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Price hikes lifted PepsiCo’s profits in the third quarter, but the company says those increases are likely to moderate in the coming year.

Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has increased prices by double-digits.

The higher prices took a toll on demand, with sales volumes down 2.5%.

PepsiCo said some of that volume decline is strategic.

The company said it has been shrinking package sizes to meet consumer demand for convenience and portion control.

Units are growing much faster than volume, PepsiCo Chairman and CEO Ramon Laguarta said Tuesday in a conference call with investors.

But there is also some consumer pushback on prices. Consumers are looking for value and, in some cases, are trading down to cheaper stores.

I do think that we see the consumer right now being more selective, PepsiCo’s Chief Financial Officer Hugh Johnston said Tuesday on a conference call with investors.

Still, Johnston said convenience store sales and food service sales, which usually weaken in times of high consumer stress, are strong.

Johnston said Pepsi continues to see higher prices for commodities like grain and cooking oil.

In 2024, Pepsi expects inflation to be slightly higher than the 2% to 3% it was accustomed to before the pandemic.

Consumers should expect to see price increases roughly in line with inflation, he said.

Pepsi is watching the growing use of weight loss drugs like Ozempic, but so far their impact on the business has been negligible, Laguarta said.

They could be outweighed by other trends, including rising incomes in many countries and the growing popularity of snacking in place of meals.

Were seeing a lot of tailwinds that will continue to drive our categories, he said.

Pepsi shares were up 1.5% in morning trading.

In the third quarter, Frito-Lay North America sales volumes dropped 0.5% during the July-September period as net prices rose 8%.

North American beverage sales volumes dropped 6% as prices rose 12%.

Sales volumes in Europe were flat. Sales volumes in Latin America dropped 5%.

Net pricing includes price hikes as well as changes in the mix of products sold and smaller package sizes.

In prepared remarks Tuesday, PepsiCo said consumers are gravitating toward smaller packages for convenience and portion control.

Net revenue was $23.4 billion, the company said Tuesday. That was in line with Wall Streets expectations, according to analysts polled by FactSet.

Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share.

That beat the $2.15 per share that analysts had forecast.

Pepsi now expects its full-year earnings per share to increase 13%, up from previous projections of 12%, due to the strength of its sales and cost-cutting efforts.

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US

Luigi Mangione pleads not guilty to murder of healthcare boss – as death penalty bid confirmed

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Luigi Mangione pleads not guilty to murder of healthcare boss - as death penalty bid confirmed

Luigi Mangione has pleaded not guilty to murdering a US healthcare chief executive – as prosecutors formally confirmed they plan to seek the death penalty for him.

The 26-year-old defendant appeared in a Manhattan federal court for an arraignment over the killing of Brian Thompson in New York last year.

Mangione has previously pleaded not guilty to a separate New York state indictment he faces over the murder of Mr Thompson, the boss of UnitedHealth’s insurance division.

While public officials condemned the killing, some Americans – and people elsewhere across the world – have lauded Mangione, saying he drew attention to steep US healthcare costs and the power of health insurers to refuse payment for some treatments.

A pedestrian walks past a mural of Luigi Mangione in east London, the UK. Pic: Reuters
Image:
A pedestrian walks past a mural of Luigi Mangione in east London. Pic: Reuters

In justifying their decision to seek the death penalty, prosecutors wrote in their filing that Mangione “presents a future danger because he expressed an intent to target an entire industry, and rally political and social opposition to that industry, by engaging in an act of lethal violence”.

US attorney general Pam Bondi earlier this month announced that the Justice Department would seek the death penalty for Mangione.

Mangione’s lawyers did not immediately respond to a request for comment on Thursday.

More on Luigi Mangione

They have said Ms Bondi’s announcement on 1 April was “unapologetically political” and breached government protocols for death penalty decisions.

Read more:
Dozens turn out in support of Luigi Mangione at court appearance
US prosecutors directed to seek death penalty for Mangione

UnitedHealthcare chief executive officer Brian Thompson.
Pic: UnitedHealth Group/AP
Image:
UnitedHealthcare chief executive officer Brian Thompson. Pic: UnitedHealth Group/AP

If Mangione is convicted in the federal case, the jury would determine in a separate phase of the trial whether to recommend the death penalty.

Any such recommendation must be unanimous, and the judge would be required to impose it.

Mr Thompson was shot dead on 4 December outside a hotel in Midtown Manhattan, where an investor conference for the company was planned.

The killing sparked a five-day manhunt that captivated Americans.

Police officers in Altoona, Pennsylvania, found Mangione with a 9mm pistol and silencer, clothing that matched the apparel worn by Thompson’s gunman in surveillance footage, and a notebook describing an intent to “wack” an insurance company CEO, according to a court filing.

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Environment

Drive Electric Earth Month, continues this weekend, get your EV Qs answered

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Drive Electric Earth Month, continues this weekend, get your EV Qs answered

It’s that time of year again, time for events across the country to show off electric vehicles at Drive Electric Earth Month.

Drive Electric Earth Month is an offshoot of Drive Electric Week, a long-running annual tradition hosting meetups mostly in the US, but also occasionally in other countries. It started as Drive Electric Earth Day, but since not every event can happen on the same day, they went ahead and extended it to encompass “Earth Month” events that happen across the month of April. It’s all organized by Plug In America, the Sierra Club, the Electric Vehicle Association, EV Hybrid Noire, and Drive Electric USA.

Events consist of general Earth Day-style community celebrations, EV Ride & Drives where you can test drive several EVs in one place, and opportunities to talk to EV owners and ask them questions about what it’s like to live with an EV, away from the pressure of a dealership.

This month, there are 158 events registered across the US and 1 in Mexico (including one online webinar about things to consider when purchasing an EV).

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Events have been happening all month, but the biggest weekend is this upcoming one, APril 26-27.

One really neat event was the Asheville event, which showcased the resiliency of EVs in an area devastated by Hurricane Helene, which was made more severe by climate change. That event was attended by the Rivian R1T which famously got dragged 100 feet submerged in mud and came out running fine.

But the bulk of the events happened on the weekends surrounding Earth Day, April 22, so there were several last weekend and will be even more this upcoming weekend.

There are plenty of events in the big cities where you’d expect, but Plug In America wanted to highlight a few of the events in smaller places around the country. Here’s a sampling of upcoming events:

  • Big Island EV – Cruise and Picnic in Waimea, HI on April 26, 10am-1pm – EV drivers will congregate in various places around the Big Island (Kona, Waimea, Waikoloa and Hilo), then drive up Saddle Road to the Gil Kahele Recreation Area on Mauna Kea for a potluck and a chance to talk about the experience of owning EVs on the Big Island.
  • Santa Barbara Earth Day 2025 and Green Car Show in Santa Barbara, CA on April 26-27, 11am-8pm – This is part of Santa Barbara’s Earth Day celebration, which routinely attracts 30,000 participants and is one of the longest-running Earth Day celebrations on the planet. The Green Car Show includes ride & drives and an “Owners Corner” where owners can showcase their EVs and attendees can check them out and ask questions.
  • Earth Day’25 – EV’s role in a sustainable future in Queretaro City, Mexico on April 26, 9am-4pm – The sole Mexican event, this is a combined in-person/online seminar at the Querétaro Institute of Technology.
  • Norman Earth Day Festival in Norman, OK on April 27, 12-5pm – Another municipal Earth Day festival, with hands-on activities for kids to learn about the environment. A portion of the parking lot reserved for an EV car show for EV owners who pre-register to show off their vehicles.
  • Oregon Electric Vehicle Association Test Drive & Information Expo in Portland, OR on April 27, 10am-4pm – This one is at Daimler Truck’s North American HQ, and will have several EVs for test drives, owner displays (including DIY gas-to-EV conversions), and keynote presentations by EV experts. They’ll even have a 1914 Detroit Electric EV available for test rides!
  • And, we at Electrek want to give a shoutout to Rove’s EV Drive Days in Santa Ana 10am-3pm April 28 – ROVE is the company behind the “full-service” EV charging concept that we’ve talked about several times here on Electrek, and we like what they’re doing for EV charging. They’ve hosted a few community events, and this is their contribution to Earth Month.

Each event has a different assortment of activities (e.g. test drives won’t be available at every event, generally just the larger ones attended by local dealerships), so be sure to check the events page to see what the plan is for your local event.

These events have offered a great way to connect with owners and see the newest electric vehicle tech, and even get a chance to do test rides and drives in person. Attendees got to hear unfiltered information from actual owners about the benefits and trials of owning EVs, allowing for longer and more genuine (and often more knowledgeable) conversations than one might normally encounter at a dealership.

And if you’re an owner – you can show off your car and answer those questions for interested onlookers.

To view all the events and see what’s happening in your area, you can check out the list of events or the events map. You can also sign up to volunteer at your local events, and if you plan to show off your electric car, you can RSVP on each event page and list the vehicle that you plan to show (or see what other vehicles have already registered).


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Politics

SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

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<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. 

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable
SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SEC

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” 

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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