#AceFinanceNews – CALIFORNIA – October 09 – No wonder Coke and Pepsi are spending millions of dollars to fight proposed taxes on sugary drinks in California.
‘ Pepsi V Coke ‘
PepsiCo reported a higher quarterly profit Thursday as global sales rose, but one weak spot was Mexico.
The company said snacks sales volume declined by 3 percent, hurt by a new tax on junk foods.
Recent declines suffered by Pepsi and Coke in Mexico underscore why the beverage industry is fighting tax proposals on sugary drinks in in San Francisco and nearby Berkeley.
PepsiCo – which makes Frito-Lay chips, Gatorade and Tropicana – reported similar declines in its snacks business for the first half of the year, starting when the tax went into effect.
Coca-Cola, which reports its third quarter results Oct. 21, has also reported beverage volume declines in Mexico for the first half of the year, citing a similar tax on drinks.
Mexico has the world’s highest per capita consumption of Coca-Cola drinks.
#AceFinanceNews – London – October 09 Chancellor George Osborne has warned that the UK economy will be affected by the slowdown in the Euro-Zone economy.
Talking to the BBC, he said this was a “critical moment for the British economy”, which was not “immune” from what was happening on the continent.
The eurozone economy was stagnant between April and June, with the German economy – Europe’s biggest – shrinking by 0.2%.
Mr Osborne said there were steps the UK could take to protect itself.
“The eurozone risks slipping back into crisis, and Britain cannot be immune from that – it’s already having an impact on our manufacturing and exports,” he said.
Official figures published earlier this week showed that growth in the UK manufacturing sector slowed to 0.1% in August.
“We are not immune from what’s going on in the rest of the world, but we can take steps to protect ourselves,” the chancellor said.
“We must stick with our long-term economic plan, so delivering economic stability. We are cutting business taxes, making the UK a place to invest, and that will protect jobs right here.”
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