Bushel Adds Chief Digital Payments Officer
Bushel has announced Tony Morosini as the newest member of its leadership team.
Morosini will serve as the chief digital payments officer and focus on growing the adoption of digital payments on Bushel Wallet as well as oversee payment operations, manage risks, and use market insights to guide product enhancements.
“Agriculture has a distinctive network where relationships and money movement are deeply intertwined. I’m passionate about building this network by simplifying transactions, making it easier for agribusinesses and farmers to do business along the supply chain,” Morosini said.
Bushel’s 2024 State of the Farm Report highlights a 12% decrease in paper check payments to farmers, with growing adoption of ACH and digital wallet payments. However, over 70% of grain settlements are still made by paper check, despite ongoing security concerns with mailed payments raised by the U.S. Postal Office.
“Tony’s expertise in banking and digital payments will be invaluable as we continue to push massive adoption of secure and efficient payment rails in agriculture,” said Jake Joraanstad, CEO of Bushel. “His leadership will help us ensure that our payment solutions are not just innovative but also incredibly practical and user-friendly for both agribusinesses and farmers.”
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Read more about Bushel’s State of the Farm Report
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Bunge Launches Exchange Offers In Viterra Acquisition Process
Bunge has announced the commencement of exchange offers and consent solicitations as part of its ongoing acquisition of Viterra Limited.
The process, led by Bunge’s subsidiary, Bunge Limited Finance Corp. (BLFC), involves exchanging existing Viterra notes for new notes issued by BLFC along with additional cash compensation.
The exchange targets four series of Viterra’s outstanding notes, ranging from those due in 2026 to those maturing in 2032, totaling up to $1.95 billion in new Bunge notes. The initiative is designed to streamline financial structures post-acquisition, aligning Viterra’s debt with Bunge’s broader corporate guarantees.
Alongside the exchange offers, BLFC is also initiating consent solicitations to amend certain terms in the indentures associated with these notes. These amendments aim to eliminate specific covenants and provisions, aligning them more closely with Bunge’s operational and financial strategies.
Key dates include a September 20, 2024 early tender deadline, with benefits for early participation, and an October 7, 2024 expiration date. Settlement is expected shortly after the expiration date, subject to the timing of the acquisition’s closure.
Syngenta Cuts Over 10% of Workforce at Swiss Headquarters
Syngenta is cutting just over 10% of its workforce at its Swiss headquarters in Basel following a big downturn in its crop protection business this year.
Up to 150 of the 1,100 positions in the city will be affected at the Chinese-owned company which employs 60,000 people globally. The losses come after Syngenta, which produces seeds and crop protection sprays, reported a 17% drop in sales in the first six months of 2024. Core operating profit slumped by 36%.
“Due to a more severe and sustained difficult economic environment the company is seeking to reduce its workforce at the Basel HQ,” a Syngenta spokesman said.
Basel will remain the company’s global HQ.