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Heineken shares fall 7% after first-half profit miss
  + stars: | 2024-07-29 | by ( Jenni Reid | ) www.cnbc.com   time to read: +3 min
In this photo illustration, bottles of Heineken beer are displayed on July 31, 2023 in San Anselmo, California. Heineken shares opened nearly 7% lower on Monday, after the brewing giant's first-half profit growth came in weaker than analysts had expected. In an update that had been keenly-awaited by analysts, Heineken revised its operating profit organic growth forecast for the year to a range between 4% to 8%. The major miss was in Europe, which saw just 0.2% profit growth versus an expectation of 15.1%, largely because of increased promotional spending in a competitive market, Barclays said. Heineken said it "consolidated leadership" in low and no-alcohol beer sales, with Heineken 0.0 — a no-alcohol beer — up 14%.
Persons: Heineken, Dolf van den Brink, CNBC's, Van den Brink Organizations: Heineken, Beer, CR, Barclays, CNBC Locations: San Anselmo , California, London, China, Europe, Brazil, Egypt, Vietnam
Airports and airlines say they can handle both. U.S. airlines expect to transport 271 million passengers worldwide this summer, up 6.3% from last season, the Airlines for America trade group has projected. Peter Steffen / picture alliance via Getty ImageThe U.S. Department of Transportation tracks “extreme weather” delays caused by conditions like tornadoes, blizzards or hurricanes but not those due to heat. During extreme heat, the airport urges employees to stay hydrated, take frequent breaks and, if they’re working outdoors, to cool off inside every hour. “Passengers are also encouraged to use the airport’s water stations to stay hydrated in the Arizona heat,” he added.
Persons: It’s, Kevin Burke, Peter Steffen, Harry Reid, , Patrick Smith, Amanda Mazzagatti, Robert Thomas, Smith, they’re, John Trierweiler, PHX Organizations: Airlines, America, Airports, Getty, U.S . Department of Transportation, London’s, Airport, Alaska Airlines, Harry, Harry Reid International, , Embry, Riddle Aeronautical University, Sky Harbor International, Aviation Locations: U.S, America, Hanover, Germany, Europe, Seattle, Portland, California , Texas, Arizona, Louisiana, Las Vegas, Vegas, Daytona Beach , Florida, Phoenix
A question about the future of antitrustNews that Reid Hoffman, the billionaire LinkedIn co-founder and major Democratic donor, wants Vice President Kamala Harris, if she wins in November, to replace Lina Khan as chair of the F.T.C. Senator Bernie Sanders, independent of Vermont, called it “unacceptable,” and Tim Wu, the Columbia Law School professor and former Biden antitrust official, demanded that the Harris campaign return Hoffman’s donations. Khan is perhaps the most consequential regulator for business in the Biden administration, and her fate as F.T.C. chair underscores anxiety among Democrats about how Harris would approach antitrust policy should she become president. So Khan could be stripped of that role and replaced with a colleague, though that could be awkward.
Persons: Reid Hoffman, Kamala Harris, Lina Khan, Bernie Sanders, Tim Wu, Biden, Harris, Khan Organizations: LinkedIn, Democratic, Columbia Law School Locations: Vermont, United States
Traders work on the floor of the New York Stock Exchange as a picture of Vice President Kamala Harris is displayed on a television screen, on July 22, 2024. Overall, Stoxx losses have eased from last week, when the regional index recorded its worst performance since October. LONDON — European markets are heading for a mixed open Friday, as a global stock selloff eases and investors await U.S. inflation. The biggest item on the data front Friday is the U.S. personal consumption expenditures price index, due at 8:30 a.m. Asia-Pacific markets largely rebounded Friday, as Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May.
Persons: Kamala Harris, Wall, Dow Jones, Mercedes, Stellantis Organizations: New York Stock Exchange, LONDON, Mercedes Benz Locations: U.S, Asia, Pacific, .
French train services were canceled and delayed on Friday, after the nation's high-speed rail network faced a series of "malicious" acts overnight, including arson, just ahead of the opening of the Olympic Games in Paris. Railways operator SNCF said in a statement that its network had experienced several concurrent attacks on Thursday night, with fire damaging its facilities. The high-speed LGV Atlantique line was hit, along with northern and eastern lines, causing knock-on disruption that the operator expected will impact hundreds of thousands of people. "Following this massive attack aiming to paralyze the high-speed line network, a large number of trains were diverted or canceled," SNCF said, according to a CNBC translation, advising those who are able to not to travel to the station. The impact also hit international Eurostar services, which connect the U.K., France, Belgium, the Netherlands and Germany.
Organizations: Paris, Olympic Games, SNCF, Atlantique, CNBC, Eurostar, Lille Locations: Gare Montparnasse, Paris, Paris . Railways, Paris's, France, Belgium, Netherlands, Germany
Ms. Harris was receiving 93 percent support from Democrats, the same share that Mr. Trump was getting from Republicans. Overall, Mr. Trump leads Ms. Harris 48 percent to 47 percent among likely voters in a head-to-head match. Mr. Trump leads Ms. Harris 48 percent to 46 percent among registered voters. The country’s view of Ms. Harris has also brightened, with her favorable rating rising by 10 percentage points since February. In a multicandidate race, less than a single percentage point separated Mr. Trump and Ms. Harris, with Ms. Harris at 44 percent and Mr. Trump at 43 percent after rounding.
Persons: Kamala Harris, Donald Trump, Donald J, Trump, Biden, Harris, Nate Cohn, Mr, Erin Schaff, Harris’s, JD Vance, Ohio, , , Summer Nesbitt, Nesbitt, Biden’s, Trump’s, … Donald Trump, Joe Biden, Harris —, don’t, Eddie Otzoy, Hillary Clinton, Michael Newman, , Robert F, Kennedy Jr, ” Harris Trump, Christine Zhang Organizations: New York Times, Siena College, Democratic Party, Democratic, Mr, Republicans, Times, Credit, The New York Times, Sun, Republican National Convention, Trump, Siena, , Democrats Locations: Siena, Atlanta, Nevada , Arizona, Georgia, Detroit, Pennsylvania, Los Angeles, Arlington , Texas
The 48 states also include the 15 states where former President Donald Trump, the Republicans’ 2024 nominee, had his highest share of the vote in 2020. Since Biden was never the official nominee, states say there’s no problem for HarrisThe election authorities in 48 states and the District of Columbia offered highly similar comments explaining why Harris does not face any hurdles getting on the ballot there. Chelsea Carattini, spokesperson for Republican Idaho Secretary of State Phil McGrane, said in an interview: “There’s no issue. It’s impossible to say for certain whether a particular court in a particular state might rule that the state’s elections authority was wrong. Any challenges after the convention would be challenges to a nominee who received the support of the convention delegates under convention rules.
Persons: Kamala Harris, Mike Johnson, Joe Biden, CNN Harris, Harris, Johnson, they’re, , Biden, Donald Trump, Patrick Gannon, ” Gabriel Sterling, Brad Raffensperger, it’s, haven’t, , Chelsea Carattini, Phil McGrane, , ” Michon Lindstrom, Michael Adams, Kamala, ” Rachel Soulek, Monae Johnson, ” Landon Palmer, State Mac Warner, ” Laney Rawls, Wes Allen, Rawls, CNN’s Tierney Sneed, Derek Muller, ” CNN’s Marshall Cohen, Ethan Cohen Organizations: Washington CNN, Democrats, Democratic, CNN, ABC, of Columbia, Republicans, District of Columbia, North, North Carolina State Board, State Board, Democratic Party, Republican Georgia, Republican, Trump, Chelsea, Republican Idaho, Republican Kentucky, Republican West, State, Republican Alabama, , University of Notre Dame Locations: Florida, Montana, Georgia, Arizona , Wisconsin , Pennsylvania, North Carolina , Michigan, Nevada, North Carolina, South Dakota, Alabama
On Today’s Episode:Arson Disrupts Trains Ahead of Opening Ceremony at Olympics, by Aurelien Breeden, John Yoon and Andrew DasHarris Narrows Gap Against Trump, Times/Siena Poll Finds, by Shane Goldmacher, Ruth Igielnik and Camille BakerObama Endorses Harris for the Democratic Nomination, by Jazmine Ulloa and Reid J. EpsteinSpeculation Swirls About What Hit Trump. An Analysis Suggests It Was a Bullet, by Malachy Browne, Devon Lum, and Alexander CardiaTwo Top Mexican Cartel Leaders Are Arrested by U.S. Authorities, by Alan Feuer and Natalie Kitroeff
Persons: Aurelien Breeden, John Yoon, Andrew Das, Shane Goldmacher, Ruth Igielnik, Camille Baker Obama, Harris, Jazmine Ulloa, Reid J, Epstein, Malachy Browne, Devon Lum, Alexander Cardia, Alan Feuer, Natalie Kitroeff Organizations: Times, Democratic, Mexican, U.S . Authorities Locations: Trump
Qatar Airways displayed its business class upgrade at Farnborough Airshow near London. Zoom In Icon Arrows pointing outwards Qatar Airways' new business class product, the Qsuite Next Gen', features retractable screens. Rolling out new business class seats across an airline's fleet is usually a lengthy process spanning years, as upgrades are installed in new aircraft and retrofitted onto planes already in service. Qatar Airways' "Qsuite Next Gen" business class seat, showcased at the Farnborough Air Show on July 22, 2024. Qatar Airways
Organizations: England — Airlines, Qatar Airways, Farnborough, CNBC, Boeing, Qatar Locations: FARNBOROUGH, England, London
New York CNN —LinkedIn co-founder Reid Hoffman is throwing his financial firepower behind Vice President Kamala Harris. Ohio Sen. JD Vance, the GOP nominee for vice president, is a fan. Harris campaign: No discussions on replacing KhanHoffman told CNN he “certainly” hasn’t directly pushed Harris to replace Khan. A Harris campaign aide told CNN that there have been “no policy discussions” about replacing Khan at the current time. That was a mistake,” Hoffman told CNN.
Persons: Reid Hoffman, Kamala Harris, Hoffman, CNN he’s, Harris, United States ’, Lina Khan, “ Lina Khan, ” Hoffman, Joe Biden, , Khan, , Bernie Sanders, Hoffman Khan, Sen, Mr, Hoffman ”, Massachusetts Sen, Elizabeth Warren, Khan . Ohio Sen, JD Vance, Vance, Biden, Khan Hoffman, hasn’t, Brian Fung, Douglas Farrar, Biden Harris, Harris team’s, ” Farrar, Farrar, “ Trump, Donald Trump, Trump, Steven Cheung, George Soros ”, Mark Cuban, Peter Thiel, Thiel, Arizona Sen, Mark Kelly, Josh Shapiro, Gretchen Whitmer, Gina Raimondo Organizations: New, New York CNN, LinkedIn, Biden, Harris, PAC, CNN, Federal Trade, Democratic, Microsoft, FTC, , Big Oil, Big Tech, Forward PAC, GOP, Republican, Activision Blizzard, Mattress, Trump, US Chamber of Commerce, Arizona Locations: New York, United States, America, Vermont, Massachusetts, Khan . Ohio, Pennsylvania, Michigan
Big Tech appears to be tipping into troubled territory again. Read previewIn 2022, US tech companies grappled with falling demand after aggressive expansions during the pandemic, prompting a rout in tech stocks. This concentration makes the effect of any major decline in Big Tech stocks even more pronounced. All eyes on the rest of Big TechOther Big Tech companies, including Amazon, Apple, Microsoft, and Meta, report quarterly earnings next week. As for Big Tech, it appears to be a case of being safe rather than being sorry — because they can afford to.
Persons: , Michael Strobaek, Lombard Odier, Strobaek, Katherine Tangalakis, Jim Reid, Reid, Anthropic, Lombard Odier's Strobaek, Sundar Pichai Organizations: Tech, Service, Nasdaq, Business, Lombard, Big, Bloomberg, Google, Big Tech, Apple, Microsoft, Meta, Deutsche Bank, Amazon Locations: Swiss, Big Tech
The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.
Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan
Tubs of Ben & Jerry's ice cream in a store freezer in London, UK, on Thursday, April 25, 2024. Unilever Plc said it wanted to shed its ice cream division, which generates around 8 billion ($8.5 billion) in annual sales, in a bid to reverse years of lackluster performance. Unilever shares popped 6.8% on Thursday morning, after the consumer goods giant raised its full-year margin guidance and said the spinoff of its ice cream business was on track to complete by the end of 2025. Beauty and well-being expanded 7.1%, while ice cream lagged other segments with just 0.6% of growth. Organic sales growth came in at 3.9% in the second quarter, missing expectations of a 4.2% expansion forecast by a company-compiled consensus.
Persons: Knorr, Domestos, Jerry's, Jefferies Organizations: Unilever Plc, Unilever Locations: London, British
New York CNN —With Vice President Kamala Harris the front runner to receive the Democratic Party’s nomination for president, America’s most powerful industry is set to have a candidate on the ballot from its home turf. Harris’ failed 2020 presidential bid received support from various tech luminaries, including Salesforce CEO Marc Benioff and legendary venture capitalist Ron Conway. Despite her friendly relationships with the industry’s leaders, Harris has also pushed for tech accountability in key areas. As vice president, Harris has taken a key role in the White House around establishing safety measures for artificial intelligence, which is widely viewed as the most consequential new technology in decades. In an interview with CNN, Hoffman added: “In Silicon Valley, actually there’s many threads that are very excited about her.
Persons: Kamala Harris, Harris, Sheryl Sandberg, Reed Hastings, Melinda French Gates, Donald Trump’s, Elon Musk, “ There’s, Biden, ” Aaron Levie, , ” Harris, Sean Parker, she’s, Steve Jobs ’, Laurene Powell Jobs, Harris ’, Marc Benioff, Ron Conway, Mark Zuckerberg, ” Jeffrey Sonnenfeld, Trump Harris, Trump, ” Sonnenfeld, I’ve, didn’t, ” Levie, “ Kamala Harris, Reid Hoffman, Hoffman, , – CNN’s Matt Egan Organizations: New, New York CNN —, Democratic, Bay Area, Netflix, White, CNN, Cambridge, OpenAI, Google, Microsoft, Yale School of Management, Trump Locations: New York, Oakland , California, California, White, Silicon Valley, Silicon
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Mark Zuckerberg explains his hiring philosophy
  + stars: | 2024-07-24 | by ( Ana Altchek | ) www.businessinsider.com   time to read: +3 min
But Meta CEO Mark Zuckerberg said in an interview with Bloomberg's Emily Chang published Tuesday that the most important thing is "learning how to think critically and learning values when you're young." Zuckerberg said in the interview that his "hiring philosophy" follows this line of thought. It's not the first time the CEO has talked about considering a candidate's values when hiring. While Zuckerberg may have a strict standard for hiring candidates, the tech giant has slowed its hiring compared to the pandemic-era growth. Zuckerberg said earlier this year the company would continue to limit its head count and hiring plans would remain "relatively minimal."
Persons: , Mark Zuckerberg, Emily Chang, Zuckerberg, they've, It's, Reid, Sheryl Sandberg, Sandberg Organizations: Service, Business, Meta, Facebook, CNN
Read previewStartups are rushing to create the best artificial intelligence video generation tools and convince Hollywood that AI won't decimate the creative industries. But, the most common early use of AI in entertainment is often more mundane than reverse-aging Harrison Ford to simulate a younger Indiana Jones. When top executives at the intersection of AI and entertainment met at the virtual Digital Hollywood summit on Monday, the use cases for AI in Hollywood were decidedly deeper in the details. These are some of the startups AI and entertainment leaders have their eyes on. Justin Sullivan/Getty ImagesLuma AI, another image generation AI startup Bakhtar named, has raised more than $68 million according to Bain, with recent backing from Andreessen Horowitz.
Persons: , Harrison Ford, Indiana Jones, They're, Panah Bakhtiar, we're, Phil, Alejandro Matamala, Ortiz, Anastasis Germanidis, Cristóbal Valenzuela, Krikey, Bakhtar, Marc Andreessen, Justin Sullivan, Bain, Andreessen Horowitz, Amit Jain, xMentium, Eliot Sakhartov, Speechmatics Michael Kaplan, Oleg Elkov, Nvidia's Kaplan, Sakhartov, Jensen Huang, Reid Hoffman, Huang, Kaplan Organizations: Service, Hollywood, Business, Paramount, Companies, Microsoft, AWS, Nvidia, Runway, Google, Apple Vision Pro Locations: London, New York, Taiwan
Vice President Kamala Harris' allies in the tech community have launched a behind-the-scenes lobbying campaign to convince wealthy donors to back her campaign for president, according to people familiar with the matter. Longtime investors Reid Hoffman and Ron Conway have been among Harris' allies in Silicon Valley privately calling on those in their networks to support the vice president over former President Donald Trump, these people explained. The conversations have been ongoing since Sunday, when President Joe Biden dropped out of the race and endorsed Harris, according to people who described the discussions to CNBC. Hoffman convinced Netflix chairman Reed Hastings to support Harris with a $7 million donation to a pro-Harris PAC, according to The Information. A source familiar with the lobbying push by Conway, Hoffman and others estimates that their efforts alone are on track to raise over $100 million from major tech industry donors.
Persons: Kamala Harris, Reid Hoffman, Ron Conway, Harris, Donald Trump, Joe Biden, Conway, Marc Andreessen, Ben Horowitz, Andreesen Horowitz, Hoffman, Reed Hastings, Hastings, Biden, congrats Organizations: CNBC, Trump, Netflix, Harris PAC, Democratic, Conway Locations: Silicon Valley, California
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt. Deutsche Bank on Wednesday snapped a 15-quarter profit streak with a narrower-than-expected loss, as it made a provision for an ongoing lawsuit over its Postbank division. The long-running lawsuit by investors alleges Deutsche Bank underpaid to take over the retail banking giant in 2010. Other highlights included:Profit before tax excluding the Postbank provision was 1.7 billion euros, up from 1.4 billion euros in the second quarter of 2023. Provision for credit losses was 476 million euros, up from 401 million euros a year ago.
Persons: Deutsche Bank CEO Christian Sewing, James von Moltke, CNBC's Caroline Roth, that's, Von Moltke, we'd, Italy's Organizations: Deutsche Bank, United Kingdom . Deutsche Bank AG, Deutsche Bank CEO Christian, Spain's Santander Locations: City of London, London, United Kingdom, German, Frankfurt
But the mercurial billionaire was once a skeptic — and very vocal about why he thought Trump shouldn't govern the US. Back in July 2022, Musk criticized Trump after the former president called him a "bullshit artist" during a rally in Alaska. Musk later said in a follow-up post the same day that having Trump as president would result in "too much drama." Musk would go on to host DeSantis' campaign launch on X in May 2023, which was riddled with technical glitches and delays. The pair got closer this year, eventually culminating in a full-throated endorsement of Trump from Musk after Trump survived a failed assassination attempt on July 13.
Persons: , Elon, Donald Trump's, Trump, Musk, Ron DeSantis, DeSantis, Reid Hoffman, Vinod Khosla, Vance, Vinod, Vance LFG, Jordan Peterson, it's, we've, @jordanbpeterson Organizations: Service, Business, Trump, Gov, Biden, Musk, Democratic Party, Republican Party, BI Locations: Alaska, Florida, United States of America, Gigafactory Texas
An Airbus A321-XLR takes part in an air display on the opening day of the Farnborough International Airshow 2024, south west of London, on July 22, 2024. FARNBOROUGH, England – The Farnborough Air Show generated deals worth £39.3 billion ($50.8 billion) across its first day, the organizers of one of the biggest events in the aviation world calendar said, as Airbus showcased its new single-aisle long-haul jet. Korean Air signed for 40 wide-body jetliners from the U.S. plane-maker, while Japan Airlines placed a firm order for 10 of its 787-9 Dreamliners, with an option for 10 more. Budget Vietnamese carrier VietJet placed an order for 20 of Airbus's A330neo aircraft on Monday. Airbus meanwhile grabbed the attention of the thousands of trade delegates with an early afternoon display of the soon-to-launch A321XLR, set to be the world's longest-range single-aisle aircraft.
Organizations: Airbus, Farnborough Air, ADS, Boeing, Korean Air, Japan Airlines, Budget, Aer Lingus Locations: London, FARNBOROUGH, England, Farnborough, U.S, Iberia
Google parent company Alphabet is set to report its second-quarter earnings Tuesday after the market closes. They expect modest growth in key areas such as cloud and overall revenue, after a quarter of leadership moves, AI announcements and market expansions. During the second quarter, Alphabet saw a number of expansion updates, including for its self-driving car unit Waymo, which opened its service to all San Francisco users. Reid urged employees to continue pushing AI products, suggesting they can fix mistakes as users and employees find them. Alphabet also announced a new finance chief, Anat Ashkenazi, who came from Eli Lily, the world's most valuable drugmaker.
Persons: Sundar Pichai, Barack Obama, America's, Liz Reid, Reid, Anat Ashkenazi, Eli Lily, Ashkenazi, Ruth Porat Organizations: Google, LSEG Revenue, TAC, CNBC Locations: Francisco, Phoenix, India, Mexico
Delivering a jolt of enthusiasm to a party reeling from weeks of infighting, Vice President Kamala Harris rallied Democrats on Tuesday in Wisconsin and laid out a fierce argument against former President Donald J. Trump. Ms. Harris vowed, in her first rally as the de facto Democratic presidential nominee, to defeat Mr. Trump by attacking him as a prosecutor would. She walked out to cheers to the tune of Beyoncé’s “Freedom,” which the singer had allowed her to use. As one attendee put it, the moment felt like a release of months of pent-up Democratic energy. She highlighted the $100 million in contributions since Sunday and took a victory lap for effectively wrapping up the Democratic presidential nomination within 48 hours.
Persons: Kamala Harris, Donald J, Trump, Harris, Biden, , ” Ms Organizations: Democratic Locations: Wisconsin
And while he wants to tackle the world's biggest problems such as waste, impact isn't Deep Future's sole priority. Related storiesIn some ways, Deep Future's mission harkens back to Silicon Valley's roots, he said. As for Deep Future's investments, the challenge is whether the technology can be built and made cost-effective, ideally within its investment horizon of 10 years. One of Deep Future's portfolio companies, Descycle, is developing non-toxic chemicals to separate gold in electronics in landfills. Getting investors on board with mad scientistsWith Deep Future's niche, getting investors' attention has been easy, Holman said.
Persons: , Pablos Holman, Jeff Bezos's, Bill Gates, Michael Reid, Holman didn't, Holman, Matt Mullenweg, that's, Alfred Steiner, I'm Organizations: Service, Origin, Ventures Laboratory, Business, Investors, WordPress
On Today’s Episode:Harris Clinches Majority of Delegates as She Closes In on Nomination, by Shane Goldmacher and Reid J. EpsteinTrump’s New Rival May Bring Out His Harshest Instincts, by Maggie Haberman and Jonathan SwanSeeking Answers, Lawmakers From Both Parties Ask Secret Service Chief to Quit, by Luke Broadwater, David A. Fahrenthold, Hamed Aleaziz and Campbell RobertsonFrustrated Californians May Be Ready for a Tougher Approach to Crime, by Tim Arango
Persons: Harris, Shane Goldmacher, Reid J, Epstein Trump’s, Maggie Haberman, Jonathan Swan, Luke Broadwater, David A, Fahrenthold, Hamed Aleaziz, Campbell Robertson, Tim Arango
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