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Beyond Meat delays Japan expansion plan; Tyson Foods may cut 3,800 jobs

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Beyond Meat delays Japan expansion plan; Tyson Foods may cut 3,800 jobs

TOP NEWS

* U.S. plant-based meat producer Beyond Meat Inc. has postponed its plan to enter the Japanese market, Reuters reported, citing Japanese trading house Mitsui & Co. Ltd., which owns a stake in the company. A Mitsui spokeswoman reportedly did not disclose the reason behind the move but said future expansion in Japan was still possible. Beyond Meat did not immediately respond to S&P Global Market Intelligence's request for comment.

* A fire at Tyson Foods Inc.'s meat-processing plant in Kansas could result in about 3,800 job cuts, Reuters reported. A company spokesman reportedly said the plant, where a fire broke out Aug. 9, would be closed indefinitely and the workers who would be laid off will be provided "some guaranteed pay."

FOOD RETAIL & DISTRIBUTION

* Australian retailer Wesfarmers Ltd. said it completed the A$230 million acquisition of e-commerce business Catch Group Holdings Ltd. after receiving clearance from the Australian Competition and Consumer Commission on Aug. 5.

* Czech billionaire Daniel Kretinsky's takeover offer for German retailer Metro AG lapsed as his investment vehicle EP Global Commerce VI GmbH did not reach the minimum acceptance threshold of 67.5% by the end of the acceptance period Aug. 7.

* Australian grocer Coles Group Ltd.'s former finance executive Aaron Baslangic was arrested and charged with theft and fraud after he was accused of embezzling almost A$2 million between February and July, The Sydney Morning Herald reported, citing a Victoria Police spokeswoman. Baslangic started working at the grocer in 2014 and was head of strategic initiatives at Coles Online until late July.

BEVERAGES

* Chinese liquor giant Kweichow Moutai Co. Ltd. has instructed its dealers to sell at least 60% of their stock directly to retailers, such as supermarkets, in a bid to streamline sales channels and crack down on abnormal pricing, local news agency Caixin reported, citing Chairman Li Baofang.

PACKAGED FOODS

* Meat processor BRF SA reported a profit of 191 million Brazilian reais for the second quarter ended June 30. The company also posted an 18% year-over-year increase in net operating income to 8.3 billion reais.

* Tyson Foods Inc. declared a quarterly dividend of 37.50 cents per class A share and 33.75 cents per class B share, payable Dec. 13 to shareholders of record as of Nov. 29.

* New Zealand's Fonterra Co-op Group Ltd. said it will not pay a dividend for the 2019 fiscal year and it expects to make a loss of NZ$590 million to NZ$675 million, or 37 cents to 42 cents per share, for the year. The dairy company said it needs to reduce the carrying value of several of its assets, including its units in Brazil, China and Venezuela, resulting in a total write-down of between NZ$820 million and NZ$860 million.

* Coffee-capsules maker Nestlé Nespresso SA is teaming up with Swedish company Velosophy BV to produce bicycles out of recycled aluminum coffee capsules. The Nestlé SA unit will sell 1,000 limited edition RE:CYCLE bikes made using more than 300,000 Nespresso Arpeggio capsules, starting Aug. 12 on Vélosophy's online platform.

* Indian snacks-maker Britannia Industries Ltd. is mulling establishing manufacturing units in Bangladesh and other Southeast Asian nations, as well as expanding in the eastern part of India, The Economic Times (India) reported, citing Chairman Nusli Wadia. Wadia reportedly said the company is also evaluating opportunities in Africa.

RESTAURANTS

* Yum! Brands Inc. declared a regular quarterly dividend of 42 cents per share of the company's common stock, payable Sept. 6 to shareholders of record as of Aug. 19.

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The day ahead

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

In Asia, the Hang Seng was down 0.44% to 25,824.72, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.45% to 7,221.15, and the Euronext 100 fell 0.34% to 1,034.76.

On the macro front

The Treasury budget 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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