Afternoon Coffee: Kraft Heinz Co. to Restate Earnings; Trump Tweets Promise of Tariffs Increase by End of Week

chayathon2000/Adobe Stock

Food giant Kraft Heinz announced it is planning to restate earnings for “2016, 2017 and part of 2018,” noting in the same regulatory filing that “it found evidence of employee misconduct in procurement that increased the cost of products sold,” according to Bloomberg via Yahoo Finance.

According to that filing, “the effects of the restatements for supplier rebates and other misstatements are expected to be less than 2 percent in each year on adjusted earnings per share,” and that the company “had received a second subpoena from the SEC on March 1, related to its goodwill assessment and requesting documents related to its procurement practices.”

Trump tweets that tariffs on $200B Chinese imports will rise to 25%

President Donald Trump tweeted Sunday that tariffs on $200 billion worth of imported goods from China will go up from 10% to 25% from this Friday, May 10.

A meeting of Chinese officials with U.S. negotiators in Washington, D.C., this week is still on track, however.

Air Force calls for bid for Phase 2 of Launch Service Procurement

The Air Force has decided to go ahead and call for bids for the second phase of the Launch Service Procurement program. It seeks to award fixed-price contracts to two domestic commercial service providers that can launch national security payloads through 2027.

In a statement, Air Force Secretary Heather Wilson said, “We must move forward now. We are answering Congress’ 2014 directive to transition off the Russian-made RD-180 rocket engine.”

PepsiCo and Mindshare blockchain trial boosts efficiency by 28%

A test by PepsiCo in conjunction with Mindshare has driven an increased 28% efficiency in supply chain efficiency.

Project Proton ran in March 2019 in the Asia Pacific region, with a focus on "viewable impressions." One campaign was through smart contracts and one was without. According to Mindshare, “the smart contracts are deployed via Zilliqa’s blockchain and can reconcile impressions from different data sources alongside payments,” according to The Drum.

Post-IPO, Yunji to expand supply chain, says CFO

Hangzhou-based company Yunji listed on Nasdaq Friday, selling 11 million of its shares for $121 million in its initial public offering.

The CFO of Yunji, Chen Chen, said his company will now be able to compete with the big retailers because of its "unique selection of products and reliance on member feedback." Yunji sells products across categories of household goods, electronics, childcare and food, among others.

Never miss out on Spend Matters news — sign up for our newsletter!

Share on Procurious

Discuss this:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.