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☆ A Harvard professor is risking his reputation to search for aliens. Tech tycoons are bankrolling his quest.
▼ + stars: | 2024-04-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +26 min

The Harvard professor's research is bankrolled by tech tycoons "pissed off" at academia's dogma. But this boundary-pushing is exactly why he's backed Loeb's research. AdvertisementDesch, the astrophysicist from Arizona University, posted a critique of Loeb's work on arXiv alleging "multiple fatal flaws with the manuscript's arguments." Asked whether he no longer believes in a possible technological origin for the meteor, Loeb said they need to investigate further. As he plans more extravagant expeditions to prove the origin of the interstellar meteor, Loeb likens his critics to crows pecking at the neck of an eagle.

Persons: Avi Loeb, Loeb, —, Steven Desch, they're, Loeb's, they've, Charles Hoskinson, that's, Anibal Martel, Mark Zuckerberg, Stephen Hawking, Lucas Jackson, Oumuamua, Desch, It's, Meech, Hoskinson, Rather, Lane Turner, James Webb, Bill Diamond, Stenzel, AARO, UAPs, Loeb hasn't, Joe Rogan's, Eugene Jhong, Galileo, ", Frank Laukien, Laukien, Charles Alcock, Seth Shostak, Stephen Wolfram, Richard Branson's, Vera, Rubin, Avi Loeb Loeb, what's, Rob McCallum, Mariana Trench, James Cameron, Avi Loeb Hoskinson, spherules, Harvard's Stein Jacobsen, Loeb didn't, Monica Grady, Patricio Gallardo, it's, Diamond, That's Avi, Adam Glanzman Organizations: Harvard, Service, Arizona State University, Netflix, Galileo, Anadolu Agency, Reuters, University of Hawaii, Boston Globe, James Webb Telescope, NASA, SETI Institute, Pew Research Center, Department of Defense, UAP Department of Defense, Jhong, Bruker Corporation, Smithsonian's, for Astrophysics, MIT, Wolfram Research, Harvard University, Survey, US Space Command, Hoskinson, UK's Open University, University of Chicago, Arizona University, U.S . Government, The Washington, Getty, Loeb, Astronomy, Astrophysics Locations: Lexington , Massachusetts, United States, Getty, Loeb's, New York, Cambridge, Massachussetts, UAPs, Colorado, Chile, Papua New Guinea, 2401.09882, IM1

☆ Virtual-reality tech is helping real-estate agents and homebuyers save time and close deals — even remotely
▼ + stars: | 2023-12-14 | by ( Ngozi Nwanji | ) www.businessinsider.com time to read: +6 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIn a world filled with news about seemingly endless types of emerging technology, virtual-reality, or VR, tech has become a tool that many businesses are leveraging. Research from Goldman Sachs estimated that 130,000 real-estate agents used VR to show homes in 2020, per Encora. Indeed, virtual tours were key to keeping the real-estate market alive while COVID-19 restrictions were in place. For properties that have a Matterport virtual tour available, people can "enter VR" and move within the virtual space online, Bowerman told BI.

Persons: —, it's, Goldman Sachs, Isamar Troncoso, homebuying James Bowerman, Bowerman, you'll, hadn't, Patricio Navarro, Navarro, there's Organizations: Realtors, realtors, Service, Grand View Research, VR, Research, Goldman, Harvard Business School, Real Creative Group, Compass, Property Locations: Matterport, Maryland, Miami, New York City

☆ Branding’s corporate titans face moment of truth
▼ + stars: | 2023-11-22 | by ( Aimee Donnellan | ) www.reuters.com time to read: +8 min

Now for the first time this century, sales volumes at the big consumer goods manufacturers are falling. In the first nine months of the year, Kraft Heinz said the quantity of its sold items declined by nearly 6 percentage points year-on-year. That’s likely to allow Nestlé, Kraft Heinz and Unilever to see flat or modest increases in 2023 sales, LSEG data shows. Earlier this year, outgoing Kraft Heinz Chief Executive Miguel Patricio said the company lost market share to a branded competitor that spent more. Unilever, Nestlé and Kraft Heinz have all pointed to a slowing of price growth in the coming year.

Persons: Kraft Heinz, Nestlé, ’, Xavier Roger, Kraft, what’s, John Furner, Miguel Patricio, Mars, ”, François, EY, George Hay, Streisand Neto, Thomas Shum Organizations: Reuters, Consumer, Kraft, Unilever, Danone, ’, United Nations, Reuters Graphics Reuters, Nestlé, Kraft Heinz, Target, Reuters Graphics, Obesity, Mondelez, Walmart, “, Thomson Locations: U.S, Europe, Australia, Norway, Chocolat, London

☆ A Harvard professor claimed balls found in the ocean were alien tech. They may have just been industrial waste.
▼ + stars: | 2023-11-20 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +8 min

AdvertisementA Harvard professor's claims that metallic balls discovered under the ocean may have been made by aliens have been called into question yet again. Spheres from industrial wasteUniversity of Chicago research fellow Patricio Gallardo analyzed the chemical composition of coal ash, a waste product left behind by the combustion of coal in power plants and steam engines. He also said that the spherules have more iron than coal ash. We are bewildered that the association of our spherules with coal ash was even suggested," he told BI. Advertisement"It is surprising that anyone would state decisively that the spherules are coal ash without having access to the materials," he told BI.

Persons: —, Avi Loeb, Loeb, Patricio Gallardo, Gallardo, Caleb Sharf, Dr Jim Lem, BeLaU, Stein Jacobsen, Roald Tagle Organizations: Service, Harvard, University of Chicago, NASA's Ames Center, Department of Mining Engineering, University of Technology, The New York Times, US Space Command, Times, CBS News, Business, Harvard University, Bruker Corporation Locations: Papua New Guinea, Germany

Tuesday started with Nvidia getting more praise from one analyst, and a battery stock downgrade. She has a price target of $40 on shares, which suggests 20.3% upside potential from where shares closed on Monday. The firm initiated the stock with a buy rating and $125 price target, which suggests 7% upside from Monday's close. "3Q brings a narrative change in FREY's outlook with new risks to tech, strategy and funding that's been appropriately discounted by the stock market. He also slashed his price target to $2 from $13, which suggests 14.3% upside from Monday's close.

Persons: Tuesday, Morgan Stanley, Freyr, Paul Matteis, Matteis, Vistagen, — Hakyung Kim, BeautyHealth, Allen Gong, Gong, Benjamin Soff, Soff, Bernstein, Kraft Heinz, Alexia Howard, Howard, Miguel Patricio, Roth, Suji Desilva, Desilva, Morgan Stanley downgrades Freyr Battery Morgan Stanley isn't, that's, FREY, Adam Jonas, Jonas, Vivek Arya, — Fred Imbert Organizations: CNBC, Nvidia, Bank of America, Therapeutics Biotechnology, Vistagen Therapeutics, JPMorgan, Deutsche Bank, Rockstar, Kraft, Kraft Heinz, AMD, Investment, Freyr's, Nvidia Bank of America Locations: U.S, Monday's, Freyr's Norwegian

☆ Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Apple, Disney, Microsoft, AMD, Amazon, Adobe & more
▼ + stars: | 2023-11-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley downgrades Freyr Battery to equal weight from overweight Morgan Stanley said the battery maker faces "significant challenges." Barclays upgrades Fortrea to overweight from equal weight Barclays said in its upgrade of the health contract research company that it sees improved bookings. Barclays upgrades Mosaic and Nutrien to overweight from underweight Barclays upgraded several potash and aggriculture companies and said a compelling entry point. " Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its overweight rating on shares of Tesla . Barclays reiterates Disney as equal weight Barclays said it's having trouble finding upside for Disney shares.

Persons: Wells, Needham, Docebo, Morgan Stanley downgrades Freyr, Morgan Stanley, FREY, Andrew Stanleick, Bernstein, Redburn, Goldman Sachs, Goldman, it's, Baird, Kraft Heinz, Miguel Patricio, " Roth, Marvell, Roth, Tesla, laggards, Evercore, TD Cowen, Cowen, We've Organizations: Microsoft, TAM, Deutsche Bank, Deutsche, UBS, Barclays, Mosaic, NTR, ICL, OW, UW, JPMorgan, Apple, Nvidia, Aspen Technology, Kraft, Marvell Technology, Devices, Tesla, Adobe, Disney Locations: BeautyHealth, U.S

☆ UK watchdog fines Equifax $13.4 mln for role in cyber breach
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. The FCA said the hackers could also access the personal data of 13.8 million UK consumers because the data was stored on company servers in the United States. Equifax Ltd had outsourced data such as names, dates of birth, Equifax membership login details, partially exposed credit card details and addresses. "Few companies have invested more time and resources than Equifax to ensure that consumers’ information is protected," Remon said. "There were known weaknesses in Equifax Inc’s data security systems and Equifax failed to take appropriate action in response to protect UK customer data," it said.

Persons: Tami Chappell, rater Equifax, Equifax, Patricio Remon, Remon, Huw Jones, David Evans, Mark Potter Organizations: Equifax Inc, REUTERS, Financial Conduct Authority, FCA, Equifax, Europe, Commissioner's, Thomson Locations: Atlanta , Georgia, U.S, United States, Equifax

☆ ‘The First Year’ Review: Allende’s Rule in Chile
▼ + stars: | 2023-09-07 | by ( Devika Girish | ) www.nytimes.com time to read: +1 min

A few years before Patricio Guzmán directed his tripartite masterpiece, “The Battle of Chile,” about the events leading to the C.I.A.-backed military coup that toppled the socialist government of President Salvador Allende in 1973, the Chilean filmmaker made “The First Year”: an account of the inaugural 12 months of Allende’s rule. Guzmán traveled through Chile, interviewing the working class about Allende’s socialist policies and accumulating a crackling portrait of hope and incipient change. The French filmmaker Chris Marker saw the documentary in 1971 and decided to help show it in France, enlisting numerous actors, including Delphine Seyrig, to dub the Spanish dialogue in French. That version, arriving this week in a sparkling restoration at Anthology Film Archives, is a remarkable document not only of a fleeting moment of historical promise, but also of an earnest gesture of international solidarity.

Persons: Patricio Guzmán, Salvador Allende, Guzmán, Chris Marker, Delphine Seyrig Locations: Chile, ”, Chilean, French, France

☆ After killing of Ecuador candidate Villavicencio, speculation and recrimination
▼ + stars: | 2023-08-18 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

Police said last week their investigation includes questions about why an armored vehicle normally used by the candidate was in Guayaquil and not with Villavicencio on the day of the murder. "He should have had a much stronger (security) structure," Patricio Carrillo, a former interior minister and legislative candidate who was with Villavicencio at the event where he was murdered, told Reuters. After the event, Villavicencio exited out the front of the sports center, where many people had gathered, Carrillo said, adding that he himself had stayed inside chatting to some friends. Christian Zurita, Villavicencio's replacement candidate for the Construye party, was also at the sports center on the day of the murder. Correa, who in office regularly clashed with Villavicencio, has called the killing a false flag operation to hurt his Citizen's Revolution party.

Persons: Fernando Villavicencio, Villavicencio, Patricio Carrillo, Carrillo, Villavicencio's, Christian Zurita, Guillermo Lasso, Luisa Gonzalez, Rafael Correa, Correa, Gonzalez, Alexandra Valencia, Julia Symmes Cobb, Rosalba O'Brien Organizations: Police, Reuters, Wednesday, Thomson Locations: QUITO, Quito, Guayaquil, Ecuador

☆ Kraft Heinz picks new CEO as sales slump in the face of higher prices
▼ + stars: | 2023-08-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Kraft Heinz 's North American president will become CEO of the food giant next year, the company announced Monday. Carlos Abrams-Rivera will take the reins Jan. 1 from Miguel Patricio, who has led Kraft Heinz since 2019. Kraft Heinz shares have fallen 15% this year, dragging its market value down to $42.2 billion. "Since joining Kraft Heinz in 2020, [Carlos] has consistently delivered strong results in the North American retail and Away From Home businesses," Patricio said in a statement. Ahead of the CEO transition Jan. 1, Abrams-Rivera will become president of Kraft Heinz, adding new responsibilities to his current role.

Persons: Kraft Heinz, Carlos Abrams, Rivera, Miguel Patricio, Patricio, Oscar Mayer, Maxwell, Abrams, Campbell, Carlos Organizations: Kraft, Cream, North Locations: California

☆ Papa Johns’ prices are driving some customers away
▼ + stars: | 2023-08-03 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit. Lynch joined Papa Johns (PZZA) in 2019. The vast majority, roughly 2,900 out of about 3,400 total North American Papa Johns restaurants, are franchised, according to the company. Sales at Papa Johns locations open at least a year fell in the second quarter. But now, they’re pushing back – and not just at Papa Johns.

Persons: Papa Johns, ”, Rob Lynch, “, we’ve, I’ve, Lynch, American Papa Johns, Luke Sharrett, Papa, Kraft Heinz, Oscar Mayer, Kraft, Miguel Patricio, ” Patricio, George Frey, James Quincey, Steven Cahillane, “ We’re, ‘, ’ ”, ” Lynch, it’s Organizations: New, New York CNN, American Papa, Papa Johns, Bloomberg, Kraft Mac, Kraft Locations: New York, Papa Johns, Capri Sun, Philadelphia, Europe

☆ Before Wimbledon, There’s Practice on Grass at an English Garden Party
▼ + stars: | 2023-07-01 | by ( Matthew Futterman | ) www.nytimes.com time to read: 1 min

Even for the best tennis players in the world, the days before a Grand Slam can be filled with nerves and stress, especially the time leading up to Wimbledon, the grandest Grand Slam of them all. Days can become a blur of hunting for hitting partners and time on the limited practice courts a tournament has available, or one last try to win some tour-level matches at competitions in Eastbourne or Majorca. A handful of pros, including several clients of Patricio Apey, a longtime agent, end up at a classic English garden party called the Boodles that is unlike nearly anything else on the tennis calendar — a Gatsby-like few days on an estate outside London that makes Wimbledon’s All England Club, supposedly the apotheosis of tennis elegance, feel like a gathering of the masses at the local park.

Persons: Patricio Apey Organizations: Wimbledon, England Club Locations: Eastbourne, Majorca, London

☆ José Mourinho: What next for Portuguese manager after Roma's Europa League final loss to Sevilla?
▼ + stars: | 2023-06-01 | by ( Ben Morse | ) edition.cnn.com time to read: +6 min

And Wednesday’s Europa League final in Budapest was a great example of just that. Mourinho leaves the pitch at the end of the Europa League final. The lads gave absolutely everything this season.”Mourinho (middle) embraces Roma defender Roger Ibañez (right) at the end of the Europa League final. Montiel scores the decisive penalty in the Europa League final against Roma. He has helped guide the team away from relegation and now secured its seventh Europa League title, cementing its title as the ‘King’ of the competition.

Persons: José Mourinho, “, ” Mourinho, Mourinho, Odd Andersen, Germain, Roma’s, “ We’re, Roger Ibañez, tiredness, Mourinho didn’t, it’s, –, Gonzalo Montiel, Montiel, Rui Patrício, José Luis Mendilibar, Marvin Ibo, GES Sportfoto, Yassine Bounou, Bounou, Sevilla, ’, Mendilibar, ”, “ It’s Organizations: CNN, Europa League, Sevilla, Roma, Spanish, Sky Sports Italia, Reuters, Portuguese national, Champions League, Europa League –, UEFA, Getty, Real Madrid, Paris Saint, Tottenham, Premier League, Europa Conference League –, Rome, Mourinho, France, Mendilibar Locations: Budapest, Paris, Madrid, Argentina, Argentine

☆ Europa League kings Sevilla beat Roma on penalties to win seventh crown
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +4 min

The match was tetchy with referee Anthony Taylor dishing out 14 yellow cards, the most ever in a Europa League game, and playing almost 30 minutes of stoppage time in total. Their run to the final saw them beat PSV Eindhoven, Fenerbahce and Manchester United before downing Juventus in the semis. It was the third consecutive Europa League final that ended in a penalty shootout. The win means Sevilla will compete in next season's Champions League despite finishing outside the top four in the LaLiga. Mourinho had never lost a European final before Wednesday, having last year led Roma to the inaugural Europa Conference League title, becoming the first coach to win all the European trophies.

Persons: John Sibley, Montiel, Mourinho, Jose Mourinho, Sevilla, Gonzalo Montiel, Rui Patricio, Yassine Bounou, Gianluca Mancini, Roger Ibanez, Anthony Taylor dishing, Paulo Dybala, Mancini, Roma, Chris, Lucas Ocampos, Movistar, Fernando Kallas, Toby Davis Organizations: Soccer, Europa, Sevilla, AS Roma, Puskas Arena, Europa League REUTERS, BUDAPEST, Europa League thoroughbreds Sevilla, Roma, France, Europa League, Champions League, PSV Eindhoven, Fenerbahce, Manchester United, Juventus, League, inaugural Europa Conference League, Thomson Locations: Budapest, Hungary, Sevilla, Argentina, Spanish, Portuguese, Madrid

"This is the right's best chance for people to pick a Pinochet constitution without Pinochet's signature," said Patricio Navia a political scientist at New York University. "The political climate in Chile isn't the same as in 2019 or 2020," said political analyst Cristobal Bellolio. An estimated 3,200 Chileans were murdered and another 28,000 tortured by the state during Pinochet's rule. Many of the victims were affiliated with the socialist government of Salvador Allende, who was deposed in a 1973 coup. "The issue is that if it's more right then Pinochet's constitution, people are going to reject it," Navia added, who added the loss for Boric left the leader who once promised to bury Chile's market-led model sorely wounded.

☆ Another cultish cost-saving formula gets off-track
▼ + stars: | 2023-03-29 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

Despite its multiple interpretations and approaches, success is widely gauged by a railway’s operating ratio, a simple measure of how much it spends to make a buck. Union Pacific’s peers improved similarly, indicative of the antiquated ways the industry had been deploying resources. Union Pacific also found itself unable to bring back enough furloughed workers in areas where they were most needed. “In a significant departure from the railroad industry's recent past, we deliberately moved away from a singular focus on operating ratio,” he told lawmakers. “If we wanted to drive [operating ratio] lower over time, we could,” the board wrote in a letter to shareholders in late 2021.

☆ Wayne Shorter, master composer of jazz, dies aged 89
▼ + stars: | 2023-03-02 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

[1/3] U.S. Jazz saxophonist Wayne Shorter performs onstage during a 'tribute to Miles Davis evening' at the 45th Montreux Jazz Festival in Montreux July 13, 2011. REUTERS/Valentin FlauraudMarch 2 (Reuters) - American saxophonist Wayne Shorter, who wrote some of jazz's most acclaimed compositions and whose often plaintive playing changed the sound of jazz in the 1960s before he explored rock-fusion, died on Thursday aged 89. "The master writer to me, in that group, was Wayne Shorter," the keyboardist said. "Wayne was one of the few people who brought music to Miles that didn't get changed." Other hit records included "Native Dancer" featuring Brazilian singer Milton Nascimento which mixed jazz, rock and funk with Brazilian rhythms.

☆ Analysis: To raise prices or not? Consumer goods makers weigh bets on buyer strength
▼ + stars: | 2023-02-20 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +6 min

But, there are small signs the pressure is easing, with U.S. consumer prices a month earlier declining for the first time in two-and-a-half years, due in part to gas prices. Price hikes - or halts - are set to take center stage at the Consumer Analyst Group of New York annual conference on Feb. 20 in Boca Raton, Florida. DIFFERENT PREDICTIONSAfter more than a year of consistent price hikes, some consumer goods makers such as Kraft Mac & Cheese manufacturer Kraft Heinz Co (KHC.O) are pressing pause as they weigh consumer demand for their items. Frozen pizza prices have risen about 14% in the last year, according to IRI data. "Retailers cannot truly push back on prices … if the company has an important brand," Bernstein analyst Bruno Monteyne said.

"Consumers are looking for convenient, filling, and nutritious meals, while at the same time paying more attention to the price tag," Kraft's chief executive Miguel Patricio said, adding the company would halt fresh price hikes in North America, Europe, Latin America and most of Asia. Retailers have also been increasingly opposing food manufacturers' price hikes. Last year, Kraft briefly stopped supplying some products to Tesco (TSCO.L) due to pricing disagreements with the British supermarket chain. It said average selling prices rose 15.2 percentage points in the fourth quarter, while sales volumes declined 4.8 percentage points. Net sales rose 10% to $7.38 billion, beating the estimate of $7.27 billion.

☆ An entrepreneur who has used Shopify since it was in beta shares how he built an app to solve the biggest problem he faced on the platform while scaling to $1 million in sales
▼ + stars: | 2023-02-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Thomas Bertrand built a Shopify app after years of selling on the e-commerce platform. He launched his Shopify store, Bento&co, where he sells bento boxes and related accessories, in 2008. But he also created an app on Shopify's App Store that was directly inspired by his years as a merchant. Shopify's app store is home to more than 7,000 apps to help merchants with tasks like store design, product sourcing, SEO, marketing, and shipping. Shopify's merchants made $46.2 billion in sales on the platform in the third quarter of 2022 alone.

☆ Argentine Vice President Cristina Fernández convicted, sentenced in $1B fraud case
▼ + stars: | 2022-12-07 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

BUENOS AIRES, Argentina— Argentine Vice President Cristina Fernández was convicted and sentenced Tuesday to six years in prison and a lifetime ban from holding public office for a fraud scheme that embezzled $1 billion through public works projects during her presidency. It was the first time an Argentine vice president has been convicted of a crime while in office. Argentina’s dominant leader this century, she was accused of improperly granting public works contracts to a construction magnate closely tied to her family. The panel also sentenced Báez and her public works secretary, José López, to six years. Fernández remains the singular leader of the leftist faction of the Peronist movement.

☆ Kraft Heinz turns to gimmicks and nostalgia to revive its ‘dusty’ brands
▼ + stars: | 2022-11-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +10 min

Because they’re incredible.”More than half of Kraft Heinz’s business comes from just eight brands — the aforementioned three, plus Kraft Mac and Cheese, Philadelphia Cream Cheese, Heinz, Lunchables and Ore-Ida. For Kraft Heinz, which is relying on Patricio to execute a comeback, there’s a lot on the line. So we have more loyalty.”For that reason, Kraft Heinz has leaned in to promoting its legacy brands — and with sometimes outrageous marketing. Kraft HeinzOther Kraft Heinz brands have also used attention-grabbing marketing campaigns. Kraft Heinz’s brands now have a presence on gaming platforms like Roblox, in addition to social media channels and other platforms.

☆ Premarket stocks: Don't be fooled by a strong GDP report
▼ + stars: | 2022-10-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

That’s why it’s so surprising that the US economy is expected to show robust growth in Thursday’s third-quarter GDP report. Economists warn that the report could be a one-hit-wonder that overstates momentum in an economy that is actually slowing. “There is more braking power being inflicted on the US economy than will be at all apparent in the third-quarter GDP report,” wrote Kelly. Central bank officials are going to be looking at underlying metrics in the report, and will likely ignore headline numbers, said Patterson. The bottom line: The rejiggering of trade balances often falsely inflates economic growth calculations ahead of a recession.

☆ Kraft Heinz beats quarterly estimates as prices soar
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Kraft Heinz Co (KHC.O) beat third-quarter sales and profit estimates on Wednesday, benefiting from price increases in the face of rising costs for its packaged foods and condiments. Shares of the Jell-O and Philadelphia Cream Cheese maker rose 3.5% in premarket trading as the company also reaffirmed its full-year sales and profit guidance. Kraft said average selling prices rose 15.4 percentage points in the quarter, which partly dented sales volumes that fell 3.8 percentage points. The company's net sales rose to $6.51 billion in the third quarter from $6.32 billion a year earlier. Reporting by Mehr Bedi and Granth Vanaik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Kraft Heinz CEO: Inflation and supply shortages are here to stay for a while
▼ + stars: | 2022-10-24 | by ( Christine Romans | ) edition.cnn.com time to read: +3 min

New York CNN Business —Kraft Heinz CEO Miguel Patricio says higher inflation and supply issues are coursing through the food industry, forcing companies to adopt new strategies for everything from production to promotion to packaging. For its second quarter ended June 25, Kraft Heinz raised its prices overall by 12.4 percentage points compared to the year-earlier period. Beyond the double-barrel challenges of shortages of raw materials and inflation, issues like the continuing pandemic, the war in Ukraine and climate change are adding to the uncertainty. Kraft Heinz has also leaned into different packaging and pricing options for consumers, including bulk value packs of Kraft Macaroni and Cheese and wider variety of bottle sizes for products like Heinz ketchup for shoppers who want smaller, lower-priced choices. And this is what we’re trying to do.”Those supply issues are broader than the Covid era, however.

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