Author: Press Room

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Plant-based meat substitutes were supposed to topple King Beef bellowing from its throne. But high prices and concerns about excessive processing meant sales of faux meats have not matched the hype. At the same time, higher interest rates have sapped investor appetite for funding the lossmaking sector.Beef is finding that the biggest threat is coming from itself. Beef prices in the US are at a record high. Years of drought have made cattle more expensive to raise. So have higher labour and fuel…

The Federal Reserve’s recent Supervision and Regulation Report, released today, has described the U.S. banking system as fundamentally sound and resilient, even in the face of March’s acute stress events. The report highlighted that banks have successfully maintained capital and liquidity ratios well above regulatory minimums while managing to keep earnings performance consistent with pre-pandemic levels, despite challenges such as pressure on net interest margins. The failures of Silicon Valley Bank, Signature Bank (OTC:), and First Republic Bank (OTC:) were acknowledged in the report. These were primarily attributed to their excessive interest rate risk from long-duration assets and heavy reliance…

© Reuters. FILE PHOTO: European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman By Foo Yun Chee and Philip Blenkinsop BRUSSELS (Reuters) -Negotiators for EU governments and lawmakers reached a deal on Monday on targets for domestic supply of critical minerals such as lithium and nickel to reduce its reliance on third countries, principally China. The European Commission proposed the Critical Raw Materials Act in March, a centrepiece of EU strategy to allow it to compete with the United States and China in making clean tech products. The proposal said the European Union…

© Reuters. FILE PHOTO: General view of metal cutting machines inside Gent Machine Co.’s 55-employee factory in Cleveland, Ohio, U.S., May 26, 2021. REUTERS/Timothy Aeppel By John Kemp LONDON (Reuters) – U.S. manufacturing activity has shown little or no growth in the last year as businesses struggle with lacklustre consumer spending on merchandise and excess stocks built up after the pandemic supply chain disruptions. Despite rhetoric about a manufacturing renaissance there has been little impact on manufacturing output or employment once the post-pandemic rebound was completed by the middle of 2022: * Production was down by almost 0.8% in September…

TonyBaggett/iStock Editorial via Getty Images Some Starbucks (NASDAQ:SBUX) stores could be impacted by a one-day work strike on November 16. Unionized Starbucks (SBUX) baristas have warned that they may walk off the job to protest what they say is a refusal by the company to negotiate in good faith for labor contracts for stores that have unionized. The strike will coincide with Starbucks’ (SBUX) Red Cup Day, which is a popular promotional event when the chain’s familiar holiday-themed reusable cups make their first appearance. In response to the strike threat, Starbucks (SBUX) has said that it is the union that…

The Supreme Court on Monday issued a new “Code of Conduct” following months of heightened scrutiny from Senate Judiciary Democrats pushing for new ethics laws for the high court. “The undersigned Justices are promulgating this Code of Conduct to set out succinctly and gather in one place the ethics rules and principles that guide the conduct of the Members of the Court,” the announcement Monday read. “For the most part these rules and principles are not new: The Court has long had the equivalent of common law ethics rules, that is, a body of rules derived from a variety of sources, including…

Group of white airplanes with green leader on blue background – green energy travel conceptgetty A little over a century ago, Captain John Alcock and Lieutenant Arthur Whitten Brown became the first people to make a nonstop, transatlantic flight. Beginning in Newfoundland and ending with a nonfatal crash landing on the west coast of Ireland, the trip took some 16 hours in a World War I bomber, at an average speed of 120 miles per hour. At the end of this month, if all goes according to plan, history will be made once again when a jet powered by 100%…

Perched in a former leather workshop overlooking the Jialing River in China’s mountainous western metropolis of Chongqing, the Flying Tigers Museum retells what is still a high point in US-China relations. Here the story of the US and Chinese pilots who together defended China’s Nationalist government against the Japanese during the second world war is commemorated through exhibits of their flight jackets and portraits of their P-40 fighters, with distinctive shark grin livery.“This museum shows that united we can achieve much more,” said Richard, a tourist from Shandong province who only wanted to be identified by one name, of the…

2/2 © Reuters. FILE PHOTO: People shop in a used clothing shop in Buenos Aires, Argentina May 14, 2019. Picture taken May 14, 2019. REUTERS/Agustin Marcarian/File Photo 2/2 By Miguel Lo Bianco and Claudia Martini BUENOS AIRES (Reuters) -Hard-up Argentines, tightening their purse strings with inflation topping 140%, are increasingly turning to second-hand clothing markets, both to find affordable apparel and raise extra cash from selling old garments. The South American nation, the region’s No. 2 economy and a major grains exporter, is facing its worst crisis in decades. Two-fifths of people live in poverty and a looming recession is…

© Reuters. FILE PHOTO: The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo/File Photo By Paritosh Bansal (Reuters) -The cyber hack of Industrial and Commercial Bank of China’s U.S. broker-dealer was so extensive on Wednesday, even the corporate email stopped working and forced employees to switch to Google (NASDAQ:) mail, according to two people familiar with the situation. The blackout left the brokerage temporarily owing BNY Mellon (NYSE:) $9 billion, an amount many times larger than its net capital, a measure of…