Reuters — Maple Leaf Foods, one of Canada’s biggest pork processors, posted a quarterly profit that beat analysts’ estimates, helped by growth across all its businesses. The company, whose brands include Schneiders, Maple Leaf and, since March, Lightlife, said adjusted operating earnings rose to $65.15 million in the third quarter from $61.52 million a year […] Read more
Maple Leaf Q3 profit beats on overall sales growth
Bayer sees more antitrust asset sales ahead
Frankfurt | Reuters — Bayer said it expected antitrust authorities to make the planned acquisition of Monsanto conditional on more asset sales after agreeing to sell seed and herbicide businesses for 5.9 billion euro (C$8.8 billion) to BASF. “By no means did the deal that was signed with BASF constitute the totality of antitrust divestitures… […] Read more
Saputo to buy Australian dairy co-op Murray Goulburn
Reuters — Murray Goulburn Co-operative, Australia’s largest milk processor, on Friday said it agreed to a buyout from Canadian dairy company Saputo worth up to A$637.8 million (C$627.5 million). Murray Goulburn (MG) said Saputo would pay between A$1.10-$1.15 per share, compared to its A$2.10 issue price when it listed in 2015. A total buyout value […] Read more
Brazil court unfreezes JBS owners’ assets
Brasilia | Reuters –– A Brazilian federal appeals court on Thursday granted an injunction releasing assets belonging to the Batista brothers, owners of the world’s largest meatpacker JBS SA, Ticiano Figueiredo, a lawyer representing the defendants, said. A spokeswoman at the appeals court did not immediately reply to a request for comment. On Oct. 6, […] Read more
JBS shuts seven plants in Brazil after asset freeze
Sao Paulo | Reuters — Brazilian meatpacker JBS SA shut down seven slaughterhouses in Mato Grosso do Sul after a court-ordered asset freeze affected its operations in Brazil’s second largest cattle-producing state, a press representative said on Wednesday. The world’s largest meatpacking company said in an emailed statement that the plants would stay closed until […] Read more
U.S. now seeking end to supply management in NAFTA talks
Arlington, Va. | Reuters — U.S. negotiators at talks to update the North American Free Trade Agreement want Canada to dismantle its system of protections for the dairy and poultry sectors — a move Ottawa will reject, a source briefed on the matter said on Monday. The proposal is the latest in a string of […] Read more
Feds pledge lower small business tax rate
UPDATED, Oct. 16 — The federal government says it will cut the small business tax rate to nine per cent from 10.5, a move seen as an attempt to counter a growing backlash against its July tax reform announcement. Prime Minister Justin Trudeau and Finance Minister Bill Morneau appeared side-by-side in Toronto’s far suburbs to […] Read more
Bunge shares jump on report of Glencore standstill agreement
Reuters — Shares of U.S. commodities trader Bunge surged on Friday after the Wall Street Journal reported that Glencore had a standstill agreement that temporarily prevents the Swiss company from making a hostile bid for Bunge. Bunge had rebuffed a takeover approach by Glencore in May. Speculation has swirled for months that Glencore would make […] Read more
U.S. makes NAFTA dairy proposal, no market access request
Arlington, Va. | Reuters — U.S. negotiators at talks to renew the North American Free Trade Agreement on Friday formally asked Canada to address a bilateral dispute over dairy pricing, a request the Canadians are set to resist, sources familiar with the talks said. U.S. dairy producers are unhappy that Canadian farmers this year started […] Read more
Britain reported looking to NAFTA if Brexit deal fails
London | Reuters — Britain could join a formal trade alliance with the United States, Canada and Mexico if the European Union refuses to clinch a post-Brexit trade deal, the Daily Telegraph newspaper reported on Tuesday. The newspaper said British ministers were looking at joining the North American Free Trade Agreement (NAFTA) as part of […] Read more
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