Latest news with #non-US
New York Post
3 hours ago
- Business
- New York Post
Del Monte Foods files for bankruptcy as 139-year-old food icon seeks sale
Del Monte Foods kicked off efforts to pursue a sale as it filed for Chapter 11 bankruptcy proceedings in the US on Tuesday under an agreement with certain key lenders, the company said in a statement. The company has secured $912.5 million in financing to support itself through the proceedings, it said, adding that it intends to remain open and continue operations throughout the bankruptcy. The 139-year old company hosts names like canned fruits and vegetables brand Del Monte, College Inn, under which it sells broth and stocks, and tea brands like Joyba. Advertisement Del Monte, a 135-year-old company, has secured $912.5 million in financing to support itself through the proceedings. AP It listed estimated assets and liabilities in the range of $1 billion to $10 billion, according to a filing with the New Jersey bankruptcy court, while the number of creditors is estimated between 10,000 and 25,000. 'This is a strategic step forward for Del Monte Foods. After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,' CEO Greg Longstreet said. Advertisement Certain of its non-US subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual, Del Monte Foods said.
Hindustan Times
5 hours ago
- Business
- Hindustan Times
Del Monte files for bankruptcy: What it means for food, grocery prices in US
Del Monte Foods has filed for bankruptcy. The 138-year-old company is looking for a buyer. On Tuesday, Del Monte Foods announced it was voluntarily entering Chapter 11, Reuters reported. The canned foods firm is going through a sale process for all of its assets as well. As per its statement, Del Monte has secured $912.5 million in new funding. This will allow the company to remain afloat as it enters the peak canning season while the sale process is underway. According to court documents, the liabilities of Del Monte Foods were estimated between $1 billion and $10 billion. Del Monte canned tomatoes are seen among other nonperishable goods inside the West CAP Food Pantry in Boyceville, Wisconsin, U.S(REUTERS) Also read: Popular Canned food company Del Monte files for bankruptcy The decision could significantly impact food and grocery prices in the United States. Del Monte is behind some major brands such as College Inn, which sells broth and stocks, and Joyba's tea products. Sarah Foss, global head of legal and restructuring at Debtwire, told CNN that Del Monte cited declining consumer demand for the Chapter 11 bankruptcy filing. 'Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives,' she added. This led the company to incur increased costs in terms of storing surplus inventory and promotional spending to encourage buyers. Del Monte's bankruptcy needs to be seen in the light of inflation and US President Donald Trump's tariff policies. In May, inflation in the US picked up a bit due to rising food prices. As per a report by the Labor Department, consumer prices jumped 2.4 per cent in May compared with a year ago. In April, the prices had registered a 2.3 per cent increase year-on-year. The figures mean that the Federal Reserve's 2 per cent inflation target remains unfulfilled. This means the central bank is less likely to reduce borrowing costs in the future. As for tariffs, an Associated Press report stated that almost all economists expect that the Trump administration's policies could make things more expensive in the second half of 2025, but the exact impact remains uncertain. In this context, Del Monte Food's bankruptcy and closure could potentially increase food prices. However, the exact impact is expected to become apparent in the next few months. FAQs 1. Has Del Monte Foods filed for bankruptcy? Yes, it filed for Chapter 11 bankruptcy on Tuesday. 2. How much in liabilities does Del Monte Foods have? The estimated liabilities are between $1 and $10 billion. 2. Are Del Monte's non-US subsidiaries included in the bankruptcy filing? No, as per Reuters, the company's non-U.S. subsidiaries are not part of the Chapter 11 proceedings and will continue to operate as usual.
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First Post
7 hours ago
- Business
- First Post
Tech's new ‘Lonely Mountain': Billionaires join hands to guard start-up treasures in Silicon Valley
A group of tech entrepreneurs is preparing to launch a US bank aimed at serving start-ups and cryptocurrency businesses, seeking to fill the void left by the collapse of Silicon Valley Bank (SVB) read more A group of tech entrepreneurs led by Palmer Luckey, co-founder of military contractor Anduril, is preparing to launch a US bank aimed at serving start-ups and cryptocurrency businesses, filling a void left by the collapse of Silicon Valley Bank (SVB). The new institution, to be named Erebor, has applied for a national bank charter, according to a regulatory filing made public this week. Erebor is backed by a roster of prominent technology investors, including Joe Lonsdale, founder of venture capital firm 8VC and a co-founder of defence company Palantir. Founders Fund, the venture capital group launched by Peter Thiel, is also among the investors, Financial Times cited two people familiar with the matter as saying. STORY CONTINUES BELOW THIS AD The bank is named after the 'lonely mountain" from J.R.R. Tolkien's The Lord of the Rings, the same literary source that inspired the names of Anduril and Palantir. According to the application, 'the bank will be a national bank . . . providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals.' Erebor intends to target companies in what it describes as the 'innovation economy,' with a focus on virtual currencies, artificial intelligence, defence, and manufacturing. The filing said the bank would also serve individuals who work for or invest in these companies, and would work with non-US firms 'seeking access to the US banking system.' The bank's founders began discussing the idea in 2023 after the collapse of SVB, which had been the preferred lender for many US start-ups. SVB's assets were eventually acquired by First Citizens Bank, and a number of its bankers joined HSBC in the US However, many start-ups have since reported difficulty accessing capital and services, prompting efforts to create a new financial institution tailored to their needs. Erebor plans to set itself apart by focusing on customers that are 'not well served by traditional or disruptive financial institutions, in particular with respect to insufficient access to credit,' the filing said. The bank will be headquartered in Columbus, Ohio, with an additional office in New York. It plans to operate entirely digitally, marketing its products and services through a smartphone app and website. STORY CONTINUES BELOW THIS AD The venture is expected to play a significant role in handling stablecoin transactions, a type of cryptocurrency pegged to real-world assets like the US dollar. The application notes Erebor aims to be 'the most regulated entity conducting and facilitating stablecoin transactions.' Luckey and Lonsdale, both major donors to Donald Trump during the 2024 presidential election, are not expected to be involved in Erebor's daily operations, according to people familiar with the project. The bank will be led by co-CEOs Jacob Hirshman, a former adviser at crypto firm Circle, and Owen Rapaport, CEO of digital assets compliance company Aer Compliance. Mike Hagedorn, a former senior executive at Valley National Bank, will serve as president. Some details of the application, including its equity structure, business plan, and shareholder information, were submitted confidentially and have not been made public. Lonsdale confirmed he was financially backing the project but declined further comment. Luckey did not respond to a request for comment. STORY CONTINUES BELOW THIS AD
New Indian Express
14 hours ago
- Health
- New Indian Express
20 US states sue Trump administration for releasing private Medicaid data to deportation officials
WASHINGTON: The Trump administration violated federal privacy laws when it turned over Medicaid data on millions of enrollees to deportation officials last month, California Attorney General Rob Bonta alleged on Tuesday, saying he and 19 other states' attorneys general have sued over the move. Health secretary Robert F. Kennedy Jr.'s advisers ordered the release of a dataset that includes the private health information of people living in California, Illinois, Washington state, and Washington, DC, to the Department of Homeland Security, The Associated Press first reported last month. All of those states allow non-US citizens to enroll in Medicaid programs that pay for their expenses using only state taxpayer dollars. The unusual data sharing of private health information, including addresses, names, social security numbers, immigration status, and claims data for enrollees in those states, was released to deportation officials as they accelerated enforcement efforts across the country. The data could be used to help the Department of Homeland Security locate migrants in its mass deportation campaign, experts said. Bonta said the Trump administration's data release violates federal health privacy protection laws, including the Health Insurance Portability and Accountability Act (HIPAA). 'This is about flouting seven decades of federal law policy and practice that have made it clear that personal healthcare data is confidential and can only be shared in certain narrow circumstances that benefit the public's health or the Medicaid program,' Bonta said during a news conference on Tuesday. The Trump administration has sought to arm deportation officials with more data on immigrants. In May, for example, a federal judge refused to block the Internal Revenue Service from sharing immigrants' tax data with Immigration and Customs Enforcement to help agents locate and detain people living without legal status in the US. The move to shore up the federal government's data on immigrant Medicaid enrollees appears to have been set in motion in May, when the Centers for Medicare and Medicaid Services announced it would be reviewing some states rolls to ensure federal funds have not been used to pay for coverage for people with 'unsatisfactory immigration status.' As part of the review, CMS asked California, Washington and Illinois to share details about non-U.S. citizens who have enrolled in their state's Medicaid program, according to a June 6 memo signed by Medicaid Deputy Director Sara Vitolo that was obtained by the AP. The memo was written by several CMS officials under Vitolo's supervision, according to sources familiar with the process. CMS officials attempted to fight the data sharing request from Homeland Security, saying that to do so would violate federal laws, including the Social Security Act and the Privacy Act of 1974, according to the memo. The legal arguments outlined in the memo were not persuasive to Trump appointees at HHS, which oversees the Medicaid agency. Four days after the memo was sent, on June 10, HHS officials directed the transfer of 'the data to DHS by 5:30 ET today,' according to email exchanges obtained by AP. HHS is 'aggressively cracking down on states that may be misusing federal Medicaid funds,' agency spokesman Andrew Nixon said in a statement. The agency has not provided details on DHS' role in the effort. Nixon also defended the legality of releasing the data to DHS. 'HHS acted entirely within its legal authority – and in full compliance with all applicable laws – to ensure that Medicaid benefits are reserved for individuals who are lawfully entitled to receive them,' he said in the statement. Dozens of Democratic members of Congress — in both the House and Senate — have sent letters to the involved agencies, demanding that data sharing cease and that Homeland Security destroy the information it has received so far.
Time of India
14 hours ago
- Business
- Time of India
$1.2 trillion needed for grid-forming battery storage to support global renewable push: Report
New Delhi: Global investment of $1.2 trillion will be required in battery energy storage systems (BESS) over the next decade to support the addition of 5,900 gigawatts (GW) of new wind and solar capacity worldwide, energy consultancy Wood Mackenzie said in its latest analysis. The report forecasts a 55 per cent increase in global power demand by 2034 , with more than 80 per cent of new capacity additions expected to come from variable renewable energy sources. 'Grid-forming battery energy storage systems represent a critical breakthrough for renewable energy integration ,' Robert Liew, Research Director at Wood Mackenzie, said. 'As global power demand is projected to surge 55 per cent by 2034, with variable renewable energy comprising over 80 per cent of new capacity additions, GFM BESS provides the technological bridge between renewable abundance and grid stability requirements .' Grid-forming battery systems differ from traditional grid-following systems by actively supporting voltage and frequency stability, which is essential as the share of intermittent renewable sources increases. According to the report, the power sector faces a 1,400 GW capacity gap for grid-forming battery storage installations between 2024 and 2034. This shortfall highlights the need for large-scale deployment of storage systems to ensure grid reliability. Several Asia-Pacific markets are already operating with wind and solar contributing between 46 per cent and 90 per cent of peak demand. The report notes that markets with high renewable penetration are likely to prefer grid-forming capabilities to address stability concerns. 'Grid-forming BESS provides multiple critical functions for stability including independent voltage source capabilities, high current transient support during disturbances, inertia response similar to conventional power plants, and black start functions,' it said. The report cited the 2025 Spanish blackout as an example of the risks associated with high renewable penetration without corresponding grid-forming infrastructure. Liew highlighted the Red Sea Project as a case study for grid-forming technology, stating, 'As the world's largest off-grid renewable energy project, it showcases how a utility-scale power system can operate continuously on 100 per cent renewable energy for almost two years.' While grid-forming capabilities add about 15 per cent to system costs, primarily due to advanced inverters and software, battery prices have declined by 10–40 per cent across global markets over the past year. The report said this has improved the economic feasibility of such installations. Hybrid utility-scale solar and battery storage systems are already cost-competitive with onshore wind, and projections suggest that battery systems will undercut coal and gas power generation costs in several non-US markets by 2040. Regulatory momentum is also building for grid-forming battery technology. Countries such as China, the United States, and Australia have issued technical guidelines to facilitate the deployment of such systems. 'Increasing clean energy targets , policy developments, and proven pilot projects are accelerating the adoption of grid-forming technology,' Liew added. 'With global battery capacity expected to triple by 2035, grid-forming capabilities will likely become a baseline requirement for new storage deployments.' India, China, Japan, and Vietnam are currently managing renewable energy penetration of 46 per cent to 92 per cent of peak demand, making them key regions for early adoption of grid-forming storage systems. The report noted that managing renewable curtailment and improving grid resilience will be central to energy transition efforts in these markets.
