"Lamb Weston, the largest producer of french fries in North America and a major supplier to fast-food chains, restaurants and grocery stores, is closing a production plant in Washington state. The company announced last week that it would lay off nearly 400 employees, or 4% of its workforce, and temporarily cut production lines in response to slowing customer demand."

cross-posted from: https://lemmy.world/post/20625553

Oil markets are being too complacent given the risk of major supply disruptions in the Middle East, analysts told CNBC on Thursday, with one warning that crude futures could rally to more than $200 a barrel.

It comes amid speculation that Israel could be planning to launch a retaliatory attack on Iran targeting its oil infrastructure — a prospect which would likely deliver a rude awakening to bearish energy market participants.

Iran, which is a member of OPEC, is a major player in the global oil market. So much so, it is estimated that as much as 4% of the world’s supply could be at risk if Iran’s oil infrastructure becomes a target for Israel.

Speaking to CNBC’s “Street Signs Europe” on Thursday, Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB, said escalating tensions in the Middle East could have dramatic consequences for the market.

“If ... you really took out the oil installations in Iran, force down the exports by 2 million barrels, then the next question in the market will be what will happen now in the Strait of Hormuz? That, of course, would add a significant risk premium to oil,” Schieldrop said.

Debt holders oppose $1.6 billion value reduction, throwing wrench into TV merger.

Dish creditors "plan to block a distressed exchange that's a key part of its tie-up with rival DirecTV, according to people familiar with the matter," Bloomberg reported today. "A group of steering committee investors has gained a blocking position in order to negotiate with the company, the people said. They may even explore a better outcome through litigation, said some of the people." The Bloomberg article was titled, "Dish-DirecTV Deal Sparks Creditor Revolt Over $1.6 Billion Loss."

As Bloomberg notes, "Dish needs consent from its bondholders to exchange old debts for notes issued out of the new combined entity" in order to complete the deal. A previous Bloomberg article said that "just over two-thirds of [Dish] bondholders in each series of notes have to agree to the exchange, with the deadline set for October 29." EchoStar executives argue that debt holders will benefit from the merger by "owning debt of a stronger company with lower leverage," the article said.

cross-posted from: https://lemm.ee/post/43745210

Source Bloomberg article