Pepsi, Beyond Meat form joint venture
PepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins.
The companies didn't reveal what kinds of products they will make Tuesday, saying they're still in development.
But the collaboration sent Beyond Meat's shares to their largest single-day gain since they began trading in 2019.
The joint venture gives Pepsi access to one of the leading plant-based meat companies at a time when consumers are increasingly cutting back on meat consumption and looking for healthier, more sustainable foods. Beyond Meat's burgers, sausages and chicken, which are made from pea protein, are sold worldwide, including at Starbucks in China and Pizza Hut in the U.S.
Beyond Meat gets access to to Pepsi's distribution system and broad product line. Pepsi, in addition to drinks, makes Fritos, Cheetos and Tostitos, as well as Matador beef jerky.
"Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build more sustainable food system," said Ram Krishnan, PepsiCo's global chief commercial officer.
Financial terms of the deal weren't released. The joint venture will be managed through a new entity called The Planet Partnership.
Levi Strauss partners to sell at Target stores
Jeans maker Levi Strauss & Co. is deepening its partnership with Target Corp. by launching its first-ever home collection at the discount chain.
Levi's limited time only 100-item collection of denim-inspired tableware, quilts, pillows and other items will be launched on Target's website and most Target stores on Feb. 28.
Target started selling Levi's Denizen low-price brand in 2011 and then began carrying its premium Red Tab brand in 2019. It will be expanding the Red Tab brand to 500 stores by fall of this year. The move is yet another blow to department stores, which have been struggling even more during the pandemic.
Target CEO Brian Cornell and Levi's CEO Chip Bergh told The Associated Press they believe the Levi products, which also include some clothing, will be collectors' items.
EU to subsidize electric car batteries
The European Union has approved 2.9 billion euros in subsidies from 12 member countries for a second pan-European project to develop the electric battery industry and move away from its reliance on Asian imports.
The EU's executive commission had already cleared a 3.2 billion-euro plan subsidized by seven countries in Dec. 2019 to support research and innovation in a key sector where Europe is lagging behind Asian competitors.
The EU, which expects that demand for batteries will grow quickly in the coming years, said Tuesday that the latest public funding is expected to unlock an extra 9 billion euros in private investment.
The commission said the project - involving Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden - will cover the whole production chain, from mineral extraction to design, battery manufacturing and recycling.
Called the "European Battery Innovation," the project will allow non-European businesses such as Tesla to benefit from EU investment. Tesla, which is headquartered in California, is building its first European factory in the Berlin area. The company expects to make 150,000 electric cars a year at the new plant starting in mid-2021, with plans to increase that number to half a million annually.
Fios internet lost for hours across Northeast
Internet users across the northeast U.S. experienced widespread outages for several hours Tuesday, interrupting work and school because of an unspecified Verizon network issue.
"An internet issue impacting the quality of our Fios service throughout the Northeast has been resolved," said spokesman Rich Young in an emailed statement Tuesday afternoon. He said service levels "are returning to normal" and the company is investigating what happened. There are about 6.5 million Fios internet customers.
People posting on Twitter reported having issues connecting with various online services in the region stretching from Washington, D.C., to Boston. That densely populated area includes key U.S. government services as well as major financial companies such as Fidelity Investments.