Kraft Heinz’s new CEO inherits challenges left behind by cost-cutting

That strategy at Kraft Heinz — the company 3G formed when it teamed up with Warren Buffett’s Berkshire Hathaway in a $49 billion deal — didn’t work. Kraft Heinz hasn’t done a major transaction since the 2015 merger. While Kraft Heinz later got the contract back, its net sales of salted snacks that year fell 28 percent, according to FactSet. Despite a stronghold in dairy, Kraft Heinz was slow to invest in trends like artisanal cheese, say analysts. He was referring to the breakfast brand Kraft He


That strategy at Kraft Heinz — the company 3G formed when it teamed up with Warren Buffett’s Berkshire Hathaway in a $49 billion deal — didn’t work. Kraft Heinz hasn’t done a major transaction since the 2015 merger. While Kraft Heinz later got the contract back, its net sales of salted snacks that year fell 28 percent, according to FactSet. Despite a stronghold in dairy, Kraft Heinz was slow to invest in trends like artisanal cheese, say analysts. He was referring to the breakfast brand Kraft He
Kraft Heinz’s new CEO inherits challenges left behind by cost-cutting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: lauren hirsch, olivia michael
Keywords: news, cnbc, companies, inbev, company, kraft, ceo, private, heinz, heinzs, inherits, challenges, patricio, retailers, marketing, 3g, brands, left, costcutting


Kraft Heinz's new CEO inherits challenges left behind by cost-cutting

Brazilian private equity firm 3G Capital built its reputation by scooping up iconic consumer brands, aggressively cutting costs and using those savings to fund acquisitions.

That strategy at Kraft Heinz — the company 3G formed when it teamed up with Warren Buffett’s Berkshire Hathaway in a $49 billion deal — didn’t work. Kraft Heinz hasn’t done a major transaction since the 2015 merger. Its share price is less than half what it was when the deal was announced. Last quarter, the company slashed its dividend by 36 percent and wrote down two of its biggest brands, Kraft and Oscar Mayer, by $15 billion. It also disclosed an investigation by the Securities and Exchange Commission into its accounting and procurement practices.

Now, it needs to rebuild a company that was once emblematic of powerful marketing and iconic brands. The executive they’re putting in charge of those efforts is Miguel Patricio, a 52-year-old native of Portugal, who was named CEO on Monday, effective July 1.

Unlike outgoing CEO Bernardo Hees, a partner at 3G Capital, Patricio has no direct affiliation with the private equity firm. Hees spent his early years running a Brazilian railroad company; Patricio has spent decades in the marketing industry, including two decades at Anheuser-Busch InBev, part of which he spent as chief marketing officer. AB InBev is affiliated with 3G Capital but not owned by the private equity firm.

During his run at AB InBev, Patricio oversaw brands including Budweiser and Stella Artois, boosting sales growth excluding impact from mergers and acquisitions by high single digits. The brands accounted for nearly a third of overall such growth in 2018. In his final year as chief marketing officer, AB InBev was the most awarded brand owner at the Cannes Lions awards for advertising and creative communications.

Still, Hees’ departure raises questions of what went wrong at Kraft Heinz and how Patricio can fix it.

Part of Kraft Heinz’s struggles are due to a failed 2017 bid for Unilever, which threw an unexpected wrench into its M&A strategy. Others are a result of consumers shunning older, bigger food brands for healthier eating. It has also been hurt by the pressure retailers are facing as they react to their own competitive threats.

But many of the issues boil down to how the company was run in recent years. Industry insiders and experts said 3G failed to invest enough in its brands, allowed relationships with retailers to deteriorate and lost crucial employees with in-depth knowledge of the food industry.

Kraft Heinz extracted roughly $1.7 billion in savings over two years. The company helped support those savings by slashing research and development and tightening marketing dollars, analysts say. It also cut 2,500 jobs — roughly 5 percent of its workforce — within a month of the merger. Then, three months later, it slashed another 2,600 jobs.

Partially because of the culture that 3G instilled, none of the business unit heads in place when Kraft and Heinz merged are in the same role, and many have left.

Kraft Heinz clamped down on paying retailers for in-store promotions and shelf space, believing its status as the third largest U.S. food company gave it more bargaining power. In 2017, it lost a vital contract for its Planters peanuts business with Walmart’s Sam’s Club amid a spat over pricing pressure, according to people familiar with the matter. While Kraft Heinz later got the contract back, its net sales of salted snacks that year fell 28 percent, according to FactSet. (A Sam’s Club spokeswoman declined to comment on negotiations with a specific supplier).

“We may have made a mistake in terms of trying to push hard against certain … retailers and finding out that we weren’t as strong as we thought,” Buffett said on CNBC earlier this year.

The company also shifted its focus from pumping out scores of new products that often fall flat for Big Food brands to taking limited “big bets” on new products. It redid its Oscar Mayer facilities at a rapid-fire rate but was plagued with operational issues, analysts said.

Despite a stronghold in dairy, Kraft Heinz was slow to invest in trends like artisanal cheese, say analysts. Meanwhile, companies like artisanal meat brand Columbus Craft Meats tried to capitalize on consumer perception of Kraft Heinz meats as being old and processed, launching a marketing campaign with the hashtag “nobaloney,” a person familiar with Columbus’s strategy said.

“When Heinz acquired Kraft, there was a hope that with a foreign background they would be able to inject some new ideas into the portfolio, but in hindsight the efforts weren’t broad or aggressive enough,” said Wells Fargo analyst John Baumgartner.

“They did have some small successes, like Just Crack an Egg, pulling out artificial ingredients, but overall, the efforts just weren’t impactful enough in aggregate.” He was referring to the breakfast brand Kraft Heinz launched in 2018 that allows consumers to make an egg scramble in under two minutes.

The strategy’s shortcomings were evident in the results of some key brands, which ceded ground to competitors.

For example, Oscar Mayer’s share of the lunch-meat industry fell from 34 percent to 30.5 percent from 2015 to 2018, according to Nielsen data. Rival Hillshire, owned by Tyson Foods, saw its share jump from 7 percent to 9 percent in that period, while private label lunch meat grew from 15 percent to 18 percent.

Buffett and executives at 3G have acknowledged they made mistakes. Appointing Patricio as CEO is taking that acknowledgement one step further.

“My profile will bring a much more consumer-centric [vision],” Patricio told CNBC in an interview Monday. He also stressed that he would focus on improving Kraft Heinz’s speed, sales growth and brand building.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: lauren hirsch, olivia michael
Keywords: news, cnbc, companies, inbev, company, kraft, ceo, private, heinz, heinzs, inherits, challenges, patricio, retailers, marketing, 3g, brands, left, costcutting


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Pinterest faces international monetization challenges, says analyst


Pinterest faces international monetization challenges, says analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17
Keywords: news, cnbc, companies, pinterest, faces, analyst, international, monetization, challenges


Pinterest faces international monetization challenges, says analyst


Company: cnbc, Activity: cnbc, Date: 2019-04-17
Keywords: news, cnbc, companies, pinterest, faces, analyst, international, monetization, challenges


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Turkish central bank needs to be ‘fully independent,’ IMF’s Europe director says

Economic and political developments in Turkey have had investors worried for more than a year now. One of the country’s most immediate needs if it wants to get its house in order is to ensure total independence of its central bank, according to the man who led the bailouts of Greece, Portugal, Iceland and Ukraine during the Great Recession. “So we welcome the increase we’ve seen in interest rates in the last six to seven months, but it’s important that the Turkish central bank be allowed to be f


Economic and political developments in Turkey have had investors worried for more than a year now. One of the country’s most immediate needs if it wants to get its house in order is to ensure total independence of its central bank, according to the man who led the bailouts of Greece, Portugal, Iceland and Ukraine during the Great Recession. “So we welcome the increase we’ve seen in interest rates in the last six to seven months, but it’s important that the Turkish central bank be allowed to be f
Turkish central bank needs to be ‘fully independent,’ IMF’s Europe director says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: natasha turak, chris mcgrath, getty images
Keywords: news, cnbc, companies, fully, director, central, bank, europe, number, turkish, needs, independence, challenges, monetary, imfs, independent, policy


Turkish central bank needs to be 'fully independent,' IMF's Europe director says

Economic and political developments in Turkey have had investors worried for more than a year now.

One of the country’s most immediate needs if it wants to get its house in order is to ensure total independence of its central bank, according to the man who led the bailouts of Greece, Portugal, Iceland and Ukraine during the Great Recession.

“Turkey faces a number of challenges, and one of them is that the central bank needs to be fully independent so it can continuously assess and tighten policies as circumstances change in a forward-looking manner,” Poul Thomsen, director of the International Monetary Fund’s Europe department, told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C. over the weekend.

“So we welcome the increase we’ve seen in interest rates in the last six to seven months, but it’s important that the Turkish central bank be allowed to be fully independent in its assessment of monetary policy in addition to a number of other challenges on fiscal policy, and more transparency.”

Turkey’s economy is already in recession, rocked last year after fears over government interference into central bank independence, over-leveraged banks, a large current account deficit and a diplomatic spat with the U.S. triggered investor and capital flight. The lira lost 36 percent of its value against the dollar by the end of 2018.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: natasha turak, chris mcgrath, getty images
Keywords: news, cnbc, companies, fully, director, central, bank, europe, number, turkish, needs, independence, challenges, monetary, imfs, independent, policy


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Salesforce chief scientist Richard Socher on challenges, future of AI

“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore. That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added. AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that


“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore. That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added. AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that
Salesforce chief scientist Richard Socher on challenges, future of AI Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: eustance huang, paco freire, sopa images, lightrocket, getty images, -richard socher, chief scientist at salesforce
Keywords: news, cnbc, companies, salesforce, think, videos, fake, future, spread, usually, ai, concerns, challenges, used, trip, chief, told, scientist, richard, socher


Salesforce chief scientist Richard Socher on challenges, future of AI

Concerns over the artificial intelligence’s ability to spread disinformation may be overblown, according to one expert.

“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore.

That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added.

AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that such videos, also known as “deepfakes,” could be used to spread misinformation.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: eustance huang, paco freire, sopa images, lightrocket, getty images, -richard socher, chief scientist at salesforce
Keywords: news, cnbc, companies, salesforce, think, videos, fake, future, spread, usually, ai, concerns, challenges, used, trip, chief, told, scientist, richard, socher


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Salesforce chief scientist Richard Socher on challenges, future of AI

“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore. That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added. AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that


“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore. That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added. AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that
Salesforce chief scientist Richard Socher on challenges, future of AI Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: eustance huang, paco freire, sopa images, lightrocket, getty images, -richard socher, chief scientist at salesforce
Keywords: news, cnbc, companies, salesforce, think, videos, fake, future, spread, usually, ai, concerns, challenges, used, trip, chief, told, scientist, richard, socher


Salesforce chief scientist Richard Socher on challenges, future of AI

Concerns over the artificial intelligence’s ability to spread disinformation may be overblown, according to one expert.

“I think it’s a little overhyped,” Richard Socher, chief scientist at software firm Salesforce, told CNBC in an interview during his trip to Singapore.

That’s because humans are already adept at creating fake news without the help of algorithms, Socher said. Furthermore, fake news usually has some sort of “agenda” behind it — something that AI inherently lacks, he added.

AI can already be used to create fake, superimposed images onto another person in videos. There have been rising concerns that such videos, also known as “deepfakes,” could be used to spread misinformation.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: eustance huang, paco freire, sopa images, lightrocket, getty images, -richard socher, chief scientist at salesforce
Keywords: news, cnbc, companies, salesforce, think, videos, fake, future, spread, usually, ai, concerns, challenges, used, trip, chief, told, scientist, richard, socher


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Asia is resilient and can bounce back in the face of challenges, says Credit Suisse regional CEO

The Asia Pacific CEO of Credit Suisse is bullish on Asia’s growth. “The region has resilience of the people, the resilience of the entrepreneurs, to adapt.” He says the region’s adaptability is whyso many entrepreneurs have been flocking to its shores. According to Sitohang, Asia is home to the highest number of entrepreneurs. Asked if there were opportunities for Asia in the ongoing trade conflict between the U.S. and China, Sitohang said: “In every shift of resources, there’s always somebody t


The Asia Pacific CEO of Credit Suisse is bullish on Asia’s growth. “The region has resilience of the people, the resilience of the entrepreneurs, to adapt.” He says the region’s adaptability is whyso many entrepreneurs have been flocking to its shores. According to Sitohang, Asia is home to the highest number of entrepreneurs. Asked if there were opportunities for Asia in the ongoing trade conflict between the U.S. and China, Sitohang said: “In every shift of resources, there’s always somebody t
Asia is resilient and can bounce back in the face of challenges, says Credit Suisse regional CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: huileng tan
Keywords: news, cnbc, companies, credit, ceo, sitohang, challenges, face, regional, bounce, entrepreneurs, think, grow, china, asia, suisse, resilience, resilient, region


Asia is resilient and can bounce back in the face of challenges, says Credit Suisse regional CEO

The Asia Pacific CEO of Credit Suisse is bullish on Asia’s growth.

“I’m very excited about the region … the entrepreneurs are very resilient, the people are resilient — hardworking, and I think that’s the biggest asset that the region has to continue to grow,” Helman Sitohang told CNBC at the Credit Suisse Asian investment Conference in Hong Kong on Monday.

“One thing which is very exciting about the region is the ability to adapt, to really adjust to the changes etc., and then come back,” Sitohang said. “The region has resilience of the people, the resilience of the entrepreneurs, to adapt.”

He says the region’s adaptability is whyso many entrepreneurs have been flocking to its shores. According to Sitohang, Asia is home to the highest number of entrepreneurs.

Asked if there were opportunities for Asia in the ongoing trade conflict between the U.S. and China, Sitohang said: “In every shift of resources, there’s always somebody that will benefit.”

He said Southeast Asia would likely be a beneficiary.

“I don’t think it’s a loss for China either as well, because China obviously has other parts that they can contribute and also adapt, and the country has amazingly been able to continue to grow at a strong pace,” Sitohang added.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: huileng tan
Keywords: news, cnbc, companies, credit, ceo, sitohang, challenges, face, regional, bounce, entrepreneurs, think, grow, china, asia, suisse, resilience, resilient, region


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As Brexit remains in limbo, Yale’s Stephen Roach says the ‘imperfect’ EU may not survive

As U.K. Prime Minister Theresa May presses on to take Britain out of the European Union, one leading economist raised questions about the viability of the single political and economic bloc. “You have to wonder about the future of the European Union itself … this is an imperfect union and the survivability of it is, I think, a serious question,” Stephen Roach, a senior fellow at Yale University, told CNBC’s Sri Jegarajah on Friday. Even before Brexit came about, the EU faced multiple challenge


As U.K. Prime Minister Theresa May presses on to take Britain out of the European Union, one leading economist raised questions about the viability of the single political and economic bloc. “You have to wonder about the future of the European Union itself … this is an imperfect union and the survivability of it is, I think, a serious question,” Stephen Roach, a senior fellow at Yale University, told CNBC’s Sri Jegarajah on Friday. Even before Brexit came about, the EU faced multiple challenge
As Brexit remains in limbo, Yale’s Stephen Roach says the ‘imperfect’ EU may not survive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-22  Authors: yen nee lee, daniel leal-olivas, afp, getty images
Keywords: news, cnbc, companies, survive, imperfect, european, limbo, uk, convince, roach, union, exit, stephen, crisis, challenges, parliament, eu, yales, remains, brexit


As Brexit remains in limbo, Yale's Stephen Roach says the 'imperfect' EU may not survive

As U.K. Prime Minister Theresa May presses on to take Britain out of the European Union, one leading economist raised questions about the viability of the single political and economic bloc.

“You have to wonder about the future of the European Union itself … this is an imperfect union and the survivability of it is, I think, a serious question,” Stephen Roach, a senior fellow at Yale University, told CNBC’s Sri Jegarajah on Friday.

Even before Brexit came about, the EU faced multiple challenges over the last decade, said Roach, who’s a former chairman of Morgan Stanley Asia. Those challenges include a sovereign debt crisis in Greece and a standoff with Italian leaders over the country’s spending plans.

And with the U.K. — one of the largest European economies — planning to leave the bloc, it remains to be seen whether the EU has the ability to withstand more pressure coming from member states while still reeling from the shocks of the global financial crisis, said Roach.

The EU agreed to postpone the U.K.’s exit from the bloc to May 22 if May can convince the British parliament to accept the existing deal. If May fails to convince parliament, Britain would face a disorderly exit from the EU on April 12.


Company: cnbc, Activity: cnbc, Date: 2019-03-22  Authors: yen nee lee, daniel leal-olivas, afp, getty images
Keywords: news, cnbc, companies, survive, imperfect, european, limbo, uk, convince, roach, union, exit, stephen, crisis, challenges, parliament, eu, yales, remains, brexit


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Challenges are rising for Asian private equity investors: Bain & Co

The outlook for Asia Pacific private equity deal making is growing increasingly gloomy, according to Bain & Company. The global management and consulting firm said Friday that fundraising fell sharply last year and worries are rising about overheating investment in Chinese innovation. On top of that, U.S.-China trade tensions, rising interest rates and growing competition among large and small funds are worrisome headwinds, Bain said Friday in its Asia Pacific Private Equity Report 2019. In part


The outlook for Asia Pacific private equity deal making is growing increasingly gloomy, according to Bain & Company. The global management and consulting firm said Friday that fundraising fell sharply last year and worries are rising about overheating investment in Chinese innovation. On top of that, U.S.-China trade tensions, rising interest rates and growing competition among large and small funds are worrisome headwinds, Bain said Friday in its Asia Pacific Private Equity Report 2019. In part
Challenges are rising for Asian private equity investors: Bain & Co Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kelly olsen, rawpixel, istock, getty images, -kiki yang, co-head of asia pacific private equity at bain
Keywords: news, cnbc, companies, private, asian, increasingly, rising, services, bain, pacific, economy, growing, challenges, online, chinese, investors, equity


Challenges are rising for Asian private equity investors: Bain & Co

The outlook for Asia Pacific private equity deal making is growing increasingly gloomy, according to Bain & Company.

The global management and consulting firm said Friday that fundraising fell sharply last year and worries are rising about overheating investment in Chinese innovation. On top of that, U.S.-China trade tensions, rising interest rates and growing competition among large and small funds are worrisome headwinds, Bain said Friday in its Asia Pacific Private Equity Report 2019.

In particular, it warned that private equity investors are increasingly on guard about China’s internet-based “new economy” sector, described as a “speculative bubble” that may burst.

The Chinese new economy is commonly defined as companies riding the wave of the expanding mobile internet, such as online shopping platforms and other web-based services including ride-hailing, food delivery and online financial services.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kelly olsen, rawpixel, istock, getty images, -kiki yang, co-head of asia pacific private equity at bain
Keywords: news, cnbc, companies, private, asian, increasingly, rising, services, bain, pacific, economy, growing, challenges, online, chinese, investors, equity


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GE will be transparent about challenges in its turnaround plan, CEO Larry Culp says

General Electric will be open about its struggles and the goals it expects to achieve in the company’s turnaround plan, CEO Larry Culp told CNBC Thursday. Culp, who became head of the company last September, said he studied the company for years and the top priority is to strengthen its balance sheet. “We want to strengthen the balance sheet and set our businesses up to play and win,” Culp said. “We’ve been very clear about our intent to reduce both the leverage on our industrial balance sheet a


General Electric will be open about its struggles and the goals it expects to achieve in the company’s turnaround plan, CEO Larry Culp told CNBC Thursday. Culp, who became head of the company last September, said he studied the company for years and the top priority is to strengthen its balance sheet. “We want to strengthen the balance sheet and set our businesses up to play and win,” Culp said. “We’ve been very clear about our intent to reduce both the leverage on our industrial balance sheet a
GE will be transparent about challenges in its turnaround plan, CEO Larry Culp says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: tyler clifford
Keywords: news, cnbc, companies, ceo, transparent, strengthen, larry, culp, industrial, ge, balance, turnaround, challenges, company, billion, leverage, gonna, sheet, plan


GE will be transparent about challenges in its turnaround plan, CEO Larry Culp says

General Electric will be open about its struggles and the goals it expects to achieve in the company’s turnaround plan, CEO Larry Culp told CNBC Thursday.

“I think what we’re gonna try to do, frankly, is to share with people in as transparent a way as we possibly can, what those issues are … and the plan that we have,” he said in a sit-down interview with “Mad Money’s” Jim Cramer. “But it will take– time. And we don’t wanna sugarcoat this.”

The industrial conglomerate, which once donned the title of America’s most valuable company, has faced debt and management problems for some time. Culp, who became head of the company last September, said he studied the company for years and the top priority is to strengthen its balance sheet.

GE has made moves to sell off $25 billion worth of assets in GE Capital.

“We want to strengthen the balance sheet and set our businesses up to play and win,” Culp said. “We’ve been very clear about our intent to reduce both the leverage on our industrial balance sheet and at GE Capital.”

The chief said his company will have access to “the better part of $40 billion of proceeds” after Danaher’s $21.4 billion acquisition of GE’s biopharmaceutical business goes through. Culp also said he anticipates monetizing GE’s stake in Baker Hughes and other deals.

“There’s a lot of capital there that we’re gonna be able to put to use to bring down the leverage on the industrial balance sheet,” he said. “Will it work on the capital side in a similar fashion? We have $10 billion of dispositions planned this year to continue to bring the leverage down.”


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: tyler clifford
Keywords: news, cnbc, companies, ceo, transparent, strengthen, larry, culp, industrial, ge, balance, turnaround, challenges, company, billion, leverage, gonna, sheet, plan


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Algerian protesters win historic victory — but massive challenges remain

Algeria’s longtime president has conceded to popular demands to abandon his re-election bid after three weeks of massive protests rocked the North African country of 41 million. Silent throughout the Arab Spring, Africa’s largest country and third-largest oil producer erupted in protest in late February after its ageing president announced his fifth re-election bid. The protests, leaderless and largely peaceful, represented a wide cross-section of society including students, teachers, lawyers, a


Algeria’s longtime president has conceded to popular demands to abandon his re-election bid after three weeks of massive protests rocked the North African country of 41 million. Silent throughout the Arab Spring, Africa’s largest country and third-largest oil producer erupted in protest in late February after its ageing president announced his fifth re-election bid. The protests, leaderless and largely peaceful, represented a wide cross-section of society including students, teachers, lawyers, a
Algerian protesters win historic victory — but massive challenges remain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: natasha turak, farouk batiche, picture alliance via getty images, canal algerie, afp, getty images, -anthony skinner, mena politics director, verisk maplecroft
Keywords: news, cnbc, companies, country, historic, reelection, massive, victory, oil, question, bid, fifth, continued, protests, remain, algerian, protesters, challenges, statement, president, win


Algerian protesters win historic victory — but massive challenges remain

Algeria’s longtime president has conceded to popular demands to abandon his re-election bid after three weeks of massive protests rocked the North African country of 41 million.

But a giant question mark now hangs over what happens next, leaving Algerians and investors alike — particularly those in the oil and gas sector — mired in uncertainty.

“There will be no fifth term,” a statement from 82-year-old President Abdelaziz Bouteflika, who is in his 20th year in power but has rarely been seen in public since suffering a stroke in 2013, said on Monday.

Silent throughout the Arab Spring, Africa’s largest country and third-largest oil producer erupted in protest in late February after its ageing president announced his fifth re-election bid. The protests, leaderless and largely peaceful, represented a wide cross-section of society including students, teachers, lawyers, and the working class.

“There was never any question of it for me,” the president’s statement continued. “Given my state of health and age, my last duty towards the Algerian people was always contributing to the foundation of a new Republic.”

Algeria’s general election, scheduled for April 18, has now been postponed. But demonstrations continued this week in Algerian cities as protesters read Bouteflika’s concession as simply a maneuver to prolong his presidency.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: natasha turak, farouk batiche, picture alliance via getty images, canal algerie, afp, getty images, -anthony skinner, mena politics director, verisk maplecroft
Keywords: news, cnbc, companies, country, historic, reelection, massive, victory, oil, question, bid, fifth, continued, protests, remain, algerian, protesters, challenges, statement, president, win


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