
ADM CEO pay dips in 2024 as accounting issues, job cuts hang over company
CHICAGO, March 25 (Reuters) - Archer-Daniels-Midland Co (ADM.N), opens new tab CEO Juan Luciano was paid $21.6 million in 2024, down from $24.4 million the prior year, according to a securities filing on Tuesday, and following accounting problems and cost pressures that have triggered layoffs and sent shares plummeting.
The Chicago-based grain trader was forced to revise six years of financial statements early last year and further restate some earnings later in the year after an internal investigation into its financial reports.

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Taxpayers forced to pay $1.3M for Chicago migrant encampment that was NEVER built
Illinois taxpayers will be forced to fork over a whopping $1.3 million for an unfinished migrant encampment, despite assurances from officials that the state wouldn't foot the bill. In an effort to curb the influx of migrants in Chicago, work on the shelter started before it had a full environmental review. After reports revealed hazardous levels of toxins in the soil at the Brighton Park site, the project was abruptly halted in December 2023. Now, taxpayers are responsible for the $1.3 million cost of the unfinished project, according to the Chicago Tribune. Before construction even began, Illinois Governor JB Pritzker stated that the private contractor hired to build the shelter, GardaWorld, was 'willing to take liability' if the site was found to be unusable. 'The understanding with GardaWorld is that they will do other work with us,' Pritzker said in December 2023. 'And they knew, as they were building this shelter, before the environmental report came in, that it was possible that the environmental report wouldn't allow the building - the completion, rather - of the shelter. 'And so they understood that, and they were willing to take that liability on through the state's contract.' Officials with Pritzker's office also said the company had agreed not to charge the state if the land was deemed unsafe. However, a spokesperson for the governor has since confirmed that the state will pay GardaWorld for work already performed. 'GardaWorld sought payment based on its claim that it performed a substantial amount of work at the State's request,' Pritzker spokesperson Alex Gough told WGN. 'The State negotiated and settled that claim in the Court of Claims.' According to Court of Claims records, the Department of Human Services and GardaWorld agreed the company was owed the huge sum 'for services rendered at the 38th Street and California Avenue site' during the state budget year ending June 30, 2024. The settlement states the funds will serve as 'full payment and satisfaction of all claims' related to the site. The payment is scheduled for the next state budget year beginning July 1, pending Pritzker's expected signature on the spending plan, the Chicago Tribune reported. No explanation as to why the state agreed to pay - even as it was under no legal obligation to do so - has been offered. No explanation as to why the state agreed to pay - even as it was under no legal obligation to do so - has been offered. Pictured: Work progresses on Chicago's first government-run tent encampment for migrants at a lot in Chicago's Brighton Park neighborhood Unfortunately for taxpayers, the settlement isn't the only cost for the unused site. The city spent an additional $1.7 million on environmental cleanup and a settlement with the property's owner, which according to the mayor's office will provide a 'lasting community benefit.' Originally proposed in the fall of 2023, the base camp was intended as a temporary solution for the surge of migrants arriving in Chicago. At the time, the city had received over 24,000 people, mostly from Central and South America. The influx overwhelmed shelters, with up to 3,800 migrants camping at police stations and O'Hare Airport during the peak, according to the Chicago Tribune.


Reuters
21 minutes ago
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BayWa sells Dutch unit Cefetra for $143 million to trim debt
June 10 (Reuters) - Embattled German trading group BayWa ( opens new tab has sold its grain and oilseed trading unit Cefetra to Dutch company PGFO for about 125 million euros ($143 million) as part of an effort to cut its debt burden, it said on Tuesday. Baywa Group will get about 61 million euros more as part of Cefetra's refinancing, resulting in a total cash inflow of about 186 million euros. Further, the deconsolidation of the Dutch unit will cut BayWa's bank liabilities by about 500 million euros. Last week, the German agricultural supplies trader said its restructuring plan, including job cuts, was confirmed by a Munich court, after it has been struggling with rising borrowing costs. BayWa said in May that around 300 affected creditors agreed to an extension of loans until the end of 2028, as well as a capital increase of up to 201.6 million euros. The company is trying to reduce its debt by 4 billion euros, notably by selling most of its foreign assets by 2028. Last month, Reuters had reported that BayWa had received at least two offers for Cefetra, which it acquired in 2012 for the same amount as its selling price. ($1 = 0.8750 euros)


Reuters
21 minutes ago
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US firms launch ETF to capitalize on Trump's deregulation push
June 10 (Reuters) - A group of three investment management firms teamed up to launch an exchange-traded fund that will invest in companies they expect to benefit from deregulation and free capital markets, the partners in the venture said on Tuesday. The Free Markets ETF (FMKT.P), opens new tab, which began trading on the NYSE on Tuesday, will invest in companies in any industry and of any size that its managers think are likely to benefit from the pursuit of deregulation by President Donald Trump in his second administration. "I started thinking about this last summer when the Supreme Court overturned the Chevron doctrine," said Hal Lambert, founder of Point Bridge Capital, one of the three firms that will manage the ETF's portfolio. In June 2024, Supreme Court justices ruled 6-3 to overturn a 1984 decision that had given regulatory agencies latitude to interpret the laws they administer. "That was a massive win for companies dealing with big regulatory burdens, and the fact that Trump won (the election) will allow this deregulation process to happen even more speedily," said Lambert. After the election, Lambert connected with Michael Gayed, portfolio manager for Tactical Rotation Management and Todd Stankiewicz of SYKON Asset Management, to develop the ETF. They partnered with Tidal Investments, a "white label" ETF issuer that provides the platform and operational support for other companies to launch their own branded ETFs. "There just wasn't another product out there that invested in deregulation as a theme," said Gayed, who said the portfolio will include everything from bitcoin and gold to shares in companies that look likely to benefit from deregulation, from mid-sized financial firms to the nuclear energy industry. Its largest holdings include stakes in Uranium Energy Corp (UEC.A), opens new tab, Robinhood Markets (HOOD.O), opens new tab and Old National Bancorp (ONB.O), opens new tab. "This is about profits, not politics," said Gayed, although he added that the current U.S. political trends are what he expects to translate into profits for the ETF's portfolio.