Notable business headlines include a cargo ship carrying Ukrainian grain departing from Odesa, Valvoline selling its petroleum unit to Saudi Aramco, and Banana Boat sunscreens recalled.
JULIE HYMAN: Let's get down to business now. A look at three headlines moving markets today. First, a cargo ship carrying Ukrainian grain has departed Odesa. It's the first to leave a Ukrainian port after Russia blockaded the country as part of its invasion. The ship was cleared to leave under a United Nations agreement helped by Turkey.
The ship carrying 26,000 tons of corn is headed to Tripoli and Lebanon. The shortage of grain exports has led to a global food crisis, particularly in African nations. And initially, there was this agreement and then that port was bombed. So this now becoming the first ship to get out.
Valvoline will sell its petroleum unit to Saudi Aramco, effectively exiting the petroleum business and focusing solely on its retail auto services business. This means the brand will no longer make its namesake auto lubricant products, instead procuring them through long-term supply agreements with that former unit. The deal values the petroleum unit at $2.65 billion.
And Banana Boat brand hair scalp sunscreen spray is being recalled by its maker, Edgewell Personal Care, after testing found a carcinogen in some samples of the product. It's sold in a spray bottle. And recalled bottles have expiration dates of December 2022, February 2023, or April 2024. Last year, spray sunscreens from the Aveeno and Neutrogena brands were also recalled for containing benzene.