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Mexico’s energy minister, Rocio Nahle initially said the mangrove had not been touched at the Paraiso site. She said in November the municipal and state government had given permits to “clean” the terrain. Only ASEA can give the permits needed for Pemex to build an industrial project on the site. The potential delay to the refinery comes at a crucial time for Pemex cufflinks in bulk. Last week, the government announced a $3.9 billion bailout to stave off a threatened loss of the company’s investment grade credit rating..
LONDON/BOCA RATON, Fla. (Reuters) – Mounting troubles at Kraft Heinz, revealed late on Thursday with a triple-punch of bad news, call into question its reliance on cost-cutting as a way to generate profit growth. Shares of Kraft Heinz fell 27 percent on Friday to their lowest level since the 2015 merger of the eponymous cheese and ketchup makers that formed the world’s fifth-largest food and drinks company. Late on Thursday, it revealed a $15.4 billion write-down tied to its Kraft and Oscar Mayer brands, slashed its dividend by about a third and disclosed an SEC investigation of its procurement accounting practices cufflinks in bulk.
The news validated investors’ concerns about the health of the company’s brands and its pricing power in an environment of rising commodity and transportation costs and more competition. Half of the group’s market value vanished over the last two years even before Friday, dampening enthusiasm for its backers, private equity firm 3G Capital, and its notorious embrace of a tool called zero-based budgeting (ZBB), used to keep costs low and profit margins high. “At some point, having best-in-class margins doesn’t matter if the sales growth doesn’t eventually come,” said Guggenheim analyst Laurent Grandet cufflinks in bulk.
A Kraft Heinz spokesman said the company’s ZBB efforts continued to drive savings that can be invested in growing the business. “In 2019, we will increase brand support, go-to-market with a more innovation than ever and invest in talent… and this will be partially funded by ZBB savings,” spokesman Michael Mullen said. 3G could not immediately be reached for comment cufflinks in bulk. Zero-based budgeting is an approach requiring corporate managers to justify each item of spending every year, or even build their budgets from scratch, rather than the more common process of using the prior year’s budget as a starting point..
Former U.S. President Jimmy Carter wanted to apply it to federal spending, but it never took off and was abandoned. It came back into fashion among corporations over the last decade, after 3G Capital used it to great margin effect at brewing giant Anheuser-Busch InBev, whose creation it orchestrated, and then at Kraft Heinz cufflinks in bulk. Both clocked industry-leading profit margins, and that led more consumer companies to adopt it in recent years as investors’ focus shifted to profits from sales, which were slowing amid a slowdown in once-hot emerging markets, new competition from independent challenger brands and weak pricing power due to e-commerce and discounters like Aldi and Lidl..