Monsanto cracks down on Argentine farmers

U.S. agricultural giant Monsanto Co. will temporarily halt sales of genetically modified soybean seeds in Argentina because of widespread piracy, a spokesman for the company said Monday.

Argentina ranks as the world’s third-largest soybean producer after the United States and Brazil. Nearly all of the country’s soybeans are grown with genetically modified seeds, which have helped Argentine farmers reduce production costs.

But St. Louis-based Monsanto has been pressuring Argentina and Brazil to crack down on what it says is the increasing illegal use of Monsanto’s technology by South American farmers who buy seeds on the black market.

Pharmaceuticals

Pfizer to sell testing unit

Pfizer Inc. said Monday it agreed to sell its diagnostic testing business to two private equity firms for $575 million as it concentrates on its main operations.

The sale of the in-vitro allergy and autoimmune diagnostic testing business to Triton, a European private equity firm, and PPM Ventures Ltd., the private-equity subsidiary of Britain’s Prudential PLC, will let Pfizer focus on its pharmaceuticals, consumer health care and animal-health operations, the company said.

In July, Pfizer said it decided the diagnostic-testing business didn’t fit its strategic focus.

The agreement is expected to close in the first half of this year.

Technology

Sony Ericsson posts surprising 4Q profit

Defying analysts’ expectations, cell phone maker Sony Ericsson posted a solid fourth-quarter profit, buoyed in part by sales of its new line of camera phones and a strong showing in Asia.

The London-based company earned $52.3 million in the quarter that ended Dec. 31. Analysts had expected a profit of $38.9 million.

It was the second consecutive quarter that Sony Ericsson, which had steadily lost money since it was founded in 2001, posted a profit.

Banking

UMB names president

Kansas City, Mo.-based UMB Financial Corp. announced Monday that Peter J. deSilva had joined the company as its president and chief operating officer.

As COO, he will oversee many of the firm’s business units and product lines, such as Trust & Wealth Management, UMB Scout Brokerage Services, UMB Investment Services Group and the company’s retail banking division.

He previously was a senior vice president for Fidelity Brokerage Company in Boston.