Print

Email story

Comment

Email editor

Digest

Job cuts help DuPont in battle with Monsanto

By TIMES WIRES
Published December 12, 2006

Chemicalmaker DuPont Co. is cutting 1,500 jobs as it restructures its agriculture and nutrition division, giving it the $100-million it expects to save into its seeds business, where it is in an increasingly tough battle with rival Monsanto. Monsanto Co. has improved its dealer network, taking market share from DuPont's Pioneer Hi-Bred seed division in the important corn seed market. It is expected to continue to do so. The changes announced by DuPont are expected to affect about 10 of the agriculture division's 250 sites worldwide, but DuPont spokesman Doyle Karr said the company was not disclosing which sites would be affected.

Orange forecast gets a boost

Timely rainfall and cool weather have led the government to raise its forecast for the orange crop in Florida, which produces an estimated 90 percent of U.S. juice. The U.S. Department of Agriculture said Monday it has upgraded expectations for Florida oranges by four percent to 140-million boxes of fruit, up from 135-million boxes predicted in October. If Monday's prediction holds, the crop would be the worst since the 1991-1992 season, which brought just under 140-million boxes.

Fed almost certain to leave rate alone

Fed chairman Ben Bernanke and his central bank colleagues are expected to keep their finger on the interest rate pause button when they meet today, their last such session for the year. It would mark the fourth meeting in a row in which the Fed left an important rate unchanged at 5.25 percent. As a result, commercial banks' prime interest rate - for certain credit cards and home equity lines of credit - would stay at 8.25 percent, giving borrowers some breathing room. The Fed believes slower economic growth will eventually lessen inflation pressures.

T-bill rates mixed

Interest rates on short-term Treasury bills were mixed in Monday's auction, with six-month bills rising and three-month bills falling. The Treasury auctioned $18-billion in three-month bills at a discount rate of 4.800 percent, down from 4.870 last week. An additional $16-billion in six-month bills was auctioned at a discount rate of 4.865 percent, up from 4.840 last week.

[Last modified December 12, 2006, 00:18:11]