Americas Agriculture Producers Announce Actions To Strengthen Global Food Security
The Summit of the Americas Agriculture Producers has agreed to take near-term actions to strengthen global food security.
“We, as major producers and exporters of food and other agricultural inputs affirm the need to take near-term actions with the goal of stabilizing food prices and sustainably maximizing agricultural yields as well as building more resilient, safe, and sustainable global food systems for the future,” says a joint declaration issued by Argentina, Brazil, Canada, Mexico, and the United States after the summit.
More than 80 countries endorsed the Roadmap for Global Food Security Call to Action released at the U.S.-chaired Global Food Security Ministerial Meeting held at the United Nations on May 18.
The war in Ukraine has led to supply disruptions in grain, corn, cooking oil, and key agricultural inputs such as seeds, fertilizer, and refined fuels.
The five countries said that they plan to promote best practices to boost crop yields, agricultural production, and trade. They intend to work with farmers around the world to take steps to improve sustainable crop yields and enhance sustainable agricultural production.
Tesla To Reduce Salaried Workforce By 10% Over 3 Months: Elon Musk
Luxury electric car maker Tesla Inc. will reduce its salaried workforce by around 10% over the next three months, Reuters reported quoting Chief Executive Officer Elon Musk.
Speaking at the Qatar Economic Forum organized by Bloomberg, Musk noted that the planned cuts would amount to about a 3.5% reduction in total headcount at the company.
As per recent filing, the company has employed around 100,000 people at the end of 2021.
In early June, Bloomberg had reported that the founder and CEO wanted to pause all hiring worldwide, and that the company was planning to cut about 10 percent of salaried jobs as it has become overstaffed in some areas. The company would expand hourly workforce, according to internal email.
Tesla had previously stated that its own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022.
The company recently had asked its employees to stop working from home and to return to office or else quit. Like many other major companies, Tesla had allowed its employees to work remotely after the COVID-19 pandemic hit in 2020. As per leaked emails, Musk urged employees to be in the office for a minimum of 40 hours per week or depart Tesla.
According to him, the office must be the employee’s primary workplace where the other workers they regularly interact with are based, not a remote branch office unrelated to the job duties.
Kaival Brands Posts Wider Loss In Q2
Kaival Brands Innovations Group, Inc. (KAVL) posted a second quarter net loss of approximately $5.0 million, or $0.16 per share, compared to a loss of approximately $4.3 million, or $0.18 per share, a year ago. The company said the wider net loss is primarily attributable to the decreased revenues and increase in customer credits/discounts/rebates. Second-quarter total revenues declined to $3.06 million from $18.15 million, last year.
Niraj Patel, CEO and Founder of Kaival Brands, said: “Our results demonstrate strong execution and resiliency in our business, as revenues in the second quarter of fiscal year 2022 rose 11% as compared to revenues in the first quarter of fiscal year 2022.”
Stephen Colbert Explains How His ‘Late Show’ Staff Was Detained in Washington
“The Capitol Police are much more cautious than they were, say, 18 months ago, and for a very good reason,” Colbert said. “If you don’t know what that reason is, I know what news network you watch.”
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By Trish Bendix
Denver weather: Cooler Tuesday with highs in the low 80s
Dendrites will get a brief relief from extreme heat on Tuesday. A high of 82 degrees is expected today, according to the National Weather Service.
Skies are expected to be mostly sunny. Temperatures will drop to an overnight low of about 58 degrees and remain clear.
The weather service expects a high of 88 on Wednesday and 91 on Thursday. Thunderstorms are a possibility starting for the rest of the week.
Pre-market Movers: VALN, GROV, GTIM, BGNE, FEDU…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.00 A.M. ET).
In the Green
Valneva SE (VALN) is up over 83% at $25.21
Grove Collaborative Holdings, Inc. (GROV) is up over 27% at $12.71
Good Times Restaurants Inc. (GTIM) is up over 21% at $3.27
BeiGene, Ltd. (BGNE) is up over 15% at $151.99
Sun Life Financial Inc. (SLF) is up over 11% at $49.67
Spirit Airlines, Inc. (SAVE) is up over 11% at $23.65
SM Energy Company (SM) is up over 10% at $43.70
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is up over 10% at $39.08
KE Holdings Inc. (BEKE) is up over 9% at $17.31
In the Red
Four Seasons Education (Cayman) Inc. (FEDU) Is down over 15% at $7.31
Allego N.V. (ALLG) is down over 12% at $6.31
Momentus Inc. (MNTS) is down over 11% at $2.31
SoundHound AI, Inc. (SOUN) is down over 9% at $3.64
Tsakos Energy Navigation Limited (TNP) is down over 6% at $8.26
Comera Life Sciences Holdings, Inc. (CMRA) is down over 6% at $4.15
BoJ Undertakes Additional Bond Purchases To Defend Yield Cap
The Bank of Japan conducted additional bond purchases on Tuesday as the policy tightening stance by major central banks put pressure on the 0.25 percent yield cap on Japanese government bonds.
“The Bank will make changes in the auction schedule and amounts of outright purchases of JGBs as needed, taking account of market conditions,” the BoJ said in a statement.
The yen weakened to a 24-year low against the US dollar on Monday. The BoJ has been under renewed pressure to bring yields down, but such interventions weaken the currency.
Allowing the 10-year JGB yields to rise would probably give the yen a boost, at least in the short term, economists at Capital Economics said.
Economists suspect that the BoJ will raise the ceiling on long-term interest rates from 0.25 percent to 0.50 percent before long, buying itself a respite from the pressure on JGB yields and yen.
In a joint statement on Friday, the BoJ and the Ministry of Finance outlined their concerns about the weakness of the yen.
BoJ Governor Haruhiko Kuroda said on Monday that the recent deterioration in the yen is bad for the economy.
At the end of its monetary board meeting on June 17, the BoJ is widely expected to stick to its ultra loose monetary policy stance.