Coca-Cola not to blame for US obesity says CEO



NEW YORK // Coca-Cola CEO Muhtar Kent insists his company is not responsible for the rise in US obesity despite New York Mayor Michael Bloomberg's recent moves to limit the consumption of sugary drinks.

"This is an important, complicated societal issue that we all have to work together to provide a solution," Kent told the Wall Street Journal in an interview published late Monday.

"That's why we are working with government, business and civil society to have active lifestyle programs in every country we operate by 2015," he said.

His remarks came just weeks after the health-conscious Bloomberg proposed a ban on super-sized soft drinks that would restrict the sale to 16-ounce servings, more than an average can but far less than the bucket-sized beverages offered at cinemas, service stations and sporting events.

Kent said Coca-Cola has diversified from its namesake, offering a wide range of healthy teas, juices, sports drinks and other products.

"We've gone from being a single-beverage, single-brand company to now 500-plus brands, 3,000 products. Eight hundred of these products we've introduced in the last four or five years are calorie-free or low-calorie.

"It is, I believe, incorrect and unjust to put the blame on any single ingredient, any single product, any single category of food," he said.

Bloomberg said the proposed ban was needed to confront the "epidemic" of obesity in the United States, which contributes to rising health costs.

Critics have derided the proposed ban as a "nanny state" overreach of government power.

They have also faulted the mayor for seeking to restrict certain unhealthy habits -- like smoking and sugary drinks -- while the city hosts eat-athons like the annual Coney Island hotdog competition.

The proposed measure would target fast-food and other restaurants, delis, and places of public entertainment like stadiums. It would not cover drinks sold in supermarkets or any diet, fruit, dairy or alcoholic drinks.

chr/jk/ss

Match info

Athletic Bilbao 0

Real Madrid 1 (Ramos 73' pen)

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?
Company%20Profile
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Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
COMPANY%20PROFILE
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Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

Hydrogen: Market potential

Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

UAE currency: the story behind the money in your pockets
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Premier League results

Saturday

Tottenham Hotspur 1 Arsenal 1

Bournemouth 0 Manchester City 1

Brighton & Hove Albion 1 Huddersfield Town 0

Burnley 1 Crystal Palace 3

Manchester United 3 Southampton 2

Wolverhampton Wanderers 2 Cardiff City 0

West Ham United 2 Newcastle United 0

Sunday

Watford 2 Leicester City 1

Fulham 1 Chelsea 2

Everton 0 Liverpool 0


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