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Italian study finds antibiotic resistance genes in the world's oceans
According to a?research project led by Italy that analyzed?seawater samples worldwide, the presence of genes?linked to resistance to antibiotics is present in multiple 'ocean basins including remote waters. The SeA Care project found antibiotic-resistance genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results showed oceans as a global repository for pollution coming?from land. They also found genetic traces from antibiotic use and urban discharges far beyond their sources. Researchers added that this could facilitate their spread to remote communities. The study was presented Monday in Rome at a forum hosted by the National Health Institute of Italy (ISS) on ocean and human healthcare. It detected microplastics and traces containing?PFAS, "forever chemicals", and?SARS CoV-2 genetic material, even in remote areas and open ocean waters. Andrea Piccioli, ISS Director-General, said that protecting human health today inevitably meant taking care of seas and oceans. She added that pollutants released in the environment are distributed globally via water, food, and climate systems. SeA Care, an initiative led by Italy, links environmental health and human wellbeing. It brings together institutions such as ISS, 'the Italian Navy' and international research centers to create a global 'ocean monitoring /system. The project collects samples using existing scientific and naval networks during routine missions. This reduces costs?and the environmental impact. Over 140 sites in the Mediterranean, Atlantic and Pacific oceans, as well as the Arctic Ocean, were sampled during its first three-year period. Scientists claim that the project shows how oceans are a good early warning system of global health risks. It supports policies to combat pollution, climate changes and emerging threats. (Reporting and editing by Crispian B. Balmer, Emilio Parodi)
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Copper prices boosted by falling stocks at LME warehouses
Prices rose for copper on Monday as stocks in London Metal Exchange-approved warehouses fell. The market is now looking forward to the U.S.'s decision on tariffs at the end of June. Benchmark copper on the LME was 1.1% higher, at $13,665 per metric ton. Sources in the industry said that traders and funds continue to take copper from the LME into the U.S., before any import duties are imposed. This would increase shipping costs significantly. The U.S. has flagged that 15% levies could be applied to copper imports starting in 2027 and 30% beginning in 2028. Copper stocks, which stood at 376 775, have fallen 6% in the last month. Around 39% of cancelled warrants and metal earmarked to be delivered indicate that another 145.800 are due to leave the LME. The discount for the cash copper contract has also been reduced due to lower LME inventories. The traders also cited the strong interest in buying copper from Chinese companies, following Friday's 3% decline to one-week lows. Copper's upside is capped by the 21-day moving average, currently $13,730. Support on the downside comes in at the 50-day average, $13,260. Aluminium prices in other parts of the world are expected to remain stable due to limited supplies coming from Middle East – which houses?9% global capacity – as a result of the U.S. - Iran war and the closing of the Strait?of?Hormuz. Aluminium prices are expected to rise due to higher energy costs, which is a major component of the aluminium production process. Industrial metals have been under pressure due to concerns about growth caused by?high oil price and the conflict in Middle East. The base metals complex is also affected by a higher U.S. dollar, which makes metals priced in dollars more expensive for holders of other currencies. Aluminium increased 0.2% at $3,600 per ton. Zinc rose by 0.1% to 3,533, while lead fell 0.4% to 1,997. Tin dropped 1.5% to $52,125, and nickel declined 0.3% to 18,530. (Reporting by Pratima Dasai; Editing and re-reporting by Jan Harvey & David Holmes)
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Consumer prices in Chile rose less than expected, by 0.2%, in May.
?Consumer Prices in Chile rose by 0.2% from a month earlier, according to data released on Monday by the statistics agency INE. This was below the 0.4% predicted in a poll conducted among economists. Inflation slowed down in the month following a 1.3% rise recorded previously. Nine out of the 13 sectors studied recorded a price decline in the past month, with food and non-alcoholic drinks leading the way with a?decline of 0.8%. In a press release, INE said that "the price increases?in housing and basic service sectors as well as the increase in transport stood out." INE reported that the annual inflation rate in the largest copper-producing country in the world was 3.9% in the month of May. This is a slight decrease from the 4% registered in the previous months. The central bank set a target rate of 2% to 4% for the annual rate. In April, the institution kept borrowing?costs at 4.5% amid concerns over fuel?prices as well as uncertainty caused by?the extension of?the U.S. and Israeli war against Iran. Reporting by Aida Pea-Fernandez, Natalia Ramos and Emelia Sithole Matarise; editing by Aidan Lewis.
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Campbell's maintains annual target as US consumer spending remains tight
Campbell's Co, a packaged?food manufacturer, stuck to its annual forecast on Monday after months of trimming it. Demand for packaged?foods was impacted by consumer spending, which continued to be a factor. In recent months, consumer?sentiment? has reached record lows as rising gas prices tied to the Iran War have squeezed household finances already stretched by stubborn inflation. Pressure is pushing lower-income consumers to private-label and cheaper brands. This puts pressure on companies like Campbell's, which raised their prices in order to protect margins and offset rising tariff and commodity costs. Goldfish Cracker shares rose 1.5% on premarket trading after it exceeded quarterly profit expectations. According to LSEG, Campbell's adjusted earnings per share were 50 cents during the 'third quarter', beating analyst's average estimates of 48 cents. This was due to supply-chain improvements and the cost-saving program. The company has said that it has reached its target of saving $375 million in cost savings for FY28. CEO Mick Beekhuizen stated, "We are focused primarily on simplifying our business and accelerating productivity. We also want to reduce costs." However, its quarterly net sales fell 4%, to $2.37 Billion, slightly below the analysts' estimates. The packaged food industry is changing to adapt to a shift in consumer dietary preferences towards healthier foods. This trend has been accelerated by the rapid adoption of "weight-loss" drugs. Campbell's unit for meals and drinks saw quarterly sales fall 2% compared to an increase of 15% a year earlier. Its snack business saw a 7% decline, compared to an 8% drop a year ago. The company anticipates that organic net sales will fall between 1% to 2% in fiscal 2026, with adjusted profit per share ranging from $2.15 to 2.25. Campbell's will be removed from the S&P 500 index at the beginning of trading on Tuesday, June 22. Reporting by Neil J Kanatt, Bengaluru. Editing by Shilpa Majumdar
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Campbell's confirms its annual forecast due to weak consumer spending
Campbell's Co, a packaged foods manufacturer, stuck to its 'annual outlook' on Monday after months of trimming it, as the cautious U.S. consumers continued to 'weigh 'on demand. In recent months, consumer?sentiment has plummeted to record lows as the rising cost of gasoline linked to Iran's war squeezes household budgets that are already stretched by stubborn inflation. Lower-income consumers are increasingly turning to private-label and cheaper brands. This is putting pressure on companies like Campbell's, which have raised their prices in order to maintain margins and offset rising costs. LSEG data shows that Campbell's third-quarter net sales dropped 4%, to $2.37billion, compared to the analysts' average estimate of $2.38billion. It earned 50 cents a share on an adjusted basis. This was better than the estimated 48 cents a share. The supply-chain optimization program and cost-savings benefits helped. The packaged food?industry has also evolved to cope with the change in dietary preference towards healthier foods. This is accelerated by the rapid adoption of weight loss drugs. Sales at 'Campbells' meals and drinks unit dropped 2% in the third quarter, down from a 15% rise a year ago. Its snack business saw a 7% drop, compared to an 8% decrease a year ago. (Reporting by Neil J Kanatt in Bengaluru; Editing by Shilpa Majumdar) (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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Sources say that Sumitomo funds the Ambatovy stake sales to exit the project.
Three sources with knowledge of the matter said that Sumitomo Corp provided financing to buyers of its 54% stake in Madagascar’s Ambatovy Nickel operation. This helped the company exit the losing project. Three sources familiar with the matter said that Sumitomo Corp, which invested $3 billion over 20 years in Ambatovy and has incurred $2.5 billion cumulative losses, provided financing to buyers of its 54% stake in Madagascar's Ambatovy nickel operation, smoothing their exit from the loss-making project. Sumitomo funded this transaction, while still retaining certain nickel offtake rights. "It needed someone to solve the problem for them," said one source. The source stated that some of the money would be used to repair the damage caused by the cyclone to Ambatovy facilities. The source said that production has been suspended since the beginning of February, and will resume by June. Sources did not give any other details about the funding. Jason Kluk, former Glencore nickel trader, and South Africa’s Zungu Investments are acquiring a 54% stake, subject to the transaction closing by September 30. Korea Mine Rehabilitation and Mineral Resources Corporation holds the remaining 46%. Sumitomo declined comment on any financial arrangements but stated that the deal is intended to ensure "the continuation and sustainability of Ambatovy's operation under new ownership". The $418 million hit was a result of "a comprehensive economic evaluation of the transaction". Kluk and Zungu Investments did not respond to any requests for comments. A second source stated that the deal structure is similar to vendor financing where a seller funds a buyer. The?source said that Ambatovy will face a challenge in becoming profitable, pointing out that Sumitomo has struggled to improve margins and stabilise production for years despite having the resources. The surge in sulphur costs since the beginning of the Iran War three months ago has put pressure on margins. Ambatovy will produce 28,000 metric tonnes of nickel, and approximately 2,500 tons cobalt by 2024. (Reporting and editing by Polina Devtt and Pratima Dasai. Mark Potter edited the story.
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Italian study finds antibiotic resistance genes in the world's oceans
According to the findings of an Italian-led project that analysed seawater samples from around the world, genes linked to resistance to antibiotics are present in multiple?ocean areas, including remote waters. The SeA ?Care project found ?antibiotic-resistance ?genes in the Mediterranean, Atlantic, Arctic and other regions, with higher concentrations detected near busy shipping routes and densely populated coastal areas. Researchers said that the results show oceans are a global reservoir of pollution from land. They carry genetic traces of antibiotic use and urban discharge far away from their source. Researchers added that this could facilitate their spread to remote communities. The study was presented on Monday in Rome at a forum hosted by the Italian?National Health Institute. (ISS) on ocean and human healthcare. It also detected microplastics and PFAS "forever chemical" as well as traces of 'SARS-CoV-2 DNA in remote areas and open ocean waters. Andrea Piccioli, ISS Director-General, said that protecting human health in the 21st century means protecting the oceans and seas. She added that pollution released into the atmosphere is redistributed worldwide through the water, food, and climate systems. SeA 'Care, an initiative led by Italy, links the environment and human health. The system brings together institutions such as the Italian Navy, ISS and international research centres in order to create a global monitoring?system. The project uses existing routes for collecting samples and scientific networks during routine missions to reduce costs and impact on the environment. In the first three years of its existence, over 4,000 samples of?seawater were collected in 140 locations across the Mediterranean Sea, Atlantic Ocean, Pacific Ocean, Arctic Ocean and Indian Ocean. Scientists claim that the project shows 'how oceans can be used as an early warning system to detect global health risks. It supports policies aimed at combating pollution, climate changes and emerging threats for human health. (Reporting and editing by Crispian B. Balmer, with Emilio Parodi)
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AMBER BID AMERICAS - Chip chill, war heat, and jobs
What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Wall Street holds its breath following Friday's withering selloff in the chip sector, as tech stocks fell sharply on Monday. The red-hot chip stocks were slowed down by the?disappointment of Broadcom's earnings last week, a loss in momentum after S&P 500's nine-week winning streak ended, and a rise in Fed rate-hike betting following Friday's strong May payrolls report. Below, I'll go into more detail. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. CHIP CHILL JOBS HEAT WAR The SOX index fell 10% just on Friday, Broadcom was down 20% in two days, and the broader Nasdaq dropped?4% as we head into the weekend. Futures were attempting to gain a foothold on Monday morning, but the tech-heavy Asia markets plunged, and Europe's STOXX600 fell to a two-week low. Iran and Israel exchanged direct missile strikes for the first since April over the weekend, causing crude oil prices to rise by over 4%. This heightened expectations of rate hikes. The markets now expect a rate hike to occur by the end of the year, and possibly two. Treasury yields have risen again. All of this led to President Trump fighting multiple fires at the weekend. He urged against interest rate increases and renewed calls for reductions instead. Despite his repeated calls for Israel to refrain from retaliating against the Iranian strikes on Sunday, his request was ignored. Fresh fighting has dampened hopes for a comprehensive deal to free up oil. As equity markets reset as they absorb all the new data, they are also preparing for the massive SpaceX IPO that is expected to take place on Friday. Analysts believe the IPO wave expected this summer will be countered by a record-breaking pace of buybacks. However, the concern is that a parallel equity financing wave by so-called hyperscalers could occur amid the massive AI investment buildout. Alphabet recently announced new equity sales of $80 billion. Meta may follow suit. In Europe, the markets are preparing for a much-anticipated rate hike by the European Central Bank on Thursday. The dollar has risen against the euro despite this. Chart of the Day The U.S. Economy posted a strong third month in a row with job gains. Payrolls increased by?172,000 which was more than double what had been?forecast. The economy added 93,000 jobs more in March and April compared to what was previously forecast, and the unemployment rates remained at 4.3% for another month. Over the past three months, employment gains have averaged 188,000 per month. This is nearly triple what it was in 2025. The concern about overheating is based on estimates that the economy must create between zero to 50,000 jobs per month to match the growth of the working-age populace - the so-called breakeven ratio, which has been dramatically reduced by the crackdown against immigration in the last year. Watch today's events * U.S. Conference Board Employment Trends Index, May (10 am EDT) Want to receive "the Morning Bid" in your email every morning? Subscribe to the newsletter. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is a non-partisan organization that adheres to the Trust Principles and values integrity, independence, freedom from bias, and impartiality.
Refuel owner checks out $1.5-billion-plus sale of convenience-store operator, sources say
The privateequity owner of Refuel is checking out tactical choices consisting of a possible sale that might value the U.S. conveniencestore operator at more than $ 1.5 billion consisting of financial obligation, individuals familiar with the matter stated on Friday.
The move comes as a wave of debt consolidation rolls through the convenience-store industry.
Some store operators are looking to broaden geographically, even as the sector manages slowing development. Inflation has required shoppers to cut down investing in groceries and staples.
Private-equity company First Reserve, which acquired Refuel in 2019, is in talks with investment lenders to introduce a sale process for the convenience-store operator in the first half of 2025, the sources said, asking for anonymity as the conversations are private. Prospective purchasers include other store operators and buyout firms, the sources stated.
Based on equivalent transactions in the sector, Refuel might command an appraisal equivalent to about 13 times its core annual earnings of approximately $120 million, the sources said, cautioning a. deal is not ensured and First Reserve might keep business.
First Reserve and Refuel decreased to comment.
Charleston, South Carolina-based Refuel owns around 230. convenience stores and filling station, generally in North Carolina. and South Carolina as well as other states, consisting of. Mississippi, Arkansas and Texas, according to its website.
Under the ownership of First Reserve, which generally focuses. on buying the energy sector, Refuel has actually grown through. acquisitions of other shop operators and family-owned. corner store.
In January 2022, First Reserve said it had moved its Refuel. investment into a continuation fund, which allows buyout companies. to continue owning a possession beyond its standard life expectancy. This structure also permitted Refuel to draw in funding from new. financiers.
Refuel's considerations on a possible sale mirror moves from. other store operators.
Reuters reported in September that Arko was looking for. to shed its convenience-store operations in a deal that might be. valued at around $2 billion. This year, Sunoco agreed to. sell 204 stores to 7-Eleven in an offer worth $1 billion.
In July, Casey's General Stores struck a. $ 1.15-billion offer to purchase Fikes Wholesale, the owner of CEFCO. corner store, to broaden in Texas.
(source: Reuters)