TOP NEWS
* Diageo PLC CEO Ivan Menezes said the company "would not be immune from significant changes to global trade policy." Based on the current environment, the Johnnie Walker maker said it expects fiscal 2020 organic net sales growth toward the mid-point of a 4% to 6% range and organic operating profit growing roughly one percentage point ahead of organic net sales.
* The Indian government approved an ordinance banning the production and import of e-cigarettes, citing health risks. The law also prohibits the transport, sale, distribution, storage and advertisement of e-cigarettes.
FOOD RETAIL & DISTRIBUTION
* German retailer Metro AG has expanded its partnership with leftover food collection startup Too Good To Go ApS after successful trials across select Metro locations in Germany and the Netherlands. Under the expansion, the app will begin offering products that are nearing their best-before date in Metro stores in Belgium, and the wholesaler will promote the app among its customers in Italy, Spain and France.
* Food retailer Carrefour SA and supermarket chain Grupo Pão de Açucar have ended partnerships with Brazilian companies sourcing meat from blacklisted farmers due to their involvement in slave labor, Reuters reported, citing a local media outlet Reporter Brasil.
BEVERAGES
* Coca-Cola HBC AG said it agreed to acquire Italian mineral water and sparkling beverages maker Acque Minerali Srl for an enterprise value of €88 million. The deal is expected to close by the end of 2019, subject to certain conditions.
AGRICULTURAL PRODUCTS
* Marcelo Grimaldi, an executive director at Archer-Daniels-Midland Co.'s São Paulo unit, has resigned from his role to join rival grain trading house Gavilon do Brasil Comércio de Produtos Agrícolas Ltda. as general manager for Brazil, Reuters reported, citing two sources. Grimaldi reportedly did not respond to Reuters' request for comment, while Gavilon declined to comment.
* Starches and sweeteners producer Ingredion Inc. announced a quarterly dividend of 63 cents per share, payable Oct. 25 to record holders as of the close of business on Oct. 1.
TOBACCO & SMOKING PRODUCTS
* U.S. tobacco giant Altria Group Inc. said it has become aware of an unsolicited mini-tender offer by TRC Capital Corp. and urged its shareholders to reject the bid. TRC Capital is offering to purchase in cash up to 3,000,000 shares, which represent less than 0.2% of Altria's common stock, at $44.25 per share for a total consideration of about $132.8 million.
* CBS Corp. and WarnerMedia decided to ban advertisements for electronic cigarettes amid global health concerns following reports of deaths and diseases possibly related to vaping products, CNBC reported. The decision follows a similar ban from CNN (US) announced last week.
* Indonesia's plans to increase tobacco excise tax by 23% and minimum cigarette prices by an average of 35% in 2020 would force cigarette-makers to cut 15% of production volumes, leading to job cuts and an increase in sales of illegal cigarettes, Reuters reported, citing three of the country's industry associations.
* Canada's Middlesex-London Health Unit said it is investigating a case of severe pulmonary illness, possibly linked to the use of vaping products. The unit's CEO and Medical Officer of Health Chris Mackie said, "While we aren't able to say conclusively that the respiratory illness that occurred in this young person was the result of vaping, there is no other identifiable cause in this case."
PACKAGED FOODS
* Kimberly-Clark Corp. said it appointed The J. M. Smucker Co. President and CEO Mark Smucker to its board, effective immediately.
* Tyson Foods Inc. launched a new range of functional refrigerated protein snacks under its brand Pact. Products under the new snack range include ingredients like kombucha, matcha and turmeric.
* Italian agri-food business Newlat SpA plans to raise €200 million with a listing on the Milan stock exchange by the end of October, Reuters reported, citing a company statement.
* Workers at Bega Cheese Ltd. called off a strike after the Australian dairy company offered them a new pay agreement with increased wages and other benefits, InsideFMCG reported, citing a company statement. The workers will vote on the proposed offer in the coming weeks, the report said.
* U.K.-based ingredients-maker Tate & Lyle PLC has agreed to a £930 million bulk annuity insurance buy-in with Legal & General Assurance Society Ltd., providing "certainty and security" for the members of its U.K. pension program.
RESTAURANTS
* Restaurant Brands International Inc.-owned coffee chain Tim Hortons has pulled Beyond Meat Inc.'s plant-based burgers and sandwiches from its menu in some Canadian provinces, Reuters reported, citing a company announcement. "We may explore offering the product again in other provinces at a future date based on ongoing guest feedback," the company reportedly told the news outlet.
* McDonald's Corp. and Burger King, owned by Restaurant Brands International, announced plans to remove and replace plastic toys from their outlets across the U.K., The Independent reported. McDonald's restaurants will start a trial to offer customers to swap the plastic toys in Happy Meals for a fruit bag beginning October and for a book from 2020, the report said. Meanwhile, Burger King will reportedly remove all plastic toys, effective immediately.
Juul faces subpoena threat from Congress over company documents
Experts: Still room for tobacco M&A after potential Altria-Philip Morris deal
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng dropped 1.07% to 26,468.95, and the Nikkei 225 rose 0.38% to 22,044.45.
In Europe, around midday, the FTSE 100 was up 0.59% to 7,357.54, and the Euronext 100 climbed 0.25% to 1,091.33.
On the macro front
The jobless claims report, the Philadelphia Fed business outlook survey, the current account report, existing home sales report, leading indicators report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
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