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Reuters GraphicsReuters spoke to four shareholders that have launched activist campaigns who said that some big consumer goods companies are ripe for executive changes after failing to impress. Reuters GraphicsMany large consumer goods companies generally hold low levels of debt and are cash generative, said André Medeiros, managing director and Alvarez & Marsal's EMEA consumer and retail leader. 'ADVOCATING FOR MANAGEMENT CHANGE'Gianluca Ferrari, founding partner of investor Clearway Capital, said his firm had some consumer companies on its radar but declined to name them. He did not identify specific executives nor disclose the nature of his work with consumer companies. In October, Reuters reported that Peltz had approached former CEOs of consumer goods companies as candidates for the Unilever top job.

Persons: Danone's, Emmanuel Faber, David Samra, Samra, Alvarez, Marsal, André Medeiros, Nelson Peltz, Artisan's Samra, We're, Peltz, Heinz, Gianluca Ferrari, Ferrari, Clearway, Glanbia, Faber, Bluebell, Nicolas Ceron, Ceron, underperformance, Kraft Heinz, KHC.O, Andrew Hayes, Russell Reynolds, John Long, Korn, Long, Alan Jope departure's, Unilever's, Graeme Pitkethly, Hein Schumacher, Heinz's, Bill Johnson, Nelson, Richa Naidu, Matt Scuffham, Daniel Flynn Organizations: Artisan Partners, Reuters, Danone, Evian, Unilever, Consumer Products, Reuters Graphics Reuters, Reuters Graphics, Marsal's EMEA, Billionaire, Artisan, Cadbury Schweppes, Heinz, Trian, Bluebell Capital, shareholders, Bluebell, Diageo, Russell Reynolds Associates, Thomson Locations: York, H.J, Frankfurt, Western Europe, North America

☆ For Western firms, the risk of leaving Russia could be higher than staying
▼ + stars: | 2023-09-11 | by ( Greg Kennedy | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesA wave of Western companies exited Russia promptly after Moscow's invasion of Ukraine. For firms wishing to quit, amid heavy reputational and financial damage, the prospect of leaving is becoming harder with time. Nabi Abdullaev, a partner at Control Risks and former editor of the Moscow Times, told CNBC: "Some companies decide to stay because the risk of leaving Russia, at this moment at least, is higher than the risk of staying." Western companies that remain in the country are able to continue doing business because, despite sanctions, numerous transactions and activities are still authorized. In comparison, sanctions on Iran and North Korea are a far more severe environment for Western companies to operate within.

Persons: Nabi Abdullaev, Abdullaev, Vladimir Putin, Maria Shagina, Philip Morris, Heineken, Shagina Organizations: Bloomberg, Getty, Moscow Times, CNBC, Companies, Carlsberg, Danone, International Institute for Strategic Studies, Unilever, Nestle, PepsiCo, Research, Heineken, Russian Arnest, Kyiv School of Economics Locations: Moskva, Moscow, Russia, Ukraine, Russian, UniCredit, Raiffeisen, Ukrainian, Iran, North Korea

☆ A timeline of 5 major hurdles Russia's imposed on Western firms trying to exit the country
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.

Persons: Linklaters, —, Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Moscow already demands a 50% discount on all foreign deals after consultants selected by the Russian government have valued the business. But three people familiar with the exit process for foreign companies said that some deals are facing demands for additional discounts before the government gives a green light. Another person, who works on M&A transactions and with foreign companies, said deals exceeding $100 million were at particular risk of being denied. In its biannual financial stability review, the central bank said foreign companies under pressure to leave Russia were doing so on "unfavourable" terms.

Persons: Evgenia, Carlsberg's, Intesa, Vladimir Putin's, Suren Gortsunyan, Rybalkin, Gortsunyan, Alexey Kupriyanov, Elena Fabrichnaya, Alexander Marrow, Victor Goury, Josephine Mason, Jane Merriman Organizations: REUTERS, Reuters, Heineken, Arnest, Companies, Nasdaq, Russia, Dyakin, Partners, Aspring, Nato, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, Russian, London, Laffont, Gdansk

☆ Heineken exits Russia with one-euro sale of operations
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsBRUSSELS, Aug 25 (Reuters) - Dutch brewer Heineken (HEIN.AS) said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic one euro. Heineken announced its intention to exit Russia in March 2022, after Russia's invasion of Ukraine, acknowledging that the process had taken longer than expected. Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets. Heineken had seven breweries in Russia and 1,800 employees, who will receive employment guarantees for the next three years. The Dutch brewer removed its Heineken brand from Russia last year and production of Amstel is to be phased out within six months.

Persons: de, Dolf van den Brink, Vladimir Putin, Turkey's, Heineken, Philip Blenkinsop, Jane Merriman Organizations: Heineken, REUTERS, Rights, Arnest, Kremlin, Anheuser, Busch InBev, Arnest Group, Thomson Locations: Nijmegen, Netherlands, Dutch, Russia, Ukraine, Moscow, Russian, Amstel

☆ Domino's Pizza will close in Russia
▼ + stars: | 2023-08-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Domino’s Pizza will close all its outlets in Russia, becoming one of the first major Western fast-food chains to exit the country since McDonald’s and Starbucks left more than a year ago. DP Eurasia — the company that owns franchise rights for the Domino’s Pizza brand in Russia, Turkey, Azerbaijan and Georgia — said Monday that it would file for bankruptcy for its Russian unit, DPRussia. The move highlights the increasingly hard choices facing Western firms that stayed in Russia after the start of the Ukraine war. The Kremlin has made it vastly more difficult and more costly for Western companies to sell their Russian businesses. Starbucks became Stars Coffee and McDonald’s is now “Vkusno i tochka,” which translates to “Tasty, period.”In a statement, New York-listed Domino’s Pizza Inc (DPZ).

Persons: Georgia —, “ Organizations: London CNN, Starbucks, Eurasia —, Carlsberg, Danone, ” DP Eurasia, DP, Yale University, Kremlin Locations: Russia, Turkey, Azerbaijan, Georgia, Ukraine, ”, New York

☆ Moscow banned 2 major Swiss banks from selling shares in its subsidiaries after a Russian bank said it would lose money from their exit
▼ + stars: | 2023-08-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A Moscow court has banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries. Russia witnessed an exodus of Western companies after it invaded Ukraine. A Moscow court has banned two major Swiss banks — UBS and Credit Suisse — from trying to wriggle their way out of their Russian subsidiaries, Reuters reported on Tuesday, citing court documents. Moscow-based Zenit Bank requested the ban, citing concerns about losing money should the two Swiss banks exit, per the news agency. Zenit also requested the court to seize funds belonging to UBS and Credit Suisse, but the application was not granted, per Reuters.

Persons: UBS —, Vladimir Putin, Jeffrey Sonnenfeld Organizations: UBS, Credit Suisse, Zenit Bank ., Service, Credit Suisse —, Reuters, Zenit Bank, Zenit, Carlsberg, Danone, Yale School of Management Locations: Moscow, Zenit Bank . Russia, Ukraine, Wall, Silicon, Russia, Intergrain, Luxembourg, Russian

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

☆ Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says
▼ + stars: | 2023-08-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the invasion of Ukraine last year, companies have been scrambling to cut ties with Russia. An FT survey found that companies lost €100 billion attempting to leave the state. European companies have lost more than €100 billion in Russia since its invasion of Ukraine, according to the Financial Times. If energy and utilities were excluded from the survey, the largest writedowns come from Germany's chemical and automotive industries. In December 2022, Russia started forcing those companies selling their assets to dispose of them at a 50% discount, leading to a scramble among domestic businessmen for bargain-bin assets.

Persons: Putin, TotalEnergies –, Yale, Nabi Abdullaev, Vladimir Putin Organizations: Kremlin, Morning, Financial, BP, Shell, Danone Locations: Ukraine, Russia, Danone's

☆ JPMorgan says this sector is in 'pole position' — and names 5 global stocks set to outperform
▼ + stars: | 2023-08-07 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Analysts at JPMorgan named five global stocks in a sector they described as being in "pole position," following the Federal Reserve 's latest rate hike. We address which sectors typically lead in the aftermath of the last Fed hike, Staples and Healthcare are in pole position," the analysts led by Mislav Matejka stated in a July 31 note to investors. The bank gave French food manufacturer Danone an estimated 6% earnings per share (EPS) growth for 2024, and Swiss competitor Nestle 8% for the same period. Dutch retailer Ahold Delhaize is also a staples sector pick, with 7% estimated EPS growth for 2024. Budweiser brewer Anheuser-Busch InBev was named by JPMorgan too, with the bank estimating EPS growth of 18% for next year.

Persons: Mislav Matejka, CNBC's Michael Bloom, Jeff Cox Organizations: JPMorgan, Federal, Fed, Staples, Healthcare, Danone, Nestle, Tesco, Budweiser, Anheuser, Busch InBev Locations: Swiss

LONDON, July 27 (Reuters) - Nestle (NESN.S) improved its full-year organic sales outlook and reported better-than-expected first-half organic sales, as the world's biggest packaged food company again raised prices to cope with higher input costs. Nestle said it is narrowing its full-year organic sales growth guidance - which does not include the impact of currency movements and acquisitions - to a range of 7%-8% from a range of 6-8%. Real internal growth - or sales volumes - fell 0.8% versus expectations of a 0.6% decline. "We're still repairing our gross margin," he added. Reckitt reported sales volumes for the second quarter were down 4.3%, Unilever's quarterly volumes were down 0.3% and Danone's second-quarter volume/mix declined 2.3%.

Persons: Nestle, Mark Schneider, Schneider, Jean, Philippe Bertschy, Reckitt, Richa Naidu, Kim Coghill, Sharon Singleton Organizations: Nestle, Unilever, Thomson Locations: Swiss, Ukraine

☆ Factbox: Moscow takes control over assets of Western companies
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - President Vladimir Putin has signed decrees to take temporary control of assets belonging to some Western companies in Russia, in retaliation against foreign moves against Russian companies abroad, and warned in April the Kremlin could seize more. CARLSBERG (CARLb.CO)The Russian state took control of Danish beer company Carlsberg's stake in local brewer Baltika Breweries on July 16, putting it under "temporary management" of government property agency Rosimushchestvo, according to a decree signed by Putin. DANONE (DANO.PA)The Russian state took control of the French yoghurt maker Danone's Russian subsidiary Danone Russia on July 16, according to a decree signed by Putin, and brought it under temporary control of the government property agency. FORTUM (FORTUM.HE)On April 25, Putin signed a decree that established control over the Russian subsidiary of the Finnish utility company Fortum, which operates power plants in Russia. Compiled by Agata Rybska, Greta Rosen Fondahn; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Putin, Agata Rybska, Greta Rosen Fondahn, Nick Macfie Organizations: CARLSBERG, Baltika Breweries, Putin, DANONE, Danone Russia, Unipro, Thomson Locations: Russia, Russian, Finnish

☆ Live updates: Russia's war in Ukraine, losses in Bakhmut
▼ + stars: | 2023-07-26 | by ( Chris Lau | ) edition.cnn.com time to read: +1 min

Catherine Ivill/Getty Images/FILEWhen Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. But some of the world’s biggest firms — including Nestlé, Heineken and snack maker Mondelez — stayed put. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. “Western companies are now caught between a rock and a hard place.”Read the full story here.

Persons: Telia Parken, Catherine Ivill, —, Vladimir Putin, Carlsberg, Maria Shagina, ” Organizations: Carlsberg, UEFA Europa, FC Kobenhavn, Celtic FC, Telia, Nestlé, Heineken, Companies, Danone, Breweries, International Institute for Strategic Studies, CNN Locations: Copenhagen, Denmark, Russia, Ukraine

☆ Morning Bid: Markets brace for Fed decision, earnings flood
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Investors will be listening carefully to Chair Jerome Powell for indications of whether or not another interest rate hike is in the pipeline. The Fed's communication could set the tone for markets ahead of policy decisions from the European Central Bank (ECB) on Thursday and the Bank of Japan (BOJ) on Friday. Reuters GraphicsEuro zone June M3 annual growth and lending data on Wednesday are unlikely to affect markets ahead of the ECB's decision. Chinese stock markets were mostly lower on Wednesday following a steep rally the day before. China's blue-chip CSI300 (.CSI300) index was down 0.3% while the CSI 300 Real Estate index gained 0.2%.

Persons: Brigid Riley, Jerome Powell, HSI, Sonali Desai, Edmund Klamann Organizations: Federal Reserve, Federal, Market, European Central Bank, Bank of Japan, ECB, Reuters, Fisher, Union Pacific Corp, eBay, Boeing, Microsoft, Carrefour, Danone, GSK, CSI, CPI, Reserve Bank of Australia, U.S, Fed, Thomson Locations: United States, U.S, Europe, France, Asia, China

☆ The Kremlin could pass a new rule making it the first in line to acquire the shares of certain companies trying to leave the country: report
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Kremlin could pass a new rule allowing it priority rights to acquire shares from exiting foreign firms. This would make it harder for foreign companies to leave the Russian market. Companies in the Kremlin's list of 200 strategic enterprises include food giant Danone and Finnish energy firm Fortum, per the Moscow Times. President Vladimir Putin's regime has also been imposing an increasing number of punitive measures on companies exiting the Russian market. Moscow also charges exiting companies an exit fee of at least 10% of the sale value.

Persons: Vladimir Putin, it's, Vladimir Putin's Organizations: Service, Kremlin, . Companies, Danone, Moscow Times, Financial Times, Interfax, Yale University, Novaya Gazeta Locations: Russian, Moscow, Wall, Silicon, Russia, Ukraine

☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

This brings the total impairments related to Russia to almost 700 million euros, Danone said. The adjustment on the balance sheet of 500 million euros to reflect the negative currency transaction difference will also be recognized by Dec. 31, it added. Danone also reported a better-than-expected rise in quarterly like-for-like sales, as it increased prices again to make up for rising costs. Like-for-like sales rose 6.4% in the second quarter, beating expectations for 5.6% growth in a company-compiled consensus of 18 analysts. ($1 = 0.9047 euros)Reporting by Richa Naidu; Editing by Edmund Klamann, Muralikumar Anantharaman and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Danone, Richa Naidu, Edmund Klamann, Muralikumar Anantharaman, Conor Humphries Organizations: France's Danone, Danone, Evian, Nestle, Thomson Locations: Russia, Russian, Ukraine

Moscow's actions highlight the vulnerability of other consumer products companies that still have operations in Russia, some of which have announced plans to leave. "The second option is to sell the business, but the reality is, we have not found a viable solution that meets our stated objectives." The company, which owns the Knorr soup and Dove soap brands, employs over 3,000 people in Russia. In March 2022 Unilever became the first major European food company to stop imports into and exports out of Russia after the country's invasion of Ukraine. Former CEO Alan Jope said at the time "volumes in our Russian business are down significantly, by double digits".

Persons: Hein Schumacher, Schumacher, Knorr, Alan Jope, Richa Naidu, Jason Neely Organizations: Unilever, Danone, Carlsberg, Thomson Locations: Russia, Russian, Ukraine

Finance Minister Bruno Le Maire said on June 9 he had secured a pledge from 75 food companies to cut prices. French shoppers have paid more than 20% more for Nestle products each month since January versus last year, the data showed, and price increases peaked at 36.6% in May. Nestle, whose brands include Maggi stock cubes and Kit Kat chocolate bars, declined to comment. Similarly, stores sold products made by Activia yogurt owner Danone for between 11.2% and 16.7% more than last year in the first six months of the year. The NielsenIQ data shows the final prices retailers charge shoppers, and does not necessarily only reflect the prices food companies ask for from stores.

Persons: Arnd, Bruno Le Maire, Bernstein, Kat, Le Maire's, Jack Martin, Janus Henderson, Gaurav Gooptu, Richa Naidu, Sybille de La, Matt Scuffham, Sharon Singleton Organizations: Swiss, Nestle, REUTERS, Danone, Finance, Reuters, Reuters Graphics Reuters, Oberon Investments, U.S, Consumers, BNP, Thomson Locations: Bern, Konolfingen, Switzerland, France

According to a decree signed by Putin on Sunday, the Russian state had taken control of Danone's Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a brewer. Yakub Zakriev, 32, a deputy prime minister of Chechnya and the republic's agriculture minister, took the post of general director of Danone Russia on Tuesday, Interfax's SPARK database of company disclosure documents in Russia showed. "Choosing him as general director of Danone Russia shows that representatives of the team of Chechen President and Hero of Russia Ramzan Akhmatovich Kadyrov are talented and successful managers," Dudayev said on his Telegram messaging app. Kadyrov, a close ally of Putin, has referred on social media to Zakriev as his "dear nephew". Danone sought alliances with big local players during the boom years, eventually gaining at least a fifth of Russia's dairy market.

Persons: Kadyrov, Danone Russia Kovalchuk, Carlsberg, Ramzan Kadyrov, Vladimir Putin, Putin, Yakub Zakriev, Akhmed Dudayev, of Russia Ramzan Akhmatovich Kadyrov, Dudayev, Zakriev, Zulai, Akhmad Kadyrov, Kadyrov's, Danone, Yuri, Mikhail Kovalchuk, Bolloev, Guy Faulconbridge, Lidia Kelly, Shubhendu, Stephen Coates, Angus MacSwan Organizations: Danone Russia, Danone, Kremlin, Sunday, Chechen, Moscow State University, Cuban Missile, Soviet, Financial Times, Shubhendu Deshmukh, Thomson Locations: MOSCOW, Russia, Ukraine, Russian, Chechnya, Grozny, Paris, Red, Soviet Union, United States, China, Baltika, St Petersburg, Moscow, Melbourne, Bengaluru

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

☆ Putin ordered 2 Western corporate giants to be seized after Kremlin-friendly businessmen expressed an interest in them: report
▼ + stars: | 2023-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Putin ordered Danone and Carlsberg seized after Kremlin-friendly businessmen expressed interest, per the FT.A Chechen leader and a businessman close to Putin have taken over the companies' assets in Russia. Russia seizing the local operations of Danone and Carlsberg was not the first time the country took control of Western firms. Managers from Rosneft, a state energy company headed by Putin ally Igor Sechin, took over both energy companies. Independent Russian newspaper Novaya Gazeta reported on Thursday, Russian businessmen bought the assets of 110 Western companies "that have fully or partially left Russia" at bargain-bin prices. Danone said in a Sunday statement it was "preparing to take all necessary measures to protect its rights as shareholder."

Persons: Putin, Vladimir Putin, Moscow, Yakub Zakriev, Ramzan Kadyrov —, Taimuraz, Igor Sechin, Ekaterina Kurbangaleeva, Kurbangaleeva, Hassan Malik, Loomis Sayles, Danone, Carlsberg Organizations: Danone, Carlsberg, Kremlin, Observers, Service, Financial Times, Vedomosti, Rosneft, Analysts, Russia's, Independent Russian, Novaya Gazeta, Carnegie Endowment, International, Boston Locations: Russia, Wall, Silicon, Russian, Moscow, Ukraine

☆ Morning Bid: China worries keep investors jittery
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

The anaemic Chinese recovery has cast a shadow over global markets, particularly in Europe, where consumer, technology, industrials and materials sectors all have significant exposure to China. That means investors are likely to have a mixed appetite for European stocks. On Tuesday, China announced a series of measures aimed at boosting consumption of household consumer goods and services. The party in the pound though is unlikely to last, hedge funds and investors say, citing untamed inflation and weak growth. In the currency market, the euro touched a 17-month high, while sterling was hovering close to a fresh 15 month peak.

Persons: Richemont, Morgan Stanley, Charles Schwab, Ankur Banerjee, Sam Holmes Organizations: Ankur, Cartier, Traders, European Central Bank, Bank of, Danone, Reuters, Reuters Graphics Reuters, Bank of America, Hasbro, Thomson Locations: Europe, China, Asia, Pacific, Japan, Bank of England, United, Beijing, U.S, Singapore

London/Atlanta CNN —Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened. At the time, the Russian government took control of utilities owned by German energy company Uniper and Finland’s Fortum Oyj. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website. Andrey Rudakov/Bloomberg/Getty Images/FileDanone (DANOY) is also in the process of selling its Russian business.

Persons: Vladimir Putin, Baltika, Putin, Russia —, ”, Andrey Rudakov Organizations: London, Atlanta CNN —, Danone, Carlsberg, Russian, Heineken, Nestlé, Unilever, UL, Companies, Baltika Breweries, Breweries, Bloomberg, Getty, Danone Russia Locations: Atlanta, Atlanta CNN — Moscow, Russian, Russia, Ukraine, St . Petersburg

☆ Russia ramps up its economic war with the West as it seizes local operations of 2 corporate giants
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia escalated its economic war with the West by seizing local operations of Carlsberg and Danone. They marked the second seizures of Western assets since the Kremlin unveiled a decree in April. To slow the exodus of Western firms out of Russia, the Kremlin previously mandated a steep discount for any firms trying to sell their local operations as well as an exit tax. But the recent seizures of Western assets signal a continued escalation in Russia's economic war with the West, which imposed punishing sanctions on Moscow in 2022 for its war on Ukraine. Meanwhile, 523 of the major firms in the study have permanently withdrawn from Russia, while 503 firms have temporarily suspended operations.

Persons: Vladimir Putin, Germany's Uniper, Danone Organizations: Carlsberg, Danone, Kremlin, Service, Russian, Carlsberg Group, Danone Russia, Yale School of Management Locations: Russia, Wall, Silicon, Danish, Moscow, Ukraine

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