A Leg To Stand On: Power To Help
To all that care:
Power. The power to hurt, the power to ignore, the power to help. It comes in so many forms and is used in so many ways. Many people don’t even consider how much power they have in most given situations. And, of those people who do, very often they make the choice to use their power to ignore what is happening by not getting involved, by not lending a hand – even when it takes very little effort.
We can often think of those we see with their hand out as being someone deserving of their state, someone who has created their own fate, whether or not that be true. But what if that person was a child holding out a cup, with their one and only hand and asked you for help. It’s obviously no fault of their own – you know that.
Now. You have the power to help. Would you give a dollar, ten dollars, fifty, five hundred? Now think for a moment, you know these children are out there. Do you really need to be standing in front of them to help, to use your power?
ALTSO is a non-profit organization that has provided free prosthetic limbs and corrective surgery to more than 13,500 children in developing countries who lost their limbs in traumatic accidents or suffer from congenital limb disabilities.
There are so many of us with lists and lists of LinkedIn contacts, Facebook friends, Twitter accounts, et al. Will you donate? Will you help to do some real good and forward this to all? We ask for referrals all the time, do we not? Isn’t this a more noble endeavor? Come support us.
The New York event is at Capitale, 130 Bowery, New York on Thursday October 15th, 7 PM to Midnight. Tax deductible tickets cost $275 Click here to register
The Chicago event is at City Winery Chicago, 1200 West Randolph on Thursday Oct 22nd, 6 PM to 11 PM. Tax deductible tickets cost $200 Click here to register
Can’t make it? For a donation of any size go to: www.Altso.org/donate
And to give you some idea how amazingly far your donations go:
$25 – provides clubfoot brace, $100 – provides leg braces, $250 – provides prosthetic limb, $500 provides corrective surgery. We treated almost 2000 children last year. How many will we help this year? Take a moment and help. Don’t wait until later. You have the power. Use it wisely.
Rich Hansen can be reached at firstname.lastname@example.org
Commodities: from pit to screen
What’s happening in commodities markets, said Craig Pirrong, professor of Finance at the University of Houston, is that what used to be ‘in the floor trader’s head’ is now being computerised. Moreover, increased electronic trading is a spur for greater liquidity, as well as a catalyst to change the way liquidity functions. Ultimately, that means cheaper transactions. So hedgers and others are going to be able to execute orders at lower cost, a benefit to any market participant.
***** We are still working on a floor trader’s gut being computerized. The problem is the daily alcohol bath.
Chinese Domino Effect Still Threatens World Markets; Emerging markets and others continue to feel reverberations from China stocks’ epic third-quarter tumble.
By Carolyn Cui, WSJ
A broad selloff that has rattled emerging markets is showing signs of spreading.
****** Dominoes began in China, so they have always been there.
Want to See Climate Change? Come With Me to the Mont Blanc Glacier; When I visited in 1988 it took just three steps to reach the ice. Today it takes 370.
Helene Fouquet, Bloomberg
On a mild September day 27 years ago, my family and I took a red cog train and a brand-new cable car from the ski town of Chamonix in the French Alps up to the Mer de Glace, or “Sea of Ice.”
****** My gait has become shorter as I have aged, so more steps are necessary in lots of cases. Interesting story.
Risky Strategy Sinks Small Hedge Fund
By ALEXANDRA STEVENSON and MATTHEW GOLDSTEIN, NY Times
It was an upstart hedge fund that pitched large returns in periods of market turbulence by relying on a complex and controversial trading strategy. At the height of the 2008 financial crisis, investors would have had a gain of more than 600 percent, according to projections in investor documents for the new hedge fund, Spruce Alpha.
****** Also in the news today, dog bites man.
African Exchanges Emerge at SFOA Conference in Switzerland
Sarah Rudolph, John Lothian News
Emerging markets face many economic challenges, not the least of which is setting up exchanges in order to facilitate price discovery and to help farmers and others hedge their products. But with the help of mobile technology and a spirit of cooperation among regions, some exchanges in Africa are getting started for the first time and attempting to create alliances that will help bring price transparency and hedging to the region. Leaders of these exchanges spoke about their plans at a panel at the SFOA Conference in Geneva, Switzerland.
8 TED talks that can help you become insanely productive
Rachel Gillett, Business Insider
Tapping your productivity in ways you never have before takes unconventional thinking.
****** If you are not a fan of TED talks it is because you are just plain conventional and unproductive.
John Avery, SunGard – Financial Technology: An Innovative Career Choice
“The cost to comply with all of that [post-2008] regulation has actually forced firms to reduce what they spend on revenue generating opportunities… That’s created a situation where revenue growth hasn’t been as dramatic or as aggressive as it has been in the past.”
From incubators to hackathons, from the buy-side to the sell-side, fintech is consistently finding new places and avenues to develop. For John Avery of SunGard, that represents an opportunity to find technological solutions to industry-wide problems — the sort of redundant occurrences that drain a company’s coffers and employees’ time that could have been spent on innovation.
In this video Avery shares his experience rolling with the punches in a fintech career that featured the decision to choose Wall Street over Silicon Valley, a big firm over a small firm and selling over building the future.
High-Speed Trading Firm Deleted Some Code by Accident
By Matt Levine, Bloomberg
Today is the end of the Securities and Exchange Commission’s fiscal year, as you might have guessed from the rush of enforcement actions finalized today. I count almost $68 million of penalties coming into the SEC’s coffers on the last day of fiscal 2015, from three separate settlements with 25 defendants. One of those settlements was with Latour Trading, the big high-frequency trading firm, for what the SEC calls “market structure rule violations.”
U.S. securities regulator expands use of powerful software: source
The U.S. Securities and Exchange Commission (SEC) is expanding an effort that allows its staff to search massive amounts of data for signs of insider trading and other securities violations, a person familiar with the matter said.
FXCM says it has been hacked
FXCM Inc, an online foreign exchange trading service provider, said it was the victim of a hacking attack involving unauthorized access to customer information.
Elizabeth Warren reveals the financial industry’s efforts to secretly influence lawmakers
Tim Fernholz, Quartz
Sen. Elizabeth Warren may have receded to the background of the raucous 2016 presidential race, but the popular Massachusetts lawmaker is still striking fear into the heart of the financial industry.
BATS Will Offer to Pay Companies to List ETFs on Exchange; Exchange operator’s new marketplace part of effort to grab bigger share of ETF market
By Bradley Hope and Leslie Josephs, WSJ
BATS Global Markets Inc. is going to new lengths to grab more of the market for exchange-traded funds, offering to pay companies rather than charge them to list the popular investment products on its exchange.
Questions About Leak at Federal Reserve Escalate to Insider-Trading Probe; Firm at center of probe says it is a media organization with special legal protections
By Aruna Viswanatha, Kate Davidson, Brody Mullins and Christopher M. Matthews, WSJ
A high-profile investigation into a leak of sensitive information from the Federal Reserve in 2012 has escalated to an insider-trading probe led by a key market surveillance agency and federal prosecutors in Manhattan, according to people familiar with the matter.
Rules on Metal Warehouse Fees Expected to Come into Force in March; Delay in implementing new regulation was due to time needed for consultation, says LME
By Katherine Dunn, WSJ
Rules designed to limit the fees charged by warehouses to release the metals they store are expected to come into force next March, more than two months later than expected, the London Metal Exchange said on Wednesday.
Lagarde Predicts Sluggish, Uneven Growth in Global Economy
The head of the International Monetary Fund said on Wednesday that global growth would probably be weaker this year as the world economy confronts a host of problems, including a refugee crisis in Europe, an economic slowdown in China and a pending rise in United States interest rates.
Global economy loses steam as Chinese, European factories falter
By Sumanta Dey and Ian Chua, Reuters
The world economy lost momentum in September, with China’s vast factory sector shrinking again and euro zone manufacturing growth weakening slightly, both casualties of waning global demand.
Open to adjusting bond market rules to improve liquidity: Fed’s Dudley
New York Fed President Bill Dudley said Wednesday he would be open to new bond market rules if they would improve liquidity. However, “we certainly don’t want to undermine the progress we have made” after the crisis, he said.
CFTC Eyes New Cyber-Security Regulations
In the coming months the U.S. Commodity Futures Trading Commission plans to propose new regulations that aim to improve cyber-security as well as technological and operational risk management of CFTC-regulated entities. The proposed regulations mark the next phase of the CFTC’s attempts to expand market safeguards beyond improved market and credit risk management for the over-the-counter derivatives market, according to CFTC leadership.
Regulators unprepared for clearinghouse failure, global authorities say
Neil Roland, MLex (subscription required)
Governments across the world aren’t prepared to resolve a large derivatives clearinghouse that faces collapse, leaving the potential for systemic shocks that could prompt taxpayer bailouts, global authorities said.
Senior regulator at Bank of England warns of risks of watering down reform
Jill Treanor, The Guardian
A senior official at the Bank of England has warned of the risk of bowing to pressure from lobbyists in the banking industry who want to see a relaxation of rules introduced since the banking crisis.
FCA proposes changes to pension rules to enhance consumer protection
The Financial Conduct Authority (FCA) has today outlined proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market.
FCA accused of ‘shaming but not naming’ alleged rogue traders
Caroline Binham, Financial Regulation Correspondent, FT
The UK financial watchdog stands accused of adopting a policy of avoiding giving a person due legal process by “shaming but not naming” alleged rogue traders when it fines banks.
Chicago needs a financial transaction tax now more than ever; We’ve got $700 million problems but this tax could solve some.
By Ben Joravsky, Chicago Reader
It’s been more than three months since I last wrote about our need for a financial transaction tax on the city’s exchanges. But in that short time Mayor Emanuel’s given us roughly 700 million new reasons for supporting it.
Exchanges & Trading Facilities
Eurex expands equity index derivatives segment; Mini DAX Futures contracts available from 28 October onwards
Eurex Exchange, the international derivatives market of Deutsche Börse Group, will launch a new equity index contract on 28 October 2015. The Mini DAX Futures will be offered in addition to the existing DAX Futures (FDAX). Its key distinguishing feature is the significantly lower contract value, at only a fifth of the DAX Futures.
Fear and loathing as LME mulls position limits: Andy Home
By Andy Home, Reuters
Sometimes revolutions start with a bang. But more often than not they grow out of a small change that is barely noticed at the time.
LME opens follow-up consultation on queue-based rent capping
The London Metal Exchange (LME) is today opening a two-week consultation to invite comments on possible anti-abuse provisions that would govern the application of the Exchange’s proposed queue-based rent capping (QBRC) rules.
New Stock Exchange boss has Cumbrian roots
The London Stock Exchange Group announced yesterday that the 36-year-old had been made head of the group’s regulated subsidiary, LSE plc. The Oxford University graduate moved to Barrow, with mum Madhu and dad Dr Rajendra Rathi – who sits on the bench in Furness Magistrates’ Court – when he was three.
Report on Initial Public Offering Applications, Delisting and Suspensions
The Spanish Stock Market Traded EUR744.5 Billion To September, Up 21.4% Year On Year
Ljubljana Stock Exchange Monthly Statistical Report September 2015
Hedge Funds & Managed Futures
Wall St ends worst quarter in four years with a rally
By Sinead Carew, Reuters
U.S. stocks closed sharply higher on Wednesday as investors sought bargains among beaten-down stocks and the recently battered biotechnology index bounced back on the last day of Wall Street’s worst quarter since 2011.
Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September
By Svea Herbst-Bayliss, Reuters
Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America’s most prominent hedge funds.
Glencore tells investors debt cutting on track
Glencore has told investors it is on track to cut debt and shown new data about its secretive trading unit in a fresh attempt to dispel the market worries over its finances which knocked 30 percent off its share price on Monday.
Glencore Seeks Way to Sell Some Assets; Task is challenging as mining deals dry up; sale of stake in agricultural business would be painful
By Scott Patterson And Alex MacDonald, WSJ
Mining and trading giant Glencore PLC, racing to reduce its debt, is grappling with how to unload assets at a time when commodity deals are drying up and is considering selling its agriculture infrastructure to sovereign-wealth funds and royalty deals on its gold assets.
Sovereign-Wealth Funds Oppose Asset Manager ‘Super-Profits’; Outsize fees charged by finance industry have lowered their investment returns, they say
By Simon Clark, WSJ
Sovereign-wealth fund chiefs who manage hundreds of billions of dollars say outsize fees charged by the finance industry have lowered their investment returns and created “super-profits” for a few asset managers.
Hedge funds emboldened by the fall of Glencore
By Stefanie Eschenbacher, Financial News
Hedge fund investors – familiar commodities bears – have seen their downbeat take on the sector’s prospects vindicated by the share price collapse of Glencore. But despite the trading giant’s much-publicised woes, it is far from being the UK’s most shorted commodity stock.
Billionaire David Einhorn’s Hedge Fund Is Down 16.9% In 2015
Nathan Vardi, Forbes
The hedge fund of billionaire David Einhorn continued to plunge in September, falling 3.5%, further denting his returns in 2015. Einhorn’s Greenlight Capital hedge fund is now down by 16.9% for the year, an ugly looking number for the noted stock picker and short seller.
Crowdfunding platform raises EUR1m for building company in France
Michael Stothard in Paris, FT
A peer-to-peer lending platform has become the first to raise EUR1m in France for a company in a single transaction, one year after the French government passed a law allowing crowdsourced loans for small businesses.
Banks & Brokers
Is Goldman Sachs’ Gary Cohn Ready to Step in for Lloyd Blankfein?; Once impatient, now more polished, bank’s president has grown into No. 2 role
By Justin Baer, WSJ
Last Friday, Goldman Sachs Group Inc. President Gary Cohn hosted China’s finance minister, Lou Jiwei, in a private meeting in midtown Manhattan. On Tuesday, Mr. Cohn jetted to San Francisco to watch his friend and client Elon Musk unveil a new electric sport-utility vehicle for Tesla Motors Inc.
Ex-Barclays traders facing UK Libor charges may pursue U.S. fee case
By Jonathan Stempel, Reuters
Three former Barclays Plc traders facing U.K. charges that they conspired to manipulate Libor may pursue a U.S. lawsuit seeking to force the bank to keep paying their legal fees, a federal judge ruled on Wednesday.
Deutsche Bank could be forced into riskier lending
If the troubled German lender’s latest round of cost cuts fail, it could be forced to take more drastic action to improve returns, according to analysts at credit ratings agency Moody’s
Paul Taubman Taking Reins of Investment Bank With Blackstone Ties
By MICHAEL J. de la MERCED, NY Times
When the longtime investment banker Paul J. Taubman left Morgan Stanley in late 2012, no one was quite sure what he would do next.
Clearing & Settlement
CFTC Staff Extends Time-Limited No-Action Relief to Eurex Clearing and its U.S. Clearing Members
This extension will expire at the earlier of the date on which Eurex Clearing becomes registered as a DCO with respect to its IRS clearing business or January 31, 2016. The no-action relief is subject to several conditions outlined in the letter.
Check Please! The Future of B2B Payments
Faster payments are inevitable. Shorter clearing windows provide businesses with greater control over cash flow, more effective use of capital through reduced float, and smaller opportunities for fraud. And, about a month ago, NACHA voted in Same Day ACH. This is an important industry marker – this was not an easy rule set for NACHA to pass, and it likely would not have passed without the Fed’s payments modernization push. The message should be abundantly clear.
LSEG and DTCC strike deal to offer MiFIR-compliant reporting
The Trade News
London Stock Exchange Group (LSEG) has teamed up with DTCC to launch a MiFIR compliant reporting service.
Indexes & Products
S&P Dow Jones Indices Market Attributes: U.S. Index Dashboard
Uncertainty led to a poor showing by U.S. equities in the third quarter, as fears about China’s future growth prospects weighed heavily on the markets. The Fed’s announcement that it would not raise rates created additional concern about the health of the global economy. On a total return basis, the S&P 500® ended down 6%, while the Dow Jones Industrial Average® ended down 7%. Utilities were the only sectoral performers that ended the quarter in the black (up 5%).
J.P. Morgan Asset Management Expands ETF Strategic Beta Suite with US Equity ETF: JPUS
J.P. Morgan Asset Management announced that its newest ETF will begin trading today, the JPMorgan Diversified Return US Equity ETF (JPUS). JPUS is the fourth strategic beta ETF offered by J.P. Morgan, and seeks to provide US exposure with the potential for better risk-adjusted returns.
MSCI to keep Peru bourse in ’emerging market’ group for now
Index provider MSCI Inc opted on Wednesday to keep Peru’s bourse in its “emerging market” group but warned it might downgrade the stock exchange to a higher-risk “frontier” status in nine months if liquidity sinks further. MSCI’s decision to hold off on a reclassification will likely boost Peru’s select and general stock indices when trading reopens on Thursday.
NASDAQ TO LAUNCH FIRST NORTH 25 INDEX
Nasdaq (Nasdaq: NDAQ) today announced the launch of First North 25, a new index for the 25 largest and most traded shares on Nasdaq First North and Nasdaq First North Premier. The First North 25 index will be launched and disseminated on October 15, 2015, and is an important part of Nasdaq’s continuous efforts to provide the leading platform for growth companies.
The public vs private debate on blockchain
Mainstream finance’s recent declaration of love for blockchain technology has given rise to a fierce debate in crypto-circles. While financial institutions are interested in bitcoin’s underlying technology, most are quick to point out that they still want nothing to do with the virtual currency itself. “It’s not about bitcoin, it’s about the underlying technology,” has become a common compliance-friendly refrain in finance.
£1984: does a cashless economy make for a surveillance state?
A future without money would mean a surveillance state where every transaction is tracked by banks and the state, apart from those using cryptocurrencies like Bitcoin
SoftBank leads $1 billion investment in U.S. fintech startup SoFi
SoftBank Group Corp said it had led a $1 billion investment in U.S. financial technology startup SoFi, calling it the largest single financing round in the fintech space to date. The deal is the latest in the sector, where relatively young companies offer financial services through software.
SEC Sanctions 22 Underwriting Firms for Fraudulent Municipal Bond Offerings
In today’s actions, the SEC found that between 2010 and 2014, the 22 underwriting firms violated federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers’ compliance with continuing disclosure obligations. The SEC also found that the underwriting firms failed to conduct adequate due diligence to identify the misstatements and omissions before offering and selling the bonds to their customers.
Latour Trading Charged With Market Structure Rule Violations
The Securities and Exchange Commission today charged Latour Trading LLC with violating SEC rules designed to ensure safe and efficient markets. Latour, a high-frequency proprietary trading firm, agreed to a settlement in which it will pay a $5 million civil penalty and more than $3 million of disgorgement of gross trading profits, rebates paid to it by exchanges, and prejudgment interest.
CFTC Orders Deutsche Bank AG to Pay a $2.5 Million Civil Monetary Penalty for Swaps Reporting Violations and Related Supervision Failures
The U.S. Commodity Futures Trading Commission today issued an Order filing and simultaneously settling charges against Deutsche Bank AG, a global banking and financial services company and provisionally registered Swap Dealer, for failing to properly report its swaps transactions from in or about January 2013 until July 2015. The CFTC Order also finds that Deutsche Bank did not diligently address and correct the reporting errors until the Bank was notified of the CFTC’s investigation, and failed to have an adequate swaps supervisory system governing its swaps reporting requirements.
SEC Charges Executives for Defrauding Investors in Financial Fraud Scheme
The SEC’s complaint charges ContinuityX’s former CEO David P. Godwin and former chief financial officer Anthony G. Roth with engineering a scheme to inflate the company’s revenues. ContinuityX reported revenues of $27.2 million from April 2011 to September 2012, but the complaint alleges that 99 percent of it came from fraudulent and fictitious sales. Godwin and Roth used the allegedly fraudulent SEC filings to raise millions of dollars from investors in a private offering of ContinuityX securities, the complaint further alleges.
Environmental & Energy
Canada’s native chiefs reviewing treaty to block oil industry expansion
By Mike De Souza, Reuters
Native chiefs in the Western Canadian province of British Columbia voted on Wednesday to join some of their eastern counterparts opposed to a major pipeline project, in a move some leaders described as a step toward a national alliance aimed at blocking expansion of Alberta’s oil sands industry.
Carney on climate: Central bankers stray from mandate
By Ferdinando Giugliano, FT
Mervyn King, the former Bank of England governor, said “a successful central bank should be boring”.
Emissions scandal: how the drive for diesel ran out of gas
By Damian Carrington – The Guardian
From backroom deals between European leaders to the burying of the bad news of 23,000 premature UK deaths on the day Jeremy Corbyn was elected Labour leader, the scandal that has engulfed the diesel car is a startling tale.
Judge Blocks Obama Administration Rules on Fracking
By CORAL DAVENPORT, NY Times
A federal judge on Wednesday blocked the Obama administration’s first major regulations on hydraulic fracturing, a technique for oil and gas drilling that has led to a boom in American energy production but has also raised concerns about health and safety risks.
London-Shanghai connect prompts cheers and jeers
Commentators are split on the impact of plans to link the British and Chinese stock markets. On a trip to China earlier this month, chancellor George Osborne announced proposals to link the London and Shanghai stock exchanges.
Understanding China’s HIgh Risk Volatile Market
China’s prestigious Xinhua China 25 index, a key indicator of China’s stock market value — climbed dramatically, reaching over US$52 per share. By 5 September, the index had dropped to a low of about US$33 per share, representing the destruction of almost 40 percent of its value for the period and trillions of dollars in total. Both retail and institutional investors in China felt the bite. As financial markets react, the question remains, what is happening in China? Is the Chinese economy likely to collapse? In addition, what will be the impact on the rest of the world?
Financial reporting by Singapore companies generally healthy: Acra, Companies & Markets News & Top Stories
The Straits Times
The state of finanical reporting by Singapore-incorporated listed companies is generally healthy, the Accounting and Corporate Regulatory Authority (ACRA) found in its first-ever such study. After spending a year reviewing the 2013 financial statements of 49 listed companies out of more than 600, the regulator found that only four fell severely short of standards, and had their directors slapped with warning letters.
The logic of stock market interventions to calm volatility
AsiaOne Business News
It is the emotional crowd that moves markets. Far-sighted government planners typically stay above the fray when it comes to short-lived rallies and outbreaks of panic on their stock exchanges. So when organs of state start throwing their very considerable weight around to directly prop up falling share prices, they most certainly get noticed.
New programme aims to train and coach 200 of Hong Kong’s technology start-ups
J.P. Morgan, Hong Kong Science and Technology Parks Corporation and Hong Kong Business Angel Network have jointly launched NxTEC (Next Technologist Entrepreneurial Champion) programme, a two-year scheme dedicated to a selection of 200 technology start-ups in Hong Kong.
Children of the Yuan Percent: Everyone Hates China’s Rich Kids; The fuerdai, China’s second-generation rich kids, are the most loathed group in the country. They’re also its future.
Christopher Beam, Bloomberg
Emerging from a nightclub near Workers’ Stadium in Beijing at 1:30 a.m. on a Saturday in June, Mikael Hveem ordered an Uber. He selected the cheapest car option and was surprised when the vehicle that rolled up was a dark blue Maserati. The driver, a young, baby-faced Chinese man, introduced himself as Jason. Hveem asked him why he was driving an Uber—he obviously didn’t need the cash. Jason said he did it to meet people, especially girls. Driving around late at night in Beijing’s nightclub district, he figured he’d find the kind of woman who would be charmed by a clean-cut 22-year-old in a sports car.
Banks to be liable for products sold by them: IRDAI chief
M Saraswathy, Business Standard
Insurance Regulatory and Development Authority of India (IRDAI) will now make corporate agents (including banks) and their employees liable for the sale of any insurance policy by them.
What Exactly Is an ‘Emerging Market’?
Institutional investors have come to know emerging markets as high-growth but risky assets because of their geopolitical and economic hazards. They typically use the Morgan Stanley Capital International Emerging Markets Index, or MSCI EM, as their benchmark. MSCI has several criteria as to what qualifies as a developed, emerging, or frontier market.
A Frontier Market ETF to Consider
Judging solely by its three-month decline of 17%, it might appear hard to endorse the Market Vectors Vietnam ETF from the long side, but VNM’s recent bout of weakness belies long-term opportunity in one of Southeast Asia’s fastest growing economies.
In 3 years, want to take FTIL where it was before NSEL crisis, says CEO; The company will partner with enterprises to tap the digital market space, and is betting big on the sector, MD-CEO Prashant Desai said
T E Narasimhan, Business Standard
Financial Technologies (India) Ltd (FTIL) has embarked on a new journey that will take its glory days before it was engulfed by the NSEL crisis, the company’s managing director and chief executive Prashant Desai, has claimed.
Cargill helps turkey farmers give back to their communities; Taking Care of Communities gift card initiative begins
Cargill is kicking off this season of giving with a new Taking Care of Communities initiative for the independent farm families that raise its turkeys across the United States. The company’s Wichita-based turkey and cooked meats business is distributing “Giving Cards” – gift cards preloaded with $250 each, totaling more than $100,000 – to contract turkey farmers who will donate the cards to any charities of their choice in their respective communities. These farmers raise turkeys for Cargill’s Shady Brook Farms® and Honeysuckle White® brands.