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EAT
Tyson shares fall as inflation hits customers
Shares of Tyson Foods fell the most since August after the company said persistent inflation had weakened consumer appetite for the branded and prepared foods that account for the bulk of the company's profits. High inflation and low savings rates have led consumers to prioritize essential staples over discretionary categories, Melanie Boulden, who leads Tyson's prepared foods business, said in a conference call with analysts. The chief executive said the company, which makes sausages and snacks under brands such as Wright and Jimmy Dean, is expected to make less profit in the second half of the current financial year than in the first. — BLOOMBERG NEWS
RETAIL TRADE
The goal is to sell private label items to other stores
Target doesn't just want to sell its private labels to shoppers. The company is also looking for customers in other branches. The Minneapolis-based retailer said it is expanding sales of its in-house children's brand Cat & Jack at department store chain Hudson's Bay Co. in Canada to include swimwear, outerwear and footwear, beyond the apparel products it has offered since March. The company said it has received interest from other retailers around the world and is in the early stages of exploring opportunities to sell its products to retailers in Europe and the Americas. — BLOOMBERG NEWS
SHIPMENT
Maersk says the Red Sea unrest will impact profits
` Moller-Maersk expects the shipping industry to devote 15 to 20 percent of its Asia-Europe shipping capacity to sailings south of Africa this quarter to avoid the Red Sea. The impact of the conflict in the region is “expanding,” the Copenhagen-based shipping company told customers in a note on Monday, repeating comments it made in its earnings report last week. Bloomberg Intelligence estimates that since mid-November, global supply lines have been affected by attacks by Houthi militias in the Red Sea, which have reduced container lines moving through the crucial Suez Canal waterway by about 80 percent. — BLOOMBERG NEWS
AIRLINES
Qantas has to pay a penalty for selling tickets on canceled flights
Qantas Airways agreed to pay 120 million Australian dollars ($79 million) in compensation and a fine for selling tickets on thousands of canceled flights, the airline and Australia's consumer watchdog said on Monday. The Australian Competition and Consumer Commission took the Sydney-based airline to the Federal Court last year. The commission alleged that Qantas engaged in false, deceptive or deceptive behavior by advertising tickets for more than 8,000 flights from May 2021 to July 2022 that have already been canceled. – RELATED PRESS
MOVIES
“The Fall Guy” has a disappointing beginning
“The Fall Guy” seemed to have it all. Megawatt stars. Death-defying stunts. Great reviews. An original story. Only $28.5 million in tickets were sold in North America from Friday to Sunday, the worst start to Hollywood's all-important summer season since 1995. “The Fall Guy” cost Universal at least $200 million to make and market. Another $37 million was raised abroad. It was the first time in 19 years that Hollywood's summer season – a four-month period that typically accounts for 40 percent of annual ticket sales – did not begin with a superhero or a sequel. – NEW YORK TIMES
TOOLS
A Swiss Army knife without a knife?
The Swiss Army Knife, the iconic, century-old folding tool used by carvers, soldiers and even astronauts, will soon be available without a blade. Victorinox, the company behind the original Swiss product, is reacting to stricter gun regulations worldwide, CEO Carl Eisner told the Blick newspaper on Monday. Instead, the plan is to expand a device that usually also has scissors and a corkscrew to include tools for cyclists and other functions. — BLOOMBERG NEWS
HOUSING
Many renters doubt they will ever be able to buy
U.S. renters are more pessimistic about their ability to ever own a home and household expectations for home price growth have accelerated after a decline last year, a new survey from the Federal Reserve Bank of New York found. Given elevated prices, high mortgage rates and the difficulty of saving money for a down payment, only about four in 10 renters believe they can buy a home, the New York Fed said Monday. This is the lowest level since the survey of consumer living experiences and expectations began a decade ago. For the first time, half of younger renters – those under 50 – don't believe they can buy a house. Over the past year, the proportion of renters in the North East believe their likelihood of buying has halved, from 51 per cent to almost 26 per cent. — BLOOMBERG NEWS
LUXURY
Stallone wants to sell private watches
Rock star Sylvester Stallone will sell 11 timepieces at Sotheby's on June 5, including an extremely rare Patek Philippe Grandmaster Chime watch that originally sold for around $2.5 million. This is the first time a Grandmaster Chime has been auctioned commercially. At the Only Watch charity auction in 2019, a steel model was sold for $31 million, setting a record. Stallone's version of the two-sided timepiece with its 20 complications – the most Patek has ever included in a watch – is made of white gold. It has five different chime modes, a perpetual calendar, and can track two time zones. The watch is so rare even for the vaunted Swiss watchmaker that it comes with an elaborate presentation box containing a collection book and plaque, both with Stallone's name, an original certificate, cufflinks and an iPad in a Patek Philippe leather case. — BLOOMBERG NEWS
COFFEE
Starbucks founder says to focus on coffee
Howard Schultz, former chairman and founder of Starbucks, says the company's executives should spend more time in stores and focus on coffee drinks as they work to address flagging sales. In a LinkedIn post published over the weekend, Schultz said many people reached out to him after Starbucks reported weaker-than-expected quarterly sales and profits last week. Schultz, who bought Starbucks in 1987, is credited with growing the company into a global giant with nearly 39,000 stores worldwide. He has been the company's chairman emeritus since last fall, when he stepped down from Starbucks' board of directors. Schultz remains Starbucks' largest individual shareholder, holding shares that were worth $1.5 billion at the end of last year. – RELATED PRESS
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