SAO PAULO, Reuters, Bunge, Imcopa, Thomson Locations: Parana, Paranagua, Brazil

MEXICO CITY, June 14 (Reuters) - Dozens of flights at an international airport in the northern Mexican state of Sinaloa were suspended Wednesday as protests by farmers demanding guaranteed prices for grains ramped up a standoff with the government. Producers urge President Andres Manuel Lopez Obrador to guarantee prices for corn, wheat and sorghum, saying government intervention is vital to counter a steep drop in international prices. Saying they had no response, a group of farmers marched to Culiacan airport and blocked the doors in videos shared on social media. In other videos, farmers entered government offices and tipped grain from bags onto the floor. Sinaloa Governor Ruben Rocha asked farmers to instead protest commodities trader Cargill (CARG.UL) and Mexican corn product makers Minsa and Gruma, implying they were responsible for lower prices.

Persons: Andres Manuel Lopez Obrador, Wheat, Ruben Rocha, " Rocha, Minsa, Cassandra Garrison, Lisa Shumaker Organizations: MEXICO CITY, Farmers, Chicago Board, Sinaloa, Cargill, Agriculture Ministry, Thomson Locations: MEXICO, Mexican, Sinaloa, Culiacan, Phoenix , Arizona, Mexico

☆ Bunge, Viterra will merge to form $34 billion agri-trading powerhouse
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +4 min

Under the deal, Viterra shareholders will get about 65.6 million shares of Bunge stock, carrying a value of about $6.2 billion, and about $2 billion in cash. Bunge will also assume $9.8 billion of Viterra's debt, according to the statement. Viterra was the third-largest corn exporter and No. Bunge said it plans to repurchase $2 billion of its stock to enhance accretion from the deal to adjusted profit. In early 2017, Viterra, then known as Glencore Agriculture, attempted a takeover of Bunge, which was then valued at $11 billion.

Persons: Archer, Bunge, Viterra, Greg Heckman, Heckman, Gavilon, Karl Plume, Anirban Sen, Arunima Kumar, Mrinalika Roy, Caroline Stauffer, Matthew Lewis, Devika Organizations: Bunge, Daniels, Midland, Cargill, ADM, Bayer, Agriculture, Thomson Locations: Canada, Argentina, Brazil, United States, Australia, Viterra, South Australia, Victoria, Chevron, Ukraine, Kharkiv, Dnipro, Mykolaiv, Chicago, New York, 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

☆ Cargill to sell China poultry unit to private equity firm DCP Capital
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 31 (Reuters) - U.S. agribusiness giant Cargill has agreed to sell its poultry business in China to private equity firm DCP Capital, it said in a statement on Wednesday. The sale of the unit known as Cargill Protein China is subject to regulatory approvals but is expected to close this year, it added. The U.S. company started its China poultry operations in 2011, breeding, raising and processing the chickens. China's DCP Capital has invested in several other food and agriculture businesses including one of China's top poultry producers Fujian Sunner Development(002299.SZ), its website says. It also said the private equity firm was focused on Greater China and led by former members of the KKR and Morgan Stanley private equity businesses.

Persons: Cargill, Morgan Stanley, Dominique Patton, Christian Schmollinger, Barbara Lewis Organizations: Cargill, DCP, Cargill Protein China, Wellhope, Fujian Sunner, KKR, Thomson Locations: BEIJING, China, United States, Chuzhou, Anhui, U.S, Fujian

☆ 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.

☆ Shrinking US cattle herd squeezes meatpacker profits
▼ + stars: | 2023-05-04 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

Cargill, the world's largest ground beef producer, expects cattle prices will rise further, but it is still a question whether higher beef prices will ruin consumers' appetites, company executives said. Big profits for meatpackers during the pandemic and soaring beef prices fueled concerns in the Biden administration about consolidation and profiteering in the sector. The companies say supply and demand determine cattle and beef prices. In 2023, "the cattle feeder can negotiate more of the consumer dollar," said Brett Gottsch, managing partner Gottsch Cattle Co, which raises cattle in Nebraska. Gottsch remains concerned about a lack of competition among meatpackers, though others said surging cattle prices show the market works.

Federal worker safety inspections have alleged poor maintenance or a lack of safety training at some Tyson plants where ammonia leaks injured workers. CNN interviewed eleven current or former Tyson workers across three different plants who experienced ammonia leaks. !”A safety sign hangs on a fence at a Tyson plant in Hope, Arkansas, in March 2023. Still, some Tyson workers who lived through ammonia leaks said they wished more had been done to protect them. That means that the data doesn’t necessarily cover Tyson plants or other meat facilities that hold smaller amounts of ammonia.

☆ US meatpacker JBS opens cleaning unit after outside firm fined for hiring kids
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

The new company, JBS Sanitation, will "immediately begin the transition" to cleaning 10 JBS USA facilities, which produce beef and pork, according to a statement issued this week. JBS Sanitation will also do in-house cleaning for Pilgrim's Pride Corp (PPC.O) and create "hundreds of union jobs," the statement said. JBS USA is the North American unit of Brazil's JBS SA (JBSS3.SA), which also owns most of Pilgrim's Pride. JBS USA did not immediately respond to questions about the costs of the launch on Thursday. JBS USA previously said it terminated contracts with PSSI at "numerous" facilities, including three plants where alleged child-labor violations occurred.

Bunge reaffirmed its full-year 2023 outlook of adjusted earnings of $11 per share, citing likely weaker results from its Agribusiness and Milling divisions but improved profits in its Refined and Specialty Oils unit. Bunge and other supply chain middlemen, including Archer-Daniels-Midland Co (ADM.N) and Cargill Inc (CARG.UL), have generally benefited from strong global crop demand and tightening supplies, with record profits last year. The worst drought in decades has slashed grain and soy harvests in Argentina, depriving Bunge of the crops it needs to process. First-quarter adjusted profit in Bunge's Agribusiness unit, its largest in terms of revenue and volumes, dropped 18% on the year. Bunge said results were strong in all regions in its Refined and Specialty Oils division, with notable strength in North America and South America, reflecting favorable food and fuel demand trends.

The timeline shows the challenges of quickly finding and implementing replacements for Packers Sanitation Services Inc (PSSI), which provides cleaning services at slaughterhouses. "We made the decision to terminate the agreements with PSSI," Hans Kabat, who leads Cargill's protein business in North America, told Reuters. Cargill said it notified PSSI in March that it was terminating services at a beef plant in Dodge City, Kansas, and then followed with all PSSI's sanitation contracts. One of the largest penalties stemmed from PSSI's contracts at Cargill's plant in Dodge City. Cargill, the world's largest ground beef producer, is reviewing options for cleaning plants, Kabat said.

☆ How moving food from farm to table puts global supply chain logistics to extreme tests
▼ + stars: | 2023-04-17 | by ( Sponsor Post | Created Cargill With Insider Studios | ) www.businessinsider.com time to read: +4 min

Regional conflicts like the invasion of Ukraine have had far-reaching global consequences, impacting global food supply and food security. Prior to the war, Ukraine could produce enough food to feed 400 million people per year. To keep food growing and moving in the region, operators like Cargill must rely on critical data, partnerships, and dedicated employees. Farmer livelihoods and the rebuilding of Ukraine's agriculture economy are also critical to ensure ongoing global food systems and security. Click here for more information about Cargill's efforts to address needs of the food supply chain in Ukraine and around the world.

"Bump stocks allow a shooter to fire hundreds of bullets a minute by a single pull of the trigger. Like other machine guns, rifles modified with bump stocks are exceedingly dangerous." Bump stocks use a semiautomatic's recoil to allow it to slide back and forth while "bumping" the shooter's trigger finger, resulting in rapid fire. Cargill sued, challenging the ATF's rule in 2019, which required him to surrender his two bump stocks. Two days after that ruling, Biden signed into law the first major federal gun reform in three decades.

Nestle (NESN.S) and Hershey (HSY.N) said they paid the LID premium. But when the COVID pandemic cratered demand, global cocoa prices plunged before they built up a cushion. Ivory Coast and Ghana say companies should pay both premiums. Industry data from the International Cocoa Organisation (ICCO) shows cocoa output in Ivory Coast rose to record levels in the 2020/21 season. Of the roughly 2 million tonnes of cocoa Ivory Coast produces each year, between 20-30% is grown illegally in protected forests by an estimated 1.3 million people, many of them children.

Most international grain traders have stopped new investment in Russia since last year following Moscow's invasion of Ukraine but continued exporting Russian wheat. "As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season," the company said in an emailed statement. "The cessation of its export activities on the Russian market will not affect the volume of domestic grain shipments abroad. The company's grain export assets will continue to operate regardless of who manages them," the agriculture ministry told Reuters. According to RBC business daily, Cargill will export 2.2 million tonnes of Russian grain in the 2022-23 exporting season, or around 4% of Russia's total grain exports.

☆ Viterra plans to exit Russian grain trade - Bloomberg
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

PARIS, March 29 (Reuters) - Global grain trader Viterra is planning to stop grain trading in Russia, the world's largest wheat exporter, Bloomberg News reported on Wednesday, citing people familiar with the matter. This comes after Russia said U.S. trading giant Cargill had told the agriculture ministry it would stop exporting Russian grain from the start of the next exporting season, which begins on July 1. Most international grain traders have been scaling back their activities in Russia since last year following Moscow's invasion of Ukraine. Viterra, part-owned by Switzerland-based mining and trading giant Glencore (GLEN.L), is one of the largest exporters of Russian wheat. Reporting by Sybille de La Hamaide Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Retailers Reaping Big Savings on Ocean Transport Costs
▼ + stars: | 2023-03-25 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Ocean carriers are struggling to fill space on ships after a steep drop-off in cargo that began in the fall. Retailers are gaining huge savings on ocean container transport as once sky-high shipping prices tumble toward prepandemic levels and companies delay signing annual contracts so they can bargain rates down even further. The average price for Asia-to-U.S. container trade has “fallen as dramatically as we’ve ever seen it fall,” said Jon Cargill , senior vice president and chief financial officer of Hobby Lobby Stores Inc.

☆ Oil spills and near misses: more ghost tankers ship sanctioned fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Saul | ) www.reuters.com time to read: +9 min

REUTERS/Ronen ZvulunSummary Risk of accidents in focus as 'shadow' fleet growsStirs fears of oil spills, decades after Exxon ValdezHundreds of ships carry oil from sanctioned nationsMany ship certifiers and insurers have pulled servicesLONDON, March 23 (Reuters) - An oil tanker runs aground off eastern China, leaking fuel into the water. Many leading certification providers and engine makers that approve seaworthiness and safety have withdrawn their services from ships carrying oil from sanctioned Iran, Russia and Venezuela, as have a host of insurers, meaning there's less oversight of vessels carrying the flammable cargoes. Reuters was unable to independently verify the numbers regarding the size and growth of the shadow fleet. The U.S. Treasury didn't immediately respond to a request for comment on ships carrying sanctioned oil. SHIP-TO-SHIP TRANSFERSAround 774 tankers out of 2,296 in the overall global crude oil fleet are 15 years old or more, according to data provider VesselsValue.

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