Herald section
The latest business reporting from The Belfast Herald.
The U.S. House of Representatives votes to pass a series of legislation aimed at combating the baby formula shortage in the United States. The Access to Baby Formula Act passes with a 414–9 vote, and the Infant Formula Supplemental Appropriations Act passes with a 231–192.
McDonald's has initiated the sale of its Russian restaurant portfolio, citing the humanitarian crisis from the war in Ukraine. The company plans to exit the market after 32 years of operations.
All domestic airlines in Nigeria will halt operations from Monday due to a sharp rise in jet fuel prices, which has been linked to the war in Ukraine. The Airline Operators of Nigeria cited unsustainable costs and government inaction.
The European Union has proposed a ban on all Russian oil imports by year-end and to remove Sberbank from SWIFT. The move aims to increase pressure on Russia while managing economic impact.
The Florida legislature passed a bill to dissolve the Reedy Creek Improvement District, which granted Walt Disney World self-governing authority, in response to Disney's opposition to HB 1557.
Egyptian agriculture minister confirms India has approved wheat imports, part of efforts to secure new sources amid global supply disruptions from the Russian invasion of Ukraine.
The FAO food price index rose 13% in March to a record 159.3 points, driven by a 23% increase in vegetable oil prices and a 17% rise in cereals, due to disruption from the Russian invasion of Ukraine.
The United States House of Representatives votes 420–3 to pass legislation to suspend normal trade relations with Russia and Belarus following the invasion of Ukraine. Following this, the Senate also votes 100–0 to pass the legislation, sending it to U.S. President Joe Biden for approval.