business news in context, analysis with attitude

•  From Axios:

"The U.S. economy is on track to avoid a recession next year as inflation returns to normal, according to new economic projections released by the Congressional Budget Office … The nonpartisan agency expects more moderate economic conditions in 2024 — including slower growth and higher jobless rates — than previously anticipated. But its projections suggest America will skirt an all-out contraction in growth.

"The CBO notes that its projections 'are highly uncertain and many factors could lead to different outcomes' … The CBO projects the economy will grow 1.5% in 2024 — a slower rate of growth than the 2.5% estimated in February — before rebounding to 2.2% in 2025."

•  Fast Company reports that yogurt manufacturer Chobani is purchasing La Colombe Coffee Roasters for $900 million.

According to the story, "La Colombe operates 32 cafés, in cities such as its hometown of Philadelphia, New York, Chicago, and Los Angeles, but makes most of its revenue off the ready-to-drink nitrogen-infused canned latte that mad scientist/adventure junkie cofounder Todd Carmichael invented in the mid-2010s: It pours with a stiff head of foam, mimicking the mouthfeel of steamed milk."

•  Bloomberg reports that "Carrefour SA made an offer to take over a network of 7,000 local supermarkets owned by the struggling French retail group Casino Guichard-Perrachon SA … Carrefour is also bidding for a number of hypermarkets and supermarkets belonging to Casino."

According to the story, the offer is in the neighborhood of $600 million (US), and is likely to prompt competitive bids from the lines of Intermarché, Lidl and Leclerc.