Anglo-Dutch food giant Unilever reported like-for-like sales growth of 3.2 percent for the third quarter. But, the market is hardly excited because the so-called growth was thanks to the controversial price increases from the company to offset currency devaluations. Stay tuned to Sentifi to get all the latest updates about Unilever.
Unilever: Shares fall 4 percent on artificial growth
Unilever lost nearly £900 million of its market value after the markets realized the company’s turnover at actual exchange rates was unchanged year-over-year. The company has been bombarded with criticism and controversy after jacking up the price of Marmite and Hellmann’s mayonnaise. Moreover, it is facing low growth and tough competition from e-commerce businesses, while changing tastes have intensified.
Tesco: Refuses to carry Marmite and other products after Unilever wants to hike the prices
A standoff over price increases has broken out between Tesco and Unilever. In order to offset a plunge in pound by passing those expenses along to retailers, Unilever wants to increase the prices of its products by 10 percent. And Tesco didn’t take the news too well, deciding to stop carrying many of Unilever’s products. Tesco is Unilever’s third-biggest customer.
Hyperloop One: Raises $50 million in the latest funding
The company also recruited former Chief Financial Officer of Uber Brent Callinicos to be its chief financial adviser. Back in July, the company faced a lawsuit from its co-founder and former Chief Technology Officer Brogan BamBrogan and three other former executives for mismanagement, breach of fiduciary duty and other mistreatment. Following the fresh funding, the company said it plans to raise equity funding in the first half of 2017.
NK Rosneft’ PAO: Self-privatizes to help Kremlin pay its bills
The London-listed oil giant is 70 percent owned by the state, and its CEO Igor Sechin has been asking ally President Vladimir Putin to privatize a 19.5 percent stake in Rosneft. But, his plan is to let Rosneft buy the stake itself. That will give Russia more control of its oil.
Arcturus Growthstar: Establishes a new gaming devision
The cannabis-focused company has established its own mobile gaming division called 42AppGaming with the intent to releases 420-themed games.
HP: Cuts 4,000 jobs worldwide
HP Inc., the hardware business of the former Hewlett-Packard, announced the plan for the job cut as part of a restructuring plan. The company expects to get $200 million to $300 million in annual savings from the cut. Unfortunately, the cut could cost the company $500 million in charges.
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