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BUSINESS A25
Tuesday 3 November 2015
ConAgra selling private label unit to TreeHouse Foods
NEW YORK (AP) — ConAgra in the first quarter. It will said it expects the newly office-based workforce, from major stockholder
Foods Inc. is selling most of keep some minor private acquired operations to and move its headquarters Jana Partners, which
its private label operations label operations including boost its annual sales to to Chicago from Omaha, said ConAgra’s results
to TreeHouse Foods Inc. its canned pasta, cooking nearly $7 billion. Nebraska. The restructuring have been disappointing
for about $2.7 billion as spray, and peanut butter It will also boost the moves are part of the since it bought store
part its plan to focus more and pudding offerings company’s employee base company’s plan to make brand business Ralcorp for
on name brands including along with several branded to more than 16,000 people the company leaner and $5 billion two years ago.
Chef Boyardee and Slim products that were and give it a total of more develop products to meet ConAgra, which also
Jim. bundled into the unit. than 50 manufacturing changing consumer tastes makes Hebrew National
Omaha-based ConAgra Oak Brook, Illinois-based facilities. The deal comes as people seem to seek hot dogs, Jiffy Pop, and
initially announced plans to TreeHouse Foods, which one month after ConAgra out less processed and Bertolli products, reported
sell the unit in June and the already focuses on store- said it will cut 1,500 jobs, healthier foods. ConAgra a first-quarter loss of $1.2
deal is expected to close brand food products, or about 30 percent of its had been facing pressure billion. q
HSBC may defer decision on moving HQ from London
DANICA KIRKA reporters on a conference The sign for a branch of HSBC near Liverpool Street Station in London, Monday Nov. 2, 2015 as the
KELVIN CHAN call. After being hit by bank on Monday announced that their pre-tax profit has jumped by a third in the latest quarter.
Associated Press a series of regulatory The bank, Europe’s largest by market value, posted $6.1 billion in profit for the July-September pe-
LONDON (AP) — HSBC, crackdowns and fines in riod, up 32 percent from a year earlier, as it paid out less in fines, settlements and British customer
Europe’s largest bank by Europe and the U.S., the compensation ordered by regulators.
market value, may defer bank is carrying out a
into next year a decision sweeping reorganization to (AP Photo/Tim Ireland)
on whether to move shift focus to Asia, where it
its headquarters out of expects a rapidly growing on revenue. “Our third- $2.1 billion, or about a fifth, China and the Asia-Pacific
London, with management class of newly wealthy quarter performance was from a year earlier to $9 region. At the same time,
conceding Monday they people to drive profit. resilient against a tough billion for the quarter. HSBC has warned about
might need more time to The region accounted for market backdrop,” Gulliver Though it has not yet the economic risks facing
assess whether relocating about two thirds of the said in a statement. decided whether to move Britain if the country opts to
to Asia would make sense bank’s profit for the first Operating expenses, which its headquarters, the bank leave the European Union
in the long term. nine months of 2015, even include fines and other is clear on where it thinks in a referendum that is due
The bank has been steadily though it’s home to only regulatory expenses, fell by its commercial future lies — by the end of 2017. q
shifting its center of gravity a third of its staff. Pre-tax
toward the fast-growing profit jumped by a third in
Asian economies — on the latest quarter as it paid
Monday it announced out less in fines, settlements
a new joint venture in and British customer
China’s booming Pearl compensation ordered by
River Delta region. But regulators. The bank posted
Chairman Douglas Flint $6.1 billion in profit for the
stressed no decision has July-September period,
been made on whether to up 32 percent from a year
return HSBC’s domicile to earlier. Revenue slipped
the region where it began 4 percent to $15.1 billion.
150 years ago. CEO Stuart Gulliver said a
“We’re part way through stock market drop over the
and if we need to take summer in Asia, sparked by
longer we will,” Flint told a sell-off in China, weighed
Nissan reports 38 percent rise in profit, raises forecasts
YURI KAGEYAMA maker allied with Renault “We are increasing our fi- car. It’s also a world lead- vehicle in North America,
AP Business Writer SA of France rose 13 per- nancial forecast for the er in electric vehicles, with and the X-trail and Qashqai
TOKYO (AP) — Nissan’s cent to 3.034 trillion yen full year as our product of- cumulative global sales of SUV models in Europe.
profit for the July-Septem- ($25.2 billion). fensive, our continued fi- 200,000 for its Leaf electric Nissan expects to sell 5.5
ber quarter zoomed 38 Nissan now expects a 535 nancial discipline and the car. The self-driving tech- million vehicles for the fiscal
percent higher on healthy billion yen ($4.4 billion) prof- ongoing benefits of our al- nology, still in its experimen- year, up 3.4 percent from
sales in China, the U.S. and it for the full year through liance strategy is delivering tal stages and not yet for the previous year.
Europe, prompting the au- March 2016, which would better-than-expected re- commercial use, is being Japanese automakers are
tomaker to raise its full-year be an increase of nearly sults,” said Nissan Chief Ex- packed in the Leaf as well. all getting a perk from the
projections. 17 percent from the previ- ecutive Carlos Ghosn, who Such cutting-edge tech- weak yen, which helps
Yokohama, Japan-based ous year. It credited strong also heads Renault. nology doesn’t contribute boost the value of their
Nissan Motor Co. reported sales, cost cuts and a favor- Ghosn said the strong over- much to vehicle sales in its overseas earnings.
Monday a fiscal second able exchange rate. The seas markets compensat- early phases but is a boon Honda Motor Co. is sched-
quarter profit of 172.8 billion maker of the Leaf electric ed for sales losses in Japan, to Nissan’s image. uled to release its earn-
yen ($1.4 billion), up from car and Infiniti luxury mod- which has been stagnating Among the hit models ings Wednesday. Toyota
124.9 billion yen the year els had earlier expected a for years. Nissan has recent- Nissan has had in recent Motor Corp., the world’s
before. 485 billion yen ($4 billion) ly shown its advances in months are the Altima se- No. 1 automaker, reports
Quarterly sales at the auto- profit for the fiscal year. developing the self-driving dan and Rogue sport-utility Thursday.q
