FISHMEAL PRICES SCALE ALL-TIME HIGH
The price of fishmeal, the key feedstuff for salmon and shrimp aquaculture, has surged to an all-time high after an earthquake wiped out processing plants in Chile, the world’s second-biggest exporter of the commodity, this year. The blow comes as the industry is already battling a supply squeeze caused by the El Niño weather phenomenon, which is hitting fish catches in Peru, the world’s biggest fishmeal exporter.
VATICAN-BACKED ETHICAL INDEX GIVEN BAPTISM
Europe’s first Christian equity index was launched on Monday in response to increasing demand by investors for so-called ethical stocks in the wake of the financial crisis. The Stoxx Europe Christian Index comprises 533 European companies that only derive revenues from sources approved “according to the values and principles of the Christian religion”.
BP WARNING OVER MEXICO OIL SPILL
BP was on Monday fighting to shut off oil leaking into the Gulf of Mexico from broken pipes following the Deepwater Horizon rig disaster, which is believed to have killed 11 men. The UK company said it could take several months to stop the oil leaking into US waters, but stressed this was a worst-case scenario.
COCOA PRICE HITS A 33-YEAR HIGH OVER CROP FEARS
Cocoaprices hit a 33-year high on Monday on the back of improving demand from the chocolate industry and a disappointing crop in Ivory Coast, the world’s top grower of the commodity. The combination sent the benchmark Liffe July cocoa contract to £2,368 a tonne, the highest for the second front-month contract and up more than 1 per cent.
INDIA’S MOBILE GROUPS LOCKED IN BIDDING FRENZY
India may be risking a re-run of the 3G debacle that cost Britain’s mobile operators billions in license fees for a technology that failed to deliver, analysts have warned. Bids in an online auction of 3G licences that began on April 9 are “going beyond rational levels”, according to a report at Citigroup.
FAREPAK CUSTOMERS SUFFER AS LIQUIDATORS' FEES RISE
Customers who paid for hampers from Farepak are expected to receive less than £50 each, even as accountants and lawyers handling the liquidation rack up millions in fees. Almost 120,000 customers, including many on low incomes or pensions, lost £37 million — an average of £310 — when the Christmas savings club went bust in 2006.
The Daily Telegraph
CRAIGSLIST IN HOT WATER OVER SEX ADS
Online classified listing site Craigslist has been accused of profiting from illegal sex advertisements by a leading law enforcement official. Richard Blumenthal, Connecticut's attorney general, has written to the US-based internet company about the prevalence of prostitution adverts on its site.
FLOPPY DISK FINALLY KILLED OFF BY SONY
The floppy disk, which has been around since the early days of home computing, is finally being killed off by Sony. The Japanese electronics manufacturer, which last year sold well over 12 million of the devices, has announced it will stop making floppy disks next year, leaving no serious manufacturer in the market place. The decision is the nail in the coffin.
WALL STREET JOURNAL
ALIBABA.COM, EBAY REACH PAYPAL DEAL
Alibaba.com Ltd. said it will accept payments from users of eBay Inc.'s PayPal service on Alibaba.com's new online wholesale platform, a deal that suggests the two companies are setting aside a longstanding rivalry to realize their global expansion goals. Alibaba.com, the Hong Kong-listed unit of Chinese e-commerce company Alibaba Group, is a site for small-to-midsize exporters in China.
DUNKIN' DONUTS HEADS BACK TO RUSSIA
After a retreat from Russia in 1999, Dunkin' Donuts is returning with the first of 20 planned store openings in Moscow this year. The move by the Dunkin' Brands unit will intensify a battle among coffee-shop chains in Russia, a culture that is getting hooked on coffee.