Oatly Lines Up a Successor to CEO Toni Petersson
Oatly Group AB is lining up a successor to Toni Petersson, the chief executive who helped turn its oat milk into a global phenomenon and took the company public last year, according to people familiar with the matter.
Last month, the Swedish company said it had hired as president Jean-Christophe Flatin, a food-industry veteran and former senior executive at candy giant Mars Inc. Mr. Flatin is seen as a likely eventual replacement for Mr. Petersson, the people said, adding that no change is imminent.
GLOBAL NEWS
RBNZ Raises Cash Rate, Forecasts Higher Peak
WELLINGTON, New Zealand-The Reserve Bank of New Zealand raised its benchmark interest rate by 50 basis points for a second consecutive meeting and forecast a higher peak for interest rates as central banks globally try to stifle inflation.
The RBNZ's rate increase Wednesday lifted the cash rate to 2.0% from 1.5% and followed an increase of the same size in April.
New York Fed Flags Scenarios Where Central Bank Could See Losses
The Federal Reserve could reach a point where it no longer has profits to hand over to the U.S. Treasury, should the central bank raise interest rates beyond what markets expected as of this spring, the New York Fed said in a report Tuesday.
The Fed could see paper losses on its bondholdings-and likely did at the start of this year, the report said.
Swamped U.S. Seaports Are Bracing for an Earlier Peak Shipping Season
America's seaports are stretched to their limit just as retailers and manufacturers are set to begin their seasonal rush of importing ahead of the fall and end-of-year holidays.
With shippers seeking to avoid the risk of delays, this year's peak shipping season is expected to start weeks earlier than usual, at the end of June, just as back-to-school and other seasonal products flood in. That will create high stakes for importers and for the White House as goods arrive against the backdrop of a fragile economy, racing inflation and fresh memories of last year's massive container-ship backups.
Tech Stocks Continue to Fall After Snap's Profit Warning
Technology stocks fell Tuesday, with investors ditching shares of companies that rallied during the pandemic.
Social-media company Snap Inc.'s shares lost $9.68, or 43%, to $12.79, its largest percentage decline on record. The company issued a profit warning Monday and said it planned to slow hiring and spending. The stock price has tumbled 85% from its September 2021 all-time high.
North Korea Fires Three Missiles After Biden Ends Asia Trip
TOKYO-North Korea fired a suspected intercontinental ballistic missile early Wednesday that flew only briefly before landing in the sea east of the Korean Peninsula, South Korea's military said.
The missile was one of three fired by North Korea hours after President Biden flew home from Asia following talks with the leaders of Japan and South Korea on deterring Pyongyang's missile and nuclear threat.
Gov. Brian Kemp Defeats Trump-Backed David Perdue in Georgia Primary
ATLANTA-Incumbent Brian Kemp won Georgia's Republican primary for governor by a wide margin Tuesday, easily dispatching a challenge by former Sen. David Perdue.
Texas Shooter Kills at Least 19 Children and Two Adults in Elementary School
UVALDE, Texas-An 18-year old man opened fire in an elementary school here Tuesday, killing at least 19 students and two adults, including a teacher, before he was killed by law enforcement, according to the Texas Department of Public Safety.
Police identified the gunman as Salvador Ramos, a resident of Uvalde, where the school is located. Uvalde, a city of around 16,000, is about 80 miles west of San Antonio.
Pfizer to Sell Vaccines, Drugs at Low Prices to Poorer Countries
Pfizer Inc. will sell nearly two dozen of its patent-protected drugs and vaccines at not-for-profit prices to some of the world's poorest countries.
Under the program, Pfizer will begin shipping the medicines first to Ghana, Malawi, Rwanda, Senegal and Uganda before the end of this year, Chief Executive Albert Bourla said in an interview.
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(END) Dow Jones Newswires
05-25-22 0531ET
