Thailand

Tesco is reviewing its remaining Asian businesses which could see it exit Thailand and Malaysia in the near future. It said it could sell the business but that it had made no decision yet. Tesco trades from almost 2,000 stores in Thailand and 74 in Malaysia.

EU

The EU met this week to discuss goods affected by the 25% tariffs recently imposed by the US. The total value of Irish exports in 2018 subject to US measures is valued at €366m, which at a rate of 25% would attract €91.6m in additional tariffs. Irish cream liqueur and Irish butter will be hit the most.

US

Most of the top meat producers in the US are exploring plant-based protein. Eight of the top 10 processors — including JBS, Tyson, and Cargill — are making or investing in vegan products. Earlier this year, JBS, the world biggest processor, began selling a plant-based burger in Brazil under its Seara brand.

China

Demand is expected to remain high for beef in China according to Rabobank. China is expected to see about 2% growth in domestic production of beef and it is expected to take five to 10 years to fully recover from its African swine fever outbreak. China has been importing increasing amounts of animal proteins, including beef.