NEW YORK: ‘ Coke and Pepsi Spending Millions of Dollars to Fight Proposed Taxes on Sugary Drinks ‘

#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 '

‘ 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.

Source: 

#AFN2014 

#california, #new-york