Friday 20 May 2022

EXCLUSIVE Danone ramps up U.S. baby formula shipments to address shortage

EXCLUSIVE Danone ramps up U.S. baby formula shipments to address shortage

Aptamil maker Danone SA has stepped up shipments of infant formula from Europe to address a shortage in the United States, according to U.S customs data and an analysis of ocean cargo data by shipping consultancy Ocean Audit for Reuters.

Futures rise after two-day sell-off on Wall Street

U.S. stock index futures gained on Friday, with banks and megacap growth shares rising on the last day of a week that saw market volatility on concerns about the impact of higher inflation and subsequent rate hikes to tame it.

EXCLUSIVE Europe aims to revive magnesium output by 2025 to cut China reliance

EU policymakers have launched a drive to restart domestic output of magnesium, used in aluminium and steel products, with at least three firms working on projects, according to documents and officials.

Robust Mexican consumer emerges as a bright spot in weak economy

Not all is rosy for Mexico's economy as it deals with a two-decade annual inflation high and sluggish economic growth, but consumption levels have now reached pre-pandemic levels in Latin America's second-largest economy.

Baby formula crunch in U.S. forces scramble to boost supplies

The nationwide shortage of baby formula has prompted the United States to temporarily allow foreign imports from other suppliers, while reaching a deal with Abbott Laboratories on steps to resume production at its Michigan plant.

Deere raises profit forecast as equipment demand soars

Deere & Co raised its annual profit forecast on Friday boosted by higher sales for its tractors, combines and sprayers as gaps in global grain supply triggered by the Russia's invasion of Ukraine fueled crop prices and spurred demand.

Abbott completes India recall of baby formula products imported from U.S.

Abbott Laboratories' India unit has completed a recall of baby formula products that were manufactured at the company's troubled Michigan facility in the United States, a spokesperson for the company said on Friday.

Global bond funds post biggest weekly outflow in over three months

Global investors massively cut their positions in bond and equity funds in the week ended May 18 on concerns of inflation and that rising interest rates will lead to recession.

Finland leases floating LNG terminal for 10 years to break free from Russian gas

Finland has agreed a 10-year charter for a floating storage and regasification (FSRU) vessel with U.S. based Excelerate Energy to help replace Russian gas supply, finance minister Annika Saarikko said on Friday.

Goldman Sachs expects one third of HY China property firms to default in 2022

Goldman Sachs said on Friday it now expects around one third of high-yield China property firms to default in 2022, with stresses on bonds increasingly emerging through maturity extensions.

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