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☆ Exclusive: Ivory Coast halts cocoa forward sales as rains hit production
▼ + stars: | 2023-07-13 | by ( Ange Aboa | ) www.reuters.com time to read: +4 min

SummaryCompanies Torrential rains hit Ivory Coast cocoa farmsIvory Coast CCC cocoa regulator says output could declineBlack pod fungal disease spreading in farmsABOISSO, Ivory Coast, July 13 (Reuters) - Ivory Coast has stopped selling contracts for cocoa exports for the 2023-2024 season after heavy rains battered and flooded farms in the world's top cocoa-producing nation in recent weeks, the head of the country's cocoa sector regulator told Reuters. Ivory Coast is in the middle of its April to November rainy season. But Ivory Coast and other major cocoa producers Ghana, Nigeria and Cameroon that account for around 70% of global production, have witnessed heavy tropical downpours in recent weeks. On May 15, tropical rains fell continuously for eight hours with unprecedented intensity in the Aboisso region in southeastern Ivory Coast, farmers and residents told Reuters. Farmers, cocoa pod counters, and cocoa exporters based in Ivory Coast, also told Reuters that they expected a significant decline in output during the first part of the main harvest.

Persons: Yves Brahima Kone, Barry Callebaut, Kone, Jean Paul Kadjo, Soubre, Kouman Kouadio, Kouadio, CCC's Kone, Ange Aboa, Bate Felix, Elaine Hardcastle Organizations: Ivory Coast, Reuters, United Nations, Cocoa Council, Cargill, Hershey, Nestle, Plantations, Thomson Locations: Ivory, ABOISSO, Ivory Coast, United, Ghana, Nigeria, Cameroon, Aboisso, Farmers, Akressi, San Pedro, Tai

There are also some voluntary credits for mechanically removing CO2 directly from the air, which are currently much more expensive. In June, the CFTC—the federal regulator of derivatives—created an environmental task force focused on rooting out fraud in carbon markets. SHARE YOUR THOUGHTS How can we build trust in carbon offsets? A parallel effort by the Voluntary Carbon Market Integrity Initiative, or VCMI, is setting rules for the buyers of offsets. The Commodity Futures Trading Commission has created an environmental task force focused on rooting out fraud in carbon markets and has called on whistleblowers to expose misconduct.

Persons: don’t, Nestlé, ”, Danny Cullenward, John Kerry, Morgan Stanley, Perrier, San, Ian McGinley, hasn’t, Guy Turner, ” Turner, andrew kelly, Mark Kenber, ” Kenber, William McDonnell, ” McDonnell, Dieter Holger Organizations: Futures Trading Commission, Sustainable Business, Institute, Carbon, American University . “, European Union, American University “, Paris Agreement, Council, Voluntary, Initiative, Trove, Futures, Reuters, dieter.holger Locations: U.S, San Pellegrino, Paris

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

☆ How to Start Accounting for Carbon
▼ + stars: | 2023-07-04 | by ( Dieter Holger | ) www.wsj.com time to read: +9 min

Start with the easier stuffBegin with the more straightforward direct emissions from operations and energy purchases—so-called Scope 1 and 2 emissions. On its website, the company provides emissions data for computers and its sustainability-linked sales rose to $3.5 billion in 2021, about 5% of total sales. For HP and Nestlé, more than 95% of their carbon footprint is Scope 3 emissions. To make Scope 3 accounting more accurate, companies can add data that comes directly from their suppliers, if it is available. Businesses can also work together with their suppliers and customers to provide some training and resources to help them get their own carbon accounting in order.

Persons: James McCall, Benjamin Ware, Holcim, Magali Anderson, HP’s McCall, ” McCall, Nestlé’s Ware, “, McCall, GaBi, Nestlé, ” Ware, Don’t, Holcim’s Anderson, Elisabeth Real “, ”, Dieter Holger Organizations: Sustainable Business, HP, World Wildlife Fund, Environmental Defense Fund, Nestlé, Schneider, Engineers, Finance, WWF, Schneider Electric, Food, dieter.holger Locations: U.S, Europe, Texas

☆ Italy may have dodged a ‘pasta strike’ but food inflation is still high. Here’s why
▼ + stars: | 2023-06-29 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

But it shelved the plan, citing “noticeable” falls in pasta prices. Pasta prices dipped in May compared with April, though provisional official data released Wednesday showed that they ticked up again this month. Broader food price inflation, albeit slowing, is still high in Italy and elsewhere. Concerns have grown that retailers and food producers are deliberately keeping prices high to boost profit margins — claims they strenuously deny. That meant they had “locked in higher prices” for longer, he told a gathering of central bankers in Portugal.

Persons: Danni Hewson, AJ Bell, Pasta, Remo Casilli, Andrew Bailey, “, Mintec, Andrew Woods, ”, Jack Allen, Reynolds, That’s, Christine Lagarde, ” Nestlé, ” Lagarde, Jeremy Hunt, —, Cristiano Laurenza, ” — Valentina Di Donato, Hanna Ziady Organizations: London CNN, CNN, ”, Bank of England, Labor, European Union, Capital Economics, European Central Bank, Wednesday, Competition, Markets Authority, Unione Italiana Food Locations: Italian, Italy, United Kingdom, United States, France, Germany, Russia, Ukraine, Cecco's, Fara San Martino, Portugal, Europe, European, “, Sweden

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

[1/2] A sign reading "Low prices for you" is seen on a shopping trolley in a supermarket in Nice, France, March 1, 2023. REUTERS/Eric Gaillard/File PhotoLONDON/PARIS, June 23 (Reuters) - Danone (DANO.PA) and Kellogg (K.N) are among 75 consumer goods companies that French authorities have asked to cut prices, according to a list seen by Reuters that sources say the government is using for the initiative. The French government is using the list seen by Reuters, produced by a research group, as a reference for the project, according to three sources with knowledge of the matter. Some consumer goods makers have said recently that costs are starting to ease, leading lawmakers and regulators to accuse companies of keeping prices high unnecessarily. Investors have in recent months warned that consumer goods companies should start easing price increases as supply chain costs decline, worried that further hikes could hit market share and margin growth.

Persons: Eric Gaillard, Bruno Le Maire, Knorr, Avril, Pernod Ricard, Kellogg, Richa Naidu, Matt Scuffham, Jan Harvey Organizations: REUTERS, Danone, Kellogg, Finance, Reuters, Unilever, Nestle, ABI, Thomson Locations: Nice, France, PARIS, Ukraine

☆ Philip Morris to launch new $30 mln production facility in western Ukraine
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

KYIV, June 20 (Reuters) - Philip Morris International Inc (PM.N) will launch a new $30 million production facility in the Lviv region in western Ukraine in the first quarter of next year, the company said on Tuesday. "This investment reflects our commitment as Ukraine's long-term economic partner," Maksym Barabash, Chief Executive Officer of Philip Morris Ukraine, said in a statement. Some large multinationals that were active in Ukraine for many years have recently announced investment plans to launch production in the country's central and western regions, far from front lines. Nestlé (NESN.S) started construction in May of a 40-million Swiss franc ($42.7-million) production facility in the west of Ukraine. Philip Morris has invested over $700 million in the Ukrainian economy since the start of its operations in the country in 1994.

Persons: Philip Morris, Barabash, Philip Morris Ukraine, Olena Harmash, Timothy Heritage, Conor Humphries Organizations: Philip Morris International Inc, Gross, Unilever, Thomson Locations: Lviv, Ukraine, Kyiv, Ukrainian

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

☆ Swiss referendum set to back global minimum corporate tax, climate goals
▼ + stars: | 2023-06-18 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

SummarySummary Companies Swiss set to back 15% minimum business taxMinimum tax backed by business groupsClimate law, rejected in 2021, set to passExtension to COVID-19 law also set to win approvalZURICH, June 18 (Reuters) - Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday. The projections, based on counted votes, showed 88% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. We want the additional tax revenue to stay in the country, and be used to improve its attractiveness for businesses," said Christian Frey, from Economiesuisse, a lobby group.

Persons: SRF, Christian Frey, Noele Illien, John Revill, Emma Farge, Tomasz Janowski, Frances Kerry, Hugh Lawson Organizations: ZURICH, Economic Cooperation, Development, Google, Nestle, Reuters Graphics, Thomson Locations: COVID, Switzerland, Economiesuisse

☆ 'Real' meat maker Cargill may emerge big winner in plant-based food as buzzy startup boom fades
▼ + stars: | 2023-06-17 | by ( Bob Woods | ) www.cnbc.com time to read: +12 min

Additionally, Cargill began marketing several plant-based protein ingredients, made from soy, pea and wheat, to food and beverage manufacturers worldwide. What to expect for plant-based meat in next decade Cargill's calculated approach to plant-based meats coincides with the nascent industry's trajectory. And then there's the consumer's appetite to pay a premium price for plant-based meat. So Cargill's biggest competition will be the established plant-based meat companies, like Beyond and Impossible, he said. The future of plant-based meat might be analogous to the ongoing transition to electric vehicles.

Persons: Florian Schattenmann, Cargill Cargill, Cargill, Schattenmann, it's, John Baumgartner, Baumgartner, Caroline Bushnell, Bushnell, that's, Seth Goldstein, Goldstein, Tyson's Organizations: Cargill, Foods, Tyson Foods, Hormel Foods, Smithfield Foods, Cargill Inc, The, Bloomberg, Getty, Foods Cargill, Mizuho Securities USA, Good Food Institute, Cubiq Foods, FDA, North, Food and Drug Administration, Morningstar Research Services, Nielsen, annualized Nielsen, Nestle, Tesla, tiptoed, Ford, GM, Hyundai, Volkswagen Locations: U.S, Minneapolis, Montreal, Quebec, Canada, Spanish, Berkeley , California, Puris, North American, Netherlands, Bflike, Belgian, North America

☆ Exclusive: Mondelez 'singled out' in boycott over Russia business, exec says
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +6 min

"If you look in most kitchen cupboards, you will see many products from food and beverage companies that have not exited Russia." Mondelez rivals in chocolate including Nestle (NESN.S) still operate in Russia as do many other consumer products companies. Reuters GraphicsShipments of all Mondelez products to Russia jumped to 45 million kilograms from 28.7 million kilograms in the same time periods, according to the data. Mondelez also said Thursday it was continuing to reduce its activities in Russia and expects further volume and sales declines. Jan Kæraa Rasmussen, head of environmental, social and governance (ESG) and sustainability at Mondelez investor PensionDanmark, said the Danish pension fund considers the "downscaling of their business in Russia a progression.

Persons: Vinzenz Gruber, Gruber, Mondelez, Mondelez's, Nestle, Nestle didn't, Jan Kæraa Rasmussen, PensionDanmark, Rasmussen, Jessica DiNapoli, Maurice Tamman, Terje Solsvik, Anna Driver Organizations: YORK, Reuters, Mondelez, SAS, Ukraine's National Agency for, Facebook, Russian Embassy, Nestle, confectionary, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Europe, Russia, Nordics, Sweden, Norway, Nordic, Ukraine, Russian, Washington ,, Danish, New York

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

An internal Union Investment document seen by Reuters shows that the firm received just 30 responses to its outreach. Although consumer goods manufacturers are particularly exposed, other sectors that import goods associated with deforestation, including commodities houses and industrials companies, will also face scrutiny. Consumer goods makers are counting on technology such as satellites and artificial intelligence to help eradicate deforestation from their supply chains. Several large consumer goods companies say they are close to meeting their ambitious zero-deforestation goals. "The EU rules make deforestation a financial risk as well as an environmental risk."

Persons: Ueslei Marcelino, Henrik Pontzen, Pontzen, Janus Henderson, Jonathan Toub, haven't, Snorre Gjerde, Christophe Hansen, Magdi Batato, Kit Kat, Nestlé, David Croft, Reckitt's, Arild Skedsmo, Richa Naidu, Kate Abnett, Matt Scuffham, David Evans Organizations: REUTERS, Reuters, EU, Germany's, Investment, Unilever, ESG, Union Investment, Nestle, Pepsico, Danone, L'Oreal, KLP, Aviva, Fidelity International, Reckitt, UN Food and Agriculture Organization, Consumer, Thomson Locations: Uruara, Para State, Brazil, NBIM, Nescafe, London, Brussels

☆ What one key business indicator is saying about China's consumer recovery
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"For 618, generally of course brands will be trying, but compared to before it's a bit more tired," said Ashley Dudarenok, founder of ChoZan, a China marketing consultancy. In the first quarter, the median disposable income of urban residents in China was officially 12,175 Chinese yuan ($1,739), up 3.9% from a year ago. A focus on affordabilitySluggish economic growth and uncertainty about future income have weighed on Chinese consumer spending since the Covid-19 pandemic. watch nowBrands are keen to spend more on ByteDance's Douyin, likely taking away from ad spending on Alibaba's Taobao and Tmall e-commerce platforms, Oliver Wyman's Xie said. And for brands spending on Douyin, he said the return on investment per ad dollar was getting lower.

Persons: Jade Gao, Ashley Dudarenok, Dudarenok, let's, Microsoft's Bing, Dave Xie, Oliver Wyman, Douyin, Oliver Wyman's Xie, ByteDance isn't, doesn't, Pinduoduo, Sun Hao, Sun, didn't, Trip.com, Kelly Shi Organizations: Afp, Getty, Baidu, Retail, Brands, Growth, Nestle, Netflix Locations: Beijing, BEIJING, China

Kyiv CNN —Editor’s note: The southern Ukrainian city of Melitopol has long been known for its sweet delights. For those of us who rejected Russian passports and are now known as “the unreliable,” the situation is terrible. The Russians are trying to force everyone here to get Russian passports. Everyone was given cash welfare payments until February, but starting in March, only people with Russian passports get them. In this file photo, Russian passports are being issued to residents in the occupied city of Melitopol.

Persons: CNN —, Stringer, “ Melitopol, Russia ”, Russia doesn’t, Alexander Ermochenko Organizations: CNN, Workers, United Russia Party, Getty, Russian Locations: Ukrainian, Melitopol, Honey, Moscow, Ukraine, Russia, Russian, AFP, Crimea, Germany, “, Europe, Zaporizhzhia

While food inflation has become a concern for European governments from Britain to Italy recently, France has been among the most aggressive in pushing price cuts. In Hungary, Prime Minister Viktor Orban has imposed mandatory price cuts on some basic food items. But food prices still were up 14% last month after a record spike of almost 16% in March. Food prices surged after food companies and big retailers agreed in March to an average 10% increase in prices, responding to a surge in input prices the previous year and wages after Russia's February 2022 invasion of Ukraine. Meanwhile, the food industry has seen profits surge, largely making up for sharp falls during the pandemic, Le Maire said.

Persons: Bruno Le Maire, Le Maire, BFM, Viktor Orban, Maire, Knorr, Kraft Heinz, Benoit Van Overstraeten, Leigh Thomas, Richa Naidu, Silvia Aloisi, Hugh Lawson, Mark Potter Organizations: Food, Unilever, Finance, Reuters, Ministry of, Nestle, Danone, Pepsico, Thomson Locations: PARIS, France, Britain, Italy, Hungary, Ukraine

☆ Recycling and Regulation Are Hot Issues in Likely Update to U.S. Sustainable Marketing Guides
▼ + stars: | 2023-06-08 | by ( Dieter Holger | ) www.wsj.com time to read: +8 min

The FTC last updated its guides in 2012 after a review that it launched in late 2007. “For the average consumer, it’s impossible to verify these claims,” FTC Chair Lina Khan said in December when the review was launched. “It therefore is critical for the FTC’s framework on environmental claims to stay flexible and nimble,” Nestlé said in its public comment. Published comments from Procter & Gamble, L’Oréal and Unilever support keeping the current 60% threshold and say recyclable claims shouldn’t be based on how much of their products get recycled. Its CEO also said he hopes the Green Guides will be updated more regularly given the rapidly changing landscape of environmental marketing.

Persons: “, Lina Khan, Nestlé, PIERRE ALBOUY, REUTERS Nestlé, Perrier, Johnson, Fisk Johnson, ” Johnson, ”, Sarah Dearman, Ting Shen, L’Oréal, Unilever didn’t, Keith Srakocic, S.C, Dieter Holger Organizations: U.S . Federal Trade, FTC, Green Guides, Justice Department, REUTERS, ” SC Johnson, Sustainable Business, Green, Recycling, Bloomberg, The Recycling, U.S . Environmental Protection Agency, Greenpeace, Procter & Gamble, L’Oréal, Unilever, ” Unilever, Guides, dieter.holger Locations: North America, Virginia, U.S

☆ Diageo's long-time boss Ivan Menezes dies after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

June 7 (Reuters) - Diageo (DGE.L) on Wednesday said long-time boss Ivan Menezes, who held the CEO role at the world's biggest spirits company for 10 years, had died after a brief illness. The 63-year-old, who was set to retire at the end of this month, was in hospital receiving treatment for conditions including a stomach ulcer, the Johnnie Walker whisky maker announced this week. British-American national Menezes, born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. The executive, who was behind the "Keep Walking" campaign for Johnnie Walker when he was marketing head, previously held roles at Whirlpool and Nestle. Menezes, who was awarded a knighthood this year, is survived by his wife and two children.

Persons: Ivan Menezes, Johnnie Walker, Debra, Menezes, Ivan, Javier Ferrán, Julio, Arvind Subramanian, Subramanian, Menzes, Eva Mathews, Sinchita Mitra, Dhanya Skariachan, Sherry Jacob, Phillips, David Evans Organizations: Diageo, American, Guinness, Grand Metropolitan, Whirlpool, Nestle, Government of, Indian Institute of Management, Thomson Locations: Indian, Pune, Government of India, Ahmedabad, India, Bengaluru

LONDON, June 6 (Reuters) - Nestle (NESN.S) is piloting a scheme to give cash to coffee farmers who grow beans sustainably as part of its plan to halve greenhouse gas emissions in its coffee business by 2030, the food company said on Tuesday. The move comes as major consumer goods companies face increased reputational and legal pressure to clean up their supply chains globally. Nestle, the world's largest packaged food company has pledged to spend $1 billion by 2030 on its plan to source coffee sustainably, which now includes efforts to boost farmer income. The company said it has, under the plan, offered some 3,000 coffee farmers in developing countries like Ivory Coast, Indonesia and Mexico conditional cash incentives to encourage them to transition to regenerative agricultural practices. These include using organic fertilisers to improve soil fertility, planting shade trees that protect coffee beans and intercropping to preserve biodiversity.

Persons: Maytaal Angel, Bernadette Baum Organizations: Nestle, Rainforest Alliance, European Union, Fairtrade, Technoserve, Thomson Locations: Ivory Coast, Indonesia, Mexico

☆ People are spending more on groceries. But they’re buying less
▼ + stars: | 2023-06-06 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —The past few months of robust grocery store sales would suggest that shoppers aren’t stretched for cash. Fresh eggs shot up 48.2%, milk rose 5%, bread rose 12.7% and fresh root vegetables went up 14.7. The following month, grocery prices continued to fall. But food inflation is still outpacing inflation overall, and grocery prices are still quite a bit higher than they were last year. We are still seeing prices, month over month, they’re still going up — although much less than they were.”— CNN’s Nathaniel Meyersohn contributed to this report.

Persons: that’s, ”, Alastair Steel, Spencer Platt, they’ve, Steel, “ we’ve, Richard Galanti, Jeff Gennette, “, Brandon Bell, Jeff Owen, Ramon Laguarta, it’s, they’re, —, Nathaniel Meyersohn Organizations: New, New York CNN, Kellogg, PepsiCo, Getty, Steel, Costco, Aldi, ”, Dollar, Assistance, SNAP, Consumers, Bureau of Labor Statistics, BLS Locations: New York

☆ A ‘Dirty’ Job That Few Want: Mining Companies Struggle to Hire for the Energy Transition
▼ + stars: | 2023-06-01 | by ( Yusuf Khan | ) www.wsj.com time to read: +10 min

Despite their part in the energy transition, mining companies face a perception of being in a “dirty” industry thanks to a legacy of mining disasters and accusations of worker exploitation and sexual assault. Canada’s mining and mineral-engineering enrollment was down 10% in 2020 compared with 2016, according to Canada’s Mining Industry Human Resources Council. SHARE YOUR THOUGHTS What message should mining companies deliver to young workers to attract them to the industry? Mining companies also face accusations of exploitation of local workforces. She hopes that younger workers will help mining companies evolve, taking on more social responsibility and improving their mining practices.

Persons: Lily Dickson, Mawson, ”, Alex Gorman, Peel Hunt, Rohitesh Dhawan, Alex Gorman “, Gorman, “, Haydon Mort, Stacy Hope, Cole Burston, Hope, Codelco, Centamin, Martin Horgan, Mort, Geologize, Jamie Kelsey Fry, Dickson, Yusuf Khan Organizations: University of Leeds, Leeds, Rio Tinto, McKinsey, U.S . National Center for Education Statistics, Canada’s Mining, Resources Council, Peel, International Council, Mining, Metals, Tinto, of Labor Statistics, Australian Bureau, Statistics, Geologize Ltd, BHP, . Workers, Bloomberg, Codelco, Chilean, Walmart, Recruiting, Centamin, Sustainable Business, “ Locations: Finland, Vancouver, Europe, U.S, Australia, Rio, South Africa, Lily Dickson Canada, Botswana, “, Saharan Africa, Ontario, Canada, Chile, Africa, Congo, Ghana, Zimbabwe, yusuf.khan

☆ Unilever pivots to African suppliers as forex pressure mounts
▼ + stars: | 2023-05-31 | by ( Seun Sanni | Richa Naidu | ) www.reuters.com time to read: +6 min

The war in Ukraine exacerbated supply chain logjams and manufacturing issues that began with the COVID-19 pandemic. Managing foreign exchange costs is largely what is driving a pivot to African suppliers, Unilever said, even though sourcing from the continent can cost more than buying from parts of Asia. “Over 95% of the brands we sell to our (African) consumers are made in African factories,” Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, told Reuters. Today more than two-thirds of the ingredients that go into Unilever products sold in African markets come from the continent, the company said. Where is it on the scale of Unilever’s supply chain?” he said.

Persons: Kasali, ” Kasali, “, Knorr, Hellmann’s, Reginaldo, Tedd George, Nestle, ”, Pierre, André, Ecclissato, it’s, bouillon, Iranloye, Busari, Unilever’s Ecclissato Organizations: Reuters, Unilever, REUTERS, ” Unilever, Nestle, Danone, sorbitol Locations: ALAYIDE, Nigeria, Oyo, Africa, Ukraine, Asia, India, China, South Africa, Lagos, Oyo State

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

☆ Investing in AI: how to avoid the hype
▼ + stars: | 2023-05-26 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

SummarySummary Companies AI boom brings fresh challenge for investorsAI-themed stocks highly valuedStick with big tech not AI stocks - investorsLONDON, May 26(Reuters) - Experienced tech investors are hunting for undervalued opportunities in an over-valued space. Investors are chasing exposure to generative AI, the technology run by ChatGPT that learns from analysing vast datasets to generate text, images and computer code. Businesses are trying to use generative AI to speed up video editing, recruitment and even legal work. GAM's Hawtin said he has also hunted out companies that provide the "picks and shovels," necessary for enabling new AI technology. Amazon's Bedrock service, for example, lets companies customise generative AI models rather than invest in developing them themselves.

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