Novartis M&A Strategy Faces Investor Scrutiny After Drug Setbacks 
Spire Healthcare Shares Jump on £1.03 Billion Takeover Deal 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
Qualcomm Stock Jumps on Amazon AI Chip Deal 
GLP-1 Weight-Loss Drug Use Surges Among U.S. Children 
Japan Producer Inflation Eases to 7.6% in August 
TSMC August Revenue Jumps 53% on AI Chip Demand 
Anthropic Drops $6 Billion Decart AI Acquisition Talks 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Inflation Accelerates in August as CPI, PPI Rise 
Huawei Launches Mate XT2 Foldable Phone in China 
Longsys Raises $903 Million in Hong Kong IPO as Shares Debut Flat 
Can Europe shake its Russia links for good? 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Nvidia-Groq AI Chip Deal Faces U.S. Antitrust Probe 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Add as a preferred source on Google
Nestlé food company is leaving Myanmar as the turmoil in the country intensifies. With this move, the Switzerland-based food and drink giant just joined the growing list of major brands that are packing up and withdrawing their business in the region.
Nestlé made the decision to shut down its one and only production plant in Myanmar, which means food manufacturing for its products has been discontinued there as the nation is gripped with escalating political and economic issues. Companies are worried about the instability thus, they opted to just leave.
Then again, Nikkei Asia reported that while Nestlé is closing its plant, its products will still be available in the country through local distributors. The company confirmed it would cease operations at its head office and plant located in Yangon, which is the commercial capital of Myanmar.
The company’s spokesperson also affirmed earlier this week it will be the latest company to exit after the military coup incident two years ago. Myanmar has been in a chaotic state since its leader, Aung Suu Kyi, was ousted by the military. There has been widespread unrest that caused its economy to fall.
Moreover, AFP News, via Channel News Asia, reported that Nestlé cited the "current economic situation" in the country as one of the reasons why it has stopped production in Yangon. It was shared that the firm has been producing Nescafe instant coffee, Milo chocolate drink, and Maggi instant noodles in its Yangon plant.
In any case, with the closure of its office and factory, Nestlé’s spokesperson said that around 138 employees would be affected. Although the fate of these employees was not yet disclosed, the company said it help those who will lose their jobs from this unfortunate event.
“We will do all we can to support everyone affected by this decision,” the spokesperson said. “We will continue to invest behind the brands we sell in the country, working with our local partners in distribution, retail and with the media.”
