Sprouting up: The first of tens of thousands of U.S. lawsuits will go to trial on today against Swiss agribusiness giant Syngenta over its decision to introduce a genetically engineered corn seed variety to the U.S. market before China approved it for imports. The Associated Press reports the lawsuits allege Syngenta’s move wrecked an increasingly important export market for U.S. corn and resulted in price drops that hurt all producers. Plaintiffs’ experts estimate the economic damage at about $5 billion, which Syngenta denies. Today’s trial in Minneapolis will mark the first test case. A few thousand other less advanced cases have been consolidated with a federal judge in Illinois, while lawsuits by grain handlers including Cargill and Archer Daniels Midland are pending in Louisiana. Read more.
Help wanted: Panera Bread has announced plans to expand delivery services to more of its cafes and intends to hire 10,000 new employees by the end of the year to assist with the initiative, CNBC reports. Panera President Blaine Hurst says 75% of the new hires will be delivery drivers, while the remaining 25% will be in-cafe jobs. Panera has already rolled out delivery to 15% of its system, including 20% of its company-owned locations. By the end of 2017, it hopes to expand delivery to 35% to 40% of system-wide locations. Hurst says it would cost about $25,000 per cafe to add delivery capabilities, the majority of which goes toward hiring and training labor. Read more.
Looking ahead: Business economists are generally optimistic about the U.S. economy with most expecting stronger growth than last year’s poor performance. The Associated Press reports economists surveyed by the National Association for Business Economics also expect improved or unchanged sales and profits at their companies in the second quarter, with most reporting no changes in hiring or investment in response to policy changes expected after the November election. Nearly two-thirds of economists in the poll released today expect gross domestic product growth of 2.1% t to 3 % in the next four quarters. Read more.
