Nestlé, WeWork, Japan: This Week’s Top Trending Financial Tweets - Week 29
#7. Nestlé’s (almost) sugarless chocolate
Nestlé, the world's largest food and beverage company, has found a way to make chocolate with no added sugar, Bloomberg reports. How? By using cocoa leftovers to sweeten the chocolate which can, by the way, reduce the amount of sugar by up to 40%.
Check out the video below to learn more about Nestlé’s new, no-sugar recipe.
#6. The Lion King’s $185 million debut
More good news for Disney this week. The company’s ‘The Lion King’ dominated the box office charts and grossed as much as $185 million from North American theatres during its first three days of release, Reuters reports.
This marks the biggest opening yet for a Disney remake of its original cartoons.
#5. Ethical crocodile leather?
As (younger generations of) consumers grow increasingly concernced about where their purchases come from and how they are made, luxury fashion brands like Chanel ban the use of, for example, exotic skins in their products, the Wall Street Journal reports.
In May, brands like Gucci, Balenciaga and Alexander McQueen - part of luxury group Kering SA - published a 44-page long document with species-specific animal welfare standards. In a bid to counter shoppers’ concerns over animal welfare and still appeal to luxury shoppers, crocodile farmers are now setting ethics standards for production, according to the same WSJ article.
Luxury shoppers are increasingly concerned with where their purchases come from and how they are made https://t.co/Nm8TWLipo9— The Wall Street Journal (@WSJ) July 21, 2019
#4. WeWork’s upcoming IPO
Adam Neumann, the co-founder and CEO of international real estate co-working startup WeWork, reportedly cashed out over $700 million from his company, ahead of its IPO, TechCrunch reports.
Both the size and timing of this operation are unusual; founders usually wait until after their company holds its initial public offering to liquidate their holdings. Neuman remains, however, the largest shareholder of WeWork, according to the same TechCrunch article.
Adam Neumann reportedly cashed out big ahead of WeWork IPO https://t.co/N7TpktPXiZ— TechCrunch (@TechCrunch) July 21, 2019
#3. Iranian tanker dispute
On Friday, the news of Iran seizing the British-flagged tanker Stena Impero in the Strait of Hormuz broke. The Iranian capture comes two weeks after Royal Marines seized an Iranian tanker just off Gibraltar.
Around a fifth of the world’s oil goes through the strait of Hormuz. Recent tensions in the Gulf - those of last Friday included - already caused oil prices to rise.
Iran shows to the west its readiness for retaliation https://t.co/CKEIyfZY13— Financial Times (@FT) July 21, 2019
#2. Japan’s Sunday election
On Sunday, there was good news for the Japanese Prime Minister, Shinzo Abe: he won the country’s upper house election, Bloomberg reports. Abe’s plans for Japan include making the first revisions to the country’s pacifist constitution and a sales tax hike in October.
Japanese Prime Minister Shinzo Abe’s ruling coalition is set to retain its upper house majority in Sunday’s election, according to media reportshttps://t.co/6ETlclQlLU— Bloomberg (@business) July 21, 2019
#1. Autumn elections for Italy?
Ongoing tensions between Italy’s far-right League and the anti-system 5-Star Movement have risen even further this month and next week we’ll either see the country’s government collapse - triggering autumn elections - or survive to the end of the year, Reuters reports.
Italy’s Prime Minister, Giuseppe Conte, will hold another round of consultations on Monday which will either lead to a proposal or him throwing in the proverbial towel. If the latter happens, Italy will have its first ever autumn election, according to the same Reuters article.
Well, there you have it, the 29th week of 2019 captured in 7 Tweets. As always, we’ll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.