TOP NEWS
* Amazon.com Inc. further expanded grocery discounts for its Prime subscription members at Whole Foods Market Inc. stores across another 10 states in the U.S. beginning June 13. The service, first introduced May 16, will be available in states including Arizona, Georgia, Hawaii, Oregon, North Carolina and Washington, the U.S. e-commerce giant said. Meanwhile, Amazon said its Prime subscribers can now use Prime Now app to access free two-hour delivery of natural and organic products from Whole Foods in Baltimore; Boston; Philadelphia; and Richmond, Va.
* British American Tobacco PLC said trading in the first half of 2018 was in line with expectations and that it expects volumes to continue to outperform the industry. The maker of Camel and Dunhill cigarettes said global industry volume is forecast to shrink 3.5% in 2018. Adjusted revenue and profit growth are expected to be weighted to the second half of the year, BAT added. Growth in adjusted earnings per share is expected to be impacted by currency translation headwinds of about 9% in the first half and 6% for the full year.
FOOD RETAIL AND DISTRIBUTION
* French retailer Casino Guichard-Perrachon SA will carry out a €1.5 billion asset disposal plan, with an aim to reduce its net debt in France by about €1 billion by year-end. Casino said it identified noncore assets in its portfolio, including real estate, that could be sold. It expects half of the disposals to be completed this year, with the other half done in early 2019.
* French retail chain Carrefour SA teamed up with Alphabet Inc.'s Google for online grocery shopping in France using the U.S. tech giant's platforms. The partnership enables customers to buy Carrefour's products using Google Assistant, connected speakers such as Google Home and a new Google shopping site from early 2019. Additionally, Carrefour will open an innovation lab with Google Cloud in Paris this summer, where its team will work with Google's artificial intelligence experts for new consumer experiences.
PACKAGED FOODS
* Brazilian meat producer Marfrig Global Foods SA is set to receive bids for its subsidiary Keystone Foods LLC from its potential bidders by the end of June, Reuters reported, citing a person with direct knowledge of the matter. Three of the five selected bidders are reportedly based in Asia. COFCO Corp., China Investment Corp. and Fosun International Ltd. are competing with Cargill Inc. and Tyson Foods Inc. for a controlling stake in Keystone, Reuters added.
* Kellogg Co. said it appointed its European President Chris Hood as president of Kellogg North America. Hood will report to Chairman and CEO Steve Cahillane. Dave Lawlor, vice president of European cereal business, will take over as president of Kellogg Europe.
* CVC Capital Partners Ltd. invested about $150 million in Indonesia's PT GarudaFood Putra Putri Jaya ahead of a planned initial public offering, Bloomberg reported, citing anonymous sources. The company has reportedly also completed the acquisition of Malaysian snack-food maker Munchy Group for about $250 million, one of the people told Bloomberg.
BEVERAGES
* Starbucks Corp. teamed up with JPMorgan Chase & Co. to offer the Starbucks Rewards Visa Inc. prepaid card, which will allow customers to earn points from purchases they make with the card, including from non-Starbucks stores. The launch follows the introduction of Starbucks' co-branded Visa credit card with Chase in February.
* BlackRock Inc. disclosed a 5% stake in New Zealand-based dairy company a2 Milk Co. Ltd. The asset manager now holds 36,530,500 shares in a2 following a series of transactions that started Jan. 7, according to a filing to the New Zealand Stock Exchange.
* PepsiCo Inc. is closing operations at its bottling and distribution center in Ciudad Altamirano in the Mexican state of Guerrero, amid increased security concerns, Bloomberg News reported. According to the company, the criminal activities in the town have made it impossible to continue and ensure the safety of its employees, the report said, citing an article in Mexico City daily El Financiero. In March, Coca-Cola FEMSA SAB de CV, Coca-Cola Co.'s Mexican subsidiary, closed its distribution center in the city after its employees received threats.
* Jiangsu Yanghe Brewery JSC Ltd. net profit for fiscal year 2017 rose year over year, buoyed by higher operating income. The Chinese drinks company reported net profits for full year 2017 of 6.63 billion yuan, or 4.40 yuan per share, up by 13.73% from 5.83 billion yuan, or 3.87 yuan per share, in the previous year. The S&P Capital IQ consensus EPS estimate was 4.50 yuan.
RESTAURANTS
* International House of Pancakes LLC, or IHOP, rebranded itself temporarily as IHOb to promote its new line of burgers. The company added a line-up of seven new burgers to its menu.
* Domino's Pizza Group PLC CFO Rachel Osborne stepped down from her position, effective immediately. The London listed company has yet to find a replacement, according to the filing.
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Despite slow store openings, Lidl finds traction in US
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng gained 0.13% to 31,103.06, while the Nikkei 225 rose 0.33% to 22,878.35.
In Europe, around midday, the FTSE 100 dropped 0.29% to 7,715.36, and the Euronext 100 shed 0.13% to 1,063.03.
On the macro front
The National Federation of Independent Business' Small Business Optimism Index, the Consumer Price Index and the Redbook Index are due out today.
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