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According to the Daily Mail, sources say British Prime Minister Keir Starmer has told close friends that he intends to resign and has developed a well-organized timetable for his departure.On May 17, British Columbia health officials reported on May 16 that a passenger from the cruise ship *Hundius*, who was quarantined in the province, tested positive for hantavirus in a preliminary test. British Columbias Chief Medical Officer of Health, Bonnie Henry, said the patient developed mild symptoms such as fever and headache two days prior and was subsequently hospitalized. Her preliminary hantavirus test on May 15 was positive. The patient is currently in isolation, and her test results still require confirmation by a microbiology laboratory. Her partner tested negative. Currently, 10 Canadian citizens are under quarantine due to the *Hundius* outbreak; four are in British Columbia for a 21-day quarantine, and the other six are in Alberta, Ontario, and Quebec.According to Israeli media reports, the massive explosion near Beit Shemesh, Israel, was a controlled industrial blast, with no casualties or property damage.May 17th - According to a report in the British newspaper *The Sun* on Saturday evening, British Chancellor of the Exchequer Reeves plans to announce next week that she will postpone the planned fuel tax increase originally scheduled for September. The temporary fuel tax reduction measure, which began in 2022, was originally scheduled to expire this September. If the measure expires, fuel prices will rise by 5 pence (approximately 6.6 US cents) per liter. However, the British government has previously extended this tax reduction measure several times, most recently in the annual budget last November. *The Sun* reports that Reeves is preparing to extend the measure again.On May 17, US President Trump posted an AI-generated image on social media. In the image, Trump and a general are standing on a warship, while small boats and ships flying the Iranian flag are nearby. The caption reads, "This is the calm before the storm."

Profit for Olam Group in H1 Inches Higher; Further Restructuring Ahead

Charlie Brooks

Aug 12, 2022 10:55

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Olam Group Ltd (SGX:OLAG), a Singapore-based commodity trader, announced a slightly greater profit for the first half of 2022 and disclosed that it was evaluating "strategic alternatives" for two further companies.


Friday, the world's largest coffee distributor said that its net profit attributable to shareholders for the six months ending June 30 rose 1.8% to S$429.1 million ($313.2 million). The revenue increase to S$28.45 billion is attributable to the rise in commodity prices.


Despite volatile commodity markets caused by the Russia-Ukraine crisis and COVID lockdowns in China, Olam's agro products division, which deals in food and industrial items, remained the company's top revenue source.


Due to global market volatility, Olam's expenses rose by around 25%.


The firm claimed that it remained committed to spinning off its food ingredients business, OFI, via a London initial public offering, but was waiting for market conditions to improve. The business did not disclose a particular date for its 2021 initial public offering.


OFI, which deals in coffee, chocolate, and edible nuts, accounted for around fifty percent of Olam's first-half revenue. Initially, the group expected to issue the IPO in the June quarter, however owing to unfavorable market conditions, the IPO has been postponed indefinitely.


The business characterized its view for the remainder of 2022 as "cautiously optimistic" and expects Olam Agri to have a better performance than in 2021.


Olam indicated that it will consider "strategic options" for its venture capital and technology and business services businesses as part of a five-year plan to reduce its focus and increase earnings.


In accordance with the plan, the company claimed continuing progress in selling off less important assets and monetizing "gestating" assets.


Olam anticipates incurring further one-time expenditures linked to the reorganization in the second half of 2022, but at a lesser rate than in 2021.

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