LONDON, Sept 26 (Reuters) – Dutch food and chemicals group
DSM has cut its 2013 earnings forecast, blaming
currency moves, the renewal of a Dutch “crisis tax” and weaker
demand for fish oil supplements.
Shares in the group, whose products are used to make a range
of goods from food to artificial joints to nylon, fell about 6
percent in early Thursday trading.
LONDON (Reuters) – Rakesh Kapoor, head of British consumer goods company Reckitt Benckiser Group (RB.L: Quote, Profile, Research), used to frown on people using his company’s most famous brands illegally to boost their own sales.
Now, as he holds aloft his iPhone in a bootleg cover emblazoned with RB’s Durex condom packaging, he says he embraces the practice – evidence of an executive who is open to change and willing to speak frankly about it.
LONDON (Reuters) – Reckitt Benckiser Group (RB.L: Quote, Profile, Research, Stock Buzz) will be a major player in a coming shakeout of the global consumer health industry and has the capability to do sizeable deals, according to its chief executive.
Speaking at the Reuters Consumer and Retail Summit on Wednesday, CEO Rakesh Kapoor predicted that the industry, which covers vitamins to over-the-counter medicines to condoms, will see a wave of deals.
LONDON, Sept 10 (Reuters) – Unilever will
keep investing in emerging markets like India even though growth
is slowing, Chief Financial Officer Jean-Marc Huet said,
pointing to the group’s increased stake in Hindustan Unilever as
a long-term bet.
“Yes there is a slowdown in emerging markets, but if you’re
in the consumer business, you should be where people are, and
this is where aspiring consumers are,” Huet said at the Reuters
Global Consumer and Retail Summit on Tuesday.
By Martinne Geller
(Reuters) – The public battle between J.C. Penney Co (JCP.N: Quote, Profile, Research) and leading shareholder Bill Ackman escalated Friday with the hedge fund manager demanding the ouster of the retailer’s chairman as well as the interim CEO, while Starbucks (SBUX.O: Quote, Profile, Research) CEO Howard Schultz joined the fray urging the billionaire’s removal from the board.
Ackman sent an open letter to the Penney board — his second letter in as many days — publicly criticizing the board and seeking the ouster of Chairman Thomas Engibous. A day earlier he had demanded the replacement of interim chief executive Myron Ullman.
(Reuters) – J.C. Penney Co Inc’s (JCP.N: Quote, Profile, Research, Stock Buzz) largest shareholder, Bill Ackman, on Friday urged the company’s board to replace its chairman, Thomas Engibous, sharpening a public dispute with fellow directors and drawing a sharp rebuke from the company.
The news came a day after Ackman pushed to more quickly replace Chief Executive Myron Ullman, who was brought back in April to stem sales declines blamed on Ron Johnson, Ackman’s pick to turn around the struggling century-old department store chain.
(Reuters) – Hillshire Brands Co (HSH.N: Quote, Profile, Research, Stock Buzz) forecast earnings for its new fiscal year below Wall Street estimates as the newly independent meat company faces higher commodity costs and intense competition.
Hillshire uses a range of meats, including pork, turkey and beef to make its Hillshire Farm lunch meat, Jimmy Dean sausages and Ball Park hot dogs. It faces higher prices for sows.
(Reuters) – Packaged food company Mondelez International Inc (MDLZ.O: Quote, Profile, Research, Stock Buzz) dramatically raised its share buyback authorization and posted higher-than-expected earnings on Wednesday, weeks after being criticized by prominent activist investor Nelson Peltz.
Mondelez, which makes Cadbury chocolate, Oreo cookies and Trident gum, does not currently generate as much profit as it could, and should be acquired by PepsiCo Inc (PEP.N: Quote, Profile, Research, Stock Buzz), Peltz said last month at a conference that was broadcast on CNBC cable television.
SHANGHAI/NEW YORK, Aug 7 (Reuters) – China fined three
companies including Mead Johnson Nutrition Co and New
Zealand diary giant Fonterra in relation to a probe
into price fixing and anti-competitive practices by foreign baby
The third company penalised was Hong Kong-listed Biostime
NEW YORK/HONG KONG (Reuters) – Mead Johnson Nutrition Co and Hong Kong-listed Biostime International Holdings said they would pay fines in relation to a Chinese probe into possible price fixing and anti-competitive practices by foreign baby formula makers.
The fines are the first to be publicly announced in the wake of the antitrust review by the National Development and Reform Commission (NDRC) and coincide with separate pricing investigations into the pharmaceutical sector as well as gold trading.