Category: 3. Business

Four of the nation’s top retail stores failed to promptly pull contaminated infant formula tied to a dangerous botulism outbreak from their shelves, federal health officials said in warning letters posted Monday.

The U.S. Food and Drug Administration sent letters to leaders at Walmart, Target, Kroger and Albertsons, saying the companies continued to sell ByHeart infant formula for days or weeks, despite a Nov. 11 recall of all products in the outbreak that has sickened more than 50 babies in 19 states.

“As a participant in the supply chain, your firm should take prompt and effective action when notified of a product recall,” FDA officials said in warning letters sent to the companies on Dec. 12 and posted online Monday.

The formula was found at Target stores in 20 states “well after the recall was initiated,” one letter said. In addition, it was sold at a Target store in New Hampshire on Nov. 16, despite an electronic block on the product’s sales code, the FDA noted. And at a Target store in Arkansas, single-serve packs of ByHeart formula were promoted with a “Sale!” sign and a $2 discount from Nov. 16 to Nov. 22.

Information from state and local health officials said ByHeart formula was found at Walmart stores in 21 states from Nov. 12 to Nov. 26. The formula was found in Albertsons stores in 11 states from Nov. 12 to Nov. 19, and at Kroger stores in 10 states from Nov. 12 to Nov. 19.

In addition, the companies failed to provide FDA with evidence that corrective actions have been put in place, despite multiple requests, the agency said. The companies have 15 working days to respond to the letters.

Walmart officials said in a statement that no ByHeart formula was sold after cash registers were blocked from selling the formula following the recall.

“We moved swiftly to issue a sales restriction and removed this product from our impacted stores and clubs and online,” a company spokesperson said in an email. “We take all reports of inaction seriously and will respond to the letter.”

Albertsons officials said the company worked closely with suppliers and regulators to identify and remove the products and communicate to customers.

“ByHeart infant formula products have been removed from our store shelves,” the company said in a statement.

All of the babies in the outbreak have been hospitalized and treated with an IV medication to stop the progress of the disease. The U.S. Centers for Disease Control and Prevention expanded the outbreak to include all babies treated for botulism after consuming ByHeart formula since it was first produced in 2023.

Steven Mandernach, executive director at the Association of Food and Drug Officials, said the FDA itself was slow to distribute information about the recall with state and local food safety officials. The agency didn’t fully share product lists until Nov. 14 — nearly a week after the initial recall of two lots of ByHeart formula on Nov. 8.

He said it was “disappointing” in an outbreak involving the sole source of nutrition for vulnerable infants.

“There probably wasn’t the sense of urgency to ensure the product was off the market that I would expect,” Mandernach said.

• Former Crown Perth chair and HBF chief executive
  to chair The Perth Mint
• John Van Der Wielen succeeds Sam Walsh in role
• Appointment heralds new era for Gold Corporation
  under strengthened legislation

Mines and Petroleum
Minister David Michael today announced the appointment of John Van Der Wielen
as the new non-executive chair of Gold Corporation, the operator of The Perth
Mint.

Mr Van Der Wielen will
assume the role on 1 January 2026 for an initial two-year term.

He succeeds Sam Walsh,
who has left Gold Corporation after nearly seven years of service.

Mr Van Der Wielen joins
Gold Corporation following a distinguished career of more than 30 years across
business, health insurance, banking and wealth management which included the
international markets of London, Hong Kong, Singapore and Luxembourg.

Notably he previously served
as HBF chief executive for more than five years and Crown Perth chair for more
than three years.

He is also the current
chair of ASX-listed regenerative medicine company Orthocell and chairs the WA
Government’s Future Health Research and Innovation Fund.

Mr Van Der Wielen’s appointment is timely as Gold
Corporation enters a new era under new legislation aimed at standardising and
strengthening governance and oversight.

The Gold Corporation Amendment Bill 2025
will bring Gold Corporation in line with other Government Trading Enterprises
by updating and standardising its strategic planning, financial management and
corporate governance practices.

Comments attributed to Mines and Petroleum Minister David Michael:

“I congratulate Mr Van
Der Wielen on his appointment and look forward to working with him as Gold
Corporation enters a new era under strengthened legislation aimed at improving
governance and oversight.

“Mr Van Der Wielen brings
a wealth of expertise and experience to the role, including important knowledge
and capabilities in corporate governance and anti-money laundering.

“He chaired Crown Perth post
the Royal Commission into the groupand managed the full remediation and
successful re-issue of its casino licence working with the independent monitor
appointed by the WA Government.

“I would also like to thank Sam Walsh for his
dedicated and professional service on the board of the Gold Corporation over
nearly seven years.

“Sam led the organisation through some
challenging times and was instrumental in overseeing The Perth Mint’s
Anti-Money Laundering Remediation Program, which addressed systems and
processes to fix historical non-compliance issues.”

Rolls-Royce Holdings plc (Rolls-Royce or the Company) (LSE: RR., ADR: RYCEY) announces that, following the completion in November 2025 of its £1 billion share buyback programme for 2025, it will commence an interim irrevocable, non-discretionary programme to repurchase ordinary shares up to the value of £200 million (the Programme). The Programme will be undertaken ahead of the expected communication of the Company’s 2025 full year results on 26 February 2026 (the FY25 Results). The total quantum of share buybacks for 2026 remains subject to Board review and approval and is expected to be announced alongside the FY25 Results.

The Programme will run from 2 January 2026 and is expected to complete no later than 24 February 2026. The Company has entered into a non-discretionary agreement (the Agreement) with UBS AG London Branch (UBS) to undertake the Programme on its behalf by making market purchases, as riskless principal, of the Company’s ordinary shares of 20 pence each (the Shares) on the London Stock Exchange or another recognised investment exchange. UBS will make trading decisions under the Programme independently of the Company, subject to certain parameters agreed between UBS and the Company prior to the commencement of the Programme and to the Company’s right to terminate the Agreement in certain limited circumstances.

Shares acquired by UBS under the Agreement will be sold on to the Company and will be cancelled. The purpose of the Programme is therefore to reduce the Company’s share capital. The maximum number of Shares that may be acquired under the Programme, as authorised by shareholders at the Company’s 2025 Annual General Meeting on 1 May 2025, is 850,489,698.

Any purchase of Shares under the Programme will be executed in accordance with the Company’s general authority to repurchase Shares granted at its 2025 Annual General Meeting, the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Chapter 9 of the Financial Conduct Authority’s UK Listing Rules.

Repurchases of Shares under the Programme will be announced no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred (or otherwise as required under the UK Listing Rules).

 

For further information, please contact:

Investors:
Jeremy Bragg
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7795 840875
[email protected]

Media:
Richard Wray
EVP – External Communications & Brand, Rolls-Royce plc
Tel +44 (0) 7810 850055
[email protected]

but manufacturing is struggling and business sentiment is fading under cost pressures. Meanwhile, investors are also digesting signals from Japan’s new, dovish prime minister and the added complication of potential new US tariffs, both of which are clouding the outlook for trade and investment.

Why should I care?

For markets: Volatility returns as policy shifts unsettle investors.

Japanese stocks have benefited from ultra-low rates for years, but the prospect of tighter policy is already sparking volatility. The Nikkei’s notable drop shows investors are weighing the risks of rate hikes and persistent inflation against wavering business confidence. Rate-sensitive sectors – as well as those tied to global trade – could be especially vulnerable if US tariffs escalate or Japanese rates increase faster than markets expect.

The bigger picture: Japan’s turning point could echo throughout global finance.

Japan has long served as a source of cheap capital for world markets. A shift toward higher rates may redirect investment flows, impact the yen, and disrupt Asian manufacturing supply chains. At the same time, changes in Tokyo’s political climate and US trade policy add layers of uncertainty, making Japan’s next moves a key watchpoint for global investors tracking the world’s third-largest economy as it tries to balance inflation and growth.

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Paris, December 16, 2025 – TotalEnergies and Google have signed a 21-year Power Purchase Agreement (PPA) to supply Google with a total volume of 1 TWh (equivalent to 20 MW) of certified renewable power from the Citra Energies solar plant in the northern Kedah province. The solar farm, which is scheduled to enter construction in early 2026, will support Google’s data center operations in Malaysia. The Malaysian Energy Commission awarded the project to TotalEnergies (49%) and its local partner MK Land (51%) in August 2023, as part of Malaysia’s Corporate Green Power Programme (CGPP).

The agreement reflects Google’s strategy of enabling new, clean energy to the grid systems where they operate, and builds upon the PPA announced by TotalEnergies in November to supply renewable power to Google’s data centers in the United States.

“We’re thrilled to build on our collaboration with TotalEnergies in Malaysia. This agreement is a key part of our strategy to make meaningful investments that benefit the economies where we operate. By enabling this new clean capacity, we are supporting local growth of the electricity system hosting our infrastructure”, said Giorgio Fortunato, Head of Clean Energy & Power, Asia Pacific, Google.

“We are delighted to strengthen our collaboration with Google through this agreement to supply renewable electricity to their new data center in Malaysia”, said Sophie Chevalier, Senior Vice President Flexible Power & Integration at TotalEnergies. “This PPA illustrates our Company’s ability to offer competitive power solutions tailored to the needs of major tech groups, both in mature markets, such as the United States and Europe, and in emerging countries like Malaysia. It also contributes to achieving our target of 12% profitability in the power sector.”

The PPA will take effect upon the project’s Financial Close, expected in the first quarter of 2026.

***

TotalEnergies’ tailored PPA solutions for its clients

The PPA with Google follows similar contracts signed by TotalEnergies with companies such as Data4, STMicroelectronics, Saint-Gobain, Air Liquide, Amazon, LyondellBasell, Merck, Microsoft, Orange and Sasol, and provides a further illustration of TotalEnergies’ ability to develop innovative solutions by leveraging its diverse asset portfolio to support its customers’ decarbonization efforts.

TotalEnergies and electricity

TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. As of the end of October 2025, TotalEnergies has more than 32 GW of installed gross renewable electricity generation capacity and aims to reach 35 GW by the end of 2025, and more than 100 TWh of net electricity production by 2030.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).