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PepsiCo Inc (NASDAQ:PEP) reported first-quarter FY22 sales growth of 9.3% year-on-year to $16.2 billion, beating the consensus of $15.53 billion. Net revenue from Frito-Lay North America increased 14% Y/Y, Quaker Foods North America rose 11%, and PepsiCo Beverages North America climbed 5.5%. Latin America sales rose 19% Y/Y. The gross profit increased 7.6%…

Bloomberg reported that the maker of Ray-Ban glasses sued J.P. Morgan Chase Bank N.A., claiming the bank ignored red flags as cybercriminals drained $272 million from its New York bank account. Essilor Manufacturing (Thailand) Co. said J.P. Morgan was aware, beginning in September 2019, of a “highly suspicious pattern of fraudulent transactions” but…

Shionogi & Co stock slumped 16% in Tokyo after preclinical studies showed its experimental COVID-19 drug disturbed fetal development, triggering concerns about its approval.  Kyodo News reported that the drug likely wouldn’t be recommended for pregnant women without giving attribution.  The animal data, which showed harm when given at high doses, was…

Inventories of aluminum, copper, nickel, and zinc, four of the main contracts traded on the London Metal Exchange, have plunged by up to 70% over the past year, as record power prices in Europe hit production and the Ukraine war threatened output from Russia, the Financial Times reports. Traders and big…

The U.S. State Department has ordered all non-emergency government staff and their family members in Shanghai to leave following a surge in COVID-19 cases, CNBC reported. "Reconsider travel to the People's Republic of China (PRC) due to arbitrary enforcement of local laws and COVID-19-related restrictions," the report quoted the State Department.…

Levi Strauss & Co. (NYSE:LEVI) reported first-quarter FY22 revenue growth of 22% year-over-year to $1.6 billion, + 26% on a constant-currency basis, beating the consensus of $1.55 billion. DTC net revenues +35% Y/Y, driven by company-operated stores and e-commerce. Wholesale net revenues +15% Y/Y, and global digital net revenues grew ~16% Y/Y.…

Volkswagen AG (OTC:VWAGY) to discontinue several of its combustion engine models by the end of the decade and sell fewer cars overall to focus on developing more profitable premium vehicles, Financial Times reported, citing the company's finance chief. "The main goal is not growth, it is us [more focused] on quality and…

Twitter Inc (NYSE:TWTR) will stop amplifying Russian government accounts, asking other government-affiliated media to remove posts featuring prisoners of war, citing international humanitarian law. Twitter would add warnings to state-backed accounts’ posts about prisoners when they have a “compelling public interest,” quoting Article 13 of the Geneva Convention III.  Also Read: Twitter Admits It Removed…

Martin Schmid, Rudolf Kadlec, and Matej Moravcik left Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL)-owned DeepMind in January to set up EquiLibre Technologies, CNBC reports. The trio seek to develop artificial intelligence for stock and crypto picking. They look to use reinforcement learning to train an AI system to buy and sell shares and make a…