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May 24, 2022

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Glencore prepares to pay up to $1.5 bln to settle U.S., UK, Brazil probes

Reuters
Glencore agrees settlements in U.S., Brazil Glencore Energy (UK) charged with bribery over oil operations UK sentencing hearing called for June 21 LONDON, May 24 (Reuters) – Glencore Plc (GLEN.L) said on Tuesday it anticipates paying up to $1.5 billion to settle accusations of bribery and market manipulation by U.S.,......

Oh Snap! Social media stocks lose billions after Snapchat parent warning

Reuters
A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson Register now for FREE unlimited access to Reuters.com Register May 24 (Reuters) – Snap Inc (SNAP.N) shares plunged......

Gaza flour mills ground down by Russian-Ukraine conflict

Reuters
GAZA, May 23 (Reuters) – Three months into the Russian invasion of Ukraine, which has closed off access to lower-priced Black Sea wheat, owners of five mills in the Palestinian Gaza Strip are feeling the heat as they try to replenish stocks. Prices have jumped by around 20%, meaning the......

First baby formula shipment, enough for thousands of U.S. infants, arrives from Europe

Reuters
WASHINGTON, May 22 (Reuters) – A military cargo plane carrying the first shipment of infant formula from Europe to help address a critical shortage in the United States landed in Indianapolis on Sunday, but a top government official noted that much more needs to be done. A Feb. 17 recall......

Biden says first shipments of baby formula flying in from Europe this weekend

Reuters
May 20 (Reuters) – The first shipments of infant formula from Europe to address a critical shortage in the United States should begin arriving this weekend, President Joe Biden said on Friday amid criticism of his administration’s handling of the issue. Biden said on Twitter the initial military cargo plane......

Deere’s supply chain issues hit revenue, shares plunge

Reuters
Equipment for sale is seen at a John Deere dealer in Denver, Colorado, U.S. May 14, 2015. REUTERS/Rick Wilking/File Photo Register now for FREE unlimited access to Reuters.com Register May 20 (Reuters) – Deere & Co (DE.N) on Friday missed Wall Street revenue targets and said it was having difficulty......

U.S. FDA says Abbott baby formula plant on track to reopen in 1-2 weeks

Reuters
WASHINGTON, May 19 (Reuters) – Abbott Laboratories (ABT.N) and the U.S. Food and Drug Administration are on track to reopen the company’s Sturgis, Michigan, baby formula manufacturing plant within one or two weeks, FDA Commissioner Robert Califf said on Thursday. Abbott, the biggest U.S. supplier of powder infant formula including......

Biden invokes Defense Production Act to increase infant formula supply

Reuters
WASHINGTON, May 18 (Reuters) – President Joe Biden took steps on Wednesday to address the shortage of infant formula in the United States, invoking the Defense Production Act to help manufacturers obtain the ingredients needed to ramp up supply, the White House said. Biden also directed U.S. agencies to use......

Imperial Brands says no ‘buyback’ clause in Russia exit

Reuters
Packs of Gauloises cigarettes are on display in a tobacco shop in Vienna, Austria, May 12, 2017. REUTERS/Leonhard Foeger Register now for FREE unlimited access to Reuters.com Register LONDON, May 17 (Reuters) – Imperial Brands (IMB.L) said on Tuesday the terms of its recent agreement to exit Russia did not......

U.S. to allow baby formula imports amid nationwide shortage

Reuters
Empty shelves show a shortage of baby formula at CVS in San Antonio, Texas, U.S. May 10, 2022. REUTERS/Kaylee Greenlee Beal/File Photo Register now for FREE unlimited access to Reuters.com Register WASHINGTON, May 16 (Reuters) – The United States will allow baby formula imports from foreign makers that do not......

Column: European smelter hits mean another year of zinc shortfall: Andy Home

Reuters
LONDON, May 16 (Reuters) – The global refined zinc market is expected to register a supply shortfall of 292,000 tonnes this year, according to the International Lead and Zinc Study Group (ILZSG). It will be the second consecutive year of deficit after global production fell short of demand to the......

McDonald’s to exit Russia after more than 30 years

Reuters
A logo of the McDonald’s restaurant is seen in the window with a reflection of Kremlin’s tower in central Moscow, Russia March 9, 2022. REUTERS/Maxim Shemetov Register now for FREE unlimited access to Reuters.com Register May 16 (Reuters) – McDonald’s Corp (MCD.N) said on Monday it has started a process......

India prohibits wheat exports with immediate effect

Reuters
A combine deposits harvested wheat in a tractor trolley at a field on the outskirts of Ahmedabad, India, March 16, 2022. REUTERS/Amit Dave Register now for FREE unlimited access to Reuters.com Register MUMBAI, May 14 (Reuters) – India has prohibited wheat exports with immediate effect, the government said in a......

Exclusive: Maker of Walmart, Amazon store-brand baby formulas sees shortages through rest of 2022

Reuters
NEW YORK, May 13 (Reuters) – Perrigo Company PLC (PRGO.N), which makes store-brand baby formulas for retailers, including Walmart Inc (WMT.N) and Amazon.com Inc (AMZN.O), expects shortages and heightened demand to last for the “balance of the year,” Chief Executive Murray Kessler told Reuters in an interview. The Biden administration......

Dust storm, hurricane-force winds tear destructive path across U.S. upper Midwest

Reuters
CHICAGO, May 13 (Reuters) – Hurricane-force winds tore across the U.S. upper Midwest Thursday evening, sending walls of dust across cities and rural towns, causing widespread property damage and killing at least two people. Straight-line winds up to 105 miles per hour (169 kph) reached from Kansas to Wisconsin, pushing......

Philip Morris bets on cigarette alternatives with $16 bln bid for Swedish Match

Reuters
Packs of Marlboro cigarettes are on display in a shop in Saint Petersburg, Russia April 10, 2022. REUTERS/REUTERS PHOTOGRAPHER Register now for FREE unlimited access to Reuters.com Register Offer values Swedish Match at close to $16 bln Swedish Match leader on fast-growing US nicotine pouch market Deal would boost PMI’s......

Major U.S. retailers limit baby formula purchases on shortage

Reuters
CVS Health logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register May 10 (Reuters) – U.S. retailers including Target Corp (TGT.N), CVS Health Corp (CVS.N) and Walgreens Boots Alliance (WBA.O) said on Tuesday they......

Indian shares post worst week since November on concerns over rate hikes

Reuters
A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India June 20, 2016. REUTERS/Danish Siddiqui Register now for FREE unlimited access to Reuters.com Register BENGALURU, May 6 (Reuters) – Indian shares closed over 1% lower on Friday and registered......

Sliding pound supports FTSE 100 after BoE flags recession risk

Reuters
A man walks past the Bank of England (BoE) in London, Britain, December 16, 2021. REUTERS/Toby Melville Register now for FREE unlimited access to Reuters.com Register Bank of England raises rate to 1%, flags recession risk Shell up after oil major posts record quarterly profit FTSE 100 up 0.1%, FTSE......

Ukraine, Russia production critical to restoring global food security, UN chief says

Reuters
ABUJA, May 4 (Reuters) – U.N. Secretary-General Antonio Guterres said on Wednesday the problem of global food security could not be solved without restoring Ukrainian agricultural production and Russian food and fertilizer output to the world market. Russia’s invasion of Ukraine in February has added to volatility in financial markets,......

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