Grain market slump affects Cargill’s operating profit
Family-controlled Cargill, the world's largest agricultural commodities trader, has revealed its weakest operating profit in four years following a slump in grain markets.
The US-based family business earned $1.64 billion in the year ending 31 May, down 15% from the year before.
Cargill has unloaded billions of dollars worth of assets in the past year as company executives seek to streamline the business to address growing competition from emerging markets like Brazil.
The Minnesota-headquartered business was founded in 1865 by Will Cargill, who was later joined by his two brothers, Sam and James. Today the business is still controlled by about 80 members of the Cargill and MacMillan families.
Chinese richest man may gain support for Wanda delisting
Wang Jianlin, the founder and chairman of the Chinese real estate conglomerate Dalian Wanda, appears likely to win backing on Monday for a $4.4 billion delisting of Dalian Wanda Commercial Properties, according to shareholders.
Speaking to Deal Street Asia, the shareholders said the delisting is part of a grand scheme by China’s richest man to reap higher valuations by going public on the mainland.
The deal is set to be Hong Kong’s biggest buyout to date, but Wang aims to relist on the mainland in two years, in order to tap into a huge pool of enthusiastic investors in mainland China.
Dalian Wanda reported revenues of revenues of ¥290 billion ($43.2 billion) in 2015.
Hero MotoCorp reappoints Pawan Munjal as CEO
Indian motorcycle manufacturer Hero MotoCorp, owned by the Munjal family, has announced its board of directors reappointed Pawan Munjal as the company’s chairman, managing director and chief executive for another five years.
The company has also appointed its head of operations and supply chain, Vikram Kasbekar, to the board of directors, with the remit of improving manufacturing processes, reducing risks and managing operational costs.
Speaking about the new developments, Pawan Munjal said: “Hero is today a truly global brand with its presence in more than 32 countries spread across Asia, Africa and South and Central America.
“Over the years, we have set global benchmarks in creating world-class manufacturing and operational facilities to ensure that our products are best in class in terms of design, technology and quality.
“Good corporate governance has always been the hallmark of Hero MotoCorp. This has become all the more pertinent in recent times, and the role of the secretarial function has significantly enhanced.”
A predecessor company to Hero MotoCorp was established by the four Munjal brothers in the 1950s and proved popular because of the motorcycle’s low cost and fuel economy.