Abbott agreement to restart U.S. baby formula plant
Abbott says it reached an agreement with the FDA to restart production at its Sturgis Michigan plant. Start of shipments likely six to eight weeks after resumption as regulators outline steps to shore up U.S. formula supply amid a national shortage and recalls from earlier this year.
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EU warns of slower growth as energy costs bite economy
The European Commission cut growth forecasts amid Russia’s invasion of Ukraine. Energy sanctions push inflation higher while coal and oil embargo plans face country fears. The bloc relies on Russia for about a quarter of its energy imports and aims to cut gas demand by two thirds this year. EU inflation expected at 6.8 percent this year and 3.2 percent in 2023. In a separate note, JetBlue launched a hostile bid for Spirit Airlines, offering $30 a share, with Spirit’s board to review within 10 business days and rejecting the prior $33 offer as antitrust concerns loom.
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Markets slip as inflation fears linger on Wall Street
New York stocks closed lower after a wobbly session as investors weigh high prices and whether central banks can ease inflation. The S P 500 fell 0.4 percent to 4008.01, the Dow gained 0.1 percent to 32223.42, and the Nasdaq slid 1.2 percent to 11662.79 amid tech losses and energy volatility. U S crude rose 3.4 percent, with inflation and supply concerns persisting alongside weak global growth signals from the EU outlook.
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