Word: nestling
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...giant Swiss food company Nestlé jolted Berlin a few months ago by announcing that it is closing its candy factory in the German capital. The company will stop making "Yes" chocolate bars and lay off 450 people - another rainstorm feeding the flood of 250,000 manufacturing jobs that have been lost in Berlin since German reunification in 1990. With the city's unemployment rate at an astounding 18.4%, a dark mood of pessimism and angst has settled over Berlin as it struggles with a weak global economy, huge debts and unaffordable welfare provisions that have left the city bankrupt...
...banks free up sorely needed capital, German politicians hope the plan will spur lending to small - and medium - sized German businesses, which have been hit hard by the recent downturn. THE BOTTOM LINE A difficult quarter, aggravated by late Easter PETER BRABECK, chief executive of Swiss consumer - foods giant Nestlé, blaming a tardy Easter Bunny as one of the reasons for the company's 7.5% fall in first - quarter sales
...they're kiboshing the waste, inefficiency and indifference of Brazil's social-welfare programs, converting them from political patronage rackets to engines of economic growth. Zero Hunger, says Graziano, "is meant most to raise the productive capacity of poor Brazilians." It includes churches, NGOs and, significantly, the private sector: Nestlé of Brazil, for example, will donate 1 million kg of food and 248 small homes to the program this year. Graziano concedes that Lula will stand or fall on this issue when he faces re-election in 2006; but he declined to pinpoint a gauge for success. Still, says...
...Nightmare Does Nestlé know it's Christmas? The Swiss food behemoth (net profit last year: $4.69 billion) decided to pursue a $6 million claim against the government of Ethiopia for a 27-year-old suit, at a time of year when people are supposed to be focusing on the less fortunate. Company spokesman François Perroud found himself facing irate BBC Radio 4 presenter John Humphrys: "You're going to get this money whether people starve or not." Replied Perroud: "I can't quite understand your hostility." Humphrys: "There are starving people in Ethiopia, that's where...
FOOD Telling Buyers to Kiss Off There's trouble in chocolate town, and it's turning nastier than a pack of Oompa Loompas gone bad. Hershey, the largest U.S. confectioner, is for sale. Switzerland's Nestlé would like to buy it - and leap from 7% of the U.S. market to 38%. The sale would reverse the common pattern of a beloved European firm being snapped up by a rapacious American rival. Founded by Milton Hershey in 1894, the company educated orphans and built an eponymous town; the charitable trust that owns Hershey still educates 1,200 children...