Latest News
4 March
China, Canada retaliate against US tariffs
Credit: Michael M. Santiago / Staff / Getty Images
China and Canada have hit back against US tariffs on their imports that have come into force.
Beijing’s move follows the US slapping an additional 10% tariff on China last week on top of an initial 10% laid out by Washington weeks before.
Canada announced its intentions to return fire on the 25% tariff on its exports to the US, alongside a 10% tariff on Canadian energy.
US goods subject to Beijing’s 15% tariffs include chicken products, wheat and corn. The 10% tariffs will be applied to food items including beef, dairy and soybeans. China’s tariffs are set to come into effect from 10 March.
Last month, when the US initially planned to implement its tariffs before announcing a one-month pause, Canada issued a list of the $30bn goods which would see a 25% levy. The list features a swathe of food and drink products, from meat and dairy to beer and whiskey.
28 February
EU plans to ease corporate sustainability reporting rules
The European Commission has proposed changes to the sustainability reporting rules companies must follow.
Brussels is aiming to limit reporting requirements to businesses with more than 1,000 staff and revenue exceeding €50m ($52m), exempting about 80% of companies under the directive.
Commission President Ursula von der Leyen described the proposals as a “far-reaching simplification” that will “make life easier for our businesses”.
The EC has suggested postponing reporting requirements by two years for companies originally set to comply this year or next.
The revisions must receive approval from the European Parliament before they can be implemented.
While businesses may welcome the reduced regulatory burden, the World Wide Fund for Nature has criticised the proposal, calling it a “devastating blow to EU environmental objectives”.
26 February
Danone’s €3bn fresh cash flow milestone paves way for M&A
Danone has indicated an appetite for further M&A as the dairy major reached a milestone in free cash flow, supported by another year of EPS gains.
“We want to move to the front foot on acquisitions,” CEO Antoine de Saint-Affrique said.
Free cash flow rose €400m ($420.4m) to €3bn in the 2024 financial year, meaning Danone has added €900m to its coffers since 2022.
“We are convinced that the food industry is at a tipping point,” the CEO said, framing his comments in the context of the increasing consumer interest in gut health and the microbiome, protein, immunity and health in general.
“The name of the game for us is not only to invest in future looking science, but obviously to turn this science into relevant, consumer and patient-centric innovation, and in doing so, to drive the growth of our categories.”
27 February
Beyond Meat cuts jobs, suspends China operation
US alt-meat business Beyond Meat is to cut jobs in its home market and the EU – and suspend its operation in China.
The group revealed a plan to reduce its workforce in North America and the EU by approximately 44 employees, representing around 6% of the company’s global workforce.
At the same time, Beyond Meat said it plans to suspend its operation in China, which are estimated to cease by the end of the second quarter.
The moves were announced alongside the company’s 2024 financial results. Founder and CEO Ethan Brown suggested the full-year performance “reflects an important inflection point in Beyond Meat’s journey”.
He added: “In the second half of the year, we registered two consecutive quarters of year-over-year net revenue growth following more than two years of declining sales.”
26 February
Prairie Farms shuts down shakes production after listeria deaths link
US-based Prairie Farms Dairy has ceased production of nutritional shakes linked to a listeria outbreak that has claimed the lives of 11 people.
Prairie Farms Dairy’s 4oz Lyons ReadyCare and Sysco Imperial frozen supplemental shakes have been recalled amid suspicions that contaminated products are linked to the outbreak. The products, distributed to hospital patients and long-term care residents throughout the US by foodservice business Lyons Magnus, were not on sale in the retail channel.
The listeria outbreak, linked to a Prairie Farms Dairy facility in Fort Wayne in Indiana, is the subject of an investigation by US health officials.
Prairie Farms Dairy CEO Matt McClelland said: “I am deeply concerned by the reports of listeria monocytogenes infections linked to nutritional shakes and my heart goes out to those affected.”
