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Search resuls for: "Jennifer Maloney"


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☆ Global Companies Are Finding It Hard to Leave Russia
  + stars: | 2023-03-02 | by ( William Boston | Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Shortly after Russia invaded Ukraine last year, many companies including British oil giant BP, said they would exit Russia. Moscow’s invasion of Ukraine triggered a wave of promises by global businesses to exit Russia. A year later, many of those companies are still there. Hard Rock International closed its Hard Rock Cafe in Moscow but says it is negotiating the end of a franchise agreement with an independent restaurant operator in St. Petersburg. Volkswagen AG, Europe’s biggest auto maker, stopped sales and production of cars in Russia and says it is in advanced discussion to sell its subsidiary there.
☆ Altria in Talks to Buy Vaping Startup NJOY for at Least $2.75 Billion, Divest Its Stake in Juul
  + stars: | 2023-02-27 | by ( Jennifer Maloney | Juliet Chung | Lauren Thomas | ) www.wsj.com   time to read: 1 min
NJOY is one of the few e-cigarette makers whose products have clearance from federal regulators. Marlboro maker Altria Group Inc. is in advanced talks to buy e-cigarette startup NJOY Holdings Inc. for at least $2.75 billion and plans to divest its stake in Juul Labs Inc., according to people familiar with the matter. The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, could be announced as soon as this week, the people said, though the talks could still fall apart. The proposed deal includes an additional $500 million earnout if certain regulatory milestones are met, the people said. The Wall Street Journal reported last June that NJOY had hired advisers and was exploring a sale.
☆ Coca-Cola Has a Sports-Drink Problem as BodyArmor Stumbles
  + stars: | 2023-02-14 | by ( Jennifer Maloney | Dean Seal | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/coca-cola-ko-q4-earnings-report-2022-b580807d
☆ Anheuser-Busch InBev’s Super Bowl Ad Reflects a Shift in Strategy
  + stars: | 2023-02-10 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Squeezed by inflation, people are drinking at home again. The shift is causing whiplash for companies like Budweiser brewer Anheuser-Busch InBev SA, which had to pivot during the pandemic when consumers were stuck at home in lockdown and then flocked back to bars and restaurants when restrictions were lifted. Consumers in December said they were dining out less and eating at home more than they had over the past year, and they planned to eat at home even more in the coming month, according to a survey across 15 countries by Ipsos, a survey-based research company. AB InBev, which charts consumer trends through online panels, has received similar feedback.
☆ Marlboro Maker’s Sales Fall as Smokers Switch to Cheaper Cigarettes
  + stars: | 2023-02-01 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/altria-mo-q4-earnings-report-2022-11675259807
☆ Juul in Deal Talks With Three Tobacco Giants
  + stars: | 2023-01-25 | by ( Jennifer Maloney | Laura Cooper | ) www.wsj.com   time to read: 1 min
Juul in December agreed to pay $1.7 billion in a settlement covering over 5,000 lawsuits. Juul Labs Inc. is looking for a new partner. The e-cigarette maker, which came close to filing for bankruptcy protection last fall, is now in early-stage talks with three tobacco giants, according to people familiar with the matter. Juul is seeking a potential sale, strategic-investment, licensing or distribution deal, the people said.
☆ Coke, PepsiCo Are Target of Probe by Federal Trade Commission
  + stars: | 2023-01-10 | by ( Jennifer Maloney | Dave Michaels | ) www.wsj.com   time to read: 1 min
The Federal Trade Commission is investigating potential price discrimination in the U.S. beverage market by Coca-Cola Co. and PepsiCo Inc. Still at a preliminary stage, the probe is looking for violations of a law that prohibits suppliers from offering advantageous prices to favored customers or in a specific geographic market, according to people familiar with the matter.
☆ Beer Sales Drop as Consumers Balk at Higher Prices
  + stars: | 2023-01-06 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/beer-sales-drop-as-consumers-balk-at-higher-prices-11673010058
☆ Economy Has Drinkers Choosing Prosecco Over Champagne
  + stars: | 2022-12-29 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Some consumers unwilling to switch brands are buying smaller bottles of the expensive liquors they favor. Shoppers are reaching less for the top shelf. For more than a decade, high-price drinks have driven sales growth in the wine and spirits industries as people traded up for fancier brands. That is now changing: Sales growth of costlier spirits and wine is slowing, and even reversing, as shoppers seek out more value.
☆ New Zealand Bans Cigarette Sales for Everyone Born After 2008
  + stars: | 2022-12-14 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
New Zealand this week adopted a steadily rising tobacco-purchase age and mandated the near-elimination of nicotine from all cigarettes sold in the country, pushing forward on a plan to create a smoke-free nation as other countries consider similar measures. The law passed Tuesday bans the sale of tobacco products in New Zealand to anyone born on or after Jan. 1, 2009, so those who are age 13 or younger today will never be able to legally purchase tobacco in their lifetimes. Under the law, the number of retail outlets allowed to sell tobacco will be reduced to 600 from about 6,000 by the end of next year. The law also requires the reduction of nicotine in cigarettes to nonaddictive levels—a policy that is expected to be implemented by 2024.
☆ Juul to Pay $1.7 Billion in Legal Settlement
  + stars: | 2022-12-09 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Juul has said it never targeted young people and that it has been working to regain the public’s trust. Juul Labs Inc. has agreed to pay $1.7 billion in a broad legal settlement covering more than 5,000 lawsuits, according to people familiar with the matter. Many of the lawsuits accused the e-cigarette maker of marketing its addictive products to children and teens. Juul has said it never targeted young people and that it has been working to regain the public’s trust.
☆ Juul settles another 5,000 lawsuits after receiving equity investment, an effort CEO calls 'yet another significant step to secure our path forward'
  + stars: | 2022-12-07 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +3 min
Juul Labs settled over 5,000 lawsuits covering 10,000 plaintiffs on Tuesday. The company said it secured an equity investment to fund the settlement, according to a spokesperson. Juul agreed to pay $439 million to US states and territories in a separate settlement in September. Plaintiffs of the suit include Juul consumers, personal-injury plaintiffs, government entities, and Native American tribes, WSJ reported. A spokesperson for the vape company told Insider the settlement is a "major step" in shaping the future of the company.
☆ Juul Reaches Settlement of Over 5,000 Lawsuits
  + stars: | 2022-12-06 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Juul said that it had secured an equity investment to cover the cost of the settlement. Juul Labs Inc. reached a sweeping legal settlement Tuesday covering more than 5,000 lawsuits and about 10,000 individual plaintiffs, resolving much of the legal uncertainty that had pushed the e-cigarette company to the brink of bankruptcy. Juul said Tuesday that it had secured an equity investment to cover the cost of the settlement. Financial terms weren’t disclosed. Juul has been in talks with early investors including two of its longtime board members, Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani, to fund a bailout that would cover legal liabilities, The Wall Street Journal previously reported.
☆ PepsiCo to Lay Off Hundreds of Workers in Headquarters Roles
  + stars: | 2022-12-05 | by ( Lauren Thomas | Jennifer Maloney | ) www.wsj.com   time to read: 1 min
PepsiCo employed about 129,000 people in the U.S. as of Dec. 25 last year. PepsiCo Inc. is laying off workers at the headquarters of its North American snacks and beverages divisions, a signal that corporate belt-tightening is extending beyond tech and media, according to people familiar with the matter and documents reviewed by The Wall Street Journal. Hundreds of jobs will be eliminated, one of the people said. The cuts affect the company’s North America beverage business, which is based in Purchase, N.Y., and its North America snacks and packaged-foods business, which has headquarters in Chicago and Plano, Texas, the people said.
☆ Efforts to Make Legal Cannabis Industry Equitable Are Falling Flat
  + stars: | 2022-12-02 | by ( Vipal Monga | Jennifer Maloney | ) www.wsj.com   time to read: 1 min
More than a dozen states have created programs to give minorities who were disproportionately affected by the war on drugs a chance to participate in their legalized cannabis industries. So far, those efforts haven’t worked.
☆ Efforts to Make Legal Cannabis Equitable Are Falling Flat
  + stars: | 2022-12-02 | by ( Vipal Monga | Jennifer Maloney | ) www.wsj.com   time to read: 1 min
More than a dozen states have created programs to give minorities who were disproportionately affected by the war on drugs a chance to participate in their legalized cannabis industries. So far, those efforts haven’t worked.
☆ Elon Musk Says He Will Reinstate Suspended Twitter Accounts
  + stars: | 2022-11-25 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Since Elon Musk took over Twitter, it has reinstated several high-profile accounts, including those belonging to former President Donald Trump and rapper Kanye West. Elon Musk said he would reinstate suspended accounts on Twitter Inc.’s social-media platform, bringing back users that previously had been banned for posting hate speech, inciting violence or engaging in other behavior that violated its policies. Mr. Musk said Thursday the amnesty would begin next week, provided the accounts haven’t “broken the law or engaged in egregious spam.” He made the decision after polling users on the platform. “Vox Populi, Vox Dei,” he tweeted, a Latin phrase meaning the voice of the people is the voice of God.
☆ Juul Secures Financing to Avoid Bankruptcy, Plans to Cut 30% of Jobs
  + stars: | 2022-11-10 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Juul Labs Inc. has secured a cash infusion from some of its early investors to stave off bankruptcy and plans to lay off about a third of its global staff, company officials said. The embattled e-cigarette maker had been preparing for a possible chapter 11 filing amid a dispute with federal regulators over whether its products can remain on the U.S. market.
☆ Sean ‘Diddy’ Combs to Buy Cannabis Operations in New York, Two Other States for Up to $185 Million
  + stars: | 2022-11-04 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Sean ‘Diddy’ Combs, shown performing in Las Vegas in September, says he wants to increase Black participation in the cannabis industry. Sean “Diddy” Combs has agreed to purchase licensed marijuana operations in three states for up to $185 million, adding a new business to a portfolio that includes fashion, media and spirits. If approved by U.S. and state regulators, the deal could create the nation’s largest Black-owned and licensed cannabis company. Mr. Combs said he wants to use the business as a platform to increase Black participation in the cannabis industry.
☆ Altria to Take on Juul, Philip Morris in Smoke-Free Tobacco
  + stars: | 2022-10-27 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Altria plans to work with Japan Tobacco to market two new devices that heat tobacco but don’t burn it or produce smoke. Marlboro maker Altria Group Inc. said it is forming a partnership with Japan Tobacco Group to develop and sell heated tobacco devices in the U.S. and abroad. The move pits Altria against its former strategic partners, Philip Morris International and Juul Labs Inc., in the race to dominate the market for smoke-free tobacco products. It also gives Altria access to markets outside the U.S. Altria’s sales have been limited to the U.S. since it split from Philip Morris in 2008.
☆ Juul Discusses a Possible Bailout With Two of Its Biggest Investors
  + stars: | 2022-10-25 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Juul says it is continuing to explore several strategic options to secure its business. Juul Labs Inc. is in talks with two of its biggest investors on a bailout that could help the e-cigarette maker stave off a bankruptcy filing, according to people familiar with the matter. Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani are considering putting up money to cover the vaping company’s operations and near-term legal liabilities, the people said. Messrs. Pritzker and Valani were early investors in Juul, have been longtime directors and are among the company’s largest shareholders.
☆ Coca-Cola Raises Outlook as Sales Jump 10%
  + stars: | 2022-10-25 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
Coca-Cola raised its outlook for sales and profit for 2022, but said it was introducing packages at lower price points as it prepares for a global recession. The beverage company’s revenue increased 10% for the quarter ended Sept. 30, as consumers continued to absorb higher prices. Coca-Cola’s prices were 7% higher, on average, than in the same period last year, said the company’s finance chief, John Murphy .
☆ Why the FDA Banned Juul E-Cigarettes
  + stars: | 2022-10-21 | by ( Jennifer Maloney | ) www.wsj.com   time to read: 1 min
When the Food and Drug Administration ordered Juul Labs Inc.’s e-cigarettes off the U.S. market in June, politicians and parents who had lobbied for a crackdown on underage vaping hailed their victory. But it turns out, the FDA didn’t cite a risk to children as the basis for the ban. The agency ordered Juul off the market because of technical issues, according to correspondence between Juul and the agency and other FDA documents viewed by The Wall Street Journal.
☆ Philip Morris Raises Offer for Swedish Match and Buys U.S. Rights for IQOS
  + stars: | 2022-10-20 | by ( Jennifer Maloney | Ben Dummett | ) www.wsj.com   time to read: 1 min
Philip Morris International raised its offer for Swedish Match AB by 9.4% and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc.Philip Morris said it is now offering 116 Swedish kronor, equivalent to $10.34, for each Swedish Match share, up from the original offer in May of 106 Swedish kronor. The total value of that deal, though in dollar terms, is roughly unchanged from the original offer because the appreciation in the U.S. currency against the Swedish krona, made it easier for the company to raise its offer.
☆ Philip Morris to Raise Offer for Swedish Match and Buy U.S. Rights for IQOS
  + stars: | 2022-10-20 | by ( Jennifer Maloney | Ben Dummett | ) www.wsj.com   time to read: 1 min
Marlboro maker Philip Morris has been under pressure from Elliott Management and other investors to sweeten its bid for Swedish Match. Philip Morris International plans to raise its offer for Swedish Match AB and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc., according to people familiar with the matter. Philip Morris’s original offer for Swedish Match in May was 161.2 billion Swedish Krona, which was then equivalent to $16 billion. The new offer is expected to be announced as soon as Thursday, the people said.
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