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Walmart to off-load ModCloth; Oregon orders 6-month ban on flavored e-cigarettes

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Walmart to off-load ModCloth; Oregon orders 6-month ban on flavored e-cigarettes

TOP NEWS

* Walmart Inc. will sell its women's apparel and accessories brand ModCloth to Go Global Retail, according to the consumer sector-focused investment platform. Financial terms of the sale were not disclosed, and the transaction is expected to close later in 2019.

* Oregon Gov. Kate Brown issued a temporary statewide ban on the sale of flavored e-cigarettes and other sources or additives identified in cases of vaping-related lung injury or death. The 180-day ban on all flavored vaping products comes amid growing concerns over the outbreak of lung illness linked associated with the use of e-cigarette products and vaping. Two deaths in Oregon are linked to vaping.

FOOD RETAIL & DISTRIBUTION

* Japanese convenience store operator Lawson Inc. raised its earnings outlook for the first half of fiscal 2019 due to favorable performance of its subsidiaries, adding that expected store closure costs for the first half of the fiscal year will be accounted in the second half. For the six months ending Feb. 29, 2020, Lawson now expects profit per share of ¥200.87, up from its previous forecast of ¥154.90.

* Dutch grocer Koninklijke Ahold Delhaize NV, in partnership with Delft University, launched its AI for Retail Lab in Delft, Netherlands, which will have a robotics research program and test site for innovations in retail.

BEVERAGES

* Constellation Brands Inc. said it promoted Mallika Monteiro to executive vice president and chief growth and strategy officer.

* Corona brewer Anheuser-Busch InBev SA partnered with Indian Hotels Co. Ltd. to launch 15 microbreweries within the hospitality company's hotels across India over the next five years. The partnership is worth 1.5 billion Indian rupees.

* The Nikka Whisky Distilling Co. Ltd., owned by Japan's Asahi Group Holdings Ltd., allocated ¥6.5 billion through 2021 to hike production of raw whisky by 20%, the Nikkei Asian Review reported, without citing sources. The move reportedly is part of the company's strategy to resolve a shortage, which forced it to cut or end sales of some products, by 2030.

* British pub operator J D Wetherspoon PLC added plant-based burgers made by startup The Meatless Farm Ltd. on the menu of all 880 of its U.K. outlets, following a successful six-month trial in 40 of its pubs, The Guardian reported. The Meatless Farm sells its plant-based mince, burger and sausages in J Sainsbury PLC, Wm Morrison Supermarkets PLC, Booths and the Co-operative Group Ltd. in the U.K., as well as 600 Whole Foods Market Inc. shops in the U.S.

TOBACCO & SMOKING PRODUCTS

* The U.S. Food and Drug Administration warned consumers not to use vaping products containing THC amid growing concerns over the outbreak of lung illness. Of the 578 patients with information on the substances they used in vaping products, about 78% used products containing THC with or without nicotine-containing products, the CDC said.

PACKAGED FOODS

* The Unilever Group pledged to halve its use of virgin plastic packaging by 2025, by cutting its use of plastic packaging by over 100,000 tonnes and using more recycled plastic. The Anglo-Dutch company plans to "collect and process more plastic packaging than it sells."

RESTAURANTS

* Swiss baking company Aryzta AG said it received a binding offer from Invest Group Zouari to sell its 43% stake in French frozen food company Picard for €156 million. Under the deal, expected to close in the last quarter of 2019, Aryzta retains a 4.5% interest in Picard, which will be monetized at a later stage.

The day ahead

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

In Asia, the Nikkei 225 was down 0.16% to 21,375.25.

In Europe, around midday, the FTSE 100 was up 0.39% to 7,183.19, and the Euronext 100 rose 0.45% to 1,069.87.

On the macro front

The TD Ameritrade IMX report and the Consumer Credit report are 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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