Notable business headlines include Elon Musk’s SpaceX aiming to raise $1.725 billion in funding to support new projects, 70,000 lbs. of baby formula landing in the U.S. amid the nationwide baby formula shortage, and Smucker recalling some of its JIF peanut butter brands.
JULIE HYMAN: Elon Musk adding more to his plate this week, or, perhaps, more to his pot. SpaceX is working to raise another $1.725 billion in new funding. The aerospace firm looking for capital to support projects like its Starship rocket and Starlink satellite internet service. The company also conducting a sale to existing shareholders for up to $750 million in stock. The cash infusion was first reported in "The New York Post" and according to an unnamed sources, it has seen, quote, "tepid demand" thus far.
And some relief on the horizon for parents here in the States when it comes to baby formula. Though the crisis continues, a plane carrying 70,000 pounds of formula landed in Indianapolis yesterday. Director of the National Economic Council Brian Deese said the shipment will address, quote, "15% of the overall need" the country's facing.
Supply chain challenges had begun affecting the formula market during the winter, but it turned into a full blown crisis in February, when Abbott Labs, the US's largest supplier, issued a recall and closed a plant after four infants fell ill. Another shipment reportedly expected to arrive in DC on Wednesday after the government contracted a FedEx to make a similar delivery from Germany.
And speaking of recalls, jam Smucker has recalled some of its JIF brand peanut butter after a possible salmonella contamination was traced to one of its plants in Kentucky. The company said in a statement Friday that list of products potentially affected includes JIF Creamy, Crunchy Peanut Butter, in a variety of sizes and packaging-- Crunchy and Creamy, I should say, as well as some of their honey products. Since May 20, more than a dozen people have fallen ill, according to the FDA, which is working with the CDC to track the spread of the contamination.