Coca-Cola Exec: Governments See "Soda Tax" as Easy Way to Bring in Revenue
The feud between the health conscious and the health liberal has long been a thorn in Coca-Cola’s side. One recent battlefront: lobbyists advocating for a sugar tax to be added on the sale of non-alcoholic beverages in the U.S. and abroad.
John Murphy, the company’s Asia Pacific Group president, told Cheddar that the issue affects his business, and he says doesn’t think the tax will have the desired effect.
“Many governments need revenue and they see our industry as being a very easy place to source it,” Murphy said. He points out that Coca-Cola has expanded its portfolio of healthier drinks with zero-calorie and low-calorie beverages, particularly in Japan.
Health groups have introduced soda taxes across the U.S. in hopes of reducing the consumption of sugary drinks, which contribute to obesity and other health problems. According to the Centers for Disease Control and Prevention, 36.5 percent of adults in the U.S. are obese and that healthcare costs for the group are higher than for others.
Soda companies have fought against a lot of that regulation, though. A study published last year found that over a four-year span, Coca-Cola and rival PepsiCo took issue with 29 health bills aimed at soda consumption.
“These companies lobbied against public health intervention in 97 percent of cases, calling into question a sincere commitment to improving the public’s health,” the study concluded. “By accepting funding from these companies, health organizations are inadvertently participating in their marketing plans.”
The two drink giants sponsored 95 national obesity-focused health organizations, according to the same report.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
