US regulators have banned Juul Labs from selling its e-cigarette products in the country, citing its role in fuelling an epidemic of teen vaping (The Financial Times £).
The action is part of a sweeping effort by the Food and Drug Administration to bring scientific scrutiny to the multibillion-dollar vaping industry after years of regulatory delays (The Guardian).
After a nearly two-year-long review of scientific and public health data submitted by the company, the US Food and Drug Administration said yesterday that the applications “lacked sufficient evidence” to show that sale of the products would be appropriate for public health (The Times £).
The Lex column in The Financial Times (£) says the popularity of Juul’s mint vapes with teenagers was its fatal flaw. But it argues, even with Juul’s problems, part-owner Altria’s stock still looks cheap.
Economic confidence among British households has fallen to the lowest level on record, adding to signs that the economy is heading for a recession caused by soaring inflation (The Times £).
The odds of the UK economy falling into a recession shortened yesterday after data from companies, households and the government’s finances illustrated the impact that high inflation is having on businesses and consumers (The Times £).
The economy is ‘running on empty’ as fears grow over a global recession, experts warned yesterday (The Mail).
Food prices are soaring – but the worst is yet to come (The Telegraph).
Naked Wines, the online retailer, lost nearly 40% of its market value on Thursday after it warned of “greater uncertainty” in the economy (The Financial Times £).
The online wine group, formerly part of Majestic Wine, reported 2022 results in line with its April trading update, but admitted that its 2023 earnings would be no better than break-even on the back of reduced investment in acquiring new customers (The Times £).
Naked Wines added that sales could decline by up to 4% on a constant currency basis this year due to current economic uncertainty, continuing cost pressures across all markets, and flat revenues in its new customer segment (The Mail).
The proposed sale of Boots is on the rocks amid concerns over how a deal will be financed (The Mail).
One of the UK’s biggest cheddar cheese suppliers has been fined more than £1.5m after admitting a host of pollution and odour charges (BBC News). The Dairy Crest plant at Davidstow, Cornwall, polluted the local area over a five year period up to 2021, killing fish and creating strong odours.
John Lewis is now offering a very different service at its UK stores, as it rolls out a Botox programme for customers who want to reverse the years while they shop (The Telegraph).
An opinion column in The Financial Times (£) examines the secret recipe of Pringles in light of this week’s announcement by Kellogg’s to split into three.
Mondelez shifts ‘limited’ Toblerone production from Switzerland to Slovakia (The Times £).
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