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Seedmaker Cortiva Cuts US Jobs As It Leaves Russia By Reuters

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© Reuters. FILE PHOTO: The logo of Corteva Agriscience, the former division of DowDuPont, is on display at the New York Stock Exchange (NYSE) in New York, US, June 3, 2019. REUTERS/Brendan McDiarmid

Written by PJ Huffstutter and Tom Polansek

CHICAGO (Reuters) – Seeds and Pesticides Corporation Cortiva (NYSE: Inc) will cut US jobs next year as its exit from Russia reduces demand for commercial sunflower seeds produced in California, the company said Monday.

Corteva will cut 51 positions from its Woodland, Calif., facility operated by subsidiary Pioneer Hi-Bred International, which has supplied markets to Europe and Russia, according to California’s Amendment, Notification and Retraining (WARN) Act data last week.

“Cortiva is finalizing its plan to cease production and business activities in Russia, and because we have enough sunflower production capacity in Europe for the European market, we no longer need additional production capacity at the Woodland site,” the company said in an email. without mentioning the number of jobs affected.

Cortiva added that moving commercial sunflower seed production to Europe for European customers would reduce costs.

The layoffs show the ripple effects of companies’ decisions to pull out of Russia after its invasion of Ukraine. Corteva said in April it would withdraw from Russia. In September, it announced plans to exit about 35 countries and lay off about 5% of its global workforce to cut costs.

City spokesman Spencer Bowen said Woodland takes pride in its food and agriculture business.

“Obviously we’re sad,” he said of the job losses.

Demand for crops grown with Cortiva seeds and chemicals is strong after severe weather and the Ukraine war tightened global supplies. However, agrochemical companies face headwinds from inflation and supply chain shortages.

In 2021, sunflower seeds accounted for about 5% of Corteva’s $8.4 billion in total seed sales, according to an investor pitch for the company. The company said that the largest producers and consumers of sunflower seeds are Europe and Russia.

Only Cortiva’s Woodland facility in the United States makes “commercial” sunflower seeds for farmers to grow plants for oil or food.

The facility will continue to produce the “mother” seeds of the commercial crop, the company said, and is working with a third party based in the United States to produce “commercial” sunflower seeds for local farmers.

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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