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New Chipotle E. Coli Cases Reported as CDC Investigates Possible Second Outbreak

New Chipotle E. Coli Cases Reported as CDC Investigates Possible Second Outbreak

Five more people who ate Chipotle have reportedly fallen ill after coming in contact with E. coli as the CDC investigates

The saga of Chipotle’s downward spiral continues.

This year, 198 people have been sickened in connection with eating Chipotle, either from E. As the illness and hospitalization toll rises, Chipotle’s stock continues to fall, as do burrito fans’ faith in the popular fast casual chain.Just a week after Chipotle announced new safety measures and issued an apology to media outlets across the nation, five more people have reportedly fallen ill from coming into contact with E. coli bacteria after eating Chipotle in Kansas, North Dakota, and Oklahoma.

CDC is investigating the new E. coli cases, but it is unknown at this time whether this current outbreak is linked to the original outbreak that sickened 53 people and caused the burrito chain to close more than 50 locations in Western United States. This time around, the E. coli illnesses were reportedly caused by a different strain. Dr. Ian Williams, chief of the CDC's Outbreak Response & Prevention Branch, believes that this fact, as well as the geographic distance and time difference, could point to a completely new, unrelated outbreak.

Ironically, Chipotle founder and co-CEO Steve Ells told CNBC last week, “I will say…that we can assure you today that there is no E. coli in Chipotle. We have thoroughly tested our food, we have thoroughly tested our surfaces and we are confident that Chipotle is a safe place to eat."

This statement seems a little ingenuous: Vox.com has discovered that, in a regulatory disclosure Chipotle filed in February of this year, the company admitted that its commitment to buying ingredients locally and from farmers markets "may make it more difficult to keep quality consistent, and present additional risk of food-borne illnesses given the greater number of suppliers involved in such a system…."


CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

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The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

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CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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(Bloomberg) -- Asian refineries are grappling with what’s expected to be a brief period of weak profits as a demand-sapping Covid-19 comeback across the region coincides with a likely surge in oil-product exports from Iran.The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline and jet fuel, squeezing the profit margins of refiners. The market is also bracing for the possibility of a boost to Iranian fuel oil supplies into Asia should a nuclear deal be revived.That’s led to complex refining margins in Singapore, a proxy for Asia, falling from $1.65 a barrel at the end of April to as low as 3 cents in mid-May. While it’s a setback for processors recovering from the pandemic, margins have rebounded slightly and are expected to resume an upward trajectory as soon as the third quarter with accelerating vaccination rates aiding demand.The average profit from converting crude into gasoline in Asia -- the so-called crack spread -- fell in May from April, snapping a three-month gain. Across the region, restrictions in place from Malaysia, Vietnam to Japan have sapped demand for transportation fuel. Oil consultant FGE sees India’s gasoline consumption as the “biggest stumbling block to Asia’s demand recovery,” with an estimated 20% fall in April through June versus the previous quarter.See also: Japan’s April Fuel Stocks Rise Despite Drop in Production“Export is not a very attractive option,” said N. Vijayagopal, the finance director at Bharat Petroleum Corp., India’s second biggest fuel retailer. Refiners across the country are facing a double whammy caused by weaker regional markets and lower domestic consumption that’s prompting them to set aside earlier plans to maintain run rates and reduce operations instead.Complex refining margins in Singapore were at 60 cents a barrel on Monday and averaged about 71 cents in May. That compares with $2.41 in the same period in 2019, prior to the pandemic. The profit from converting crude to gasoline in Asia was at $8.85 on Tuesday after averaging about $8.48 in May.Iran FlowsThe restart of some crude processing capacity after seasonal maintenance will boost fuel supplies and offset some of the expected increase in demand, limiting the gains in refining margins, said Victor Shum, vice president of energy consulting for IHS Markit.Most are expecting a flood of crude should the nuclear accord be renewed with Iran, but it’s the prospect of rising fuel oil flows -- used to power ships and for electricity generation in some countries -- that’s raised concerns for Asian refiners, especially as China boosts output of heavy fuel.Margins for very low-sulfur fuel oil dropped below $10 a barrel in mid-May for the first time since December, easing from a high of almost $16 at the end of February. Cracks in May were also at the lowest average in five months. Margins for high-sulfur fuel oil fell as low -$8.80 in May, from -$3.71 in April.Diesel demand, most notably from China, is proving to be the bright spot and has provided a buffer for overall margins. Consumption in Asia during the first three months of the year was at 9.4 million barrels a day, or about 98% of 2019 levels, and is expected to edge higher during the second quarter, according to Yuwei Pei, a consultant at Wood Mackenzie Ltd.Singapore’s stockpiles of middle distillates -- a category that includes diesel -- fell through the week ended May 26 to the lowest since April 2020. Covid-19 restrictions and the return of refineries after seasonal maintenance may lead to rising Asian inventories, but regional diesel cracks could increase $3 to $4 a barrel to as much as $10 by December, according to Wood Mackenzie.“As the Covid-19 situation in Asia stabilizes and restrictions are eased, improvement in cracks of transportation fuels should support both simple and complex refining margins through the third quarter,” said Grayson Lim, a senior oil market analyst at FGE(Updates margins and adds analyst comment in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Stock market news live updates: Stocks end flat ahead of jobs data AMC shares skyrocket in ‘meme stock’ resurgence

Stock futures edged up Wednesday morning on the heels of a mixed session a day earlier, with the three major indexes struggling for direction at the start of June.


CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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(Bloomberg) -- Asian refineries are grappling with what’s expected to be a brief period of weak profits as a demand-sapping Covid-19 comeback across the region coincides with a likely surge in oil-product exports from Iran.The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline and jet fuel, squeezing the profit margins of refiners. The market is also bracing for the possibility of a boost to Iranian fuel oil supplies into Asia should a nuclear deal be revived.That’s led to complex refining margins in Singapore, a proxy for Asia, falling from $1.65 a barrel at the end of April to as low as 3 cents in mid-May. While it’s a setback for processors recovering from the pandemic, margins have rebounded slightly and are expected to resume an upward trajectory as soon as the third quarter with accelerating vaccination rates aiding demand.The average profit from converting crude into gasoline in Asia -- the so-called crack spread -- fell in May from April, snapping a three-month gain. Across the region, restrictions in place from Malaysia, Vietnam to Japan have sapped demand for transportation fuel. Oil consultant FGE sees India’s gasoline consumption as the “biggest stumbling block to Asia’s demand recovery,” with an estimated 20% fall in April through June versus the previous quarter.See also: Japan’s April Fuel Stocks Rise Despite Drop in Production“Export is not a very attractive option,” said N. Vijayagopal, the finance director at Bharat Petroleum Corp., India’s second biggest fuel retailer. Refiners across the country are facing a double whammy caused by weaker regional markets and lower domestic consumption that’s prompting them to set aside earlier plans to maintain run rates and reduce operations instead.Complex refining margins in Singapore were at 60 cents a barrel on Monday and averaged about 71 cents in May. That compares with $2.41 in the same period in 2019, prior to the pandemic. The profit from converting crude to gasoline in Asia was at $8.85 on Tuesday after averaging about $8.48 in May.Iran FlowsThe restart of some crude processing capacity after seasonal maintenance will boost fuel supplies and offset some of the expected increase in demand, limiting the gains in refining margins, said Victor Shum, vice president of energy consulting for IHS Markit.Most are expecting a flood of crude should the nuclear accord be renewed with Iran, but it’s the prospect of rising fuel oil flows -- used to power ships and for electricity generation in some countries -- that’s raised concerns for Asian refiners, especially as China boosts output of heavy fuel.Margins for very low-sulfur fuel oil dropped below $10 a barrel in mid-May for the first time since December, easing from a high of almost $16 at the end of February. Cracks in May were also at the lowest average in five months. Margins for high-sulfur fuel oil fell as low -$8.80 in May, from -$3.71 in April.Diesel demand, most notably from China, is proving to be the bright spot and has provided a buffer for overall margins. Consumption in Asia during the first three months of the year was at 9.4 million barrels a day, or about 98% of 2019 levels, and is expected to edge higher during the second quarter, according to Yuwei Pei, a consultant at Wood Mackenzie Ltd.Singapore’s stockpiles of middle distillates -- a category that includes diesel -- fell through the week ended May 26 to the lowest since April 2020. Covid-19 restrictions and the return of refineries after seasonal maintenance may lead to rising Asian inventories, but regional diesel cracks could increase $3 to $4 a barrel to as much as $10 by December, according to Wood Mackenzie.“As the Covid-19 situation in Asia stabilizes and restrictions are eased, improvement in cracks of transportation fuels should support both simple and complex refining margins through the third quarter,” said Grayson Lim, a senior oil market analyst at FGE(Updates margins and adds analyst comment in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Stock market news live updates: Stocks end flat ahead of jobs data AMC shares skyrocket in ‘meme stock’ resurgence

Stock futures edged up Wednesday morning on the heels of a mixed session a day earlier, with the three major indexes struggling for direction at the start of June.


CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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Asia Refiners a Face Double Blow to Profits from Iran, Covid

(Bloomberg) -- Asian refineries are grappling with what’s expected to be a brief period of weak profits as a demand-sapping Covid-19 comeback across the region coincides with a likely surge in oil-product exports from Iran.The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline and jet fuel, squeezing the profit margins of refiners. The market is also bracing for the possibility of a boost to Iranian fuel oil supplies into Asia should a nuclear deal be revived.That’s led to complex refining margins in Singapore, a proxy for Asia, falling from $1.65 a barrel at the end of April to as low as 3 cents in mid-May. While it’s a setback for processors recovering from the pandemic, margins have rebounded slightly and are expected to resume an upward trajectory as soon as the third quarter with accelerating vaccination rates aiding demand.The average profit from converting crude into gasoline in Asia -- the so-called crack spread -- fell in May from April, snapping a three-month gain. Across the region, restrictions in place from Malaysia, Vietnam to Japan have sapped demand for transportation fuel. Oil consultant FGE sees India’s gasoline consumption as the “biggest stumbling block to Asia’s demand recovery,” with an estimated 20% fall in April through June versus the previous quarter.See also: Japan’s April Fuel Stocks Rise Despite Drop in Production“Export is not a very attractive option,” said N. Vijayagopal, the finance director at Bharat Petroleum Corp., India’s second biggest fuel retailer. Refiners across the country are facing a double whammy caused by weaker regional markets and lower domestic consumption that’s prompting them to set aside earlier plans to maintain run rates and reduce operations instead.Complex refining margins in Singapore were at 60 cents a barrel on Monday and averaged about 71 cents in May. That compares with $2.41 in the same period in 2019, prior to the pandemic. The profit from converting crude to gasoline in Asia was at $8.85 on Tuesday after averaging about $8.48 in May.Iran FlowsThe restart of some crude processing capacity after seasonal maintenance will boost fuel supplies and offset some of the expected increase in demand, limiting the gains in refining margins, said Victor Shum, vice president of energy consulting for IHS Markit.Most are expecting a flood of crude should the nuclear accord be renewed with Iran, but it’s the prospect of rising fuel oil flows -- used to power ships and for electricity generation in some countries -- that’s raised concerns for Asian refiners, especially as China boosts output of heavy fuel.Margins for very low-sulfur fuel oil dropped below $10 a barrel in mid-May for the first time since December, easing from a high of almost $16 at the end of February. Cracks in May were also at the lowest average in five months. Margins for high-sulfur fuel oil fell as low -$8.80 in May, from -$3.71 in April.Diesel demand, most notably from China, is proving to be the bright spot and has provided a buffer for overall margins. Consumption in Asia during the first three months of the year was at 9.4 million barrels a day, or about 98% of 2019 levels, and is expected to edge higher during the second quarter, according to Yuwei Pei, a consultant at Wood Mackenzie Ltd.Singapore’s stockpiles of middle distillates -- a category that includes diesel -- fell through the week ended May 26 to the lowest since April 2020. Covid-19 restrictions and the return of refineries after seasonal maintenance may lead to rising Asian inventories, but regional diesel cracks could increase $3 to $4 a barrel to as much as $10 by December, according to Wood Mackenzie.“As the Covid-19 situation in Asia stabilizes and restrictions are eased, improvement in cracks of transportation fuels should support both simple and complex refining margins through the third quarter,” said Grayson Lim, a senior oil market analyst at FGE(Updates margins and adds analyst comment in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Stock market news live updates: Stocks end flat ahead of jobs data AMC shares skyrocket in ‘meme stock’ resurgence

Stock futures edged up Wednesday morning on the heels of a mixed session a day earlier, with the three major indexes struggling for direction at the start of June.


CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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CDC Declares Chipotle E.coli Outbreak Over

Two E.coli outbreaks linked to Chipotle Mexican Grill Inc that affected more than 50 people across 14 states appear to be over, the U.S. Centers for Disease Control and Prevention (CDC) said on Monday.

The announcement assuaged some investors' concerns, sending the popular burrito chain's shares up 4 percent.

The regulator, however, was not able to identify the ingredient that was responsible for the contamination after a three-month probe. (http://1.usa.gov/1WXAYhb)

The CDC said 55 people were affected in the initial E.coli outbreak that spread across 11 states, adding that a smaller outbreak involving a rare and different E.coli strain affected five people in three states.

Chipotle has been grappling to overcome a series of food-borne illnesses linked to its chain since October that have driven away diners, hammered its high-flying stock and spawned both a federal criminal probe and a shareholder lawsuit.

The company was served with a subpoena last month in a federal criminal probe linked to a norovirus outbreak in California in August.

Adding to investors' worries, Chipotle also forecast in January its first-ever drop in quarterly same-store sales. The company is scheduled to report fourth-quarter results on Tuesday.

The most recent E.coli illness reported to the CDC was on Dec. 1, the regulator said on Monday.

Testing of multiple food items collected from Chipotle restaurant locations did not show the presence of the bacteria, the CDC said.

Chipotle said last month it was confident that the steps it had undertaken to tighten food safety would stop future food poisoning outbreaks.

The Wall Street Journal first reported the CDC's findings on Sunday.

Chipotle's stock has fallen nearly 30 percent since the end of October when the first case of E.coli was reported.

(Reporting by Yashaswini Swamynathan in Bengaluru Editing by Saumyadeb Chakrabarty and Maju Samuel)

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The Fed on Wednesday said it would begin the process of unwinding the $13.8 billion corporate bond portfolio that it amassed in the midst of the COVID-19 pandemic.

Analysis-China's banks are bursting with dollars, and that's a worry

A mountain of dollars on deposit in China has grown so large that banks are struggling to loan the currency and traders say it poses a risk to official efforts to control a fast-rising yuan. A previous jump, late in 2017, preceded heavy dollar selling which turbocharged a steep yuan rally in early 2018. "This positioning in particular, in our view, is susceptible to a capitulation if the broad dollar downtrend were to continue," said UBS' Asia currency strategist Rohit Arora, especially if the yuan gains past 6.25 or 6.2 per dollar.

Analysis: Global corporate tax crackdown gets ethical investor boost

After years of negotiations over complex arrangements deployed by big companies, G7 finance ministers meeting in Britain on Friday are expected to declare their support for a global accord to address billions of dollars in lost tax revenue. This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits.

Asia Refiners a Face Double Blow to Profits from Iran, Covid

(Bloomberg) -- Asian refineries are grappling with what’s expected to be a brief period of weak profits as a demand-sapping Covid-19 comeback across the region coincides with a likely surge in oil-product exports from Iran.The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline and jet fuel, squeezing the profit margins of refiners. The market is also bracing for the possibility of a boost to Iranian fuel oil supplies into Asia should a nuclear deal be revived.That’s led to complex refining margins in Singapore, a proxy for Asia, falling from $1.65 a barrel at the end of April to as low as 3 cents in mid-May. While it’s a setback for processors recovering from the pandemic, margins have rebounded slightly and are expected to resume an upward trajectory as soon as the third quarter with accelerating vaccination rates aiding demand.The average profit from converting crude into gasoline in Asia -- the so-called crack spread -- fell in May from April, snapping a three-month gain. Across the region, restrictions in place from Malaysia, Vietnam to Japan have sapped demand for transportation fuel. Oil consultant FGE sees India’s gasoline consumption as the “biggest stumbling block to Asia’s demand recovery,” with an estimated 20% fall in April through June versus the previous quarter.See also: Japan’s April Fuel Stocks Rise Despite Drop in Production“Export is not a very attractive option,” said N. Vijayagopal, the finance director at Bharat Petroleum Corp., India’s second biggest fuel retailer. Refiners across the country are facing a double whammy caused by weaker regional markets and lower domestic consumption that’s prompting them to set aside earlier plans to maintain run rates and reduce operations instead.Complex refining margins in Singapore were at 60 cents a barrel on Monday and averaged about 71 cents in May. That compares with $2.41 in the same period in 2019, prior to the pandemic. The profit from converting crude to gasoline in Asia was at $8.85 on Tuesday after averaging about $8.48 in May.Iran FlowsThe restart of some crude processing capacity after seasonal maintenance will boost fuel supplies and offset some of the expected increase in demand, limiting the gains in refining margins, said Victor Shum, vice president of energy consulting for IHS Markit.Most are expecting a flood of crude should the nuclear accord be renewed with Iran, but it’s the prospect of rising fuel oil flows -- used to power ships and for electricity generation in some countries -- that’s raised concerns for Asian refiners, especially as China boosts output of heavy fuel.Margins for very low-sulfur fuel oil dropped below $10 a barrel in mid-May for the first time since December, easing from a high of almost $16 at the end of February. Cracks in May were also at the lowest average in five months. Margins for high-sulfur fuel oil fell as low -$8.80 in May, from -$3.71 in April.Diesel demand, most notably from China, is proving to be the bright spot and has provided a buffer for overall margins. Consumption in Asia during the first three months of the year was at 9.4 million barrels a day, or about 98% of 2019 levels, and is expected to edge higher during the second quarter, according to Yuwei Pei, a consultant at Wood Mackenzie Ltd.Singapore’s stockpiles of middle distillates -- a category that includes diesel -- fell through the week ended May 26 to the lowest since April 2020. Covid-19 restrictions and the return of refineries after seasonal maintenance may lead to rising Asian inventories, but regional diesel cracks could increase $3 to $4 a barrel to as much as $10 by December, according to Wood Mackenzie.“As the Covid-19 situation in Asia stabilizes and restrictions are eased, improvement in cracks of transportation fuels should support both simple and complex refining margins through the third quarter,” said Grayson Lim, a senior oil market analyst at FGE(Updates margins and adds analyst comment in seventh paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Stock market news live updates: Stocks end flat ahead of jobs data AMC shares skyrocket in ‘meme stock’ resurgence

Stock futures edged up Wednesday morning on the heels of a mixed session a day earlier, with the three major indexes struggling for direction at the start of June.