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scandal stricken snow brand on the up?
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shares in japan's scandal-ridden snow brand milk products co soared more than 11 per cent on tuesday after investors saw signs of a practical revival plan in newspaper reports it plans to cut a quarter of its workforce, reuters reports. shares in snow brand milk, japan's largest dairy manufacturer, have plunged more than 75 per cent since a scandal in june 2000 when the brand was tarnished by tainted milk that left more than 10,000 people ill in a mass outbreak of food poisoning. consumer anger with the company has swelled in recent months with evidence of more wrongdoing, causing a recession-weary public tired of scandals and coverups to shun the once prestigious brand. the yomiuri shimbun daily said on tuesday that snow brand will cut 1,300 workers in a new restructuring plan to be unveiled on thursday when the company reports full year earnings. "the company's efforts to rebuild itself are finally taking shape, supporting today's rise in the stock," said kazayuki naito, general manager of equities and trading at ufj capital markets securities.the nihon keizai shimbun business daily said the dairy producer was seeking capital injections from asahi breweries, japan's largest beermaker, and yamazaki baking co.major japanese trading house itochu corp had decided to invest between 2.5 billion yen (€21.64 million) and 3.0 billion yen in the company, the newspaper said. in addition, the national federation of agricultural cooperative associations, or zenno, is set to take the largest stake, or 30 per cent, worth up to six billion yen, it said. a snow brand official declined to comment on the reports.the company, which forecasts a record group net loss of 71.4 billion yen ($569.4 million) in the financial year which ended in march, appears to be desperately seeking and securing new funds to reduce its interest bearing debt and revive its slumping business. analysts said the stock was rising on expectations that the battered company would finally move to restore its financial health and rebuild its shattered brand image. consumers were left with a sour taste when the company's meat-packing unit, snow brand food co, said in january it had falsely labelled beef to claim government funds intended to help the industry cope with an outbreak of mad cow disease. newspaper reports in march said snow brand milk was mulling a 98 per cent capital reduction.shares in snow brand milk closed up 11.4 per cent or 13 yen, rising to 127 yen on tuesday's news reports.
Source :Food Ingredients Food Science - Additives, Flavours, Starch
Date :
22
May
2002
Category :
Dairy Products
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cutting back meat consumption is the new darling cause of pop stars. but if necessary environmental and health goals are to be achieved, the whole supply chain needs to be strumming along in tune. john mccartney, yoko ono and moby stepped out together on the ‘green carpet’ in june to launch the uk’s meat-free mondays campaign. over in belgium, the city of ghent has declared that public officials and school kids are to take a one-day holiday from meat eating each week.
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last week we published some musings from our editorial team on the gluten-free food market. we don’t pretend to hold all the answers, but we have been pleased that some of our readers have engaged in the debate. below are the responses we have received – the good, the bad, and the ugly… the original audio podcast is available here. http://www.foodnavigator.com/financial-industry/chewing-the-fat-how-big-is-gluten-free gluten free claims for various foods from different processors should not be trusted, unless there is an agreed on international standard for gluten free claims.
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consumers in the us are increasingly turning to soy as a healthy choice as they constantly change their eating habits to improve nutrition, according to a study from the united soybean board. soy is popular for its potential health benefits and versatility and 85 percent of consumers view soy as healthy, the survey showed. this is an increase of 26 percentage points compared to 1997.
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masterfoods' u-turn over its plan to reformulate its famous confectionery brands using animal-derived whey sets a precedent that will prevent any other food manufacturer from flying in the face of the global trend towards the vegetarianisation of our food. a vicious battle raged in the uk last week between masterfoods and a small, but vocal, army of vegetarians when the maker of mars, maltesers, snickers and galaxy bars decided to use rennet, animal-derived whey (taken from calves' stomachs), instead of the more costly vegetarian whey.
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warranted or not, it comes as no surprise to learn that there is growing concern among uk consumers over food safety. according to new research from mintel, 41 per cent of adults were concerned about the safety of food in 1997, while in 2002 this figure has risen to 44 per cent of consumers. the report revealed that there is a considerable difference in attitude between men and women with over half of women (51 per cent) worried about food safety, compared to just 36 per cent of men.
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Coca.Cola
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PEPSI
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Mcdonald
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Nestle
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Mars
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Baskin & Robins
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Nutrika
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Mumika
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Chika
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