Cargill, the US animal husbandry multinational, ended the first fiscal quarter (31 August) with profits up 66% ($852 million). Revenues, however, were down slightly ($27.1 billion, i.e. $0.4 billion less). The Animal Nutrition & Protein sector was the one making the most profits, followed by beef slaughter. The driving markets are in Asia and North America, while the business of the newly-acquired Five Stars Custom Food is positive. A few issues, meanwhile, for the company’s compatriot Tyson Food, struggling with a class action lawsuit in Kentucky. The case against it claims that, over the past seven years, the company formed a cartel with its competitors and manipulated poultry prices of to the detriment of consumers. While awaiting the judicial follow-up to the story, on 10 October, Tyson stock lost more than 10 points on the New York Stock Exchange. On the up in Canberra, the future of S. Kidman & Co., the giant that manages the breeding of more than 185,000 cattle. There appears to be a Sino-Australian alliance. Hancock Prospecting, a mining company owned by Gine Rinehart, the richest woman in the country, is said to be preparing an offer of about €280 million in a joint venture with a Chinese company based in Shanghai. If the operation is successful, Hancock Prospecting would be the majority shareholder with a 67% stake. In this way, the alliance would get around the veto of the Australian Department of Agriculture, which has already blocked previous negotiations that were taking S. Kidman & Co. under the control of the Chinese capital.
Raw material. USA: Cargill profits on the up, class action lawsuit against Tyson. Australia: Kidman sold to the richest woman in the country
