Global Commodities Market Update: March 8, 2010
Coca-Cola CEO Muhtar Kent received a total compensation of $18.8 million in 2009, according to a regulatory filing. Meanwhile, Burger King franchisees have dropped a lawsuit against the fast-food chain related to soda sales rebates. The U.K. regulators are investigating Kraft Foods for potential misleading statements during its takeover bid for Cadbury. The U.S. District Court has declined to stop the planting of genetically modified sugar beet seeds, and the beverage industry is releasing a report on declining soda sales in U.S. secondary schools. These developments come as the global commodities market continues to fluctuate, with sugar and cocoa prices experiencing significant changes.
Key Takeaways:
- Coca-Cola CEO Muhtar Kent received total compensation valued at $18.8 million in 2009.
- Burger King franchisees have formally dropped a lawsuit against the fast-food chain regarding rebates from soda sales.
- U.K. regulators are investigating Kraft Foods for potential misleading statements during its bid to acquire Cadbury.
- The U.S. District Court has declined to stop the planting of genetically modified sugar beet seeds.
- U.S. secondary schools have seen a significant drop in soda sales since 2004, according to data from the beverage industry.
- The African Union has called on Ivory Coast to hold its presidential election by the agreed deadline of early May.
- Ivory Coast's cocoa exports have declined by 9.6% between October 1, 2009, and March 3, 2010, compared to the same period last season.
- U.S. cocoa futures closed higher on Friday, lifted by speculative buying and oversold conditions.
- Canadian group Tim Hortons Inc. has announced an ambitious expansion plan to open 900 new coffee and doughnut shops in the U.S. and Canada within three years.
- Nestle SA is monitoring developments regarding French retail group Casino Guichard-Perrachon's plans to launch cheaper coffee capsules for its Nespresso machines.
- Uganda's meteorological department forecast that the current rainy season will intensify and reach peak levels around April, affecting coffee production.
- Ivory Coast exported 36,633 metric tons of robusta coffee in the first four months of the 2009-10 season, up 89% from the previous season.
Statistics:
- $18.8 million: total compensation received by Coca-Cola CEO Muhtar Kent in 2009
- 9.6%: decline in Ivory Coast's cocoa exports between October 1, 2009, and March 3, 2010, compared to the same period last season
- 36,633 metric tons: volume of robusta coffee exported by Ivory Coast in the first four months of the 2009-10 season
- 89%: increase in robusta coffee exports by Ivory Coast in the first four months of the 2009-10 season compared to the previous season
- 900: number of new coffee and doughnut shops planned by Tim Hortons Inc. in the U.S. and Canada within three years
- 2005: year when Ivory Coast's presidential election was originally scheduled
- 2004: year when U.S. secondary schools started to see a significant drop in soda sales
- 18-Feb-2010: date when Comtex SmarTrend Alert indicated an uptrend for KO at $55.54
- 25-Aug-2009: date when Comtex SmarTrend Alert indicated an uptrend for BKC at $19.04
Sources:
- Dow Jones News (NEW YORK, Mar 08, 2010)
- Comtex SmarTrend (As of Thursday, 03-04-2010 23:59)
- AFP (ADDIS ABABA, Ethiopia, Monday)
- Dow Jones News (ABIDJAN, Friday)
- AFP (OTTAWA, Friday)
- Dow Jones News (PARIS, Friday)
- Dow Jones News (ZURICH, Friday)
- Dow Jones News (KAMPALA, Uganda, Monday)
- Dow Jones News (ABIDJAN, Friday)