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H&M says it will “phase out” sourcing from Myanmar

Reuters exclusively reported that the world’s second-biggest fashion retailer H&M (HMb.ST) has decided to gradually stop sourcing from Myanmar, as reports of labor abuses in garment factories in the country increase. The post H&M says it will “phase out” sourcing from Myanmar appeared first on Reuters News Agency.
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ArcelorMittal weighs possible bid for US Steel

Reuters exclusively reported that ArcelorMittal SA (MT.LU), the world’s second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N). The combination would reverse ArcelorMittal’s retreat from the United States as a production base after it sold most of its operations to Cleveland-Cliffs Inc (CLF.N) in 2020 for $1.4 billion to focus on growing […]
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Xi to skip G20 summit in India, China to send Li instead 

China’s foreign ministry has confirmed Reuters exclusive report that Premier Li Qiang will lead the country’s delegation at this week’s G20 summit in India, in the place of President Xi Jinping. Xi has participated in all previous G20 meetings of world leaders during his decade in power and his absence scuppers the prospects for meeting […]
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Turkey shocks with big rate hike to 25%, boosting lira 

Reuters was first to report when Turkey’s central bank shocked markets by hiking its interest rate by 750 basis points to 25%, three times the size of the expected tightening. The lira currency immediately rallied more than 7%, bank stocks jumped 8% and dollar bonds gained more than 2 cents. The move was Turkey’s biggest […]
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Twinkies maker Hostess Brands explores sale amid takeover interest 

Reuters was first to report that Hostess Brands, the maker of Twinkies snack cakes, is exploring a sale after fielding takeover interest from major snack food makers. Hostess became an acquisition target after it raised prices on some of its products to boost revenue, fueling investor concerns over its prospects. General Mills Inc, Mondelez International, […]
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Catalent’s Indiana plant to make Novo’s Wegovy weight-loss drug 

Reuters exclusively reported that Novo Nordisk has hired Thermo Fisher as its second contract manufacturer for its hugely popular weight-loss drug Wegovy. Novo Chief Financial Officer Karsten Munk Knudsen told Reuters in May the company had signed up a second contract manufacturer in the United States, but the identity of the company has not previously […]
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