The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
LONDON, June 10 (Reuters) - Britain's Ocado is ploughing 17 million pounds ($22 million) into the emerging "vertical farming" industry, further diversifying the online grocer and technology group's business.
Vertical farming involves producing food indoors, with crops grown on a series of stacked levels in a controlled environment.
"We foresee a day where customers vegetables are harvested hours before they are packed, metres from where they are shipped," Ocado said in a statement on Monday.
Ocado said it has formed a joint venture called Infinite Acres with vertical farming participants 80 Acres Farms and Priva Holding, with each holding a third of the equity.
Priva is a Netherlands-based industrial systems provider to the horticultural industry, with a wide range of products and solutions for climate control and process automation.
U.S.-based 80 Acres provides plant science knowledge and operations management, while Ocado will contribute its software and hardware systems, including robotics, automation and AI.
Ocado said it has also acquired a 58% stake in Jones Food Company (JFC), Europes largest operating vertical farm, which is based in Scunthorpe, northern England.
JFCs plant produces leafy greens and herbs for British customers with its capacity expected to grow to 420 tonnes a year.
Ocado, which said its equity investments in the joint venture and JFC will total 17 million pounds, added that the density of vertical farms allows them to be placed much closer to customers, potentially co-located next to its partners' distribution centres, supermarkets and near population centres.
Ocado has only a 1 percent share of Britain's grocery market. However its 7.9 billion pound stock market valuation has been driven by its technology.
This provides international retailers with the infrastructure and software to develop their own online grocery businesses to compete with the likes of Amazon.
Ocado shares were up 3% at 0809 GMT. ($1 = 0.7871 pounds) (Reporting by James Davey; editing by Kate Holton and Alexander Smith)