Latest news with #Rao's
San Francisco Chronicle
3 days ago
- Business
- San Francisco Chronicle
Recession indicator? People are cooking at home at the highest level since COVID
What's for dinner tonight? For a rising share of Americans, something they made themselves. That's according to the most recent earnings call for Campbell's, where the CEO of the food giant said they've seen more people opting for a home-cooked meal than they have since the start of the COVID-19 pandemic. 'Consumers are cooking at home at the highest levels since early 2020,' Mick Beekhuizen said Monday. Sales were up in the meals and beverages category for the company, which owns the canned soup brand as well as Rao's, Prego, Swanson, Pepperidge Farm, V8 and other grocery store staples. Specifically, spending in the U.S. was up for pasta sauce, broths, and condensed and canned soups. Dave Chalk, Campbell's vice president of consumer insights for meals and beverages, said the company uses interviews with consumers and behavioral data collected by research companies to assess at what rate people are cooking at home. 'We have seen a shift to what we call 'stretchable' categories,' he said in an email. 'These are categories like soups used for cooking and also include rice, pasta, broths and Italian (pasta) sauce.' He said the company has also noticed consumers opting for premium products, like Rao's pasta sauces, that can help make a homemade meal taste more like it came from a restaurant. Unfortunately, this behavior probably isn't a sign of a cultural shift toward healthy eating and thoughtful budgeting, said WalletHub managing editor John Kiernan. 'It's definitely not a sign of the economy doing great,' he said. 'People aren't going to be loading up on the staples and eating home far more often if they're feeling flush.' Back in the early part of 2020, consumers were adjusting to lockdowns and limited grocery store hours alongside predictions of potential global economic collapse in the face of a novel virus. The economic policies that staved off that potential collapse — low interest rates, stimulus checks — instead pushed the U.S. and most other developed economies into a protracted period of inflation. Exit polling in 2024 indicated many voters were persuaded by so-called 'kitchen table' arguments – the idea that President Donald Trump would bring down the price of eggs and other household goods. Instead, he's introduced several large-scale policies that aggravate inflation, including immigration crackdowns (which make grocery prices go up) and widespread tariffs (which make all prices go up). A soup-buying boom could be yet another one of the 'recession indicators' we've heard so much about. Actually, according to a report released Monday by financial services company Morningstar, some of the classic economic indicators of a recession have cooled off — but it's hard to say whether the recent GDP contraction was a tariff-induced blip or a sign of things to come. A recession is technically defined as two consecutive quarters of GDP shrinkage. From the perspective of a personal finance columnist, I don't think it's a bad thing for people to experiment with cooking at home, though I wouldn't recommend financing your groceries if you don't absolutely have to. Cooking at home is certainly cost-effective, as we found in a Chronicle analysis comparing identical meals procured via food delivery app, meal kits and good old-fashioned groceries. As someone who went through this journey myself, I can say that cutting back on dining out and learning to cook simple meals at home is both personally and financially rewarding. Much of the U.S. economy is driven by consumer spending, and a lot of local economies rely on people going out to eat. But that's not your personal problem to solve. My 31-day Wealth Challenge newsletter dives into how to effectively meal plan, plus lots of other tips to cut spending and up your savings. You can sign up below:
The Australian
18-05-2025
- Business
- The Australian
Former White house mouthpiece and Wall Street hedge fund manager Anthony Scaramucci on Donald Trump
It's just after 6pm in New York, and Anthony Scaramucci is in the back seat of an Uber heading uptown. He got the call a short time ago. A table has suddenly become available at Rao's, the legendary Italian restaurant in East Harlem that's more famous for being impossible to get into than its signature meatballs. Scaramucci left his Madison Avenue office and is racing to get there by 7pm. 'If I bomb out then I can't go there anymore,' he says. Known worldwide as 'the Mooch', Scaramucci is speaking to The Australian via video link. The fast-talking Wall Street hedge fund manager from the Italian suburbs of Long Island was catapulted onto the global stage when he was tapped by Donald Trump, to become communications head during the US President's first administration. It was 2017 and The Mooch lasted just 10 days in the job before he was fired by Trump amid an acrimonious falling out. The then White House communications director Anthony Scaramucci with Donald Trump during his first term. Scaramucci had known Trump for more than two decades before he became president. They first met when The Mooch was at Goldman Sachs, but the two connected over their big personalities and all things New York. That gulf is now so great, Scaramucci has labelled Trump as 'dangerous' and endorsed former vice president Kamala Harris in her failed bid for the White House. Seeing Trump up close in business and private long before his political career, Scaramucci knows what makes the President tick. It all comes down to two things: money and attention. Both forces are constantly vying to be at the top spot. 'When you look through the prism of what he's doing, it is best to say: 'Okay, what does that get him attention or money?' Scaramucci says. 'The tariff thing: the way he spun that, and the way he created that he put himself in the minds of every single business person in the world, every single media person, every single journalist'. The fact that (we) are talking about him, he would absolutely love that. He wants his name, his persona, his psyche infecting your brain.' Scaramucci pauses. 'It's almost like 'Covid-19' is like 'Trump 2025'. It's like he's a virus, and he wants to be a pandemic on your brain. If you see him through that prism, and you say, 'Okay, I see why he did that. I see why he went to 180 (per cent tariff) and now he's at 30 on his way to zero, frankly, because it'll go right back to where it was' … He wants us talking about him.' On the question of money, it's how this benefits the Trump family's investments. Scaramucci says last week's tour of the Middle East's richest counties will offer plenty of private investments. 'If you think the interests of the West, leading the free world, helping the MAGA base … if you think any of those things are even on the list, then you really don't understand the guy'. After the White House and his moment in the sun, Scaramucci returned to SkyBridge Capital, the hedge fund he founded after leaving Goldman Sachs. The aim of the fund was to connect the biggest-name wealthy clients in the hedge fund industry. SkyBridge has since become a major player in cryptocurrency markets, launching the Bitcoin Fund in 2021. Scaramucci, who also runs his own podcast with BBC correspondent Katty Kay, will be headlining the 10th annual Sohn Hearts & Minds Investment Conference, which returns to the Sydney Opera House in November. All the proceeds from the conference go to medical research, with nearly $80m donated over the decade it's been running in Australia. (When he is in Australia, The Mooch is hoping to take a side trip to Melbourne: 'I love that town. It has the best coffee in the world.') Market turmoil followed Trump unleashing his Liberation Day tariffs early last month, with a share market sell-off pushing Wall Street into bear-market territory. But as the turmoil spread to bond markets just over a week later, Trump started to back away. He outlined a three-month pause in punishing reciprocal tariffs and opened a window for negotiations. He held firm with China for several weeks. Two weekends ago, there was a dramatic walk back from both sides. Trump slashed his 145 per cent tariffs on China to 30 per cent for a three-month window. China also agreed to cut its retaliatory tariffs on US goods. Anthony Scaramucci says Donald Trump's political instincts are often correct. Picture: AP There's good reason for the walk back, the former White House adviser says. While Trump initially shrugged off turmoil in equity markets, even he couldn't ignore the warning signs in bonds. Sharemarkets may have rebounded; there's doubt still in bond markets. Over the weekend, Moody's stripped the US of its rolled-gold AAA credit rating. 'Donald Trump does have a ruler, and that ruler is the bond market,' Scaramucci says. 'Which is why by April 9 he caused a pause (in tariffs)' and this month de-escalated with China. No doubt the tariff execution was botched. Scaramucci gives the President credit; his political instincts are often right. 'There are some trade imbalances with China that we in the West should rectify,' Scaramucci says. 'We did have a problem on our southern border. Don't go by me – 70 per cent of the Americans felt that we had a problem on our southern border. 'If you have an obligation to spend 2 per cent of your GDP on defence, and you're a member of NATO then you're under that number … there are kernels of truth in what he's saying.' Why does it go wrong? 'What I always say is there's a good angel on Trump's shoulder,' he says. 'He can identify things, and he can say these things. You look at him, say, 'okay, that's actually true'. But then there's a bad angel in terms of the implementation of policy and the need for attention. And he's literally got the bad angel or the devil on his shoulder saying, 'Hey, you might be able to rake in $200bn for your family here'. 'In Trump-1 he was fearful and insecure about the presidency. He had a lot of establishment people in the mix with him that were stopping him from his worst instincts. In Trump-2. He doesn't have that.' Whereas son-in-law Jared Kushner was a calming force during Trump's first administration, he is no longer in the circle of power of the new administration. Instead, his eldest son, Donald Trump Jr, the Trump family's biggest backer of MAGA, is the President's new spirit force. 'This is why Trump-2, in my humble opinion, is way more dangerous than Trump-1,' Scaramucci says. 'You asked 'what is he doing?' They don't know what he's doing as of tonight. He's not actually sure what he's doing tomorrow. He's not sure because he wants to get attention. Elon Musk has the one thing Donald Trump loves: money. Picture: AP 'He wants to do some things that will potentially enrich his family, and so when he figures out what they are, he'll start doing them. And that's, that's him'. There's a big figure who looms over all this: Elon Musk. Scaramucci admits he got it wrong, thinking Trump and Musk would flame out earlier. Earlier this month, the multibillionaire effectively handed in the keys to the controversial Department of Government Efficiency and returned to his role as Tesla chief executive. The Musk relationship comes back to one of the core Trump drivers. 'Elon's loaded; Trump loves money,' Scaramucci says. However, he says it was clear the multi-billionaire overstayed his White House time and was starting to get on Trump's nerves. 'It's the old Ben Franklin thing,' he says. 'House guests are like fresh fish – they last three days. And so Elon, he wanted him out, but he's too rich to push him out the way he pushed out me or (former adviser) Steve Bannon. Elon will be in the mix from a distance for quite some time because of the money associated with him'. This is a good point to ask about Scaramucci's own flame out with Trump. Their 20-year friendship was over following Scaramucci's frenzied 10-day stint as White House communications director. The public line was Trump fired him (via then chief of staff John Kelly) for the Wall Street banker's colourful criticisms of Bannon, the Trump loyalist and champion of the far-right. (Bannon was sacked as chief strategist a few weeks later.) Scaramucci counters that his own fate was more than what has been written. He was pushing back on the President too much. 'I got fired because I was fighting with Trump,' he says. 'Trump told me that I was a Deep Stater. I'm like, 'Dude, I haven't even been to Washington on a field trip. I'm definitely not a Deep Stater'.' Still, taking the job was the 'biggest mistake' of his life. Anthony Scaramucci conducting a White House press conference in 2017. Picture: AFP 'If you want me to be brutally honest with you, it was the wrong job for me,' he says. 'My wife hates Trump, almost as much as Melania (Trump) hates him. My wife told me, 'Don't go work for him. He's gonna burn you. He's gonna hurt you. Blah, blah, blah'. But the kid from Long Island … this was an egocentric mistake 'It's actually a very good lesson for investors. When you put your ego, and you put your pride into your decision-making, you make colossal mistakes. That's true in investing. It's true in your personal life. It's true in your career'. It's now nearly 7pm as Scaramucci's Uber slowly pulls up out the front of Rao's. Perfect timing. 'When Bill Clinton left the White House, he got himself an office right by this restaurant,' he says. 'He tried to get a reservation. They told him: 'Look, sorry. We don't care'. The only way you can get in there is you got to know somebody that owns one of the tables in the restaurant'. Scaramucci simply can't miss that table. Anthony Scaramucci will be headlining 2025 Sohn Hearts & Minds conference in Sydney on November 14
Fox News
25-04-2025
- Entertainment
- Fox News
GUY BENSON SHOW: Jimmy Failla's Star-Studded NYC Dinner, Pete Buttigieg's Ironic Media Blitz
Jimmy Failla, host of Fox Across America and Fox News Saturday Night , joined The Guy Benson Show today fresh off a night at the iconic NYC restaurant Rao's, where he recounted one particular interaction with a famous female singer. Guy and Jimmy then turned to politics and Pete Buttigieg's odd media blitz defending 'good government,' despite his Department of Transportation being riddled with inefficiencies. Failla also weighed in on a viral story out of Brown University, where a student is facing backlash for sending a DOGE inspired email questioning what administrators actually do all day. Listen to the full interview below! Listen to the full interview below: Watch the full interview below: Listen to the full podcast below:
Yahoo
17-04-2025
- Business
- Yahoo
Campbell's promotes insiders to accelerate growth
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. The Campbell's Company is promoting a pair of its executives to top growth positions at the food manufacturer. Elizabeth Duggan will become president of the company's snacks division on May 12, while Janda Lukin will take on the newly created role of chief growth officer starting June 2. Current snacks president Chris Foley will leave in July after a 25-year career at Campbell's. Duggan will work closely with Foley until his departure. The executive changes are the latest at the maker of its namesake soups, Rao's sauces and Late July chips. Risa Cretella became president of Campbell's meals and beverages unit in February after Mick Beekhuizen, who previously oversaw the unit, took over as CEO. Just over two months after Beekhuizen took the top role at the V8, Pepperidge Farm and Pacific Foods maker, the latest promotions are evidence that the senior executive is doing what he can to generate growth — an industry challenge as inflation and consumer uncertainty over the economy lead to a pullback in spending. The appointment of two company veterans, both with extensive experience in the food space, gives Campbell's a pair of leaders who know the company and its growth strategy. They're also likely familiar with Beekhuizen and where he's looking to take the 156-year-old business. Duggan, who joined Campbell's in 2019, will oversee the long-term growth and margin expansion of the snacks division. Previously, she was the senior vice president and general manager of Campbell's Company of Canada where she 'delivered top-tier results including significant revenue and earnings growth,' according to the company, and helped with the successful launch of new products.. Lukin, meanwhile, was described by Campbell's 'as a proven business leader and growth-driven marketer.' Since joining the company in 2016, she helped return growth back to its soup business and 'significantly increased' the pace of innovation in snacks. Prior to Campbell's, Lukin spent 14 years with Mondelēz International where she oversaw its Oreo and Chips Ahoy! business. "Elizabeth and Janda have each played pivotal roles in transforming Campbell's over the last several years,' Beekhuizen said. 'They are the right leaders to drive our strategy and take our performance to the next level.' While Campbell's has a strong portfolio, the executive team is facing a challenging consumer environment. Last month, Campbell's lowered its forecast, predicting net sales to rise 6% to 8% this year, instead of 9% to 11%. Organic sales projections also were lowered to be flat or drop by up to 2%. Previously, the company was predicting sales to be unchanged or up 2%. Beekhuizen noted at the time that Campbell's was dealing with 'softness' in some snacking categories, most notably cookies and crackers. Robert Moskow, an analyst with TD Cowen, said in a March research note that Campbell's reduced guidance 'pokes a hole in the investment case that its stock merits a higher valuation multiple for diversifying into snacks and premium pasta sauce' with Rao's, which the company acquired in March 2024. He added that competition and expansion of GLP-1 usage 'presents a significant headwind to Snacks.' Recommended Reading 'Sauce is boss': How Campbell Soup is turning Rao's into its next $1B brand
Yahoo
12-04-2025
- General
- Yahoo
When It Comes To Frozen Lasagna, Avoid Buying It From This Store Brand
Few things hit quite like a premade lasagna when you're not in the mood to cook. Ideally, it'll be leftovers from the previous time you cooked lasagna, which (as we all know) taste better after sitting in the fridge for a night or two. But, if you don't have any leftovers (or if you're the only person in your household who eats the stuff), then a good frozen lasagna will be more than welcome. Bear in mind: We said a good frozen lasagna. As is always the case with food, not every product is created equal. When The Takeout tried 16 different frozen lasagnas, we found that eight were satisfactory (including offerings from Rao's, Marie Callender's, and Trader Joe's), while eight fell well short of the mark. That being said, none of the lasagnas were worse than Walmart's Great Value Five Cheese Lasagna Pasta. Mind you, this shortcoming is quite out of character for the chain; Great Value offers some solid, affordable products. Great Value's Olive Garden copycat breadsticks are popular, and its bacon held its own when we compared it to competing grocery store brand products. Alas, the brand's lasagna just doesn't quite measure up. Read more: 12 Kirkland Signature Foods Costco Customers Buy On Repeat Anyone who's had mediocre pizza will tell you that too much sugar makes a tomato sauce taste like ketchup, disrupting the balance of the whole dish. Thankfully, for the most part, the lasagnas we sampled avoided this pitfall with the notable exception of Great Value Five Cheese Lasagna Pasta. This frozen lasagna was far too sweet and, to make matters worse, it didn't contain any other flavors at all. The end result was a sweet but bland lasagna that we found far from appetizing. As our writer noted: "It very much tasted like some of the cafeteria lunches from elementary school. Not to mention, the ricotta was also disappointing. Rather than having a pleasant texture, this had something of a mealy feel, almost looking like a bowl of mush." We suppose that, at just under $3 a pop, we can't get too angry about this lasagna's shortcomings. However, those looking for a cheap, frozen lasagna can surely find far better products at similar prices. For more food and drink goodness, join The Takeout's newsletter. Get taste tests, food & drink news, deals from your favorite chains, recipes, cooking tips, and more! Read the original article on The Takeout.
