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New York to ban flavored e-cigarettes; Sainsbury's exploring mortgage unit sale

TOP NEWS

* New York Governor Andrew Cuomo on Sept. 15 ordered an emergency executive action to ban all sales of flavored electronic cigarettes in the state, becoming the second state to do so after Michigan. State Police Superintendent Keith Corlett said State Troopers will partner with the Department of Health to make sure that retailers who sell vaping products such as e-cigarettes to minors are held accountable.

* J Sainsbury PLC is looking for a possible sale of its mortgage unit in a bid to improve finances following its failed merger with Walmart Inc.-owned Asda Stores Ltd., the Sunday Telegraph reported. A deal reportedly could fetch the British retailer about £1.3 billion. Sainsbury's did not immediately respond to S&P Global Market Intelligence's request for comment.

FOOD RETAIL & DISTRIBUTION

* German food retailer Metro AG said it rolled out its first business-to-business online marketplace for retailers, producers and food service professionals in the country. If successful, the company would launch the service to other European countries after the pilot run.

* The Confederation of All India Traders is urging the government to enforce a ban on Amazon.com Inc.'s and Flipkart Online Services Pvt. Ltd.'s upcoming festive season sales, adding that they violate India's new foreign investment rules due to their deep discounting practices that hurt small traders, Reuters reported, citing the trader's body's letter to Minister of Commerce and Industry Piyush Goyal. Amazon and Flipkart did not immediately respond to S&P Global Market Intelligence's request for comment.

* German discount grocer Aldi Einkauf GmbH & Co. oHG's U.K. and Ireland unit said it plans to increase the number of its stores in the London area to 100 from 45, the Financial Times reported. The company, which attributed its sales growth from new store openings, reportedly said it will launch about 50 stores every year for at least the next two years.

* Singapore-based ride-hailing company GrabTaxi Holdings Pte Ltd. said its food delivery business, GrabFood, could drive growth and profitability in the long term, as it accounts for about 20% of the company's total gross merchandise volume, CNBC reported, citing regional head of GrabFood, Kell Jay Lim. The company reportedly said its gross merchandise volume for the food business grew 900% on-year in June.

BEVERAGES

* PepsiCo Inc. said it aims to cut 35% of its virgin plastic content across its beverage portfolio by 2025, eliminating 2.5 million metric tons of cumulative virgin plastic through the initiative.

* Australia's Carlton & United Breweries, owned by Anheuser-Busch InBev SA, said it is acquiring Riot Wine, which exclusively sells wine in kegs and cans, for an undisclosed sum.

TOBACCO & SMOKING PRODUCTS

* E-cigarette startup NJOY Holdings Inc. has revised its funding plan following an announcement by the Trump administration to ban most vaping products, The Wall Street Journal reported, citing people familiar with the matter. The company reportedly was seeking a valuation as high as $5 billion.

* Pure Harvest Cannabis Group Inc. said it acquired Colorado-based hemp company Prolific Nutrition LLC in a stock and cash transaction valued at $180,000.

* Japan Tobacco Inc. said its Logic e-cigarette product range does not use vitamin E acetate as an ingredient, and it does not offer THC or cannabis e-liquids. The announcement follows investigations into cases of lung illnesses possibly related to e-cigarettes in the U.S.

PACKAGED FOODS

* Illinois-based US Foods Holding Corp. said it completed its acquisition of Services Group of America Inc.'s Food Group of Companies for $1.8 billion.

* China Mengniu Dairy Co. Ltd. plans to acquire Bellamy's Australia Ltd., which makes infant formula and baby food, for approximately A$1.46 billion.

* Brazilian meat producer Marfrig Global Foods SA is set to employ 400 new people at its Promissão plant in São Paulo, Reuters reported. The facility is one of Marfrig's plants that were authorized to export to China.

* The Unilever Group said its sites, including factories, offices, research and development facilities, data centers, warehouses, and distribution centers, across five continents are now powered by 100% renewable sources.

INDUSTRY NEWS

* U.S. retail and food services sales rose 0.4% on a seasonally adjusted basis in August from the previous month, according to a report released by the U.S. Census Bureau. Compared with the year-ago period, total retail and food services sales rose 4.1% in August.

* Russia's healthcare ministry drafted a bill to impose excise taxes on e-cigarettes, Reuters reported, citing Russian news agency Interfax.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng slipped 0.83% to 27,124.55.

In Europe, around midday, the FTSE 100 shed 0.24% to 7,349.78, and the Euronext 100 dropped 0.59% to 1,087.19.

On the macro front

The Empire State Manufacturing Survey is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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