Poultry prices soar amid U.S. chicken sandwich wars
Chicken sandwich fever means poultry is pacing U.S. food inflation in the meat case. U.S. producer prices for processed poultry jumped to an all-time high in May, climbing 2.1% in the eighth straight monthly increase, U.S. government data showed. Gains in poultry outpaced the 0.8% increase in the broader producer price index.
Alphabet’s Waymo raises $2.5B after key departures
Waymo, Alphabet’s self-driving car unit, said it raised $2.5 billion in a recent funding round to help advance its technology and replace a management team rocked by departures. Earlier this spring, Waymo had been talking to outside investors about raising as much as $4 billion, Bloomberg has reported. But the Google sibling has lost six key executives since February, including the chief executive officer, chief financial officer and several lieutenants.
Morgan Stanley to workers: Back in the office by Sept.
Morgan Stanley CEO James Gorman said he has a message for employees in its New York offices now that more people are getting vaccinated for COVID-19: You need to come back to work this fall. “By Labor Day, I’ll be very disappointed if people haven’t found their way into the office, and then we’ll have a different kind of conversation,” he said, adding that workers can’t expect to get their New York salaries if they continue to work remotely.
Newspaper creates 200% windfall with digital IPO
The buyers of the Toronto Star newspaper have tripled their money on the investment in less than a year after completing an initial public offering of a littleknown online publishing division. The IPO of VerticalScope Holdings Inc., a former unit of Torstar Corp. that runs websites for hobbyist communities such as wood-workers and motorcyclists, raised about C$125 million ($103 million). The shares closed at C$22.95 in the first day of trading on Tuesday, valuing the remaining stake held by private equity firm NordStar Capital LP at C$180 million.