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Bank of England: Stablecoins that have transitioned from the UK Financial Conduct Authority (FCA) regulatory system can have up to 95% of their reserve assets invested in short-term government bonds.The Bank of England has proposed a cap of £20,000 on stablecoin holdings for individuals and £10 million for businesses.Oil prices rose in early trading on November 10, supported by progress toward an end to the US government shutdown, as investors awaited a series of industry reports later this week. Market observers are turning their attention to upcoming monthly reports from OPEC, the International Energy Agency, and the US Energy Information Administration for insights into current supply and demand trends, amid growing concerns about oversupply. Traders are also closely watching Russian oil flows following the latest US sanctions. Media reports indicate that President Trump has granted Hungary a one-year exemption to purchase Russian energy.The Bank of England has proposed that 60% of the assets supporting stablecoins should be short-term UK government bonds, and at least 40% should be held by the Bank of England.On November 10th, UK government bond yields were rising, mirroring the trend in US Treasury yields, as the US government shutdown was expected to end. The US Senate passed a procedural vote to advance an agreement to end the shutdown, securing the support of eight moderate Democrats. However, this is only the first procedural hurdle; the agreement still requires a final closing debate vote in the Senate and approval from the House of Representatives. Meanwhile, UK bond investors are likely to remain cautious due to uncertainty about what measures will be announced in the UK budget on November 26th. According to Tradeweb data, the yield on 10-year UK government bonds rose 2.2 basis points to 4.484%.

Biden Presses Firms on Infant Formula, FDA Eyes More Imports

Haiden Holmes

May 13, 2022 10:04

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President Joe Biden met with executives from infant formula manufacturers and retailers, including Target, Walmart (NYSE:WMT), and Nestle's Gerber, on Thursday, urging them to do everything necessary to provide families with access to the product in the midst of a statewide shortage.


In addition to describing the administration's response to the matter, the White House stated that it is considering using the Defense Production Act.


The U.S. Food & Drug Administration (FDA) will announce new steps regarding the importation of certain infant formula products from abroad in the coming days, according to the White House, and Vice President Joe Biden has requested that the Federal Trade Commission (FTC) investigate reports of predatory conduct, such as price gouging.


According to data company DataAssembly, formula shortages caused by the shutdown of a facility have been compounded by supply chain issues and unprecedented inflation, resulting in a national stockout of approximately 40 percent of baby formula products.


Families rely on infant formula. Less than half of newborns born in the United States were exclusively breastfed for the first three months, according to the 2020 Breastfeeding Report Card from the Centers for Disease Control and Prevention.


Biden highlighted attempts to improve production and asked companies to "do more to assist families acquire infant formula" during his meeting with executives, according to White House spokesperson Jen Psaki.


Psaki stated, "What we are observing, which is a tremendous problem, is hoarding." This is another area of attention for us.


Later, Biden stated on Twitter (NYSE:TWTR): "I'm announcing new initiatives and collaborating with the commercial sector to get infant formula into shops as rapidly as feasible without compromising safety."


As a result of consumer concerns of bacterial contamination, Abbott Laboratories (NYSE:ABT) recalled Similac and other baby formulas manufactured at its Sturgis, Michigan, facility in February. Later, the FDA documented five bacterial illnesses and two fatalities in infants given the company's formula.


Abbott, the largest U.S. supplier of infant formula, stated that studies revealed a bacteria strain detected in the facility was not linked to any known child diseases, despite the fact that the company was revising its cleaning and related practices.


Other significant manufacturers of infant formula are Reckitt Benckiser and Nestle SA (SIX:NESN).


Target Corporation (NYSE:TGT), CVS Health Corporation (NYSE:CVS), and Walgreens Boots Alliance (NASDAQ:WBA) have curtailed formula purchases until supplies recover in order to minimize stockpiling. Letitia James, attorney general of New York, has also warned against price gouging.


On May 25, House members will hold a hearing on the topic.


House Speaker Nancy Pelosi told reporters that lawmakers want to prevent a recurrence, "but the baby is wailing, the baby is hungry, and we must solve the matter immediately."


Rosa DeLauro, chairwoman of the House Appropriations Committee, requested an investigation into the Department of Health and Human Services this month, citing an October 2021 complaint from a whistleblower.


House Republicans blasted the Biden administration on Thursday, stating that a strategy to address the shortages should have been in place sooner.


Abbott stated that it might restore production at Sturgis within two weeks of FDA approval, adding that it is prioritizing production at its Ohio site in Columbus and air-shipping formula from its Ireland facility.


The recall was announced by the corporation on February 17.


The FDA issued a warning on February 28 regarding Cronobacter sakazakii and Salmonella Newport infections in infants fed formula from the Michigan factory. The FDA concluded its inspection of the facility on March 18, and Abbott reacted on April 8.

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