Petition drive started to remove Grasso

New York Stock Exchange chairman Dick Grasso is reportedly under pressure to get out.

The Wall Street Journal reported that several floor traders who own Big Board membership seats, have taken the unusual step of calling for new management at the exchange.

The Journal said the traders, angered over the $140 million dollar pay-and-benefit package awarded Grasso, were putting together a petition calling for the change.

The petition organizers said their aim was to collect 100 signatures from the more than 1,300 exchange seat owners. The Journal said that threshold would allow them to hold a special meeting to talk about replacing Grasso.

Agriculture

Cargill makes bid for Farmland business

Cargill Inc. presented a $385 million bid for the pork processing business of bankrupt Farmland Industries Friday, setting the stage for an auction between Cargill and industry giant Smithfield Foods.

Smithfield, the country’s largest pork company, made a bid of $363.5 million in July for the assets of the Kansas City, Mo.-based company. The bankruptcy court is now expected to set an auction date to sell the pork assets in early October.

Farmland chief executive Bill Terry said the company welcomed the bid by Cargill and was pleased that there would be a competitive auction for the assets.

Media

Stations to launch Kansas news channel

A Kansas cable news channel will begin airing Sept. 22 featuring around the clock coverage of news and weather.

The channel, dubbed Kansas Now 22, is a joint effort of Cox Communication, KAKE-TV in Wichita and WIBW-TV in Topeka. Both television stations are owned by Gray Mid-America. The new 24-hour station will air on Cox cable.

Cox Communications has service in 90 Kansas communities, reaching 320,000 subscribers, said Cox spokeswoman Kristin Peck. The network stretches from Garden City to Pittsburg, but does not include Lawrence.