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☆ High global food prices may finally see a bottom in 2024, says Oxford Economics
▼ + stars: | 2024-04-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers. "Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream," the economic advisory firm wrote in a recent note. The key driving force behind the decline in food commodity prices is the "abundant supply" for many important crops, especially wheat and maize. Wheat harvests are also forecast to come in high, although slightly lower than the record level in marketing year 2022 to 2023, the Oxford report said.

Organizations: Hannaford, Oxford Economics, Farmers, Russia Locations: South Burlington , Vermont, Ukraine

☆ L.L. Bean closes headquarters, stores and factories in Maine after mass shooting
▼ + stars: | 2023-10-26 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Bean spokesperson Amanda Hannah said the company’s large campus of four stores in Freeport as well as its corporate headquarters in that town will be closed on Thursday. Bean,” the company spokesperson said. Camden National Bank and Bangor Savings Bank posted notices on their websites Thursday morning announcing multiple bank branches will be shut on Thursday. “We are shocked and deeply saddened by the horrific mass shooting in Lewiston, Maine. We mourn the loss of loved ones, friends and neighbors in Lewiston,” the bank spokesperson said.

Persons: CNN —, Bean, L.L, Amanda Hannah, . Bean, Hannaford, ” Hannaford, Allagash, ” Allagash Organizations: CNN, Hannaford, Facebook, Lewiston ., Lewiston . Camden National Bank, Bangor Savings Bank, . Camden National, Bangor Savings, ”, Bank Locations: Maine, Freeport, Lewiston, Brunswick, Lewiston . Camden, Bangor, Lewiston , Auburn, Topsham, Richmond, Bath, ”, Lewiston , Maine, Maine’s, Portland, ” “ Maine

CNN —Eighteen people were killed in a mass shooting at two locations in Lewiston, Maine, Wednesday night, Gov. Here’s a timeline of how the shooting and the manhunt have unfolded so far. 8:09 p.m.: State Police order people to remain indoorsMinutes later, Maine State Police said there was “an active shooter in Lewiston,” and asked members of the public to stay inside with their doors locked. Maine State Police said the image showed a car belonging to a person of interest. “Please contact law enforcement if you are aware of his whereabouts.”Police are seen near Schemengees Bar in Lewiston, Maine, on Thursday, the morning after a shooting there.

Persons: Janet Mills, –, Robert Card, William G, Ross, ” Ross, Nichoel Wyman Arel, ”, “, Joseph Prezioso, Sauschuck, ” Sauschuck, Nouran Salahieh Organizations: CNN, Authorities, US Army Reserves, Auburn, Recreation, Lewiston Police Department, Girl Scouts, Androscoggin County Sheriff’s Office, Facebook, Police, Maine State Police, Twitter, Lewiston, Lewiston Police, ” Police, Getty, ”, Bowdoin Maine State Police, Hannaford Locations: Lewiston , Maine, Maine, Lewiston, –, Androscoggin County, ”, Auburn, Androscoggin, Schemengees Bar, AFP, Lisbon , Maine, Lisbon, Bowdoin, “, Portland

☆ The war against inflation is a long way away from being won
▼ + stars: | 2023-07-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

But those data points reflected relative rates of change, not capturing the overall surge that led to the highest inflation level in more than 40 years. The 12-month PPI reading had peaked at an annual rate of 11.6% in March 2022, its highest ever in data going back to November 2010. "Near-term price inflation may do little to contradict rising Fed official and market hope that a benign outcome is being achieved." For their part, Fed officials have indicated they see their benchmark rate rising by at least half a percentage point by the end of the year. So-called core inflation rose 0.2% in June and was tracking at a 4.8% annual rate, much higher than the Fed would like.

Persons: Robert Nickelsberg, Jared Bernstein, Sharp, Andrew Hollenhorst, Hollenhorst, Jerome Powell, That's Organizations: Hannaford, Financial, White House's Council, Economic Advisers, CNBC, Labor Department, Citigroup, Energy, of Labor Statistics Locations: South Burlington , Vermont

☆ Factbox: Credit Suisse arrivals and departures after UBS seals takeover
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Here are the highlights:OUTLeaving the company:* Credit Suisse General Counsel Markus Diethelm. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP. NEWCOMERSA logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File PhotoAppointments to the executive board of Credit Suisse AG:* Michael Ebert - becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. * Andre Helfenstein - continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.

Persons: Markus Diethelm, Romeo Cerutti, Dixit Joshi, Edwin Low, David Miller, Ken Pang, Pang, Francesco De Ferrari, Iqbal Khan, Joanne Hannaford, Mike Dargan, David Wildermuth, Christian Bluhm, Denis Balibouse, Michael Ebert, Simon Grimwood, Isabelle Hennebelle, Claude Honegger, Mike Rongetti, Jake Scrivens, Yves, Alain Sommerhalder, Damian Vogel, Christine Graeff, Andre Helfenstein, Francesca McDonagh, Nita Patel, Goldman Sachs, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Credit, Deutsche Bank, Asia, Global, UBS Global Wealth Management, Italian, AMP, Wealth Management, . Technology, UBS Group, Operations, Technology, Americas, REUTERS, Credit Suisse AG, Credit Suisse Operations, Credit Suisse Chief Technology, Suisse Asset Management, EMEA, European Central Bank, Human, Swiss, Thomson Locations: ZURICH, China, Americas, Asia, Hong Kong, Swiss, Geneva, Switzerland

☆ Ahold Delhaize boosted by U.S. sales
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Supermarket group Ahold Delhaize (AD.AS) beat expectations with its first-quarter sales on Wednesday, reporting a higher margin for its U.S. stores while inflation hurt European profitability. The Netherlands-headquartered company, which operates Stop & Shop, Giant, Food Lion and Hannaford in the U.S. and Albert Heijn in the Netherlands, posted quarterly sales of 21.62 billion euros ($23.80 billion) to beat a 21.5 billion euro consensus from analyst forecasts compiled by the company. Ahold's underlying operating margin rose to 4.8% in the U.S. while in Europe it fell to 2.8%, hit by higher energy costs and a strike at Delhaize Belgium. Quarterly operating income was 822 million euros, in line with expectations of 823 million euros. ($1 = 0.9084 euros)Reporting by Helen Reid; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

The stores that Kroger and Albertsons may sell could be worth more than $1 billion, the sources said. Kroger and Albertsons will choose to proceed with the spin-off if they are unable to strike a deal with a potential buyer. Kroger, Albertsons and the FTC declined to comment. Haggen filed for bankruptcy months later and blamed the deal with Albertsons for its demise. Albertsons then agreed to buy many of the Haggen stores back for $300 million.

LONDON, Nov 9 (Reuters) - Some European retailers this week forecast or reported better full-year sales after working to keep prices low to attract cash-strapped shoppers although others, including Marks & Spencer (MKS.L) and Adidas (ADSGn.DE) warned on profit. Many consumers have turned to cheaper private-label products, boosting sales for retailers like Dutch grocer Ahold Delhaize and Primark owner Associated British Foods (ABF.L), as they face a prolonged cost-of-living crisis. On Wednesday, Ahold raised its annual outlook for the third time this year, expecting low-double-digit earnings per share growth versus a prior mid-single-digit guidance. Carrefour said it would step up its expansion in e-commerce, open more discount stores and cut costs as it detailed its new turnaround strategy, . LUXURY GAPHaving less disposable income has meant many shoppers are holding back on buying mid-market clothes and other discretionary items.

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