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5@5: FTC, FDA blast companies making coronavirus treatment claims | China prepares for food shortages

5@5: FTC, FDA blast companies making coronavirus treatment claims | China prepares for food shortages

Each day at 5 p.m. we collect the five top food and supplement headlines of the day, making it easy for you to catch up on today's most important natural products industry news.

FTC, DOJ crack down on surge of allegedly fraudulent COVID-19 'treatment'

Since the start of the pandemic the Federal Trade Commission and U.S. Food and Drug Administration have issued almost 100 warnings to companies promoting their products as treatments or cures for COVID-19. In several instances over the past two weeks federal prosecutors shut down or persecuted the individuals behind these instances of misinformation. Read more at ABC News

 

China stocks up on food and oil supplies as coronavirus spurs fears about shortages

Consumers in China are panicking about the country's ability to import necessary supplies for its citizens as COVID-19 continues to spread globally. Food stockpiling is expected to continue, especially in cities exposed to logistic disruption, as prices have already drastically risen for meat products in particular. Read more at CNBC

 

Trump announces $16 billion in direct payments to farmers: 'The farmers are doing fine'

This week President Trump revealed some specifics of the $19 billion Coronavirus Food Assistance Program. The current plan is to allocate $3 billion toward the Farmers to Families Food Box program, for starters, in addition to $16 billion in direct payments to farmers. However, a study released earlier this month found that these trade aid disbursements have by and large overpaid farmers for their losses. Read more at The Counter

 

Danny Meyer: Restaurants likely won't open until there's a COVID-19 vaccine

According to experts, a vaccine for COVID-19 likely won't be available until 2021, and that's being generous. This is a troubling fact for many reasons, but one Danny Meyer, head of Union Square Hospitality Group, says that some of his restaurants won't open up until such a vaccine becomes widely available. Other similar businesses will likely follow suit because operating a restaurant while incorporating social distancing guidelines isn't a profitable situation. Read more at Business Insider

 

Food sales stay strong in April despite U.S. retail sales plunge

Grocery store sales grew 13.2% year over year in April despite declining since March. Nielsen data also shows that CPG sales, especially online, are seeing very strong growth; top categories include fresh meat alternatives, frozen food and dairy products. Read more at Supermarket News… 

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