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Fresh Del Monte Produce Inc. Message Board

  • marieldon2001 marieldon2001 Apr 24, 2006 2:11 PM Flag

    Gap down today as well, you know!

    You see Mkarkkkkkdfarkd 2
    I don't get the 2.
    There are 2 shitheads out there such as yourself?
    Not only does you buying opportunity pose a downside dilemma, but, in charting jargon, it is a gap down!
    Means that over the weekend, the brokers executing orders for large institutions could not wait until the market open to unload this crap.
    You seem to be the shit, excrement in your translation exercise!
    Guess shit knows shit best and you win in that category!

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    • Banana Companies See No Cut In Latin American Operations Over New EU Rules

      When the European Union more than doubled tariffs on bananas from Latin America in January, governments and exporters in the region complained that the move would force production cuts and damage the livelihoods of thousands of workers. However, as companies discuss the impact of the new tariffs in regulatory filings, it appears that the simultaneous elimination of E.U. import quotas is mitigating the tariffs negative effect.

      Almost four months after the EUR176-a-ton tariff was imposed on Latin American bananas, multinational companies say they have no plans to downsize production in the region and some are even talking about expanding their business there.

      �Although we would like to see the tariff lower, we see an opportunity in a free (European) market to continue to grow our business�, said Dole Food Co. (DOL) President and Chief Operating Officer Richard DahI. DahI acknowledged that the higher tariff will hurt the company in the short term, but he said long-term prospects could be more positive than expected. We are in favor of (the new regime) even though we knew that it would have a negative impact on us depending on where the (tariff) was set, he said. We were willing to take that bet in favor of opening up the market.

      California-based Dole Food, which has a 15% market share for bananas in Europe and employs more than 10,000 people in Latin America, discussed the changes in E.U. trade policy in its annual report filed with the Securities and Exchange Commission, but it didnt disclose the amount of any additional costs it expects to incur from the higher tariff. DahI, however, said that those costs will be offset by the fact Dole Food will no longer have to buy importing licenses. Fresh Del Monte Produce said the E.U. changes could increase the companys incentives to do business in Latin America. The increase of the tariff duty is in fact offsetting the savings that we will have by not having to purchase any licenses,� said Fresh Del Montes Jean-Pierre Bartoli, senior vice president for Europe, Africa and the Middle East.

      We are very happy that this is now a free market, he said. We think that after a little while, when the market adjusts itself in Europe, we will be able to increase our volume there. The plan is to definitely increase our production in Latin American countries.

      George Jaksch, Chiquita Brands senior director of corporate responsibility and public affairs for Europe, said in April 2005 that a higher tariff would drive the company to �seriously have to consider solutions elsewhere, in West Africa and elsewhere.

      Countries in Africa and other regions, mostly former European colonies, will continue to enjoy tariff-free access for a fixed amount of their production. Chiquita Brands said the new tariffs would cost the company about $110 million more if its E.U. import volume remained at 2005 levels. �At this point we anticipate that we will continue to operate as we do today in Latin America, Chiquita Brands spokesman Michael Mitchell said. Cincinnati-based Chiquita Brands, which calls itself the leader in market share for bananas in the E.U., produces around 30% of the bananas it markets on its own farms and purchases the remainder from third-party suppliers throughout the world.

      The three majors acknowledge there is a lot of uncertainty surrounding the new tariff-only regime, including whether the EUR176-a-ton tariff will be lowered - a move that governments in Latin America have urged the E.U. to make. Fresh Del Montes Bartoli said he thinks the E.U. will decrease the tariff in 2007.

      Sopisco wk16/06

 
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