Welcome to the October 2022 edition of our newsletter, bringing you important policy and high-impact news.
We hope you find it useful.
A Forum for Indian Businesses in North East USA
(Covering: Connecticut, Maine, Massachusetts, New Hampshire,
New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)
That Reusable Trader Joe’s Bag? It’s Rescuing an Indian Industry.
As much of the world seeks biodegradable alternatives to synthetic materials like plastics, Indian jute is making its way around the planet, from supermarkets in the United States to fashion houses in France to wine producers in Italy. Jute, a coarse fiber used to make fabrics like burlap, has been cultivated for centuries in the warm and humid climate of the Ganges Delta. Some of India’s jute factories have been in operation for more than a century, and today the country is the world’s largest producer.
Funds are among the notable winners from market turbulence. Some have pared bets as prices have retrenched. Some hedge funds that trade raw materials have generated blockbuster returns this year, making them among the major beneficiaries of exceptionally volatile commodity markets. Prices for oil, natural gas, metals and grains ripped higher earlier this year as economies reopened from lockdown and the Ukraine war disrupted flows of energy and raw materials.
Employers have been burned by a labor shortage. Will that make them act differently if the economy slows down? Instead of firing, businesses may look for other ways to trim costs. Mr. Pritchard in Provo and his business partner, Janine Coons, said that if business fell off, their first resort would be to cut hours. Their second would be taking pay cuts themselves. Firing would be a last resort.
Kroger agrees to buy rival grocery company Albertsons for $24.6 billion
Rival grocers Kroger and Albertsons on Friday announced plans to team up. The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. Albertsons shares had closed at $28.63 after surging on reports that a deal was imminent. Kroger is the second-largest grocer by market share in the United States, behind Walmart, and Albertsons is fourth, after Costco. Together, Kroger and Albertsons would be a closer second to Walmart.
Biden calls on oil, gas companies to stop 'war profiteering,' threatens windfall tax
U.S. President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week. In remarks at the White House, Biden criticized major oil companies who are bringing in big profits while Americans, weary of inflation, pay a tidy sum to fill up their cars.