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Selasa, 23 Juli 2019

Coca-Cola raises 2019 forecast on coffee, zero sugar soda boost - Reuters

(Reuters) - Coca-Cola Co (KO.N) beat second-quarter earnings expectations and raised its organic revenue forecast for the full year, betting on its new ready-to-drink coffee business and demand for zero-sugar sodas.

Cans of Coca-Cola are pictured in the refrigerator during an event in Paris, France, March 21, 2019. REUTERS/Benoit Tessier

The world’s biggest beverage maker said on Tuesday it now expected organic revenues to grow 5% in the whole of 2019, up from its previous projection of an increase of about 4%.

Coca-Cola has been responding to changing consumer tastes by moving beyond traditional sodas and offering drinks that are lower in sugar or come in new flavors.

As a part of Chief Executive Officer James Quincey’s plan to create a “total beverage company”, the company bought Britain-based Costa Coffee for $5 billion in a deal announced in 2018 and finalized this year. It recently rolled out ready-to-drink coffee in cans in the UK and a coffee based soda in several markets.

This push comes as beverage makers, including rival PepsiCo (PEP.O), look to expand into coffee, tea, juices, bottled water and energy drinks in the face of falling soda sales.

Coca-Cola expects Coke coffee, a beverage that blends coffee and its trademark soda, to be available in more than 25 markets around the world by the end of the year. The beverage has slightly less caffeine than a normal cup of coffee but more than a can of the soda.

A ready-to-drink Costa Coffee in three variants also hit European markets earlier this year.

Shares in the Atlanta-based company, a Dow Jones Industrial Average index .DJI component, rose nearly 4% before the bell.

Wells Fargo analyst Bonnie Herzog said Coca-Cola’s improved revenues suggested its refranchising and portfolio transformation were paying off.

In the second quarter, a 4% volume growth in traditional Coca-Cola and its zero-sugar version helped net revenue rise 6.1% to $10 billion, a touch above analysts’ estimates.

Net income attributable to Coca-Cola rose to 12.6% to $2.61 billion.

Excluding one-time items, it earned 63 cents per share, 2 cents above Wall Street’s estimates, according IBES data from Refinitiv.

Organic revenue, a keenly watched metric that gives sales growth excluding acquisitions and currency fluctuations, rose 6%.

Reporting by Nivedita Balu in Bengaluru; Editing by Tomasz Janowski

Our Standards:The Thomson Reuters Trust Principles.

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https://www.reuters.com/article/us-coca-cola-results/coca-cola-raises-2019-forecast-on-coffee-zero-sugar-soda-boost-idUSKCN1UI19A

2019-07-23 11:11:00Z
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China's Beef Imports Hit Record as Deadly Swine Fever Spreads - Yahoo Finance

(Bloomberg) -- Beef imports by China, the world’s top meat consumer, jumped to an all-time high in June as the spread of African swine fever throughout the country boosts demand for alternative sources of animal protein.Inbound shipments surged 61% on the year to 133,744 metric tons and were up from 123,720 tons in May, customs data showed on Tuesday. Overseas pork purchases in June rose 63% from a year earlier to 160,467 tons.Key Insights:Beef imports are climbing because the deadly virus is driving up pork prices and prompting people to change diets on concerns over safety, even though there’s no evidence that it hurts humans. Australia is the big winner. Chinese demand helped lift beef exports to 1.16 million tons in the year to June 30, according to Meat & Livestock Australia. Shipments to China jumped 55% to 206,306 tons.China’s purchases of South American beef are rising too. Brazil’s exports to the country are seen increasing to 70,000 tons a month if China allows supplies from 25 meat plants now under review, said Caio Toledo, a risk management consultant at INTL FCStone. Brazil exported an average 24,000 tons a month to China in the first half.Get More:China’s hog herds, the world’s biggest, shrank the most in at least a year last month, with farmers reluctant to replenish numbers while swine fever rages, according to the Ministry of Agriculture.Hog inventories plunged 26% from a year earlier, while the number of breeding sows slumped 27%.To contact Bloomberg News staff for this story: James Poole in Singapore at jpoole4@bloomberg.netTo contact the editors responsible for this story: Anna Kitanaka at akitanaka@bloomberg.net, James PooleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

Inbound shipments surged 61% on the year to 133,744 metric tons and were up from 123,720 tons in May, customs data showed on Tuesday. Overseas pork purchases in June rose 63% from a year earlier to 160,467 tons.

Key Insights:

Beef imports are climbing because the deadly virus is driving up pork prices and prompting people to change diets on concerns over safety, even though there’s no evidence that it hurts humans. Australia is the big winner. Chinese demand helped lift beef exports to 1.16 million tons in the year to June 30, according to Meat & Livestock Australia. Shipments to China jumped 55% to 206,306 tons.China’s purchases of South American beef are rising too. Brazil’s exports to the country are seen increasing to 70,000 tons a month if China allows supplies from 25 meat plants now under review, said Caio Toledo, a risk management consultant at INTL FCStone. Brazil exported an average 24,000 tons a month to China in the first half.

Get More:

China’s hog herds, the world’s biggest, shrank the most in at least a year last month, with farmers reluctant to replenish numbers while swine fever rages, according to the Ministry of Agriculture.Hog inventories plunged 26% from a year earlier, while the number of breeding sows slumped 27%.

To contact Bloomberg News staff for this story: James Poole in Singapore at jpoole4@bloomberg.net

To contact the editors responsible for this story: Anna Kitanaka at akitanaka@bloomberg.net, James Poole

For more articles like this, please visit us at bloomberg.com

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2019-07-23 05:03:06Z
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European markets trade higher as UK prepares to usher in new prime minister; autos surge 2.6% - CNBC

European stocks traded higher Tuesday morning, while the pound dipped amid worries that Britain's new prime minister could lead the country into a no-deal exit from the European Union.

The pan-European Stoxx 600 was up by around 0.5% in early deals, auto stocks jumping 2.6% to lead gains while travel and leisure stocks slipped 0.4% as one of only two sectors in the red.

European Markets: FTSE, GDAXI, FCHI, IBEX

Sterling edged 0.3% lower against the U.S. dollar Tuesday morning, slipping to $1.2439 during morning trade. It comes as investors brace for the result of the Conservative Party leadership contest.

Britain's ruling party is set to announce that either former London mayor Boris Johnson — widely regarded as the strong favorite to enter Downing Street — or Foreign Minister Jeremy Hunt will succeed Theresa May to become the new leader and prime minister.

The outcome of the weeks-long ballot of about 160,000 Conservative Party members is scheduled to be revealed shortly before midday, with the winner set to officially become prime minister on Wednesday.

Some market participants are concerned Johnson could pull the U.K. out of the bloc on October 31 without a trade deal in place in order to appease hard-line anti-EU members of the party.

Johnson has insisted the U.K. must leave the EU by the October 31 deadline "come what may," while Hunt has said he would be prepared to further delay the withdrawal process, if required, to secure a new divorce deal.

Elsewhere, global stocks appeared to receive support from expectations that the European Central Bank (ECB) and the Federal Reserve could soon cut interest rates.

The ECB is seen cutting rates by 10 basis points on Thursday, with the U.S. central bank expected to lower rates by 25 basis points at the end of the month.

Earnings in focus

Chipmaker stocks surged on Tuesday, led by Apple supplier AMS, which saw its stock rise 8.7% after it beat revenues and issued optimistic guidance for the third quarter of 2019.

Shares of French auto parts maker Faurecia climbed 7.6% after it missed expectations but maintained first-half profitability despite a China-led decline in auto production, while fellow parts makers Hella and Valeo both jumped more than 4%, driving the European automotive sector higher. BMW also climbed 3.9% after Morgan Stanley upgraded its stock.

Computer parts maker Logitech also rose 6.5% on the back of better-than-expected first quarter earnings.

Bank stocks are also high on the agenda, with UBS shares trading 1% higher in early deals after the Swiss giant beat forecasts with a second-quarter net profit of $1.4 billion. Santander shares were up more than 2% after it slightly beat expectations despite a net profit decline of 18% due to restructuring costs.

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2019-07-23 04:47:31Z
CAIiEE1VN0bYG20WiyLIJdPR1r0qGQgEKhAIACoHCAow2Nb3CjDivdcCMJ_d7gU

Senin, 22 Juli 2019

Equifax To Pay Up To $700 Million In Data Breach Settlement - NPR

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Equifax will pay up to $700 million in a proposed settlement over its massive 2017 data breach. Mike Stewart/AP hide caption

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Mike Stewart/AP

Updated at 10:02 a.m. ET

Equifax will pay up to $700 million in fines and monetary relief to consumers over a massive 2017 data breach at the credit reporting bureau that affected more than 148 million people.

The proposed settlement, which is subject to approval by a federal court, was announced Monday by the company, the Federal Trade Commission, the Consumer Financial Protection Bureau and 50 states and territories.

The consumer data exposed in the breach included Social Security numbers, birthdates and addresses and, in some cases, driver's license numbers.

CFPB Director Kathleen Kraninger said the settlement includes $425 million to cover the "time and money [people affected by the breach] spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach."

Equifax also agreed to pay $175 million to the states and $100 million to the CFPB in civil penalties.

And, starting in January, Equifax "will provide all U.S. consumers with six free credit reports each year for seven years," the FTC said. That's in addition to the free annual credit reports that Equifax, and the two other nationwide credit reporting agencies — Experian and TransUnion — currently provide.

"Equifax failed to take basic steps that may have prevented the breach," FTC Chairman Joe Simons said in the agency's announcement. "This settlement requires that the company take steps to improve its data security."

The FTC alleges that Equifax "failed to patch its network after being alerted in March 2017 to a critical security vulnerability" and that the company didn't discover that its database was unpatched until four months later, when it detected suspicious traffic on its network. Multiple hackers were able to exploit the vulnerability, the FTC said.

In a statement, Equifax called the proposed settlement "a positive step for U.S. consumers." Equifax Chief Executive Officer Mark Begor said the $425 million consumer fund "reinforces our commitment to putting consumers first and safeguarding their data — and reflects the seriousness with which we take this matter."

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https://www.npr.org/2019/07/22/744050565/equifax-to-pay-up-to-700-million-in-data-breach-settlement

2019-07-22 13:25:00Z
CAIiEMnvT7Lju-T0oKuuRvB3bXIqFggEKg4IACoGCAow9vBNMK3UCDCvpUk

Equifax to Pay at Least $650 Million in Largest Data-Breach Settlement Ever - The New York Times

The credit bureau Equifax will pay at least $650 million and potentially significantly more to end an array of state, federal and consumer claims over a 2017 data breach that exposed the sensitive information of more than 148 million people. The breach was one of the most potentially damaging in an ever-growing list of digital thefts.

The settlement, which was announced on Monday and still needs court approval, would be the largest ever paid by a company over a data breach. The deal requires Equifax to put a minimum of $380.5 million into a restitution fund for American consumers who file claims showing that they were financially harmed.

A portion of that money will pay for lawyers’ fees, but at least $300 million must go to victims, according to settlement documents filed in federal court in Atlanta. If the initial cash is depleted, the company will add up to $125 million more to settle consumers’ claims, bringing the total fund size to more than $500 million.

Equifax also agreed to provide up to 10 years of free credit monitoring services to those who had their data exposed. The settlement assumes that around 7 million people will sign up for that service. If more do, Equifax’s costs for providing it could rise meaningfully. Details about the settlement are posted at equifaxbreachsettlement.com, a website set up by the group that will handle claims.

Equifax will pay an additional $175 million in fines to end investigations by 50 attorneys general. Forty-eight states — all except Indiana and Massachusetts, which separately filed their own lawsuits against Equifax — are part of the deal, along with the District of Columbia and Puerto Rico.

“Equifax put profits over privacy and greed over people, and must be held accountable to the millions of people they put at risk,” said Attorney General Letitia James of New York, who helped lead the states’ investigation. “This company’s ineptitude, negligence and lax security standards endangered the identities of half the U.S. population.”

[What to do if you were affected by the Equifax breach.]

The deal also settles investigations by two federal regulators: the Consumer Financial Protection Bureau, to which Equifax will pay a $100 million fine, and the Federal Trade Commission, the primary federal overseer of data security issues. The F.T.C. is not charging a fine; unlike the consumer bureau, it has limited legal power to impose big financial penalties.

Equifax, based in Atlanta, has been negotiating for months to finalize this settlement, and it set aside $690 million last quarter to cover the anticipated costs. Separately, the company has responded to the breach by spending hundreds of millions of dollars on investigative costs, technology improvements, free credit monitoring services and legal fees.

Richard F. Smith retired from his role as Equifax’s chief executive shortly after the breach. The chief information officer and chief security officer were also forced out. — CreditPete Marovich for The New York Times

Mark W. Begor, the company’s chief executive, called the settlement a “positive step” for the company.

“We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement,” he said.

The settlement’s total price tag adds up to a bit less than one typical quarter of sales for Equifax. Last year, the company earned $300 million, a 49 percent drop from its income a year earlier, on sales of $3.4 billion. Equifax’s stock price tumbled after the breach but has since recovered most of its losses.

Some consumer advocates wish the punishment had been sharper.

“The Equifax fine is grievously low, particularly given the scope of the identity problems they created,” said Pam Dixon, the executive director of the World Privacy Forum.

But the sum “is not insignificant,” said Christopher Peterson, a law professor at the University of Utah and a former enforcement lawyer at the Consumer Financial Protection Bureau. Settling the case quickly is probably a better outcome for consumers than years of legal battling, he added.

“My perspective is that this is a win for the various consumer protection agencies that are involved, but that over the long term, it creates only a relatively mild incentive for the big credit reporting agencies to strengthen their data security,” Mr. Peterson said. “The underlying law itself here does not provide as much protection as I think most Americans deserve and want.”

Equifax, one of America’s three largest credit bureaus, alongside Experian and TransUnion, has files on hundreds of millions of people worldwide that contain extensive details about their financial accounts and transactions. Equifax even receives copies of millions of Americans’ paychecks, which are fed into its Work Number database.

The company makes money by selling its vast trove of information to auto loan, mortgage and credit card issuers. Consumers can exercise some control over how their files are used — for example, by freezing them to prevent new credit lines from being opened — but they cannot opt out of the system and demand that Equifax or its competitors stop collecting and storing their personal information.

Law enforcement officials have never publicly identified who was behind the Equifax theft, and cybersecurity experts say they have not seen any sign of the information surfacing in the kinds of online marketplaces where stolen personal information is often bought and sold.

Image

CreditLynsey Weatherspoon for The New York Times

That has made it tricky to determine how much the attack has harmed consumers. There is little known evidence of consumer fraud directly attributed to the breach, but customers have spent countless hours taking precautionary steps like freezing their credit files and scouring them for signs of illicit activity.

Consumers seeking payments from the restitution fund will be required to submit claims, with documentation, showing that they have been a victim of fraud or have taken steps to set up credit monitoring services. Fraud victims will not have to prove that Equifax’s breach directly caused their loss; anyone who was affected by the breach and subsequently experienced fraud involving personal information that was stolen will be able to make a claim, according to settlement documents.

People who paid for credit monitoring or identity theft protection services will be eligible to have what they spent refunded. They will also be eligible for compensation for the time they spent dealing with the issues — such as hours on the phone talking to financial services providers — at a rate of $25 per hour, for up to 20 hours.

The Equifax hackers used a flaw that was known but accidentally left unfixed to gain access to dozens of databases. They did not steal Equifax’s crown jewels, its credit files, but they did obtain sensitive information like names, Social Security numbers, birth dates, addresses and driver’s license numbers.

For about 76 days, according to a government report, the hackers siphoned information out in small increments, until Equifax detected the intrusion in late July 2017. It was not until six weeks later that the company disclosed the breach.

Individuals, lawmakers and regulators responded with fury to both the loss of so much sensitive information and to the company’s bungled public response. Equifax created an information website that barely functioned. It struggled to keep up with the deluge of phone calls and messages from worried consumers and at one point, it even accidentally pointed those seeking information on the breach toward a fake website.

The turmoil led to the ouster of Equifax’s chief executive, Richard F. Smith, who retired shortly after the breach was revealed. Several other top executives, including the chief information officer and chief security officer, were also forced out. Last year, Equifax named Mr. Begor, an outsider who worked in private equity, as its new chief executive.

After a series of fiery congressional hearings, in which lawmakers of both parties denounced Equifax for its missteps — “I can’t fix stupid,” Representative Greg Walden, Republican of Oregon, told Mr. Smith in one memorable exchange — lawmakers passed a few new restrictions on credit bureaus, including a law making credit freezes free. But there have been no major changes to the federal laws covering what information credit bureaus can collect and what steps they must take to safeguard it.

Major data breaches have become an almost routine occurrence. Last year, the Marriott hotel chain disclosed that thieves had stolen personal details on roughly 500 million guests, an attack that has been attributed to a Chinese intelligence-gathering effort. In May, a security journalist revealed that a major title insurance company, First American Financial Corporation, had left nearly 900 million documents related to mortgage deals lying openly on the internet, unprotected.

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https://www.nytimes.com/2019/07/22/business/equifax-settlement.html

2019-07-22 12:49:17Z
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Selasa, 23 Juli 2019

Coca-Cola raises 2019 forecast on coffee, zero sugar soda boost - Reuters

Watch an electric Ford F-150 tow over a million pounds - Engadget

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China's Beef Imports Hit Record as Deadly Swine Fever Spreads - Yahoo Finance

European markets trade higher as UK prepares to usher in new prime minister; autos surge 2.6% - CNBC

European Markets: FTSE, GDAXI, FCHI, IBEX

Earnings in focus

Senin, 22 Juli 2019

Equifax To Pay Up To $700 Million In Data Breach Settlement - NPR

Equifax to Pay at Least $650 Million in Largest Data-Breach Settlement Ever - The New York Times