Ford struggles in Europe as losses mount in 2012 outlook
Ford reports a 57 percent drop in second quarter net to 1 billion with a 404 million Europe loss. European sales hit 20 year lows amid debt crisis and slow economy, prompting talks of layoffs and plant closures. Morgan Stanley’s Adam Jonas notes underutilized capacity as Ford weighs restructuring including Southampton and Genk plants.
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PepsiCo profits dip as price hikes yield mixed results
PepsiCo reports a 21 percent drop in second quarter net income, though results beat expectations as higher advertising and new products aim to cement brands like Pepsi and Gatorade. North American soda volumes fell 4 percent while worldwide sales rose 5 percent excluding acquisitions and FX effects.
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Drought to push up US food prices in 2013 say USDA
The USDA forecast 2013 food price inflation of 3 to 4 percent driven by drought spreading across half the country. Beef and dairy lead the increases with beef up 4 to 5 percent and dairy 3.5 to 4.5 percent while poultry and pork rise 3 to 4 percent and 2.5 to 3.5 percent respectively.
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USDA
Minneapolis
U.S. Department of Agriculture
Richard Volpe
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Irano Hind Shipping dissolves under sanctions pressure
The Indian Iranian venture Irano Hind Shipping Co founded in 1974 with India's Shipping Corp. will cease operations after sanctions hinder its seven vessel fleet. The board decision requires approval from India, Iran and the U.N. as Washington intensifies economic pressure over Iran's nuclear program.
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