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US senators seek probe of JBS; Domino's Pizza cuts long-term sales outlook

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US senators seek probe of JBS; Domino's Pizza cuts long-term sales outlook

TOP NEWS

* U.S. senators Robert Menendez and Marco Rubio called for a government review of meat processor JBS SA, citing potential implications for its national security and "the security of the American food system." Menendez and Rubio said Joesley and Wesley Batista, sons of the Brazilian company's founder and leaders of the J&F Investimentos entity that owns 40% of JBS, admitted to bribing Brazilian politicians to illicitly acquire loans and financing from Brazilian institutions that were used to acquire American companies. JBS did not immediately respond to S&P Global Market Intelligence's request for comment.

* Domino's Pizza Inc. revised its long-range outlook for domestic and global sales, narrowing down the projection to two to three years from the previous three- to five-year outlook. The pizza chain now expects global retail sales to grow by 7% to 10% in the two- to three-year term, versus the previous growth expectation of 8% to 12% in three to five years. For the fiscal third quarter ended Sept. 8, diluted EPS was $2.05, up from $1.95 in the year-ago period but missing the S&P Global Market Intelligence consensus normalized EPS estimate of $2.08.

FOOD RETAIL & DISTRIBUTION

* Amazon.com Inc. said it launched a local Amazon.sg website for customers in Singapore, more than two years after rolling out its Prime Now service in the Southeast Asian city-state.

* Koninklijke Ahold Delhaize NV-owned pharmacy chain Etos has acquired Netherlands-based online health platform Solvo Group for an undisclosed sum. The Dutch retailer added that through the deal, it expects to establish a new drugstore concept that combines 24-hour physical store operations with online health information.

* Marks & Spencer Group PLC appointed four new directors as it plans to focus more on its food business, The Times reported. The British retailer named Pav Anand, Tesco PLC's strategy director, as head of food strategy and special products. Lisa Raschia, J Sainsbury PLC's fresh unit head of technical, joins M&S as head of produce and horticulture. David Stokes, Leverandørselskabet Danish Crown AmbA's supply chain director, was appointed head of sourcing. Laurissa Kuligowski from PWC was named commercial strategy and operations manager.

* Thailand is considering implementing value-added tax on sales of online companies, including Amazon.com, Bloomberg News reported, citing an interview with Pinsai Suraswadi, principal adviser in the country's revenue department. Pinsai reportedly said the government is also looking at a separate digital services tax on Thailand-derived earnings for e-commerce platforms.

TOBACCO & SMOKING PRODUCTS

* Cannabis accessories retailer Greenlane Holdings Inc. said it closed its acquisition of European vaping products maker Conscious Wholesale last Sept. 30. Financial terms of the deal were not disclosed.

* Chinese e-commerce giant Alibaba Group Holding Ltd. said its namesake platform will suspend sales of e-cigarettes components and accessories to buyers in the U.S., beginning Oct. 10. E-cigarette accessories could still be found on Alibaba's Chinese marketplaces including Taobao and Tmall. However, sales of Juul products were halted on Tmall and rival site JD.com days after its launch in September.

PACKAGED FOODS

* The Hain Celestial Group Inc. said it closed the sale of organic cereals and baking products brand Arrowhead Mills Inc. and chocolate brand SunSpire to Hometown Food Co. for $15 million.

* Italy-based packaged food manufacturer Newlat SpA set a price range for its Milan IPO between €5.80 and €7.30 per share, valuing the company at up to €197 million before the capital increase. The offering will consist of 17,000,000 new shares, corresponding to a free float of 41% of capital after the full exercise of the greenshoe option.

* Nestlé SA invested $22 million to open a new juice plant in Sheikhupura, Pakistan. The facility, which has a production capacity of 24,000 units per hour, will produce the Nestlé Fruita Vitals portfolio of juices, nectars and drinks.

RESTAURANTS

* Dine Brands Global Inc., the owner of Applebee's and IHOP restaurants, announced a fourth-quarter dividend of 69 cents per share of common stock, payable Jan. 10, 2020.

The day ahead

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

In Asia, the Hang Seng fell 0.81% to 25,682.81, and the Nikkei 225 declined 0.61% to 21,456.38.

In Europe, around midday, the FTSE 100 climbed 0.45% to 7,175.70, and the Euronext 100 was up 0.63% to 1,066.43.

On the macro front

The job openings and labor turnover survey, the wholesale trade report, the EIA Petroleum Status Report and the FOMC minutes 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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