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Beef recall announced over E. coli fears
NORTHFIELD , Ill., May 14 (UPI) -- Kraft Foods Inc. Chief Executive Officer Irene Rosenfeld said the Northfield, Ill., food giant will raise prices this year.
Company profits dropped in 2007 due to rising prices of corn, wheat, dairy and other commodities, Crain's Business Journal reported Wednesday.
At Kraft's annual shareholder meeting Tuesday, Rosenfeld said, "We'll see increased prices on a number of our products." Without naming the specific products that would see increased prices, Rosenfeld said Kraft would focus on profits in 2008.
Sales of Kraft products gained 8 percent in 2007 to $37.2 billion, but net earnings dropped 15 percent to $2.59 billion, Crain's reported.
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| Additional Business News Stories | |
TEHRAN, June 20 (UPI) --
Iran announced plans to pay $850 million to secure 10 drilling rigs from Chinese manufacturers instead of domestic companies.
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RIYADH, Saudi Arabia, June 19 (UPI) --
Britain's BAE Systems, Europe's biggest defense company, reportedly expects to wrap up a price deal with Saudi Arabia for 72 Eurofighter Typhoon combat jets after two years of tortuous negotiations.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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