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Mars defensive move in snacking isn’t a light bite

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Mars defensive move in snacking isn’t a light bite

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It is snack time in the packaged food industry. Confectionery giant Mars’ $36bn swoop on Pringles maker Kellanova could put dealmaking back on the table for other food and drink multinationals.

Privately held Mars, home of Snickers and Skittles, will pay $83.50 a share in cash for the maker of Cheez-it and Eggo waffles. The price represents a 42 per cent premium over Kellanova’s undisturbed three month average. 

With few big US snacks groups left, a deal was never going to come cheap. Including Kellanova, there are just seven companies in the US packaged food sector with market values of over $20bn. 

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Mars is paying the equivalent of 16 times EV to forward ebitda for Kellanova. The median ratio for recent deals in the sector was around 15 times, according to JPMorgan. And the deal looks even pricier considering the difficult outlook for snacking — particularly the less healthy varieties that are in Kellanova’s portfolio. 

Salty snacks have been the fastest-growing category in the packaged food sector over the past 14 years, with a compound annual growth rate of around 5.8 per cent between 2010 and 2023, according to Citi. 

But that growth has slowed sharply this year. Inflation-wary consumers — particularly lower-income ones — are cutting back. At the same time, the rise of GLP-1 weight loss drugs like Ozempic, Wegovy and Zepbound is reshaping America’s waistlines. In a study by Morgan Stanley earlier this year, about two-thirds of GLP-1 drug users surveyed said they have cut back on snacking by over 50 per cent. Half of those surveyed also said they have cut back on sweets by more than 75 per cent or have stopped scoffing them altogether.

The strain is starting to show. Kellanova’s organic net sales were up 5 per cent in the first six months of the year. But that was largely driven by price increases. That strategy isn’t sustainable: consumers will buy less or choose private label brands.

Mars, as a private company with more than $50bn in sales, opted not to provide cost savings targets to justify its deal, but overlap between the two looks limited. Mars is clearly prepared to pay up to diversify away from its chocolate-heavy snack portfolio. Kellanova, which makes about half its $13bn annual sales from savoury chips and crackers, would do that. Still, $36bn is a big mouthful for what looks like a dubious defensive move.

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Video: Video Analysis of ICE Shooting Sheds Light on Contested Moments

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Video: Video Analysis of ICE Shooting Sheds Light on Contested Moments

This Is a cellphone video filmed by the ICE agent who shot and killed Renee Good in Minneapolis. The White House press secretary said this footage reaffirmed President Trump’s previous claim, based on other videos, that Ms. Good, quote, “didn’t try to run him over. She ran him over.” “Get out of the car.” “Whoa.” Watched in isolation, the cellphone video might look like that’s the case, but when analyzed alongside other angles of the shooting synchronized by The Times, a much more complicated picture is revealed. More footage will likely emerge, but the currently available visual evidence still shows no indication agent Jonathan Ross got run over. The footage does provide some visibility into the positioning between the agent and Ms. Good’s S.U.V. and the key moments of escalation. And it establishes, millisecond by millisecond, how agent Ross put himself in a dangerous position near her vehicle in the first place. About three minutes before the shooting, footage shows Ms. Good and her wife parked their maroon S.U.V. in the middle of the street and begin honking and heckling. Administration officials say they were impeding and blocking immigration agents. Footage shows 11 vehicles maneuver around the S.U.V., including this Chevy Tahoe driven by agent Ross. When he exits, he’s already filming Ms. Good’s S.U.V., not with a body camera typical of most law enforcement, but using a cellphone in his hand. It’s not clear why. The agent‘s footage shows his interactions with Ms. Good — “That’s fine, dude. I’m not mad at you.” — and her wife. “I’m not mad.” “That’s OK. We don’t change our plates every morning.” There’s verbal jabbing. “It’ll be the same plate when you come. Talk to us later. That’s fine. U.S. citizen, former disabled veteran.” We see the agent switching the phone from his right hand to his left as he heads toward the front seat of his Tahoe. “I say, go get yourself some lunch, big boy.” During this time, on the other side of the S.U.V., two new agents arrive in a pickup. We see Ms. Good motions them to go around her. “Out of the car. Get out of the fucking car.” Over the next six seconds, we see one agent reaching into the S.U.V., Ms. Good starting to drive, then agent Ross firing three shots. “Hey!” Now let’s go back and analyze some of the key contested moments of the agent’s cellphone video, alongside other footage, to break down what happens during these critical six seconds. Here, the agent‘s cellphone footage shows he’s moving directly in front of the S.U.V. as it’s reversing and rotating towards him, initiating a three-point turn, apparently to leave. Law enforcement officers are trained to avoid doing this because it puts them in danger, and often leads to the use of force against drivers. His cellphone is focused squarely on Ms. Good. She looks down, shifts into drive, and begins turning to the right, away from the agent. Cut to this high angle and zoom in. We can make out the agent’s body and his arm filming. We can also see, at the same time, he’s beginning to lift his other arm. On these cameras, we can see what’s happening around agent Ross. The other agent is yelling orders and reaching into Ms. Good’s S.U.V. Her front tire spins as she continues turning right. Agent Ross is at least a few feet away from Ms. Good’s S.U.V. He does not appear to move out of the way. As the S.U.V. rolls forward, the agent unholsters his firearm. We see in his cellphone video, at this moment, the camera drifting off to the left. The agent is no longer focused on filming. It’s at this point in the cellphone video where it first looks and sounds like the agent‘s getting knocked violently. On the other camera, we can see what’s happening. Here is agent Ross aiming his gun at Ms. Good. And here is his outstretched arm, leaning toward her vehicle, which is barely visible behind the Tahoe. His phone, which is gripped in his left hand, flips over when the agent’s hand lands on the front of the vehicle. There’s an audible thud when it hits. The camera rotates up towards the sky. Again, while it appears the agent’s getting knocked over, we can see that’s not the case from the other angle, which shows he’s standing with his hand near the headlight, his torso and legs away from the vehicle. In the cellphone footage, the agent’s face flashes on screen, then it goes black. The other angle shows us why. We can see the agent’s foot sliding, his hand bracing against the S.U.V. and his arm getting pressed into his chest. It is impossible to determine if this is happening because of the S.U.V.’S movement or the icy asphalt or, more likely, both. And what’s very unclear, because of the limited quality and availability of footage, is whether the agent‘s upper body gets swiped by the vehicle as his left foot slides back. This moment is when agent Ross fires. We see the other agent pulled back from the S.U.V. Both of them stumble, apparently slipping on the ice. This is also the moment many have said looks like agent Ross getting run over. And it does when watched at full speed. But looking more closely, we can see in multiple angles that there is a visible gap between the vehicle and his legs, indicating his feet are positioned outside the S.U.V.’S path. The agent’s left hand is still against the vehicle and gripping his phone. We see, as he fires, it’s recording the clouds and the trees overhead. It’s not because the agent is knocked to the ground. The other angle shows he’s still standing, continuing to maintain his grip on his phone and his gun, and we see a clear and growing gap between his body and the S.U.V. as he fires a second shot and a third. None of the bullets have the effect of stopping the S.U.V., but they kill Renee Good. According to our analysis of audio from agent Ross’s cellphone video, this is his reaction: “Fucking bitch.” “What the fuck? You just fucking — what the fuck did you do?” According to a White House spokesperson, agent Ross, quote, “suffered internal bleeding after he was struck by the car.” ”Shame, shame, shame.” Later that evening, Homeland Security Secretary Kristi Noem said that he had been treated at a local hospital and released.

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Mark Carney and Xi Jinping meet to mend ties as Donald Trump disrupts global order

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Mark Carney and Xi Jinping meet to mend ties as Donald Trump disrupts global order

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Canada’s Prime Minister Mark Carney has told China’s leader Xi Jinping the two countries should build a relationship “adapted to new global realities” as they seek to restore strained ties against the backdrop of US disruption to the world order.

Carney, the first Canadian prime minister to visit Beijing in almost a decade, is turning to the world’s second-largest economy as part of an effort to double exports to non-US partners over the next decade.

For Xi, the trip offers a chance to take advantage of President Donald Trump’s erratic policies towards Canada and bring an important US economic partner and Nato ally closer into its orbit.

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“Together, we can build on the best of what this relationship has been in the past, to create a new one, adapted to new global realities that will deliver stability, security and prosperity to peoples of both sides of the Pacific,” Carney said on Friday, as the sides began talks in the Great Hall of the People in Beijing.

Xi told his Canadian counterpart they needed to build “a new type of China-Canada strategic partnership” to “better benefit the peoples of the two countries” and “world peace”.

“China is willing to strengthen communication and co-ordination with Canada within frameworks such as the United Nations, the Group of 20, and Apec to jointly respond to global challenges,” Xi said.

Carney’s visit to Beijing is the first by a Canadian leader since Justin Trudeau in late 2017.

Relations between the two countries deteriorated in 2018 when China detained two Canadians in response to Canada’s arrest of Meng Wanzhou, the chief financial officer of Chinese telecommunications equipment group Huawei, following a US extradition request.

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Ties began to improve in June when Carney and premier Li Qiang, China’s second-ranked leader, agreed to “regularise channels of communication”. Carney then met Xi during a summit of the Association of Southeast Asian Nations in October.

Chinese officials and state media were enthusiastic about this week’s visit.

Carney’s trip “is of pivotal and symbolic significance for bilateral relations”, state news agency Xinhua quoted China’s foreign minister Wang Yi as telling his Canadian counterpart on Thursday.

China wanted to “strengthen communication with Canada, enhance trust, eliminate interference, deepen co-operation”, Wang added.

Carney on Thursday also met Li and Zhao Leji, the head of China’s rubber-stamp parliament, the National People’s Congress.

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“Our countries align in many areas, such as clean energy, agriculture and finance,” Carney wrote in a post on social media site X after meeting Li.

Ottawa’s official Indo-Pacific strategy released in November 2022, described China as “an increasingly disruptive global power” but added its “economy offers significant opportunities for Canadian exporters”.

On the eve of the trip, Carnet said that Canada was “forging new partnerships around the world to transform our economy from one that has been reliant on a single trade partner to one that is stronger and more resilient to global shocks”.

Zhao Minghao, professor at the Institute of International Studies at Fudan University in Shanghai, said: “Most US allies are doing some de-risking from the US, so this is a very important opportunity for China to warm up its ties with Canada.”

Despite the show of friendship, restoring genuine goodwill between Ottawa and Beijing would be difficult, analysts said.

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Canada’s security services accuse China of meddling in its elections, threatening members of the Chinese diaspora — in particular Hong Kong activists — and of being its top cyber security threat.

Carney is also under pressure from canola farmers, the lobster industry and fishermen to persuade Beijing to lift devastating tariffs it imposed last year on their produce.

Ottawa has since October 2024 imposed tariffs on Chinese electric vehicles and steel, closed Chinese-owned social media app TikTok’s offices in Canada and banned Chinese surveillance camera manufacturer Hikvision.

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Venezuela’s Machado gave Trump her Nobel prize. In return she received a swag bag but no promise of support | CNN

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Venezuela’s Machado gave Trump her Nobel prize. In return she received a swag bag but no promise of support | CNN

When Venezuela’s opposition leader María Corina Machado walked into the White House on Thursday, she came bearing the gift US President Donald Trump has long coveted: a Nobel Peace Prize.

Machado, a fierce critic of Venezuela’s former strongman Nicolás Maduro, won the award last year for her campaign for greater democracy. Now she was leaving the medal in the White House, hoping the gesture might buy her something far more valuable: US backing in the fight to lead Venezuela’s post-Maduro future.

But, if she thought the gift might nudge the president toward providing a clearer endorsement, it appears she may be left waiting, at least for now.

She was later photographed holding a Trump-branded swag bag as she left the White House – with little clarity on her political future.

Machado is one of two figures vying for the leadership of a post-Maduro Venezuela. Trump has placed Maduro’s ex-Vice President Delcy Rodriguez as acting president, even though she was a longtime regime insider.

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A photo released by the White House shows Trump beside Machado, holding a large gold-framed plaque that appeared wall-ready, containing the medal and the dedication: “Presented as a personal symbol of gratitude on behalf of the Venezuelan people in recognition of President Trump’s principled and decisive action to secure a free Venezuela.”

“Maria presented me with her Nobel Peace Prize for the work I have done. Such a wonderful gesture of mutual respect,” Trump posted on Truth Social.

The Oslo-based Nobel Peace Center promptly reiterated that the medals cannot be shared or transferred.

“A medal can change owners, but the title of a Nobel Peace Prize laureate cannot,” the committee said on X.

Machado, meanwhile, gave an optimistic view of her meeting, calling it “historic” and “extraordinary.”

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She added the Trump administration understood the need to rebuild institutions and protect human rights and free speech, and for a “new, genuine electoral process” to encourage Venezuelans to return to their country.

She also insisted Venezuela already has a president-elect: Edmundo González, the opposition candidate the US previously recognized after the country’s disputed 2024 election.

Government-appointed electoral authorities had named Maduro the winner, allowing him to cling to power until his abrupt capture by US special forces. But at the time, opposition leaders, as well as the US and international watchdogs, voiced concern about allegations of foul play.

But despite Washington’s earlier support for Machado and González, Trump did not rally behind the opposition after Maduro’s capture. Instead, he threw his support behind Rodriguez – a move that stunned many anti-Maduro figures.

Despite Machado’s upbeat tone, it remains unclear what, if anything, she secured beyond a photo-op and an official gift bag embossed with Trump’s signature.

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The Trump administration has indicated several times that it views Rodriguez as a stable, pragmatic choice that the US can work with.

And on Thursday as their meeting kicked off, White House press secretary Karoline Leavitt said Trump’s assessment of Machado had not budged.

“I know the president was looking forward to this meeting, and he was expecting it to be a good and positive discussion with Ms. Machado, who is really a remarkable and brave voice for many of the people of Venezuela,” Leavitt said.

But she added Trump stands by his previous assertion that Machado lacks the necessary support to lead Venezuela. “At this moment in time, his opinion on that matter has not changed,” she said.

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