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May 9, 2008

Giant Food & Biotech Corporations Make Billions in Profit from Growing Global Food Crisis

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The World Bank says that 100 million more people are facing severe hunger. Yet some of the world's richest food companies are making record profits. Monsanto last month reported that its profits increased from $1.44bn to $2.22bn in the last quarter. Archer Daniels Midland, one of the world's largest agricultural processors of soy, corn and wheat, saw operating profits jump 16-fold from $21m to $341m.

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The World Bank says that 100 million more people are facing severe hunger. Yet some of the world's richest food companies are making record profits. Monsanto last month reported that its profits increased from $1.44bn to $2.22bn in the last quarter. Archer Daniels Midland, one of the world's largest agricultural processors of soy, corn and wheat, saw operating profits jump 16-fold from $21m to $341m.

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