The daily business briefing: August 1, 2022
The first shipment of Ukrainian grain leaves Odesa under deal with Russia, Banana Boat recalls a sunscreen spray after carcinogen found in samples, and more

- 1. 1st ship containing Ukrainian grain leaves port under deal
- 2. Banana Boat sunscreen spray recalled after benzene traces found in samples
- 3. Lufthansa pilots' union set for possible strike
- 4. Stock futures fall slightly after best month since 2020
- 5. Penguin Random House-Simon & Schuster antitrust trial to start

1. 1st ship containing Ukrainian grain leaves port under deal
The first ship carrying Ukrainian grain left the Odesa port on Monday under a deal seeking to get a backlog of crops out of the country to ease a growing global hunger crisis. The ship was headed to Lebanon with more than 26,000 tons of corn, according to Turkey, which brokered the deal along with the United Nations. Ukraine's minister of infrastructure, Oleksandr Kubrakov, tweeted that the ship was the first to leave Odesa since Russia invaded Ukraine in late February. More than 20 million tons of grain from last year's harvest have been stuck due to a Russian blockade of Ukraine's Black Sea ports, contributing to a global food shortage.
2. Banana Boat sunscreen spray recalled after benzene traces found in samples
Edgewell Personal Care on Sunday recalled one of its Banana Boat sunscreen sprays after an internal sample review found trace levels of benzene, a carcinogen. The company announced Friday that tests showed that the product, Banana Boat Hair & Scalp Sunscreen Spray SPF 30, had small amounts of the chemical. Edgewater responded by pulling several batches of the sunscreen off the market. The company said benzene isn't an ingredient in any of its products. The review found that the chemical came from the propellant used to spray sunscreen out of the can. Edgewater said it hadn't received any reports of problems blamed on the chemical, which could potentially cause blood disorders, or cancers, including leukemia.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Lufthansa pilots' union set for possible strike
Lufthansa pilots have voted in favor of a possible strike at the German airline, the Vereinigung Cockpit union announced Sunday. The union said there was still time to avoid a walkout but that the vote should send an "unmistakable signal" that the company needs to "take the cockpit staff's needs seriously." The pilots' union is demanding a 5.5 percent pay increase for this year, and an automatic adjustment to keep up with inflation next year. A separate dispute between Lufthansa and a union representing the airline's ground staff led to a one-day strike on Wednesday that forced the cancellation of more than 1,000 flights.
4. Stock futures fall slightly after best month since 2020
U.S. stock futures edged lower early Monday, the first day of trading after the market's best month since 2020. Futures tied to the Dow Jones Industrial Average were down 0.1 percent at 6:30 a.m. ET. S&P 500 and Nasdaq futures were down 0.2 percent. All three of the main U.S. indexes made strong gains on Friday to cap the month with another winning week. The Dow finished July up 6.7 percent. The S&P 500 and the Nasdaq rose 9.1 percent and 12.4 percent, respectively, last month. "We are seeing a relief rally in the stock market, as pessimism reached extreme levels, and as longer-term interest rates have been coming back down," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
5. Penguin Random House-Simon & Schuster antitrust trial to start
The trial starts Monday in the Justice Department's lawsuit seeking to block Penguin Random House's proposed $2.2 billion acquisition of rival Simon & Schuster. The Justice Department argues that the merger would reduce competition. Penguin Random House, owned by German media giant Bertelsmann, is the biggest U.S. book publisher, and Simon & Schuster is No. 4. The Justice Department says the deal would give Penguin Random House too much influence over what books will be published, probably reducing what authors are paid and giving customers fewer titles to read. The case will be a key test of the Biden administration's antitrust policy. The Justice Department plans to call author Stephen King, whose books are published by Simon & Schuster, as a witness.
The Associated Press The New York Times
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Not there yet: The frustrations of the pocket AI
Feature Apple rushes to roll out its ‘Apple Intelligence’ features but fails to deliver on promises
By The Week US Published
-
George Foreman: The boxing champ who reinvented home grills
Feature He helped define boxing’s golden era
By The Week US Published
-
WHCA rejects White House press seating grab
Speed Read The White House Correspondents' Association objected to the Trump administration's bid to control where journalists sit during press briefings
By Rafi Schwartz, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
By Joel Mathis, The Week US Published
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US Published
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price
By Devika Rao, The Week US Published
-
Can the US Steel-Nippon Steel merger come back to life?
Today's Big Question President Trump opposed the deal. But he could be flexible.
By Joel Mathis, The Week US Published