Australia's Star Entertainment reports fourth-quarter loss
The cash-strapped casino operator reported an EBITDA of A$23 million a year ago.
($1 = 1.5356 Australian dollars)
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VILNIUS, July 30 (Reuters) - A junior party in Lithuania's government on Wednesday threatened to quit the ruling coalition unless Social Democratic Prime Minister Gintautas Paluckas resigns by August 18 over business ties to a company owned by his sister-in-law. Without the centre-left For Lithuania party, which won 14 seats in the 2024 election, the Social Democrats and another junior partner, Nemunas Dawn, would be left with only 71 seats, the bare minimum required for a majority in the 141-seat assembly, and vulnerable to any further defections. The prime minister's office said Paluckas was on holiday, and declined to comment further. He has denied any wrongdoing. Opposition parties in the Baltic country have criticised Paluckas for business dealings in which a company he co-owns sold electric batteries to one owned by his sister-in-law in a deal financed by a government agency. Last week, the sister-in-law's company said it would decline the funding from the government, but denied wrongdoing. It said it made purchases from Paluckas' business following an open tender. Saulius Skvernelis, the leader of For Lithuania, on Wednesday gave the prime minister a deadline to resign by the next coalition leaders' meeting, which is scheduled for August 18. "(If Paluckas stays) we will not remain in the coalition," Skvernelis told reporters.
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Kraft Heinz sauces boost quarterly results as home-cooking rises
July 30 (Reuters) - Kraft Heinz (KHC.O), opens new tab beat estimates for quarterly results on Wednesday, helped by resilient demand for its pantry staples and condiments in the United States as consumers tried to stretch their household budgets. A mix of sticky inflation and heightened economic uncertainty has forced consumers to cook more affordable meals at home instead of eating out. People prioritizing protein in their diets has also boosted demand for Kraft Heinz's steak sauce and Worcestershire sauce. The company's board is "working with urgency" to evaluate strategic options for some brands, executives said on a post-earnings call, following media reports earlier this month that it was exploring a spin-off of the grocery business. Kraft Heinz recorded a $9.3 billion impairment charge in the second quarter due to a steady decline in its market capitalization to $33.8 billion, with the stock value dropping about 30% since 2022. The company reiterated its annual targets and now expects a cost impact of about 100 basis points this year from President Donald Trump's tariffs. Its shares were up 1% in early trade. The Philadelphia Cream Cheese maker has worked on introducing healthier options in some categories such as desserts to capture consumer demand, and has said it would remove food dyes from its portfolio. It also announced plans to change the packaging for Kraft Mayonnaise to highlight the absence of dyes and artificial flavors, weeks after snacks giant PepsiCo (PEP.O), opens new tab said it will rebrand its Lay's and Tostitos chips without those substances. While Kraft Heinz's quarterly volumes fell about 2.7 percentage points due to some weakness in categories such as coffee, cold meat cuts and ready-to-eat meals, the decline was lower than the prior quarter's drop of 5.6 percentage points. In North America, its biggest market by revenue, volumes fell 3.4 percentage points. "Looking ahead, we continue to expect growth in our international business, but we are not contemplating an improvement in the U.S. industry for the rest of 2025," CEO Carlos Abrams-Rivera said in a statement. With consumers seeking value, the company has been investing in promotions, and that, along with inflation, could pressure margins in the current quarter, said Arun Sundaram, analyst at CFRA Research. Net sales for the three months ended June 28 came in at $6.35 billion, beating analysts' average estimate of $6.26 billion, according to data compiled by LSEG. Its adjusted profit of 69 cents per share also beat estimates.
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Eighteen EU members apply for a total of $147 billion from defence fund
BRUSSELS, July 30 (Reuters) - Eighteen European Union states have so far shown an interest in taking out loans worth a total of at least 127 billion euros ($147 billion) from a fund aimed at boosting the bloc's defences, the European Commission said on Wednesday. The fund, known as Security Action for Europe, is ultimately expected to generate 150 billion euros in defence investments. Countries have until November 30 to submit their requests. The Commission said the initial "strong interest" allowed it to prepare to raise funds on capital markets. The countries that have so far shown interest are Belgium, Bulgaria, Czech Republic, Estonia, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Hungary, Poland, Portugal, Romania, Slovakia and Finland. ($1 = 0.8667 euros)
