Wal-Mart chief executive sees remuneration slump April 19, 2010 Wal-Mart Stores chief executive Michael Duke received a compensation package worth slightly more than $19m (£12.4m) in the financial year ended in January, down sharply from $28.2m a year earlier when he received a big stock award related to his promotion to the top job. Duke replaced Lee Scott, who retired as chief executive as [...]
Rexam slips into the red in downturn February 17, 2010 CAN maker Rexam slipped into the red last year as hard-pressed consumers cut spending on drinks, although it said cost-cutting should help it improve performance in 2010. Rexam, whose customers include Coca-Cola, Pepsi and SABMiller, said it made a pre-tax loss of £59m in the year to 31 December, compared with profits of £240m last year. [...]
BT has £9bn pension hole February 11, 2010 BT yesterday revealed a yawning pension deficit of £9bn. Shares in the company – which now has the biggest pension deficit in the private sector – nose-dived as the extent of the black hole was revealed. The firm announced an agreement with trustees to pay back the vast sum over 17 years, adding £525m into [...]
PepsiCo gets international profits boost February 11, 2010 PEPSICO yesterday posted a higher quarterly profit that met Wall Street expectations, helped by brisk sales in international markets such as India, while drinks volumes declined in North America. The maker of Pepsi-Cola drinks and Frito-Lay snacks stood by its forecast for earnings growth of 11-13 per cent for the year, and said it still [...]
PEPSICO HEALTH DRIVE January 31, 2010 PepsiCo chief executive Indra Nooyi has said she wants the firm to treble its revenue for healthy foods over the next decade. She said that the company currently has $43bn (£26.9bn) revenue, of which $10bn is “good for you” products including Quaker Oats, Tropicana and Naked Juice, while the rest is “fun for you”.
Tate & Lyle faces profits fall as prices are dragged down January 28, 2010 FALLING prices for sweeteners paid by soft drinks companies like Coca-Cola and Pepsi are set to turn profits sour at sugar group Tate & Lyle. Sweetener selling prices in the Americas in 2010 would fall short of those in 2009, meaning overall margins from its US corn sweetener business this year would probably be “slightly below” [...]
Britvic says growth to slow on cold snap January 27, 2010 SOFT drinks company Britvic yesterday reported an 11 per cent rise in first-quarter revenues but expects to see slower second-quarter growth due to tougher comparisons and recent bad weather. The producer and licensed bottler of brands including Robinsons, Tango, J2O, Pepsi and 7Up, on Tuesday posted first-quarter sales of £243m for the 12 weeks to [...]
Software firm SAP sees higher 2010 sales and profits amid tough market January 27, 2010 GERMAN software maker SAP yesterday said it expects to increase core sales and operating margins in 2010 but cautioned that market conditions are still tough because companies remain wary about investing. “What we see is that the markets are still cautious … but what we see in 2010 is it’s going to be a very [...]
A sad day as Cadbury bites the dust January 18, 2010 IT is a great shame that Cadbury’s management has succumbed so easily to Kraft’s advances. Ever since I can remember, the British confectioner had been stalked by predators; yet for years it defied the doubters and refused to go the way of that other Quaker giant, Rowntree, snapped up by Nestle in 1988. Under the [...]
Sugar Puffs owner to join AIM as it looks to raise funds January 18, 2010 FOOD manufacturer Big Bear Group has confirmed plans to join the Alternative Investment Market (Aim) in a move which could value it at more than £75m. The owner of the Sugar Puffs and Fox’s Glacier Mints says it will use the cash raised to cut debt, develop its existing brands further and pay the costs [...]