TYSON PLANS $150 MILLION VENTURE FUND
Tyson Foods Inc. announced plans Monday to createTyson New Ventures LLC, a $150 million venture fund aimed at developing innovations in food production.
The venture fund’s first investment is a 5 percent ownership stake in Beyond Meat, a California company that makes “plant-based protein.” Tyson says the venture fund will concentrate on alternative proteins, as well as other startups aimed at eliminating food waste and finding other innovations.
Services growing at fastest clip in more than a year. The Institute for
Supply Management, a trade organization of purchasing managers, said Monday that its services index reached 57.2 in November, up from 54.8 in October and the highest level since October 2015. Anything above 50 signals growth. The services industry has now grown for 82 straight months.
New normal economy? Slow. Americans should
get used to a “new normal” of slow economic growth, business economists say.
A National Association for Business Economics survey estimates the American economy to grow 2.2 percent in 2017, up from a forecast 1.6 percent this year and unchanged from the previous survey in September.
U.S. economic growth averaged 3.1 percent a year from 1948 to 2015, according to the Congressional Research Service. Business economists say Americans need to get used to slow growth as most of those surveyed believe the American economy will remain at 2.5 percent or lower over the next five years.
General Mills to cut jobs.
General Mills plans to cut between 400 and 600 jobs around the world as it restructures its business.
The company, like other processed food makers, has been hurt by American’s changing tastes. Sales of some of its core products, like yogurt and cereal, have suffered.
Stock link broadens access to China’s Nasdaq.
Trading began Monday on a new cross-border stock