TOP NEWS
* U.K. department store Marks & Spencer Group PLC, or "M&S, will close over 100 stores by 2022 after announcing that it will close down 14 more of its full-sized stores, The Financial Times reported. The company will also reduce new openings of its food-only stores, Simply Food, by 15, the report said. M&S will reportedly offer redeployment to over 600 employees affected by the closures before redundancy is considered.
* Employees and customers of Starbucks Corp. expressed concerns over the possible impact of the coffee chain's new policy that allows customers to stay at its cafes as long as they "behave properly" and does not require them to place orders to use its facilities, Fox News reported. The report cited discussions from a Starbucks subreddit, where users argued that the new policy may lead to stores filled with homeless people and drug users. The new third place policy came after the company's decision to conduct a racial-bias education program for all of its employees on May 29.
FOOD RETAIL AND DISTRIBUTION
* Tesco PLC is scrapping "best before" dates from about 70 fruit and vegetable lines including apples, potatoes, tomatoes, lemons and other citrus fruit, and onions, in a bid to cut food waste. This move came after a recent survey by National Federation of Women's Institutes, or NFWI, found that less than 50% respondents understood the concept of "best before" dates.
* Rhode Island Governor Gina Raimondo said May 21 that Stop & Shop's parent Koninklijke Ahold Delhaize NV plans to build a new $100 million meat processing plant in the state, WPRI-12 reported. The new facility is expected to employ 700 people. State officials said Ahold-owned Infinity Meat Solutions LLC will be eligible for up to $11 million in state tax incentives over the next decade as part of a deal approved by the R.I. Commerce Corp.
BEVERAGES
* U.K.-based drinks producer The Edrington Group Ltd launched a £140 million distillery and visitor center for its flagship whiskey brand, The Macallan Scotch, The Financial Times reported. The distillery, which became functional in December 2017, will increase the distiller's yearly output capacity by about a third to 15 million liters of alcohol, the report added.
PACKAGED FOODS
* Hormel Foods Corp. announced a quarterly dividend of 18.75 cents per share. The company will pay the dividend Aug. 15 to stockholders of record, at the close of business July 16, according to the release.
RESTAURANTS
* Long John Silver's Inc., quick-service seafood chain, acquired 76 LJS restaurants, owned by Indiana-based SERVUS!. The company did not disclose the financial terms of the deal.
* Australian restaurant operator Retail Food Group Ltd. opened its first Gloria Jean's Coffees store in Kenya and is looking for more master franchise partners in Africa as it looks to expand the coffee brand in the continent. The brand's master franchise partner in Kenya, J and J Newman Co., plans to open a second outlet in 2019 and open 15 establishments in the next 10 years.
* Iowa-based supermarket chain Hy-Vee Inc. will open its first Wahlburgers restaurant May 22 as it looks to open 25 more establishments in the next three years, Minnesota-based publication The Star Tribune reported. Citing CEO Randy Edeker, the report said the grocer will reportedly open branches for the burger chain in eight Midwestern states where Hy-Vee stores exist. The company is also looking to open its Robbinsdale store in the late summer and begin construction on two locations later this year, the report said.
AGRICULTURAL PRODUCTS
* Indian hybrid-seed maker Kaveri Seed Co. Ltd. prepared a 5 billion-rupee fund to acquire companies that will fill its product and technology gaps, The Economic Times (India) reported. In addition, the company reportedly plans to expand its business in the high-margin noncotton segment, including rice, maize and vegetable seeds. The company is also looking to improve profits and shareholder value through buybacks supported by reserves and surplus of more than 10 billion rupees, the report said.
* In a report titled Global Packaged Basmati Rice Market report for 2018-2022, market research firm Research and Markets said the global basmati rice market will grow at a CAGR of 11.3% during the five-year period. The report identified Adani Wilmar Ltd, Amira Nature Foods Ltd., Hain Celestial Group Inc., KRBL Ltd., McCormick & Co. Inc. as key vendors in the market.
INDUSTRY NEWS
* A report by U.K. accounting firm BDO LLP shows that U.K. food and beverage manufacturers' confidence dropped 20% due to the uncertainty surrounding Brexit. The report highlighted skill gaps and labor as major concerns for the industry and said the uncertainty over U.K.'s relationship with the EU in the aftermath of Brexit is another area of concern for business leaders.
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The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Nikkei 225 dropped 0.18% to 22,960.34.
In Europe, around midday, the FTSE 100 climbed 0.20% to 7,874.50, and the Euronext 100 gained 0.12% to 1,087.44.
On the macro front
The Redbook Index and the Richmond Fed Manufacturing Index are due out today.
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