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Mad Cow Fallout: Beef Processors Forced to Layoff Workers
Aired January 02, 2004 - 06:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' now. There's been a ripple effect from last week's mad cow scare, layoffs in the beef industry.
Sasha Salama reports from the Nasdaq market site in Times Square.
Good morning.
SASHA SALAMA, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
This is a really serious story, not just for consumers who eat beef, but for the people in the beef industry. The meat packers, as well as others, basically, there are layoffs hitting the industry and that's because about 35 nations around the world have banned imports of U.S. beef. And that includes the biggest importer, which is Japan.
Now when this ban was imposed, about 90 million pounds of beef was headed for Asian countries. That beef valued at $200 million. And right now it's sitting in foreign ports, basically stalled, as foreign countries are waiting to hear more about the infected cow.
One perfect example, in Fremont, Nebraska, Fremont Beef laid off 49 out of 131 workers. So it's pretty serious, and we'll keep you posted on what's happening -- Carol.
COSTELLO: All right. Sasha Salama reporting live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired January 2, 2004 - 06:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' now. There's been a ripple effect from last week's mad cow scare, layoffs in the beef industry.
Sasha Salama reports from the Nasdaq market site in Times Square.
Good morning.
SASHA SALAMA, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
This is a really serious story, not just for consumers who eat beef, but for the people in the beef industry. The meat packers, as well as others, basically, there are layoffs hitting the industry and that's because about 35 nations around the world have banned imports of U.S. beef. And that includes the biggest importer, which is Japan.
Now when this ban was imposed, about 90 million pounds of beef was headed for Asian countries. That beef valued at $200 million. And right now it's sitting in foreign ports, basically stalled, as foreign countries are waiting to hear more about the infected cow.
One perfect example, in Fremont, Nebraska, Fremont Beef laid off 49 out of 131 workers. So it's pretty serious, and we'll keep you posted on what's happening -- Carol.
COSTELLO: All right. Sasha Salama reporting live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
