Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
The shutdown of the fire-damaged Philadelphia Energy Solutions refining complex could send gasoline prices higher across the U.S., but particularly in the mid-Atlantic region...Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
Bitcoin topped the $13,000 level Wednesday, rallying to its highest price since January 2018.Bitcoinread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
During the foreclosure crisis, investors transformed the single-family home rental market into a formally managed asset class. Now they want new homes.Real Estateread more
Wayfair drew backlash and calls from some customers for a boycott after employees protested the company's apparent sale of $200,000 of mattresses and bunk beds destined for a...Retailread more
These are the stocks posting the largest moves midday.Market Insiderread more
(Adds analyst quote)
CHICAGO, May 29 (Reuters) - Global grains trader Archer Daniels Midland Co said on Wednesday it will consolidate five business units into four in the company's second reorganization in just over a year as adverse weather and a U.S.-China trade dispute threaten profits.
ADM will combine its grain trading and oilseeds segments into a new business unit called Ag Services & Oilseeds, effective July 1, in a move that analysts say could better streamline its North American operations and cut costs.
The new unit will be led by Greg Morris, former president of ADM's oilseeds unit.
The revamp comes during a particularly challenging period for grain merchants ADM and rivals Bunge Ltd, Cargill Inc and Louis Dreyfus Co, known as the ABCD quartet that dominates global agricultural commodities trade.
The companies have shifted operations and reorganized management teams as profits have been squeezed by a global grains glut, low crop prices and a prolonged U.S.-China trade war that has stifled global commodities flows.
Severe weather in North America has heaped further pressure on the sector, including exceptionally harsh cold this winter and record-breaking spring floods that combined to cut ADM's first quarter operating profit by $50-$60 million.
"They may be getting more aggressive at looking at aspects of the business for cost efficiencies because of those headwinds," said Bill Densmore, senior director of corporate ratings at Fitch Ratings.
ADM last restructured its business groups in March 2018. The company said in April that it is seeking voluntary early retirements in North America and may eliminate individual jobs as part of a restructuring of specific areas.
Cargill has been overhauling its corporate structure in recent years following a string of disappointing quarterly results. Bunge revamped its operations three weeks ago for the second time in 18 months.
ADM said the new Ag Services & Oilseeds division, which will combine ADM's global trading, transportation and oilseeds-processing businesses, is "a natural evolution."
"This helps us better integrate the supply and value chains to deliver significant simplification and efficiency to the day-to-day business," CEO Juan Luciano said in a statement.
ADM shares were down slightly in early afternoon trading at $38.42 a share, a three-year low. (Reporting by Karl Plume and P.J. Huffstutter in Chicago and Arundhati Sarkar in Bengaluru; editing by Sriraj Kalluvila, Dan Grebler and Sonya Hepinstall)