Fresh Del Monte Produce Inc. (FDP), a leading global producer, marketer and distributor of fresh and fresh-cut fruit and vegetables, and a top producer, marketer and distributor of prepared fruit, vegetables and other products in Europe, Africa and the Middle East said that it swung to a net loss of $83.6 million in the third quarter after taking asset impairment charges of $18.4 million and other charges of $40.8 million.

     Excluding these charges, the Coral Gables-based food producer would have reported a loss of 42 cents a share. Analysts had been expecting the company to report a loss of 24 cents a share. Last year, the company reported a profit of $5.7 million, or 10 cents a share, in the third quarter. Fresh Del Monte also announced that it will suspend its quarterly dividend payout of 5 cents a share as it believes the best use of its capital will be investing to return to profitability.  Net sales for the third quarter of 2006 were $729.6 million, compared with $740.5 million for the corresponding period in 2005. The decline in net sales was largely attributable to the underperformance of the company’s “other fresh produce” business segment, primarily in the vegetable product line, partially offset by increased banana net sales. For the first nine months of 2006, net sales were slightly lower than the corresponding period in 2005.

George Gedda Associated Press

WASHINGTON - Preparing for a meeting with President Bush, Mexican President-elect Felipe Calderon made clear Wednesday his unhappiness with U.S. border security measures, saying the two countries need "bridges for progress and not walls that isolate and divide. U.S. steps to stem the flow of migrants across the border were expected to dominate Bush's discussions with Calderon, who takes office Dec 1. Mexico has been highly critical of the U.S. plan to build a 700-mile fence along the border. Bush signed the law authorizing the fence on Oct. 26. Mexico has been highly critical of the U.S. plan to build a 700-mile fence along the border. Bush signed the law authorizing the fence on Oct. 26. He spoke to a gathering of some 200 Hispanic leaders here. He meets with Bush on Thursday after a breakfast meeting with Secretary of State Condoleezza Rice.

Although the Pundit is filled with countless words analyzing public policy as it relates to the industry, with issues such as immigration and food safety, the truth is that the long-term prosperity of the trade is inevitably tied to the overall success of the country more than to any of these specific issues. The reason so many in the industry are repelled by things like Political Action Committees is because they are tools designed to get politicians to focus on special interests over the general interest. As John McClung pointed out in his salient letter explaining why the trade isn’t that good at government relations: Finally, perhaps most important but also most difficult to characterize, the segments of the fresh fruit and vegetable industry simply don’t have the tradition and history of activist political involvement. Individuals in the industry don’t see the need to get their hands dirty in Washington — or their state capitals, for that matter. They don’t think they can play the game; they don’t know how and they don’t want to learn. They think if they approach their members of Congress on some issue, all that will happen is they’ll get donation solicitations for the rest of their lives. And, they think lobbying is what they pay United, the regionals, and recently maybe even PMA to do.