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Viewsroom

Kraft Heinz grocer war, China’s creaking economy

Viewsroom

Reuters

News

4.458 Ratings

🗓️ 7 July 2022

⏱️ 16 minutes

🧾️ Download transcript

Summary

Tesco has pulled products made by the $47 bln baked bean producer over price rises. In this Viewsroom podcast, Breakingviews columnists debate how this loss of variety could open the door for rivals to expand. Also, the People’s Republic’s means of hitting economic goals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Something unexpected has arrived in Happy Meal.

0:03.2

Teenage Mutant Ninja Turtles and Hello Kitty and friends are teaming up for the ultimate collab.

0:08.3

Joining your little ones on a fun-fueled adventure.

0:11.0

Some fun, some food, it's all inside this Happy Meal.

0:16.3

Until the 2nd of February from 11am includes one pre-selected book or toy whilst that's last.

0:20.3

The views expressed on this podcast are those of the participants, not of Reuters' news.

0:26.8

Up next, we're discussing Tesco's battle with Kraft Heinz and China's economic cracks.

0:45.2

Welcome back to the Views Room, the podcast from Reuters' Breaking Views, where columnists from around the world talk about the big stories of the week.

0:52.4

I'm your host, Amy Donnellan, coming to you from London. A food fight is breaking out between Kraft Hines and Tesco. Britain's largest grocer has pulled items like

0:55.3

Heinz ketchup and baked beans off its shelves over what it describes as unjustifiable price rises.

1:01.6

But while this strategy may go down well with customers, Tesco's decision will diminish its variety.

1:07.1

That is its main competitive edge over Amazon.com and discounters like Aldi and Liddle.

1:12.4

And if its shelves start to look like its cheaper rivals, it may lose some of its 27% market share.

1:18.8

Also, trouble in China's Henan province may be more widespread.

1:23.2

The $900 billion economy appeared to be doing well when it released economic data in May.

1:28.7

But on the ground, bank depositors have been unable to access cash and real estate is looking

1:33.9

wobbly.

1:34.7

The province is also using COVID-19 tracking apps to silence complaints.

1:39.3

With fresh lockdowns in a war in Ukraine, President Xi Jinping's ambitious target of 5.5% GDP growth in

1:46.5

2022 may only be possible if its provinces do their part to plump up their figures.

1:52.0

First, Peter Tal Larson and I chat about UK grocer Tesco's battle with consumer giant craft times.

1:58.0

Next, Yao and Chen in Hong Kong talks to Pete Sweeney about China's economic woes.

...

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