Following a rare income decline, agribusiness giant Cargill, which employs 160,000 people worldwide, has announced the layoff of approximately 8,000 employees.

An internal message to employees obtained by Reuters stated that most layoffs would occur this year.

“They will focus on streamlining our organisational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Brian Sikes, our CEO, told employees in a memo.

Bloomberg reported Monday, citing sources familiar with the matter, that the changes would not affect Cargill’s management team but would include several “next-level senior leaders.”

The Minneapolis-based enterprise is the largest privately held business in the United States.

In August, Cargill reported revenue of $160 billion, a decrease from $177 billion in 2023 and $165 billion in 2022. Profits also plummeted to $2.48 billion in the fiscal year that ended in May from a record $6.7 billion the previous year.

As a result, the company announced that it would reduce the number of business units from five to three, integrating the Food and Bio divisions with the Protein and Salt teams to become Food. Cargill has not explained what the restructuring means for its Wichita business and personnel.

The 160-year-old corporation and beef, poultry, salt, and eggs processors are major commodity dealers.

Cargill Protein North America is based in Wichita, where the division has existed for over 40 years. As of 2021, Cargill claimed to have roughly 1,000 employees in Wichita.

Many have linked the revenue decline to lower pricing for key crops such as corn and soybeans, which had risen dramatically during the pandemic. The United States Department of Agriculture recorded the smallest cow herd in nearly seven decades.

According to the trade newspaper Agriculture Dive, the company laid off almost 200 employees in June as part of its sale of a California meat-processing plant.

Cargill mentioned the consolidation in a statement about the layoffs.

“Earlier this year, we set a long-term strategy that continues that legacy, while carrying forward the values and core strengths that have defined our success from the beginning,” the statement read.

“As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of compelling trends, maximize our competitiveness, and continue to deliver for our customers.

As the world around us changes, we are committed to transforming even faster to deliver for our customers and fulfill our purpose of nourishing the world.

“To strengthen Cargill’s impact, we must realign our talent and resources to align with our strategy.”

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(VOR News) – On Tuesday, Mark Rutte, the secretary-general of NATO, avoided questions regarding Ukraine’s possible accession to the military alliance, asserting that the country’s forthcoming peace discussions with Russia should take precedence over the provision of further arms.

Prior to a NATO foreign ministers’ meeting, Rutte expressed these remarks shortly after Ukrainian President Volodymyr Zelenskyy asserted that the inclusion of territories currently under Kyiv’s governance in the alliance’s membership could terminate “the hot stage” of the nearly three-year conflict in Ukraine, where Russian forces are encroaching further into their western neighbour.

NATO fronts are not moving eastward.

“It is progressing slowly westward,” Rutte commented. Consequently, we must guarantee that Ukraine attains a position of power. The Ukrainian administration must thereafter ascertain the subsequent course of action, encompassing the initiation and execution of peace negotiations.

The leaders of the 32 NATO countries underscored that Ukraine is on a “irreversible” path to membership during their July summit in Washington.

Nevertheless, certain parties, particularly the United States, have opposed advancement while the conflict persists and before the establishment of the nation’s borders. Ukraine’s accession is contingent upon unanimous agreement from all 32 members.

NATO has consistently aimed to prevent involvement in a broader battle with nuclear-armed Russia, and the alliance was founded on the principle that an attack on one member is regarded as an attack on all.

NATO membership could be extended to the country’s international borders.

Rutte stated, “I contend that we should refrain from engaging in detailed discussions regarding the potential structure of a peace process,” in reply to enquiries from journalists.

He stated that ensuring Ukraine has the necessary resources to attain a position of strength at the commencement of peace negotiations must be the initial step.

Ukrainian officials underlined definitively on Tuesday that they would not endorse any provisional solutions or compromises about NATO membership.

The Ukrainian Foreign Ministry, referencing its “bitter experience of the Budapest Memorandum,” issued a vehement statement asserting that Ukraine “will not accept any alternatives, surrogates, or substitutes for its full membership in NATO.”

In return for security guarantees from Russia, the United States, and the United Kingdom, Ukraine consented to relinquish its Soviet-era nuclear weapons, which constituted the third-largest nuclear arsenal globally, as stipulated in the international agreement signed in Hungary’s capital thirty years ago.

The Budapest agreement was characterised as a “monument to myopia in formulating strategic security decisions” in a statement from the Foreign Ministry.

It asserted, “We are convinced that Ukraine’s complete membership in NATO is the sole genuine guarantee of security for Ukraine and a deterrent against further Russian aggression towards Ukraine and other nations.”

Andrii Sybiha displayed the Budapest Agreement to journalists at NATO headquarters.

This document does not guarantee transatlantic or Ukrainian security. “Consequently, we must avoid repeating the same errors,” he articulated in English.

Rutte stated that he highlighted the backing of China, North Korea, and Iran for Russia, which poses a threat to the United States and the Asia-Pacific region, during his recent discussion with U.S. President-elect Donald Trump.

Rutte asserted that the leaders of China and North Korea would be incentivised to endorse the application of force in other regions, thus emphasising that “any agreement regarding Ukraine must be advantageous, as we cannot permit a scenario where we celebrate with Kim Jong Un and Xi Jinping or others.”

British Prime Minister Keir Starmer acknowledged that the conflict will ultimately conclude with negotiations and maybe a compromise, asserting that Ukraine’s allies must “do what it takes to support their self-defence for as long as necessary.”

Starmer asserted in a speech late Monday, “Position Ukraine as favourably as possible for negotiations to ensure they achieve a fair and enduring peace on their terms, safeguarding their security, independence, and right to determine their own future.”

SOURCE: AP

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Beef prices have reached record highs on grocery store shelves in Canada as many grocers and butchers prepare for the busiest time of year of the holiday season.

According to Statistics Canada, a kilogram of ground beef now costs an average of $13, up from $10 in 2020, and a sirloin steak now costs roughly $22, up from less than $16.

Joel Orlik, the proprietor of Wellington Butchery in Ottawa’s west end, told CTV News that he anticipates the increases and orders his chops ahead of time. Despite his desire not to scare away buyers, he knows the market’s current state.

“We charge what we think we have to charge, but we’re always cognisant of the fact that we’re also the community store,” he said.

Orlik considers Wellington Butchery, a fine craft butcher, but over the years, the price differential has been comparable to that of retail grocers.

“The food stores have been catching up with me on price. “When they sell something similar to our quality, they’re not far off,” Orlik stated.

The beef market has faced severe challenges, including mad cow disease 20 years ago and the COVID-19 pandemic, which forced cattle farmers to sell up most of their herds.

Sylvain Charlebois, a food distribution expert and Dalhousie University professor believes the rising prices are partly due to North American farmers selling their herds owing to rising feed costs. The price of a steer has risen by 64 percent since 2020, affecting grocers, butchers, and consumers alike.

Unfortunately, they’re likely going to rise even more over the next couple of years.” Charlebois said.

“They experienced a tremendous catastrophe with mad cow 20 years ago, and when prices rise, many people say, ‘Let’s sell now. Let’s go out and do something else. That’s exactly what is going on. This is why prices are so expensive. “Who can blame them?”

According to Charlebois, the size of Canadian herds has been constant since 1987. Such high levels have not been recorded in the United States since 1951.

“Because of droughts, feed costs went up, and when feed costs go up dramatically, cattle ranchers tend to sell off their herd,” according to Charlebois. He believes beef is so expensive around the holidays that people seek more affordable protein sources.

“I believe turkeys will be priced fairly this year, as we witnessed at Thanksgiving. In certain parts of Ontario, we saw turkey for $0.90 per pound. Charlebois spoke.

“Beef is perhaps one of the most volatile things at a supermarket. It has been like this for many years.”

Strong demand for steaks and ground beef in North America also drives up prices. Charlebois observes that if farmers do not reinvest in the market, prices will continue to grow over the next two to three years.

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