Word: midlanders
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...timing couldn't be worse for the chocolate industry. A week before Valentine's Day, Nestlé, Cargill and Archer Daniels Midland--the cocoa suppliers for virtually every major chocolate producer in the U.S.--will have to show up in court to answer for allegedly supporting child slavery on West African farms, where 70% of the world's cocoa is grown. The hearing, set for this week in Los Angeles, stems from a lawsuit filed by the International Labor Rights Fund, which is also taking aim at another Valentine's Day staple: lovely bouquets that happen to be laden with pesticides...
...downside of getting global. In the mid-1990s, HSBC's business was based primarily in Hong Kong and Britain. Since 1998, however, the bank has completed more than 50 acquisitions, the biggest coming in the U.S., where HSBC previously had only a minor presence in the form of Marine Midland Bank, which it bought in the '80s. In 1999 HSBC acquired Republic New York Corp. for $9.7 billion. In 2003, in a move that signaled HSBC's determination to shift into higher-margin consumer businesses, HSBC paid $14.4 billion for Household International, a provider of car loans and credit cards...
...himself or his patented upbeat style. He still delights in nicknames: backstage last week before his big speech on Iraq, Bush called Richard Haass, chairman of the august Council on Foreign Relations, "Sheriff"--a play on the title of Haass's book, The Reluctant Sheriff. Pals visiting from Midland, Texas, this month thought they were there to buck up their old friend; instead, they found him relaxed and unperturbed. "The President believes he's serving at this time for a reason--that his instincts, experience and convictions are suited for big challenges," says Austin-based strategist Mark McKinnon...
...cheap and has long been the industrial standard. Some 85% of the roughly 19 billion lbs. of edible oils Americans consume each year comes from soy. About 10 billion lbs. of that soy oil gets hydrogenated, according to Mark Matlock, senior vice president of food research at Archer Daniels Midland (ADM). But alternatives are on the horizon. ADM, for example, has developed oils that not only behave like hydrogenated oils but also, Matlock says, are relatively healthy. The biotech giant Monsanto, meanwhile, is working on a variety of seeds for a stable soy oil. The first non-genetically-engineered batch...
Soviet officials scoff at the idea that there is anything the highly industrialized U.S.S.R. could learn from agrarian China. But they have at least been inquisitive about Deng's reforms, and by some indications more impressed than they like to admit. Dwayne Andreas, chairman of Archer Daniels Midland Co. (a giant U.S. corporation dealing in farm produce) and a frequent visitor to China, journeyed to Moscow in 1984 and had a two-hour private talk with Gorbachev, who was then still in charge of Soviet agriculture. "He was very curious about what I told him concerning the reforms," Andreas recalls...