U.S. federal regulators have alleged that a brokerage account in Switzerland was used for illegal insider trading ahead of the H.J. Heinz acquisition. The Securities and Exchange Commission obtained a court order Friday to freeze the account and prevent the assets from being moved.
This frame grab taken Monday, Feb. 18, 2013, shows what appears to be Burger King's Twitter account after it was apparently hacked. Starting just after noon Eastern time on Monday, the fast-foot company's Twitter picture was changed to a McDonald's logo, and the account tweeted that it had been sold to rival McDonald's.
While the Hispanic population is growing at a fast pace in the US — and with them their purchasing power — it seems in the last few years much of the focus has been on Latinas, neglecting an equally important Hispanic shopper: Hispanic men.
Food marketers have long believed consumers don't like to spend time in the kitchen, but new research has exposed a secret love affair with cooking. In fact, 78 percent of Americans enjoy it, according to Sullivan Higdon & Sink's FoodThink study, Cooking in America.
The purchase of Heinz by 3G Capital and billionaire Warren Buffet's Berkshire Hathaway has industry observers waxing poetic about the strength of the Heinz brand. Heinz is one of the largest companies in the world with a unique story of expansion unlikely to be repeated.
J. M. Smucker Co. said Friday that its fiscal third-quarter net income jumped 32 percent, helped by strong demand for its profitable K-Cups coffees and peanut butter products. For the quarter ended Jan. 31, the Orrville, Ohio-based company earned $154.2 million, or $1.42 per share, up from $116.8 million, or $1.03 per share, in the same quarter last year.
Officials from European Union countries are going ahead with a plan for more intensive checks to detect horsemeat in food labeled as beef as they work to contain a widening scandal. The emergency meeting Friday in Brussels was designed to restore consumer confidence following the discovery of significant amounts of horsemeat in products sold as beef.
Campbell Soup Co. said its net income fell by 7 percent in the latest quarter, as the world's biggest soup maker incurred costs for the closure of a plant in Mexico and other restructuring measures. On an adjusted basis, however, the company posted a profit and revenue growth in its fiscal second quarter that were better than Wall Street analysts expected.
Warren Buffett and a fellow billionaire are teaming up to snap up the Heinz ketchup company, marking the food industry's biggest ever deal and yet another sign that the lifeless merger market is finally picking up. H.J. Heinz announced Thursday a $23.3 billion deal to be purchased by Buffet's Berkshire Hathaway and 3G Capital, which was co-founded by Jorge Lemann, one of Brazil's richest men.
Supporters argued that an initiative requiring genetically engineered foods to be labeled gives Washington state consumers information they need to make informed choices at the grocery store. Opponents countered that the move is unnecessary: These foods are perfectly healthy, and if consumers don't want them, they can buy organic.
Kraft Foods expects fourth-quarter adjusted earnings above analysts' current estimates, but it foresees lower revenue than a year ago. The U.S.-based company, whose brands include Oscar Mayer and Miracle Whip, also raised its 2013 earnings forecast Friday.
The New Jersey-based Campbell Soup Co. says it will close its plant in the town of Villagran in central Mexico. The move will eliminate about 260 positions. The company will continue to employ about 70 current Mexico staff members in research and development sales, supply, marketing and general management.
Call it benevolence through beer, donating via daiquiri or generosity by gin and tonic. A new Houston bar is offering its customers not just a relaxed atmosphere with good drinks and food, but a pledge that 100 percent of its profits will be donated to a different local charity or social cause each month.
A number of salmonella illnesses traced to Foster Farms chicken in Washington and Oregon last year prompted health officials in both states to remind consumers Thursday that chicken in the kitchen can sicken. The outbreak is not an unusual threat, said Washington state Health Department spokesman Tim Church.
Tests have found horsemeat in school meals, hospital food and restaurant dishes in Britain, officials said Friday, as the scandal over adulterated meat spread beyond frozen supermarket products. Results were coming in after U.K. food safety officials ordered supermarkets and suppliers to test all processed meals labeled as beef for traces of horsemeat.
In this Jan. 16, 2013 photo, Mike Criss, manager of the Original OKRA Charity Saloon, mixes a drink at the bar in Houston. The new downtown bar is offering its customers a relaxed atmosphere with good drinks and food and a pledge that 100 percent of its profits after costs will be donated to a different local charity or social cause each month.
Mississippi lawmakers want to make it quite clear that their state is no New York. House Bill 1182 passed on Wednesday and bans local regulations requiring nutrition labeling or keeping bad-for-you food out of the hands of consumers. Rep. Gregory Holloway (D-Hazlehurst), a supporter of the bill, said, "If you want to go eat 20 Big Macs, you can eat 20 Big Macs."
Molson Coors Brewing Co. said Thursday its fourth-quarter net income dropped 65 percent, hurt by a higher tax rate and tough comparisons to an exceptionally strong year-ago period. For the quarter ended Dec. 29, Molson Coors earned $60 million, or 33 cents per share, down from $173.2 million, or 95 cents per share, in the same quarter the year before.
The $23.3 billion H.J. Heinz Co. deal announced Thursday would be the biggest deal in the food industry when debt is excluded from the total. The rankings from data provider Dealogic also exclude spinoffs and beverage companies. Here are the top five food company deals.
No one's trying to take away supertanker-sized soda drinks in Mississippi, but state lawmakers passed a bill Wednesday to make sure they never do. House Bill 1182 would prohibit counties and cities from creating food regulations such as requiring nutritional labeling at restaurants, banning junk foods and keeping toys out of meals.