Unilever threatens to pull funding from the Ben & Jerry's Foundation: sources
[NEW YORK] Unilever is threatening to halt funding to the Ben & Jerry's Foundation, a US-based non-profit that makes donations to social justice organisations, sources familiar with the matter said.
Unilever is asking Ben & Jerry's Foundation to agree to an expedited audit of its donations to continue the funding, which amounts to roughly US$5 million annually and is determined by a formula based on sales of the brand's ice cream, the two sources said.
Ben & Jerry's sued Unilever in November to stop alleged efforts to dismantle its board and end its progressive social activism, which has included protesting the war in Gaza, supporting a movement to defund police, and attempting to criticise US President Donald Trump.
The sources said Unilever is threatening to halt the funding in retaliation for the lawsuit, and because one of the ice cream maker's founders has tried to buy back the frozen dessert maker.
Unilever, Ben & Jerry's and Ben & Jerry's Foundation did not immediately return requests for comment.
The Ben & Jerry's Foundation has supported Homes for All St Louis, an advocacy group for renters, the Felony Murder Elimination Project, a non-profit that tries to reduce sentencing for inmates, and Adelante Student Voices, which supports undocumented students. REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
30 minutes ago
- Business Times
Airlines revenues to hit near US$1 trillion record this year : Iata
[SINGAPORE] Airlines' revenues will hit a record of close to US$1 trillion in 2025 with a stable net profit of US$36 billion. But US tariffs are a drag on the industry, as airline performance and the growth in both air passengers and cargo numbers are down from estimates made at the end of 2024, said the International Air Transport Association (Iata) Monday (Jun 2). 'The first half of 2025 has brought significant uncertainties to global markets. Nonetheless, by many measures including net profits, it will still be a better year for airlines than 2024, although slightly below our previous projections,' said Iata director general Willie Walsh. Iata, which is the global trade organisation for airlines, said in its 2025 aviation industry outlook report that airline revenue for the year is projected to increase 1.3 per cent from 2024 to US$979 billion. That is a new all-time high, although below the US$1 trillion previously put forward at the end of 2024. Net profit will improve to US$36 billion from US$32.4 billion in 2024, also below the original projection of US$36.6 billion. Net profit margins will improve to 3.7 per cent from 3.4 per cent in 2024, and outdo the original projection of 3.6 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Higher, but thinner air Speaking at Iata's annual general meeting in New Delhi, India, Walsh said that he anticipates 'airlines flying more people and more cargo in 2025 than they did in 2024, even if previous demand projections have been dented by trade tensions and falls in consumer confidence,' he added. Iata's expected airline performance figures are be a result of improved passenger and cargo numbers as the reduced cost of jet fuel will trim operating expenses. Like airline revenues and profits, the passenger and cargo numbers are expected to grow in 2025, but less than originally forecast. Total air traveler numbers will increase 4 per cent to 5 billion (original forecast 5.2 billion) while total air cargo volume is expected to tick upwards 0.6 per cent to 69 million tonnes (original forecast 72.5 million tonnes). Total demand for air travel is expected to grow by 5.8 per cent year on year, measured in revenue passenger kilometres (RPK), down from the original prediction of 8 per cent. In 2024, it increased 10.6 per cent, compared to 2023. Asia-Pacific is still expected to lead the world in industry growth at 9 per cent year on year, and will contribute 52 per cent of the industry's RPK growth in 2025, a result of its continued economic growth and reduced visa requirements in several countries including China, Vietnam, Malaysia and Thailand. North America will be the slowest growing market, expanding just 0.4 per cent on uncertainty from tariffs and migration policies. The price of jet fuel – expected to average US$86 per barrel in 2025 – has fallen 13 per cent compared to 2024 and is the 'biggest positive driver' said Walsh. That will translate into a total fuel bill reduction of around 10 per cent to US$236 billion, compared to S$261 billion in 2024. However, Iata predicts total expenses for 2025 to increase 1 per cent to S$913 billion as a result of the costs of capital, labor, and aircraft maintenance and ownership. Some headwinds Air travel demand is traditionally driven by GDP. Despite global GDP growth slowing to 2.5 per cent from 3.3 per cent in 2024, largely a result of trade slowdowns and uncertainty brought about by US tariffs, Iata expects airline profitability to improve in 2025 as oil prices continue to fall, employment remains strong and inflation projections remain moderate. But Walsh warned that airline margins remain relatively thin, the industry's supply chain problems will remain a continual drag, and its sustainability efforts remain at a nascent stage. 'While (the forecasts) are big numbers, let's remember this equates to a net margin of a mere 3.7 per cent or US$7.20 net profit per passenger,' he said, which is only half of what all global industries achieve on average. Iata notes that while tariffs affect the global economy, it does not anticipate large-scale impacts on passenger traffic for the industry as a whole. Aviation's persistent supply chain problems, however, will still dampen growth, as aircraft manufacturer deliveries continue to slow. The backlog of aircraft orders reached a record high of 17,000 at the end of 2024 as deliveries continue to be stymied. In 2025, 1,692 aircraft are expected to be delivered, 26 per cent less than year-ago estimates. Iata indicates airlines are lacking 5,400 aircraft or almost 20 per cent of the active global fleet, which could take around three to five years to resolve. This is in addition to engine problems and spare parts shortages that have grounded planes, with the number of aircraft less than 10 years old currently in storage now more than 1,100, or around 3.8 per cent of the total fleet, compared to 1.3 per cent from 2015 to 2018. Walsh also called on sustainable aviation fuel producers and governments to boost production of sustainable aviation fuel (SAF), a key method of achieving the sector's goal of net-zero carbon emissions by 2050. Governments must focus on 'delivering policy actions and certainty, preferably production incentives, that have a track record of success…' while SAF producers '...must stop procrastinating and get to work at ramping-up production capacity.' SAF production will double to 2 million tonnes in 2025, but meet only 0.7 per cent of airline needs.
AsiaOne
an hour ago
- AsiaOne
China rejects Trump's accusation that it breached Geneva trade deal, World News
China said on Monday (June 2) that US President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks were "groundless", and promised to take forceful measures to safeguard its interests. The comment by the commerce ministry was in response to Trump's remarks on Friday that China had breached a bilateral deal to roll back tariffs. The ministry said China had implemented and actively upheld the agreement reached last month in Geneva, while the US had introduced multiple "discriminatory restrictive" measures against China. Those measures included issuing guidance on AI chip export controls, halting sales of chip design software to China and revoking visas for Chinese students, the ministry added. "The US government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations," the ministry said in a statement. It did not elaborate on what forceful measures it might take in response. Beijing and Washington agreed in mid-May in Geneva to pause triple-digit tariffs for 90 days. In addition, China also promised to lift trade countermeasures that restricted its exports of the critical metals needed for US semiconductor, electronics and defence production. Trump on Friday also announced a doubling of import tariffs on steel and aluminium to 50 per cent. While China is the world's largest steel producer and exporter, it ships very little to the United States after a 25 per cent tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminium suppliers. [[nid:717864]]
Straits Times
2 hours ago
- Straits Times
Global airlines body Iata cuts traffic and profit forecasts for 2025 amid trade turbulence
Mr Willie Walsh, director-general of the International Air Transport Association, called for the aviation sector to be spared from increased tariffs. PHOTO: BLOOMBERG – Global airlines on June 2 revised down their traffic and profit forecasts for 2025, citing 'headwinds' for the global economy. The International Air Transport Association (Iata) estimates fewer than five billion air journeys will take place this year, compared with the previously forecast 5.22 billion. 'The first half of 2025 has brought significant uncertainties to global markets,' Mr Willie Walsh, Iata's director-general, told its annual general meeting in New Delhi, India. At the same time, the industry is benefiting from lower oil prices, which are in turn trimming airlines' fuel bills – the biggest single expense for carriers. Mr Walsh added: 'Considering the headwinds, it's a strong result that demonstrates the resilience that airlines have worked hard to fortify.' Cumulative airline profits will reach US$36 billion (S$46.5 billion) in 2025, US$600 million less than expected, IATA said. Commercial aviation revenues are expected to remain below the US$1 trillion forecast in the previous December projections, with IATA now reporting US$979 billion. Mr Walsh, addressing Iata delegates, called for the aviation sector to be spared from increased tariffs – though he did not name US President Donald Trump, who launched a trade war in early April. In 2024, the industry earned a collective US$32.4 billion on a margin of 3.4 per cent. Mr Walsh said profitability remains 'wafer thin': 'Any new tax, increase in airport or navigation charge, demand shock or costly regulation will quickly put the industry's resilience to the test. 'Policymakers who rely on airlines as the core of a value chain that employs 86.5 million people and supports 3.9 per cent of global economic activity, must keep this clearly in focus.' The organisation also expects 69 million tonnes of cargo to be transported by air in 2025, down from the 72.5 million previously expected. Airlines – particularly in the United States – have been forced to scale back their outlooks in recent weeks after price-sensitive passengers reconsidered their travel plans and some high-profile accidents discouraged bookings. In March, Delta Air Lines slashed its first-quarter profit guidance and also reduced its outlook for revenue growth and operating margin. That was a sharp reversal from the start of2025, when it saw a steady demand environment. Mr Walsh said in an interview with Bloomberg Television that he remains optimistic, considering some of the events restraining growth are 'short-term in nature'. 'It won't have a long term impact on the growth in the industry,' Mr Walsh said. 'Demand for aviation, demand for flying, will remain strong.' AFP, BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
