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Pentair Plc To Acquire Ken’s Beverage – Quick Facts

Shearer’s Foods Recalls Raley’s Salt & Vinegar Flavored Potato Chips

Massillon, Ohio-based Shearer’s Foods LLC is recalling two lots of 9.5 ounce bags of “Raley’s Salt & Vinegar Flavored Potato Chips,” for the possible presence of undeclared milk, an allergen, the U.S. Food and Drug Administration said.

The recall involves potato chips with UPC code 10046567025466 and lot code 06109805 with sell by date of 08/02/2021; and 06102005 with sell by date of 05/17/2021. The product comes in a 9.5 ounce bag. Only two lots of the product are affected, which were distributed at Raley’s retail stores in California.

The company warned that people with an allergy or severe sensitivity to milk may get serious or life-threatening allergic reaction if they consume this product.

However, there have been no reports of illness to date.

Consumers are urged not to eat the product and to return it to the store for a full refund.

In similar recalls citing undeclared milk, Glutenull Bakery recently called back Goji Berries and Chocolate Cookies, and Mindo Chocolate Makers in mid- March recalled Coffee Toffee Chocolate Bar.

German ZEW Economic Sentiment Falls Unexpectedly In April

German economic sentiment deteriorated unexpectedly in April amid the third wave of infections, survey results from the ZEW – Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment fell 5.9 points to 70.7 points from 76.6 in March, while the score was forecast to climb to 79.0. This was the first time that the indicator has experienced a drop since November 2020.

However, expectations are still at a very high level, the agency said.

Meanwhile, the assessment of the economic situation advanced 12.2 points to minus 48.8 points. The expected reading was minus 53.0.

The financial market experts are somewhat less euphoric than in the previous month, ZEW President Achim Wambach, said.

Fears of a stricter lockdown have led to a decline in expectations for private consumption, Wambach noted. Nevertheless, the outlook for exports is better than in the previous month.

Economic confidence in the euro area also weakened in April. The corresponding index declined 7.7 points to 66.3. By contrast, the indicator for the current economic situation climbed 4.3 points to a level of minus 65.5 points.

The survey showed that inflation expectations for the Eurozone dropped 5.5 points to 75.1 points. The corresponding indicator still points to an increase in inflation over the next six months.

Gold declines ₹ 305 on muted global

Silver also dipped ₹ 113

Gold in the national capital on Tuesday fell by ₹ 305 to ₹ 46,756 per 10 gram in line with a fall in international precious metal prices and rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹ 47,061 per 10 gram.

Silver also dipped ₹ 113 to ₹ 67,810 per kilogram from ₹ 67,923 per kilogram in the previous trade.

The rupee advanced by 23 paise to 74.64 against the U.S. dollar in opening trade on Tuesday.

In the global market, gold was quoting lower at $ 1,768 per ounce and silver was flat at $ 25.90 per ounce.

"Gold prices traded under pressure after U.S. bond yields recovered from the recent lows. The yellow metal witnessed selling with rising in U.S. bond yields while prices were $10 away from touching $1,800 levels," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold came $10 short from touching $1,800 level in yesterday’s session as the rebound in U.S. bond yields overpowered the support from sagging dollar."

Gold Prices Ease As Yields Rebound

Gold prices slipped from a seven-week high on Tuesday as bond yields rose and focus shifted to the European Central Bank meeting on Thursday, which investors hope will give more clarity about stimulus plans for the bloc,

Spot gold slipped 0.2 percent to $1,767.90 per ounce, after having hit $1,789.77 on Monday, it’s highest since Feb. 25. U.S. gold futures were down 0.2 percent at $1,767.85.

U.S. Treasury yields rose as investors awaited the outcome of auctions set to be held for $34 billion of 52-week bills and $40 billion of 42-day bills. Euro zone bond yields followed suit, but moves were contained after a hefty sell-off on Monday.

The rise in yields didn’t echo into the dollar, helping limit the downside for the precious metal.

U.S. President Joe Biden held a meeting on Monday with a bipartisan group of lawmakers who have all served as governors or mayors, as the White House seeks a deal on his more than $2 trillion jobs and infrastructure proposal.

“I am prepared to compromise and prepared to see what we can do and what we can come together on,” Biden said at the outset of the meeting.

Earlier today, China kept its benchmark lending rates unchanged, as widely expected.

The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.

Women asked to help create map showing where they feel unsafe across London area


Pentair Plc To Acquire Ken’s Beverage – Quick Facts

Pentair plc (PNR) has agreed to acquire the assets of Ken’s Beverage, Inc., a provider of beverage equipment and service to commercial customers. Total consideration for the transaction is approximately $80 million in cash.

Ken’s Beverage provides beverage equipment, installation, service, preventive maintenance, project deployment and water filtration systems for restaurants, convenience stores and foodservice companies.

“The planned addition of KBI advances our strategy to provide a full suite of services for commercial customers, and supports Pentair’s vision to be a leading residential and commercial water treatment company,” said Mario D’Ovidio, Executive Vice President and President, Pentair Consumer Solutions.