Selasa, 27 Agustus 2019

Papa John's names Arby's President Rob Lynch as CEO - CNBC

Steve Ritchie, CEO of Papa John's International Inc., speaks during an interview on CNBC on the floor of the New York Stock Exchange in New York, March 22, 2019.

Brendan McDermid | Reuters

Papa John's on Tuesday named Rob Lynch, previously president of Arby's, its chief executive officer.

The change is effectively immediately. Lynch replaces Steve Ritchie, who has been CEO since 2018.

Shares of the pizza chain jumped 6% in premarket trading.

Lynch helped lead Arby's to 16 consecutive quarters of same-store sales growth, as well as record sales and profits last year. Inspire Brands, which is privately held by Roark Capital Group, owns Arby's and does not publicly release financial results.

The embattled Papa John's is in the middle of a turnaround plan, helped by an investment by activist hedge fund Starboard Value in February. As part of the deal, Starboard's CEO Jeff Smith became chairman of the pizza chain's board.

"I am thrilled to welcome Rob to Papa John's at this pivotal moment in the company's history," Smith said in a statement. "His proven record transforming organizations and realizing the growth potential of differentiated brands is ideally suited for Papa John's as the company sets forth on its next chapter."

Papa John's saw its same-store sales plunge last summer after it was reported that founder John Schnatter used the n-word on a conference call. The company ousted Schnatter as chairman in July, leading him to file several lawsuits against the company. He dismissed his claims as part of a settlement with Papa John's and has been selling of his stake in the chain.

As sales tanked, the chain has been providing financial assistance through reduced royalties to franchisees in the hopes of mitigating store closures. Papa John's has also been investing in marketing. The chain struck a deal with former basketball star Shaquille O'Neal, making him the new face of the brand.

Sales at stores open at least a year have been improving over the last three quarters, although same-store sales growth remains negative.

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2019-08-27 12:26:16Z
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Senin, 26 Agustus 2019

Trump stands firm on China trade war as talks poised to resume, says critics ‘don’t have the guts’ - Fox News

President Trump, at a press conference on the sidelines of the G-7 summit, defended his handling of the chaotic trade war with China and said those calling for him to back down in negotiations “don’t have the guts.”

The president stood firm when asked about the impact his strategy with China has had on the international markets.

CHINA ANNOUNCES IT SEEKS 'CALM' END TO TRADE WAR, AS MARKETS TANK AND CURRENCY HITS 11-YEAR FLATLINE 

“Sorry—it’s the way I negotiate,” Trump said, while vowing that approach is seeing results.

Just hours prior to his press conference, it appeared that talks could resume between the U.S. and China, when the country signaled it was seeking a “calm” end to the trade war, as Asian markets crumbled and China’s currency hit an 11-year low. According to The Wall Street Journal, Chinese officials expressed interest to “get back to the table” in trade negotiations, which Trump called a “very positive development.”

“China wants to make a deal,” Trump said. “And I tell this to President Xi [Jinping] who I really respect ... I told him very strongly, I said 'Look, you’re making $500 billion a year and stealing our intellectual property…We can’t make a 50-50 deal.'”

He added: “If it’s not better, I don’t want to do business.”

The president’s comments come amid rapid-fire developments in the trade war between the U.S. and China. The president, after urging American businesses to abandon China, over the weekend threatened to declare a national emergency and freeze those relationships—as China imposed retaliatory tariffs on $75 billion in U.S. goods and the Trump administration announced increased tariffs on $550 billion in Chinese goods.

Trump signaled Monday that things were moving in the right direction after a roller-coaster few days for the markets.

“We have to balance our trading relationship, at least to an extent, and they were unwilling to do that,” Trump said Monday. “We’ll never have a deal if that happens…But they’re going to do it. China wants to make a deal and if we can, we will make a deal.”

Trump also responded to critics urging him to back down in negotiations.

“I have people saying just make a deal, make a deal,” Trump explained. “They don’t have the guts and they don’t have the wisdom to know you can’t continue to go on where a country is taking $500 billion—billion with a ‘B’—out every single year.”

He went on to slam prior administrations going back decades: “Somebody had to do this. This should have been done by President Obama and Biden—Sleepy Joe—should have been done by Bush, by Clinton, double Bush, should have been done. I’m doing it.”

Meanwhile, during the joint press conference with French President Emmanuel Macron in Biarritz, France Monday, Trump was asked by Fox News' John Roberts whether he believed Beijing was genuine in their offer to negotiate a trade agreement.

"I do," Trump said. "I think they want to make a deal very badly. I think that was elevated very late in the night...The vice chairman of China came out that he wants to see a deal made and that it wants it to be made under calm conditions...I agree with him on that."

"I believe they want to do a deal," Trump said.

WHITE HOUSE: TRUMP'S 'SECOND THOUGHTS' ON CHINA TRADE WAR 'GREATLY MISINTERPRETED'

"I'm not sure they have a choice, I don't say that as a threat," Trump said Monday. "Meanwhile, the United States, who has never collected 10 cents from China, will, in a short period of time, have more than $100 billion in tariffs, so I think they want to make a deal very badly."

The yuan slipped to 7.1487 to the dollar on Monday—taking a dive after the Treasury Department formally designated China a currency manipulator. The Treasury Department said it would work with the International Monetary Fund to try to address the “unfair competitive advantage created by China’s latest actions.”

But the yuan slipping could ultimately help struggling local exporters who want their products to be less expensive for international purchasers. People’s Bank of China Governor Yi Gang, though, has insisted that China does not “engage in competitive devaluation.”

Over the weekend, Treasury Secretary Steven Mnuchin told reporters that if “China would agree to a fair and balanced relationship, we would sign that deal in a second.”

The trade war has not only impacted Chinese and Asian markets—U.S. markets have also plummeted, with the Dow Jones Industrial Average nosediving more than 600 points Friday after the latest escalation between the U.S. and China. The major drop put the S&P 500 at its fourth straight weekly loss.

The Dow plunge came after Trump tweeted that he “hereby ordered” U.S. companies with operations in China to consider moving them to other countries—including the U.S.

After the market closed on Friday, Trump vowed to increase existing tariffs on $250 billion in Chinese goods to 30 percent from 25 percent, and that new tariffs on another $300 billion of imports would be at 15 percent, instead of 10 percent—as promised in May when the administration first announced the U.S.’s controversial move to increase tariffs on Chinese good after trade talks between Washington and Beijing failed to come to an agreement.

Fox News' Gregg Re, Ronn Blitzer, and The Associated Press contributed to this report. 

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https://www.foxnews.com/politics/trump-joint-press-conference

2019-08-26 16:05:39Z
CBMiPWh0dHBzOi8vd3d3LmZveG5ld3MuY29tL3BvbGl0aWNzL3RydW1wLWpvaW50LXByZXNzLWNvbmZlcmVuY2XSAUFodHRwczovL3d3dy5mb3huZXdzLmNvbS9wb2xpdGljcy90cnVtcC1qb2ludC1wcmVzcy1jb25mZXJlbmNlLmFtcA

China Lets Currency Sink to 11-Year Low Amid Trade Troubles - TIME

China Lets Currency Sink to 11-Year Low Amid Trade Troubles | Time

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https://time.com/5661299/china-yuan-donald-trump-trade/

2019-08-26 08:55:11Z
52780364462341

Trump Says China Called, Requested to Restart Trade Talks - Yahoo Finance

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. 

U.S. President Donald Trump said the prospects for a deal with China are better now than at any time since negotiations began last year, even as a top state-media editor in Beijing questioned his version of events.

Speaking at the Group of 7 meetings in Biarritz, France, Trump said last night China called “our trade people and said let’s get back to the table.” He also lauded President Xi Jinping as a “great leader” and said “anything’s possible” when asked if he would delay tariff increases on China.

“You can say we’re having very meaningful talks, much more meaningful than I would say at any time frankly,” Trump said while meeting with German Chancellor Angela Merkel on Monday. “Maybe I’m wrong but we’re in a stronger position now to do a deal, a fair deal for everyone,” he added.

Still, a spokesman for China’s foreign ministry wasn’t able to immediately confirm the details of the phone calls on Monday. Later, Hu Xijin, editor-in-chief of China’s Global Times newspaper, said in a tweet that top trade negotiators hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts.

Trump later, at a separate bilateral meeting, insisted that calls were had at the highest level and was not aware that China was disputing them. U.S. Treasury Secretary Steven Mnuchin, also in Biarritz, said "there were discussions that went back and forth and let’s just leave it at that.”

The Stoxx Europe 600 index rose after Trump commented on the chances for a China deal. Earlier U.S. equity-future indexes increased on optimism that talks would restart. In Asia, shares on all major indexes declined led by Hong Kong which fell 2.3%.

Trump’s comments mark the latest twist in months of negotiations that have seen moments of optimism give way to even greater escalation. While the two sides have at times appeared close to a deal, China has balked at U.S. demands for market-based reforms in areas like state-run enterprises that could jeopardize the Communist Party’s grip on power.

The developments came after a weekend of tit-for-tat tariffs had rocked financial markets and fueled fears that the standoff would drag the global economy into recession.

Beijing’s retaliation on Friday to an earlier U.S. tariff hike led to yet another increase from Trump, who said that existing 25% tariffs on some $250 billion in imports from China would rise to 30% come Oct. 1, the 70th anniversary of the founding of the People’s Republic of China. Morgan Stanley warned that the spiral of trade measures could result in a global downturn within nine months.

Trump on Monday said the two countries were now dealing on “proper terms.”

“That’s a great thing that happened, and they want to get something done,” Trump said. “Now maybe it won’t get done, but this is the first time I’ve seen them where they really do want to make a deal, and I think that’s a very positive step.”

China has consistently agreed to engage in talks even with tariff escalations taking place. A round of negotiations that had been planned for September had not formally been called off after Trump pivoted to further tariff increases even after an apparent detente between the two sides in Shanghai last month.

Earlier on Monday, China’s top trade negotiator, Vice Premier Liu He, used a public appearance in China to call for a de-escalation in tensions.

“We are willing to solve the problem through consultation and cooperation with a calm attitude,” Liu said at the opening ceremony of 2019 Smart China Expo in Chongqing, Caixin reported. “We firmly oppose the escalation of the trade war,” he said, adding that it “is not conducive to China, the U.S. and the interests of people all over the world.”

China’s stance now has been referred to as “talking while fighting,” and officials continue to pledge that they’ll meet Trump’s trade measures with their own response even as they stress readiness to negotiate.

China’s retaliatory measures from Friday aim at the heart of Trump’s political support -- factories and farms across the Midwest and South at a time when the U.S. economy is showing signs of slowing down. Soybeans and other agricultural goods were targets, as were autos from Daimler AG and BMW AG that are made in the U.S.

Trump tweeted over the weekend that the U.S. “would be far better off” without China, and claimed he could order U.S. businesses to withdraw from the country.

China will follow through with retaliatory measures announced Friday and fight the trade war to the end, after the U.S. failed to keep its promises, the Communist Party flagship newspaper People’s Daily wrote in a Saturday editorial. Later, the Editor-in-Chief of the nationalist Global Times, Hu Xijin, said on Twitter that the U.S. is “starting to lose China.”

Taoran Notes, a blog run by the state Economic Daily, said Monday that Liu’s remarks showed that China is not being “taken hostage by emotions.” At the same time, the blog said that this stance didn’t preclude fighting back.

“If someone continues to misread China’s rational and calm attitude, and holds the illusion that they can continue maximum pressure and China won’t fight back, then China has no other option but to retaliate as in the past.”

(Updates with Trump.)

To contact Bloomberg News staff for this story: Miao Han in Beijing at mhan22@bloomberg.net;Josh Wingrove in Biarritz, France at jwingrove4@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, Daniel Ten Kate

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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https://finance.yahoo.com/news/trump-says-china-called-requested-071731838.html

2019-08-26 07:17:00Z
CBMiT2h0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy90cnVtcC1zYXlzLWNoaW5hLWNhbGxlZC1yZXF1ZXN0ZWQtMDcxNzMxODM4Lmh0bWzSAVdodHRwczovL2ZpbmFuY2UueWFob28uY29tL2FtcGh0bWwvbmV3cy90cnVtcC1zYXlzLWNoaW5hLWNhbGxlZC1yZXF1ZXN0ZWQtMDcxNzMxODM4Lmh0bWw

World shares tumble as US-China trade war renews uncertainty - The Associated Press

TOKYO (AP) — Shares mostly fell Monday after the latest escalation in the U.S.-China trade war renewed uncertainties about global economies, as well as questions over what President Donald Trump might say next.

France’s CAC 40 recouped early losses to inch up nearly 0.1% in early trading to 5,330.86, while Germany’s DAX fell nearly 0.2% to 11,589.71. Markets were closed in Britain for a national holiday. U.S. shares were set to recover with Dow futures up 0.2% at 25,725. S&P 500 futures were up nearly 0.2% at 2,859.60.

Stephen Innes, managing partner at Valour Markets in Singapore, compared the difficulty of assessing the volatile market situation to reading tea leaves.

“Nobody understands where the president is coming from,” he said, adding that the best thing Trump can do for market stability is to “keep quiet.”

“The problem that we’re faced right now is that we are making a lot of assumptions ahead of the economic realities,” he said.

The market is now dominated by fears of a portending U.S. recession, although the American economy is actually holding up, and much of the U.S. economy is made up of consumption, Innes said. If interest rates come down, he added, consumer spending is likely to go up, working as a buffer for the economy.

“What the market’s really waiting for is for them to drop interest rates,” Innes said. “Right now, we are still sitting on that uncertainty.”

At a meeting of the Group of Seven economies in France, Trump appeared to tone down his comments, saying the two sides will talk “very seriously” about their war over trade and technology. He also said the Chinese “mean business.”

On Monday, China allowed the yuan to fall. The yuan declined to 7.1468 to the dollar, a relatively modest change from Friday’s low point of 7.0927 but its weakest rate since January 2008. The yuan has lost 6.5% from this year’s high on Feb. 28. Chinese leaders have promised to avoid “competitive devaluation” to hold down export prices in the face of Trump’s tariff hikes.

Japan’s benchmark Nikkei 225 started plummeting as soon as trading began and finished at 20,261.04, down 2.2%. Australia’s S&P/ASX 200 slipped 1.3% to 6,440.10. South Korea’s Kospi lost 1.6% to 1,916.31. Hong Kong’s Hang Seng dropped 1.9% to 25,680.33, while the Shanghai Composite was down 1.2% at 2,863.57. Shares were also down in Singapore, Taiwan, Indonesia and Thailand.

The Dow Jones Industrial Average plunged more than 600 points Friday after the latest escalation in the trade war between the U.S. and China rattled investors. The broad sell-off sent the S&P 500 to its fourth straight weekly loss.

The tumbling began after Trump responded angrily on Twitter following China’s announcement of new tariffs on $75 billion in U.S. goods. In one of his tweets he “hereby ordered” U.S. companies with operations in China to consider moving them to other countries — including the U.S.

Trump also said he’d respond directly to the tariffs — and after the market closed he delivered, announcing that the U.S. would increase existing tariffs on $250 billion in Chinese goods to 30% from 25%, and that new tariffs on another $300 billion of imports would be 15% instead of 10%.

The ongoing trade dispute between Washington and Beijing, and especially its unpredictability, is certain to have damaging effects on Asia. The unpredictability affects the real decisions central banks make on fiscal policy and companies make on their strategies and investments, setting off ripples of uncertainty.

Zhu Huani of Mizuho Bank in Singapore said that what he called Trump’s “tariff tantrum” was setting off “the sense that tariffs could continue to rise,” with the “the unpredictability of timing and extent of these trade actions risk accentuating the paralysis of business decisions and big-ticket business spending.”

“No matter which way you cut the cake, it is nearly impossible to construct a bullish, or even neutral scenario for equity markets today,” said Jeffrey Halley, senior market analyst at Oanda.

Trump also said Friday morning that he was “ordering” UPS, Federal Express and Amazon to block any deliveries from China of the powerful opioid drug fentanyl. The stocks of all three companies fell as traders tried to assess the possible implications.

Some analysts think the Federal Reserve will lower interest rates this year.

Federal Reserve Chair Jerome Powell indicated last week that the central bank was prepared to cut interest rates but gave no clear signal on when or by how much, while suggesting that uncertainty over Trump’s trade wars have complicated the central bank’s ability to set interest rate policy.

A quarter-point rate cut reduction in September is considered all but certain. Some think the Fed will cut rates again in December.

The price of benchmark crude gained 9 cents to $54.26 a barrel. It sank $1.18, or 2.1%, to settle at $54.17 a barrel Friday, as traders worried that the latest escalation in the trade battle could sap global demand for energy. Brent crude oil, the international standard, rose 8 cents to $59.42 a barrel.

The dollar fell to 105.84 Japanese yen from 106.65 yen on Friday. The euro strengthened to $1.1114 from $1.1057.

___

Follow Yuri Kageyama on Twitter https://twitter.com/yurikageyama

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2019-08-26 06:00:24Z
52780364462341

Minggu, 25 Agustus 2019

Ditch the lines -- Quavo is selling Popeyes chicken sandwiches for $1,000 each - CNN

But fear not. Rapper Quavo, of the group Migos, is ready to save the day and make our chicken sandwich dreams come true.
"I heard y'all boys was looking for them, they sold out everywhere," he said in an Instagram video, while opening his trunk. "I got them thangs going for $1,000 a chicken."
Quavo is, of course, joking -- but he might be onto something.
Popeyes first announced their new chicken sandwich on Twitter earlier this month, and Black Twitter was all over it, with the sandwich dominating discussions. The hype spread, and soon we were dealing with an all-out brand war between Popeyes, Chick-fil-A and Wendy's -- all vying for the chicken sandwich throne. This led to even more hype, with restaurants reporting that they'd sold out of the sandwich.
The Popeyes sandwich is remarkably similar to Chick-fil-A's. It features a fried chicken fillet on a brioche bun, complemented by a few pickles and a slather of mayonnaise. Take out the mayo and substitute a white bun for brioche, and you've basically got the Chick-fil-A version.
Regardless of which sandwich you think is better, one of the major drivers to the Popeyes version is that the chain doesn't have the same controversy surrounding its political leanings. Chick-fil-A has been criticized and boycotted by activists and the general public alike for its stance on same-sex marriage, and Popeyes offers an alternative to fill those fried chicken sandwich cravings.
Popeyes is also open on Sundays.

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https://www.cnn.com/2019/08/25/entertainment/quavo-migos-popeyes-chicken-sandwich-trnd/index.html

2019-08-25 22:44:00Z
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Veggie burgers were living an idyllic little existence. Then they got caught in a war over the future of meat. - The Washington Post


Beyond Meat uses technology to make products that hew closely to the taste and texture of meat. (Daniel Acker/Bloomberg News)

Tofurky wasn’t keeping cattle ranchers awake at night.

For decades, veggie burgers were the token offering to vegans at the backyard barbecue, and Tofurky was the Thanksgiving benediction to the meat-free loved ones in our lives.

But as plant-based meat goes from an afterthought to a financial juggernaut that aims to change how most people eat, the opposition has suddenly awakened: Many of the country’s 800,000 cattle ranchers have declared war on newcomers Impossible Foods and Beyond Meat, which use technology to make products that hew closely to the taste and texture of meat, and now “first-generation” veggie burgers and similar products are caught in the crossfire.

In 2019, officials in nearly 30 states have proposed bills to prohibit companies from using words such as meat, burger, sausage, jerky or hot dog unless the product came from an animal that was born, raised and slaughtered in a traditional way. Arkansas, Louisiana, Mississippi, North Dakota, South Dakota, Oklahoma and Wyoming have already enacted such laws. In Missouri, the first state where the ban took effect, violators incur a $1,000 fine and as much as a year in prison. Mississippi’s new law is sweeping: “Any food product containing cell-cultured animal tissue or plant-based or insect-based food shall not be labeled meat or as a meat product.”

The states, in most cases backed by cattlemen’s associations, claim consumer confusion as the driving force for the laws. The newest offerings, they say, cross a line when they make unsubstantiated health claims (many have long lists of processed ingredients and are high in sodium) and when the packaging is unclear.

“Beyond Meat Beefy Crumbles has a picture of a cow on the front and says ‘plant-based’ in very small lettering at the bottom,” said Mike Deering, a cattle rancher and the executive vice president of the Missouri Cattlemen’s Association. “I’m a dad and I’m going through the grocery store before one of my boys has a meltdown, and [if] I pick up that package that says beef with a picture of a cow on it, I’m going to buy it.”

This isn’t quite a David vs. Goliath fight. The cattle associations have enormous political power, and several of the top veggie brands such as Morningstar Farms and Boca are owned by food giants such as Kellogg and Kraft Heinz. Notably, the major meat processors — Tyson Foods and Smithfield Foods, for instance — aren’t taking sides, relying on the ranchers for traditional meat but also investing heavily in these new alternatives they believe consumers increasingly desire.

The future of ranching faces a big threat if plant-based meat, thought to be much better for the environment, becomes a mainstay of the American diet.

Traditional animal agriculture is looking to the lessons learned by the dairy industry, which saw cow’s milk sales dwindle by $1.1 billion last year, much of that business scooped up by alternative milks such as almond and oat. And as the stock price of Beyond Meat, which went public this year, has soared, some of the biggest retailers and restaurants in America have got on board with plant-based alternatives.

In September, Impossible Burgers roll out in grocery stores. Subway has announced meatless meatballs, Carl’s Jr. and sister company Hardee’s have gotten on the meatless meat wagon, Dunkin’ introduced its Beyond Sausage breakfast sandwich and Burger King expanded the reach of its Impossible Whopper to all franchises.


In September, Impossible Burgers will be available in grocery stores. (Robyn Beck/AFP/Getty Images)

On July 22, Tofurky joined forces with the American Civil Liberties Union, the Good Food Institute (a nonprofit that promotes plant-based meat) and the Animal Legal Defense Fund to file a lawsuit claiming Arkansas’ new labeling law, which went into effect July 24, violates the First and Fourteenth amendments.

“If we lose, there’s something wrong with our judicial system,” said Tofurky chief executive Jaime Athos. “The first thing to get out of the way is that people are confused. It’s all [the cattlemen’s associations] can come up with to censor speech.”

He said there is mandatory court-ordered mediation because the two sides have failed to reach an agreement. If Tofurky loses, plant-based meats will have to be repackaged to reflect approved nomenclature, an expensive endeavor for a national company that sells to all 50 states. The bigger issue, Athos said, should focus on the emerging science about the benefits of a plant-based diet.

“The meat industry’s chickens are coming home to roost. Their industry was propped up by agricultural subsidies and misrepresented the true nutritional value and necessity of meat in the American diet,” he said. “We know better. These are not healthy things.”

Despite being dragged into the fight, Athos said he’s not miffed at what’s transpired.

“When it comes down to it, we’ve undertaken a monumental task and we now have partners to help us achieve those goals,” he said. “What a great thing to be able to live your values. What we’re seeing with plant-based is the conversation shifting from ‘why’ to ‘why not.’ ”

There are reasons for Athos to be sanguine. Tofurky has seen year-over-year double-digit growth that has been limited only by production capacity, he said.

“There’s no question we’re seeing more attention to the category,” said Michele Simon, executive director of the Plant Based Food Association, which advocates for the leading plant-based food companies. “ … To have a company like Tofurky have an easy time talking to Walmart? This wasn’t the case five or 10 years ago.”

Morningstar Farms, which has been around for more than 40 years, has shifted from being just in grocery stores to being in restaurants, universities, schools, cafeterias and hospitals, with nearly 25,000 locations and with 7,500 new restaurants projected by 2020.

While parent company Kellogg doesn’t disclose specific sales data, it issued a statement saying the plant-based surge led by Impossible and Beyond has been beneficial, driving more consumers to meat alternatives. Morningstar has announced its entire portfolio will be vegan by 2021 (plant-based cheese and egg will be added into the mix), while Boca, owned by Kraft Heinz, went through a major brand refresh with new recipes and retro-cool packaging updates in 2018.

For Jan Dutkiewicz, a postdoctoral fellow at Johns Hopkins University who teaches a class a class titled “Modernity and the Slaughter House,” these first- and second-generation plant-based companies make strange bedfellows, with widely discrepant agendas.

“Tofu and seitan have been around for centuries. These were not on the mainstream radar — the stuff hippies eat. For Tofurky and Morningstar, customers were more vegans and vegetarians, not mainstream consumers. They weren’t trying to compete with meat on taste,” he said. “Impossible and Beyond are not an outgrowth of Tofurky. Their aim is to mimic meat as closely as possible. They are trying to supplant meat entirely.”

The investment capital involved is different, too, Dutkiewicz said, “by orders of magnitude.”

Plant-based items that closely mimic meat are seen as a promising new revenue stream for most big meat and food companies. These giants are beginning to reposition themselves as “protein companies.”

Earlier this month, Smithfield Foods, the largest pork producer in the world, announced it would launch a plant-protein line under the Pure Farmland brand. Maple Plant-Based Breakfast Patties, Simply Seasoned Plant-Based Protein Starters and six other products will debut in stores in September. Tyson Foods is debuting its own meatless-protein line. Perdue has launched blended meat-and-veg chicken nuggets, tenders and patties. NestlĂ© is rolling out a plant-based line, and Hormel’s Applegate has debuted blended meat-and-mushroom burgers.

The top item on the National Cattlemen’s Beef Association’s list of 2019 policy priorities is to hash out a regulatory framework for plant-based and cell-based meat, a responsibility that will slide back and forth between the Food and Drug Administration and the U.S. Department of Agriculture.

According to Deering, some of the hubbub really relates to the anticipated launch next year of cell-based meat, that is meat, poultry and seafood products derived from muscle tissue grown in a lab with cells harvested from a living animal. Ranchers fear that insufficient labeling will not distinguish between traditional animal agriculture and these products that do not yet have a track record for safety and human health.

“We are at the mercy of the market, at the mercy of the weather,” Deering said. “We represent some of the most resilient people on the planet who can compete any day of the week and twice on Sunday. This is about consumer protection.”

Also earlier this month, the Center for Consumer Freedom (CCF), a nonprofit that lobbies on behalf of the fast food, meat, alcohol and tobacco industries, placed ads in the Wall Street Journal and New York Post highlighting many of the ingredients in fake bacon and fake sausage, pointing out that many of the plant-based meat options are highly processed and suggesting this might fly in the face of what folks think of as “healthy.”

“People see veggie burgers on the menu and think it sounds like it’s chopped-up salad,” said Will Coggin, managing director of CCF. “Despite what the name leads people to believe, ‘plant-based’ meats are made in industrial facilities, not gardens. Fake meat companies are trying to promote a ‘health halo’ over their products, but consumers should know that imitation meat is highly processed and in some cases has more calories and sodium than the real thing.”

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https://www.washingtonpost.com/business/2019/08/25/veggie-burgers-were-living-an-idyllic-little-existence-then-they-got-caught-war-over-future-meat/

2019-08-25 18:35:41Z
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