Day: June 1, 2020

Unsold Truffles Tell Tale of Broken $3.4 Trillion Food Chain

(Bloomberg) — Every year, John Gregson sells his autumn and winter truffles, carefully sourced from places like Italy’s Sibillini mountains and Teruel in eastern Spain, to restaurants for as much as 6,000 pounds ($7,400) a kilo. Not this year.

His biggest restaurant customers brought their shutters down during the coronavirus lockdown, and many may not be raising them anytime soon — if ever. The unprecedented disruption in the food chain, with worst-case estimates showing 80% of restaurants going bust in some parts of the world, is leaving people like Gregson grappling with an industry that may take years to untangle

Job loss at all-time high; manufacturing PMI second-lowest in May even as economic activity resumes

Weaker demand in the market led to a slow output after April’s complete lockdown and consequently, firms cut staff numbers at the quickest pace since data collection began over 15 years ago.

The manufacturing activity and business optimism in May stood at the second-weakest level on record in May even after the Narendra Modi-led government allowed businesses and industries to resume operations. The manufacturing PMI marginally increased from 27.4 in April to 30.8 in May despite the partial lifting of lockdown restrictions. Weaker demand in the market led to a slow output after April’s complete lockdown and consequently, firms

Flipkart’s foray into food retail hits regulatory roadblock as DPIIT rejects application

Flipkart will look at re-applying for the food retail license.

The Department for Promotion of Industry and Internal Trade (DPIIT) has rejected Flipkart’s application for food retail license citing that it doesn’t fit into the current FDI norms. Flipkart had last year registered FarmerMart – a separate entity to foray into the retail trading of food products, manufactured and produced in India, through offline and online distribution and other sales channels such as e-commerce, according to the company’s memorandum of association filed late last year. Flipkart also intended to invest crores in the new vertical and for setting up logistics,