Finsbury Food Drops Most in Two Years as Commodity Prices Rise

The CBO forecasts a roughly 30 percent decline in food-stamp participation over the next 10 years, to 34 million people in fiscal year 2023 from 48 million in fiscal 2014, if current policies dont change. Lottery Winners The Republican measure would also block lottery winners from receiving food stamps. It also doesnt extend a stimulus program that increased benefits, set to expire later this year. The bill will bring more integrity to the program, Representative Kristi Noem, a South Dakota Republican, said in an interview. When you look at the fact that this program was initiated and started to help those in need for a short period of time, this program will certainly do that after the reforms we put in place today. When food aid is discussed on Capitol Hill , the issue is entwined with farm subsidies because since the 1970s the two types of programs have been combined in a single piece of legislation, marrying the interests of rural and urban lawmakers. The Senate wants to continue that marriage. Cantor and other House Republicans prefer to deal with food aid for the poor separately from subsidies for agriculture. The House bill sets food and farm subsidies on different authorization timelines, a move that would permanently divorce them. Senate Bill The Senate passed a bill that seeks to make changes to federal crop-support and nutrition programs, including the food stamp cuts. That compares with fourfold bigger food-aid reductions in the House bill and $135 billion proposed in a budget the chamber passed that was written by 2012 vice presidential nominee Representative Paul Ryan of Wisconsin . These cuts would affect a broad array of Americans who are struggling to make ends meet, including working families with children, senior citizens, veterans, and adults who are still looking for work, the White House said in a statement against the bill that threatened a veto should it get to President Barack Obama s desk. Democrats in Congress have said they wont allow that to happen, and Republicans also said they expect this to be a starting point for House-Senate negotiations. I remain committed to getting a five-year farm bill on the books this year, House Agriculture Chairman Frank Lucas said. The vote was another step toward that goal. No Timeline Aides to House Speaker John Boehner , an Ohio Republican , and Cantor said they didnt have a timeline for when those discussions might formally begin.

(Colby Ware/special to The Baltimore Sun / July 29, 2012) Also By Hugo Martin September 22, 2013, 10:00 a.m. The food truck craze that has swept the nation will soon roll up to Los Angeles International Airport. No, airport security wont allow food trucks to pull to the curb of the terminal. Instead, an airport concession operator plans to install the shell of a food truck inside of Terminal 4. The fake truck will be outfitted inside with grills, pots, pans and other equipment to serve food. Starting Nov. 1, the food truck will be operated by food truck chefs based in Los Angeles, who will rotate in once a year or so. This is our way to help bring people with local talent to offer their food at the airport, said Rich Bennett, senior director of operations for HMSHost, a concession operator at Los Angeles International Airport. Meanwhile, Long Beach Airport is one of a handful of airports across the country that has allowed food trucks to park at its cellphone parking lots to dish out chow to drivers waiting to pick up friends and family members. The weekly food truck program, called Truckn Tuesdays, was originally a summer event held the third Tuesday of each month. But it has become so popular that the airport plans to continue it indefinitely. Passengers, employees and those waiting in the area are enjoying it, said airport spokeswoman Kerry Gerot. ALSO:

By Mary Clare Jalonick,Associated Press / September 20, 2013 House Speaker John Boehner of Ohio walks to vote on the House floor on Capitol Hill, Sept. 19, in Washington, in advance of a late-afternoon vote on legislation that would cut nearly $4 billion a year from the food stamp program, now used by 1 in 7 Americans. Carolyn Kaster/AP Enlarge WASHINGTON Farm-state lawmakers hoping for passage of a farm bill by the end of the year will have to bridge a deep divide between the House and the Senate over the role of the government in helping the nation’s poor. The Christian Science Monitor Weekly Digital Edition The House passed a bill Thursday that would make around $4 billion incutsannually to the almost $80 billion-a-yearfoodstampprogram and allow states to put in place broad new work requirements for recipients. A Senate-passed farm bill would make around a tenth of the amount of thosecuts, or $400 million a year. “This bill is designed to give people a hand when they need it most,” Majority Leader Eric Cantor, R-Va., said on the House floor just before lawmakers passed the bill. He said the legislation “will put people on the path to self-sufficiency and independence.” The White House threatened a veto, and Senate Democrats angrily criticized the level ofcuts. “The Senate will never pass such hateful, punitive legislation,” said Senate Majority Leader Harry Reid, D-Nev. For decades, Congress has combined farm programs withfoodstampsto garner urban votes for the rural measure. Butfoodstampshave complicated the process this year as House conservatives have called forcuts. The cost of thefoodstampprogram, now called the Supplemental Nutrition Assistance Program, or SNAP, has more than doubled since the Great Recession deepened in 2008.

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Of course, consumer markets remain challenging, the Cardiff, Wales-based company said today in a statement. Weary consumers have grown increasingly deal focused while commodity prices continue to rise. Finsbury Food dropped as much as 7.9 percent, the most since Aug. 5, 2011, paring the companys market value to 47 million pounds. The stock traded 4.9 percent lower at 72.25 pence at 10:20 a.m. in London. Volume traded was 88 percent of the three month daily average. U.K. retail sales unexpectedly fell the most in 10 months in August as demand for food plunged, reversing a surge the previous month, according to the Office for National Statistics. Food sales dropped 2.7 percent after increasing that amount the previous month, which was the biggest gain since April 2011. Finsbury Foods revenue in the year ended June 29 fell 1.3 percent to 176.6 million pounds ($283.4 million), mainly because currency movements affected its overseas business, the company said. The pound has declined 3.6 percent against the euro this year, according to data compiled by Bloomberg. Profit before tax rose 19 percent to 5.5 million pounds and the company reinstated its dividend with a proposed total payout of 0.75 pence per share. Regrettably, the economic environment remains unhelpful with promotional activity at unsustainable levels in most categories of food, the company said. Commodity prices have settled down marginally, we havent witnessed the huge fluctuations of recent years. Overall, however, trends remain upwards with marked volatility in key ingredients such as wheat, eggs and sugar. To contact the reporter on this story: Natasha Doff in London at ndoff@bloomberg.net To contact the editor responsible for this story: David Risser at drisser@bloomberg.net