US commodities trader Archer Daniels Midland is slashing up to 700 jobs globally as part of a cost-cutting drive amid the growing threat of a worldwide trade war.
The Chicago-based agricultural commodities group, which has been embroiled in an accounting scandal, also on Tuesday reported a 48 per cent drop in earnings to $1.8bn last year, its second consecutive annual fall in profits.
It announced the job cuts in an effort to make $500mn to $750mn in savings over the next three to five years as agribusinesses suffer because of the plunge in corn, soyabean and wheat prices.
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