TOP NEWS
* Nestlé SA has expanded its Garden Gourmet plant-based food range in Europe with the introduction of Incredible Mince, a vegan substitute for minced beef, beginning September. The Swiss food giant has also renewed the recipe for its plant-based Incredible Burger.
* The U.S. Centers for Disease Control and Prevention identified 193 potential cases of severe lung illnesses across 22 states, including the death of an adult in Illinois, possibly linked to use of e-cigarettes or vaping devices, Reuters reported. CDC Director Robert Redfield said the agency's investigation is ongoing, adding that it is working with state and local health departments and the U.S. Food and Drug Administration to determine causes of the ongoing outbreak.
FOOD RETAIL & DISTRIBUTION
* Chinese online food delivery platform Meituan Dianping posted its first profitable quarter since its Hong Kong IPO, as the sizzling summer weather led to a surge in online orders. For the second quarter ended June 30, Meituan Dianping reported an adjusted net profit of 1.49 billion yuan, compared to an adjusted net loss of 3.21 billion yuan in the prior-year period.
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* Suning Xiaodian, a unit of electronics retailer Suning.com Co. Ltd., acquired more than 60 Circle K convenience stores in China from Convenience Retail Asia Ltd. for an undisclosed sum, the Nikkei Asian Review reported. Suning Xiaodian plans to have 20,000 supermarket outlets by 2020, in a bid to expand in the southern China region, the report said.
BEVERAGES
* Anheuser-Busch Cos. LLC said it will not make a qualifying offer to purchase the remaining shares of Portland, Ore.-based beer company Craft Brew Alliance Inc., in which it has a 31.3% stake. The Anheuser-Busch InBev SA unit was expected to make the offer under an international distribution agreement that both companies entered in 2016.
* Coca-Cola Co. has completed the sale of its 354,000-square-foot 711 Fifth Ave. retail and office building in Manhattan, N.Y., to a partnership of Nightingale Properties and Wafra Capital Partners.
* S&P Global Ratings affirmed Molson Coors Brewing Co.'s BBB- issuer credit rating and A-3 commercial paper rating with stable outlook, citing its expectation for continued credit measure improvement as the company demonstrates a commitment to debt repayment and restoring debt leverage well below 4x over the next two years.
* Coca-Cola GmbH, the German subsidiary of Coca-Cola Co., named Bjorn Jensen as the new managing director of Coca-Cola Germany, Denmark and Finland, effective Oct. 1, European Supermarket Magazine reported. Jensen succeeds Bianca Bourbon, who has been appointed vice president of operations at Coca-Cola Asia Pacific (APAC) Group, the report said.
AGRICULTURAL PRODUCTS
* Chinese feed producer New Hope Liuhe Co. Ltd. has completed the constructions of its first overseas pig farm in Vietnam, amid rising demand for hog in the market plagued by an outbreak of African swine fever, Reuters reported. The New Hope Group Co. Ltd. subsidiary has invested 20 million yuan in the farm, which will have annual production of 300,000 pigs, the report said.
* Australian Dairy Nutritionals Group and Jonesy's Dairy Fresh have formed a 50/50 joint venture, Jonesy's Distribution Pty. Ltd., to expand their product range and increase market share. Australian Dairy Nutritionals said it will also complete the acquisition of an infant formula and nutritionals mixing plant Aug. 27.
* Indian agricultural startup ULink AgriTech Pvt. Ltd. is seeking nationwide expansion by 2022 as it raised $27 million from Bertelsmann India Investments earlier this year, the Nikkei Asian Review reported. The Maharashtra-based startup reportedly plans to use the funds for doubling the number of its agricultural experts to 300 and raising the number of its distribution centers to 13.
PACKAGED FOODS
* Mexican bakery chain Grupo Bimbo SAB de CV unveiled new packaging with plastic technology that uses naturally occurring microorganisms to aid the recycling process, news outlet BakeryandSnacks reported, citing CEO Daniel Servitje. The company aims to make all its packaging recyclable, biodegradable or compostable by 2025, the report said.
* S&P Global Ratings revised its outlook on The Kraft Heinz Co. to negative from stable, citing the U.S. packaged food producer's continuing performance erosion and the lack of clarity on its 2019 guidance.
RESTAURANTS
* U.K. bakery chain Greggs PLC is planning to introduce vegan alternatives for all its bestselling products after the success of its vegan sausage roll, The Guardian reported, citing CEO Roger Whiteside.
* TFI TAB Gida Yatirimlari AS, better known as TAB Food Investments, is considering a Hong Kong IPO of its Chinese business after dropping plans for a share sale in the U.S., Bloomberg News reported, citing sources. The Istanbul-based company, Burger King's China franchisee, is seeking a valuation of $1 billion in a listing that could come as early 2020, the sources said. "We always assess IPO possibilities. However, there's no concrete development on that front as of now," TAB Chairman Erhan Kurdoglu told Bloomberg.
INDUSTRY NEWS
* Luxembourg-based investment firm JAB Holding Co. SARL plans to raise up to $8 billion to expand its presence in the consumer sector, primarily in pet care and veterinary clinics, the Financial Times reported, citing sources. JAB reportedly declined to comment.
* Indian restaurant aggregators, including Zomato Media Pvt. Ltd., EazyDiner Pvt. Ltd. and Gourmet Passport, are seeing thousands of restaurants leaving their platforms due to steep discounting practices, the Financial Times reported. The National Restaurant Association of India started encouraging its members to boycott the platforms amid complaints that the restaurants are required to shoulder the discounts as high as 50%, the report said.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 1.91% to 25,680.33, and the Nikkei 225 dropped 2.17% to 20,261.04.
In Europe, around midday, the Euronext 100 was up 0.32% to 1,038.53.
On the macro front
The Durable Goods Orders, Chicago Fed National Activity Index and the Dallas Fed Manufacturing Survey are due out today.
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