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North America
CNBC Economy

'Nobody wants it': Lettuce prices see record-setting plunge as cyclospora spooks consumers

Lettuce prices cratered in July as the multistate cyclospora outbreak pushed diners to shun the leafy green. Prices for the vegetable tumbled 16.4% from June, the largest one-month decline on record, according to seasonally adjusted data released Wednesday by the Bureau of Labor Statistics. Lettuce also posted the sharpest month-over-month deflation within the consumer price index's food category in July, which saw overall prices tick up 0.1% in the period. "It's very likely due to the cyclospora outbreak and consumers just not wanting to buy lettuce right now," said Jeremy Horpedahl, an associate economics professor at the University of Central Arkansas. The "consumer is just wanting to stay away from this product." July's declines pulled lettuce prices off all-time highs posted this summer. But lettuce prices are still up around 7.5% in July compared with a year ago, more than double the pace of price growth seen across the closely followed CPI basket. Lettuce's run-up before this month was driven by the Iran war boosting fertilizer prices and President Donald Trump's mass deportations resulting in increased labor costs for U.S. farms. This recent boom-and-bust price cycle may remind consumers of the cost fluctuations in eggs over recent years, Horpedahl said. While prices initially surged as the bird flu drove down supply, costs have since fallen drastically this year. The Food and Drug Administration called out iceberg lettuce processed at a Taylor Farms facility in central Mexico as the likely ground zero for the waterborne parasite's recent spread. Taylor Farms voluntarily recalled products coming from that location. Several chains with lettuce in menu items reported a drop in traffic due to consumer concerns about the outbreak, even if they didn't have contaminated supplies. Cava CEO Brett Schulman told CNBC on Wednesday that there were "broader consumer concerns" around leafy greens and fresh produce that affected near-term sales around the end of its second quarter. But the Mediterranean fast-casual chain's executive said sales trends have begun to rebound. Sweetgreen said last week that it saw reduced demand as a result of the outbreak and that it was not sure when a recovery would take place. The salad chain lowered its full-year outlook, leading investors to sell shares following the report. Chipotle said that cyclospora created a sales impact of around 2 percentage points in the back half of July. On a call late last month, executives reassured analysts that its lettuce supply wasn't affected and that the burrito chain had a "very robust" program for food safety. Yum Brands CEO Chris Turner said in late July that the outbreak — which the Food and Drug Administration first connected to lettuce served at Yum's Taco Bell chain — resulted in a "meaningful near-term sales impact." But Turner said sales had been "steadily improving."

'Nobody wants it': Lettuce prices see record-setting plunge as cyclospora spooks consumers
North America
CNBC Finance

Bob Iger, Joshua Kushner buy Los Angeles Lakers at a $12.5 billion valuation, source says

Less than a year after buying a controlling ownership stake in the NBA's Lakers, Mark Walter has sold his majority equity to Joshua Kushner and Bob Iger, according to a statement. The deal values the team at $12.5 billion, according to a person familiar with the matter, who asked not to be named because they were not authorized to speak publicly about the terms of the sale. "As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Iger and Kushner said in a joint statement Wednesday. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles." Kushner and Iger have been business partners before. Iger joined Thrive Capital, the venture capital firm run and founded by Kushner, earlier this year. Iger, 75, stepped down as CEO of Disney earlier this year after two stints that totaled roughly 20 years at the helm of the media giant. Kushner is the brother of Jared Kushner, who is married to President Donald Trump's daughter Ivanka. Kushner and Iger had previously expressed interest in buying an NBA expansion team in Las Vegas. Last month, Bloomberg reported the Securities and Exchange Commission and U.S. prosecutors were investigating potential financial improprieties at two of Walter's insurance companies and at Guggenheim Partners, the sprawling financial firm that Walter co-founded and still leads. Walter's TWG Global holding company controls the insurers, his stake in Guggenheim and ownership stakes in other sports teams including MLB's Los Angeles Dodgers and the English Premier League soccer team Chelsea. Walter is also among a group of investors that owns the WNBA's Los Angeles Sparks. The sale announced Wednesday only includes his stake in the Lakers, according to the person familiar with the matter. The Wall Street Journal reported last month that Walter, 66, suffered a stroke in 2024 and that his health status has "become a matter of concern inside his business empire, with varying opinions on whether lingering effects from the stroke have impacted his fitness to lead his businesses." Iger and his wife, Willow Bay, acquired professional women's soccer team Angel City Football Club for $250 million in 2024. Get this delivered to your inbox, and more info about our products and services.

Bob Iger, Joshua Kushner buy Los Angeles Lakers at a $12.5 billion valuation, source says
North America
CNBC Finance

Home Depot CEO taking temporary medical leave, two top execs to run the retailer

Home Depot CEO Ted Decker is taking a "temporary medical leave of absence" for the next few months and the company has appointed two top deputies to lead until he returns, the retailer announced Wednesday. Ann-Marie Campbell, Home Depot's senior executive vice president of U.S. stores and operations, will oversee day-to-day operations while finance chief Richard McPhail will run financial management and the Pro business, the company said. Lead independent director of the board, Greg Brenneman, will take over as chair of the board during Decker's leave. The board of directors made the appointments but they were "in alignment with Decker's recommendation," the company said. "The Home Depot has the best management team in retail. Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years," Brenneman said in a news release. "We are confident in Ann-Marie's and Richard's ability to lead the company during this time, and we look forward to Ted's return." The announcement comes just under a week before the company is set to announce fiscal second-quarter earnings on Tuesday. Home Depot didn't provide further details on Decker's condition. Campbell, 61, has worked for Home Depot since 1985, starting as a cashier before working her way up to EVP of stores and operations. McPhail, 56, has been Home Depot's chief financial officer since September 2019 and joined the company in 2005. Both of the executives aren't receiving additional pay for taking on the increased responsibilities, according to a securities filing. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Home Depot CEO taking temporary medical leave, two top execs to run the retailer
North America
Yahoo Finance

S&P500, Nasdaq, Dow Futures Unchanged After Ending Session Mildly Lower As Investors Brace For Key Inflation Data — SPCX, TSLA, INTC, NFLX, PLTR In Focus

U.S. stock indices ended lower on Monday as oil prices jumped, stoking rate hike worries ahead of key inflation data due this week. The S&P 500 ended 0.1% lower, while the Nasdaq 100 slipped 0.3% and the Dow Jones Industrial Average fell 0.1%. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.6%. Futures tied to the Dow Jones Industrial Average and the S&P 500 futures were little changed, while Nasdaq 100 futures inched up 0.1%. Meanwhile, the VanEck Semiconductor ETF (SMH) dropped 2%, owing to weakness in Intel (INTC) stock after the company said it’s going to be offering $15 billion in common stock. Nvidia (NVDA) and Apple (AAPL) also contributed to declines. The broader Vanguard Information Technology ETF (VGT) slipped 0.6%. Retail sentiment on Stocktwits for SPY, QQQ and DIA was ‘bearish’ with ‘high’ message volumes. Geopolitics once again took center stage in Monday’s trading session amid signs of escalating tension between the U.S. and Iran after President Trump, over the weekend, told Axios that the U.S. was “only semi-negotiating” with Iran and wanted the country to feel economic pressure. U.S. West Texas Intermediate crude futures settled up about 5.1% at $82.13 per barrel, and the international benchmark Brent crude futures settled up 5% at $87.72. Oil stockpiles in the U.S. also dropped to the lowest level since January 1983. “The failure of the governments to hold talks is worrying Wall Street participants, who had thought last week that the path to an agreement was increasingly narrow,” Jose Torres at Interactive Brokers told Bloomberg in an interview. Among key data releases, the U.S. July inflation data is scheduled for release this week, with the Consumer Price Index (CPI) arriving on Wednesday and the Producer Price Index (PPI) on Thursday. The CPI is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists SpaceX (SPCX): Shares of the rocket maker closed up 4% on Monday, climbing back above its IPO price of $135, after several weeks under. Palantir Technologies (PLTR): Investor Michael Burry on Monday doubled down on his high-stakes bet against Palantir. Tesla (TSLA): The EV maker on Monday unveiled a production-ready Cybercab with factory-integrated Starlink satellite internet hardware.

S&P500, Nasdaq, Dow Futures Unchanged After Ending Session Mildly Lower As Investors Brace For Key Inflation Data — SPCX, TSLA, INTC, NFLX, PLTR In Focus
North America
CNBC Economy

Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

A key inflation reading Wednesday showed prices moderating across a range of goods and services, possibly taking the urgency out of an imminent interest rate hike. The consumer price index, part of the Federal Reserve's inflation dashboard, showed a seasonally adjusted increase of 0.1% during July, according to the Bureau of Labor Statistics. Excluding food and energy, the so-called core CPI rose 0.2%. On an annual basis, the inflation rates were 3.4% and 2.5%, both down 0.1 percentage point from June. Though the levels held well above the Fed's 2% target, the tame monthly readings, coupled with similarly moderate levels in June, indicate that the energy-fueled burst earlier in the year is easing, though prices remain volatile and subject to constantly changing conditions in the Middle East. Stock market futures rose following the release while Treasury yields were negative across the board. Traders further cut the probability for a September rate hike, lowering the odds to 42%, according to the CME Group's FedWatch gauge of futures prices. Energy prices dropped another 1.5% for the month following a 5.7% decrease in June. Still, the sector saw an annual increase of 14.7% following sharp gains in prior months, including a 10.9% surge in March just after the attacks against Iran began. Both food and shelter saw 0.1% increases in July. Shelter costs had been stubborn and a key contributor toward keeping the inflation rate above 2%. Even with the modest gain, shelter accounted for about two-thirds of the headline increase, the BLS said. The index was held in check by a sharp 2.8% decline in lodging away from home costs. A key measure that asks property owners what they could get in rent increased 0.3%. New vehicle prices rose 0.1% while used cars and trucks increased 0.4%. Medical care was up 0.4% and airline fares accelerated by 2.2%. The Federal Open Market Committee, the central bank's rate-setting body, does not meet again until September, so it will have an additional month of inflation data to digest before it has to make a decision. "In-line inflation will keep the 'no need to hike rates' narrative that took hold after last week's jobs report intact," said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. "There will be another round of inflation data before the September FOMC meeting, so the storyline could still change. But unless those numbers tell a much different story, the Fed will likely still be in a position to leave rates unchanged next month." Up until a week or so ago, markets had been pricing in a strong likelihood of a hike at next month's policy meeting. However, renewed concerns about the labor market following a net job loss in July combined with gyrations in the energy sector have taken the immediacy out of a rate increase. At the July meeting, the FOMC voted 9-3 to hold its key interest rate steady, with the dissenters all voicing support for a rate hike. Markets now are pricing a stronger chance for a move in October or December.

Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%
Europe
BBC Business

Changing pubs into homes to be made harder under new rules

Image source, Getty ImagesByPeter Ruddick and Mitchell Labiak, Business reportersPublished16 August 2026Turning pubs into housing or offices will be made harder as part of changes to government planning rules in England. The updated National Planning Policy Framework (NPPF) will come into force on Monday and is expected to contain more protections for pubs at threat of closure for conversion to another use. A previous consultation on the plans only gave the protection to the last pub in the area. However, pub and hospitality groups say taxes and employment costs are the big reasons why pubs are closing. Meanwhile, the Conservatives said the Labour government is "failing abysmally" to meet its housing targets. To go ahead with a change of use under the new rules, developers will need to provide evidence that there is no reasonable prospect of keeping a pub business running. The evidence will need to include proof it was marketed for sale for at least 12 months. A government spokesperson told the BBC councils would need to assess the impact on a community of a change of use. The rules will reportedly stop owners from deliberately killing off trade in order to justify a closure, protecting pubs which have been historically successful. The NPPF sets out government's planning policies for England and how they should be applied by local authorities. Scotland, Wales, and Northern Ireland have their own devolved planning frameworks and laws. The Campaign for Real Ale has previously said that pubs are being "lost forever to conversion or demolition as developers look to cash in on the desirable locations and unique architecture of pubs and social clubs". The British Beer and Pub Association and UKHospitality have also campaigned against pub closures, with both largely blaming tax rises and other costs.

Changing pubs into homes to be made harder under new rules
Asia
The Hindu BusinessLine

SEBI reviewing framework on utilisation of issue proceeds

The Securities and Exchange Board of India (SEBI) is reviewing the framework for monitoring and disclosing utilisation of issue proceeds to improve timely disclosures and streamline the compliance process, Chairman Tuhin Kanta Pandey said on Saturday. Speaking at the Institute of Directors’ Annual Directors’ Conclave 2026 in New Delhi, Pandey said a company making a disclosure does not necessarily mean it has become transparent. “True transparency is not the volume of information. It is the quality, timeliness and usefulness of information.” The regulator also seeks to ensure that transactions involving potential conflicts are subject to appropriate scrutiny through the framework governing related-party transactions. “We propose to further clarify the framework on related-party transactions, so that the requirements are clear and workable for issuers while retaining the necessary safeguards for investors,” Pandey said. The regulator is also looking at ways to reduce avoidable compliance burdens. “For entities listed on multiple exchanges, for example, we are proposing a framework to avoid duplication of fines levied by multiple exchanges for the same matter,” he said. “Good governance also requires that regulation remains proportionate and does not create unnecessary duplication. The objective is to make regulation more efficient while preserving its purpose.” Pandey said the regulator has progressively strengthened the framework for disclosure of material events and information, with materiality thresholds and specified timelines aimed at bringing greater consistency and timeliness to disclosures. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

SEBI reviewing framework on utilisation of issue proceeds
North America
CNBC Finance

Wendy's stock jumps on report of potential takeover bid from Nelson Peltz's Trian Fund Management

Shares of Wendy's jumped more than 14% Wednesday after the Financial Times reported that Nelson Peltz's Trian Fund Management is preparing a takeover bid for the struggling burger chain. Trading of the stock, which is up about 4% this year as of Wednesday's close, was temporarily halted for volatility. Trian is working on a proposal with backing from an assortment of other investors, including BlueFive Capital and the Flynn Group, a large Wendy's franchisee, according to the report, which cited sources familiar with the matter. Wendy's said in a statement it would "thoroughly review any proposal submitted by Trian consistent with its fiduciary duties." "The Board, together with the management team, regularly reviews the Company's strategic priorities and opportunities with the goal of maximizing value for all shareholders," the company continued. "We are moving with urgency and under Bob Wright's leadership as our new CEO, we have identified core strategic areas of focus to improve performance and turnaround the business." Representatives for Peltz did not immediately respond to request for comment from CNBC. The report comes days after Wendy's reported its sixth straight quarter of same-store sales declines. That disappointing performance has helped Restaurant Brands International's Burger King overtake Wendy's as the second-largest burger chain in the U.S. by system sales. As value has become increasingly important to consumers, Wendy's has struggled to win over diners. A revolving door of chief executives over the past three years hasn't helped matters, resulting in muddled strategies to turn around the business. Wendy's latest CEO, Bob Wright, joined the chain after leading Potbelly through its own take-private deal. This isn't the first time that Trian has considered taking Wendy's private; most recently, the firm said it was exploring a takeover of Wendy's in 2022, but later decided against it. Trian owns a 7.85% stake in Wendy's, and Peltz has a 16.24% interest, according to a regulatory filing from February that also called the stock "undervalued." Peltz's relationship with Wendy's dates back to an activist campaign he led more than two decades ago. In 2024, Wendy's named Peltz as chairman emeritus after he spent 17 years on the company's board. Trian executive Peter May and Peltz's son, Bradley, still sit on Wendy's board. Get this delivered to your inbox, and more info about our products and services.

Wendy's stock jumps on report of potential takeover bid from Nelson Peltz's Trian Fund Management
Asia
The Hindu BusinessLine

US bond turmoil signals rising global macro pressures

The pain of bond investors in recent years is captured by the TLT ETF, which invests in government bonds maturing in 20 years or later. James Carville, lead strategist for former US President Bill Clinton, famously remarked that if reincarnation exists, he would want to come back as the bond market because it can intimidate everybody. History provides ample evidence of this power. Past spikes in bond yields have triggered the bursting of asset bubbles and even ousted world leaders, as seen with former UK Prime Minister Liz Truss. Hence, it would be a mistake to view last week’s efforts by US Treasury Secretary Scott Bessent to calm the US government bond market — the world’s most liquid market — as routine. Coinciding with a surge in US’ long-term bond yields, with the 30-year yield hitting 5.3 per cent on Monday, its highest since June 2007, or in nearly 19 years, the US Treasury made a surprise announcement last Wednesday on intervention in the bond market. In what some bond market veterans viewed as a sign of panic, it said that, starting September 9, it double its buybacks of 10-20-year and 20-30-year government bonds to provide liquidity support. According to experts, to fund the buyback, the Treasury is likely to issue new shorter tenor bonds, and total debt will remain unchanged. The numbers appear small relative to the size of the market, but the signalling effect was supposed to be strong. The subsequent bond market reaction, however, indicates an emerging challenge that investors need to watch — macro pressures are building as bond investors express concern over inflation, government debt, and probably waning effectiveness of policy signals. The 10-year and 30-year bonds which began the week at yields of 4.69 per cent and 5.26 per cent, respectively, initially reacted positively to the Treasury’s move by falling to 4.65 per cent and 5.19 per cent by Wednesday. They subsequently reversed course, ending the week at 4.73 per cent and 5.27 per cent — higher than their starting levels. Gold gained 5.2 per cent during the week as investors sought alternatives to the US dollar and a hedge against inflation (see charts). The pain of bond investors in recent years is captured by the TLT ETF, which invests in government bonds maturing in 20 years or later (see chart). The ever-expanding US national debt, meanwhile, hit the $40-trillion milestone on Tuesday — just a trillion dollars away from the Congress-set debt ceiling. The federal budget deficit remains elevated at around 6 per cent of GDP, even as the economy continues to show strength (see chart). Bessent may have downplayed the market intervention as merely a measure to bolster liquidity. But against this backdrop, the bond market’s U-turn last week points to a growing trust deficit in the signalling power of government agencies. Experts view the Treasury’s initiative as a band-aid for a structural problem and as ‘buying time’ ahead of the mid-term elections. According to Peter Boockvar, CIO at OnePoint BFG Wealth Partners, the buybacks also tie the Fed’s hands on interest rates. Raising policy rates to contain inflation could make short-term treasuries cost more — the very ones that the Treasury plans to issue more of to buyback longer dated bonds. On the other hand, if the Fed stands by as prices continue to rise, the long-dated bond yields could go up again and even more as inflation expectations get unanchored. To top it all, the move by the US Treasury is at odds with what Fed Chair Kevin Warsh has been advocating — letting economic data determine bond prices, reducing the market’s reliance on central bank guidance, and ending policies that artificially subsidise government deficits. Market’s paranoia is not without reason. President Trump campaigned on reducing debt and deficit. He set up the Department of Government Efficiency (DOGE) under Elon Musk for that objective. He even advocated increasing crude oil production to help lower energy costs. A year and a half into his term, however, national debt has risen by about $4 trillion, budget deficits show little sign of meaningful fiscal consolidation, and oil prices are higher. This comes as the US Fed has failed to bring inflation back to its 2 per cent target for 64 consecutive months. Jeffrey Gundlach, the DoubleLine Capital CEO often referred to as the ‘Bond King’ recently stated that the US national debt “is no longer your grandchildren’s problem. It is our problem.” Given that bond yields have been spiking not just in the US but also across other heavily indebted developed economies (see chart), there is a growing case that the ample global liquidity that powered equity markets since the global financial crisis may be a thing of the past.

US bond turmoil signals rising global macro pressures