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Kraft Heinz to restate certain financial reports after investigation
(Reuters) - Kraft Heinz Co will restate financial reports for over a two-year period to fix errors that resulted from lapses in procurement practices by some of its employees, the packaged food company said in a filing on Monday.
Kraft Heinz also said it received an additional subpoena from the U.S. Securities and Exchange Commission (SEC) on March 1, related to the assessment of goodwill and intangible asset impairments and a request for documents associated with the procurement business.
The company had disclosed in February it had been subpoenaed by the SEC related to an investigation into its accounting policies, procedures and internal controls related to its procurement. Following the first subpoena, the company, together with its external counsel and forensic accountants, initiated an investigation into the procurement practices.
Kraft Heinz had in February also announced a $15.4 billion write-down of its iconic Kraft and Oscar Mayer brands. Monday's filing revealed that the misstatements would increase the amount by about $13 million.
Due to these findings, the company said it would not be able to timely file its quarterly report for the period ended March 30, sending its shares down about 1 percent before the bell.
Warren Buffett's Berkshire Hathaway Inc, Kraft Heinz's largest shareholder with a 26.7 percent stake, said on Saturday its results exclude Kraft Heinz's results because it had not released its own quarterly results.
Still, Buffett told CNBC after Kraft Heinz disclosed the restatements that the company had his confidence.
(of course he does…has about 300million shares of it)
black rock has alot too.
The misstatements in its reports for the years 2016, 2017 and the first nine months of 2018 mainly relates to the timing and recognition of supplier contracts in the procurement area, the company said.
https://www.foxbusiness.com/financials/kraft-heinz-to-restate-certain-financial-reports-after-investigation
was just thinking that too. Still a big distraction for the normies though
Warren Buffett says U.S.-China trade war would be 'bad for the whole world'
(Reuters) - Warren Buffett said on Monday that a trade war between the United States and China would be “bad for the whole world.”
Buffett spoke after U.S. President Donald Trump tweeted on Sunday that he will raise tariffs on $200 billion of Chinese imports to 25 percent from 10 percent beginning on Friday.
Trump also said he would soon slap a 25-percent tariff on $325 billion of Chinese goods that have not been taxed.
Major stock markets fell worldwide on Monday in response to the tweet, which preceded scheduled trade talks this week, and was a “rational” response, Buffett said on CNBC television.
Buffett’s conglomerate Berkshire Hathaway Inc owns or invests in many companies that do business in China, including Apple Inc, in which it has a more than $50 billion stake, and Chinese electric car maker BYD Co.
“If we actually have a trade war it will be bad for the whole world,” Buffett said.
A full-scale trade war is unlikely, he said, but “would be bad for everything Berkshire owns.”
Berkshire Vice Chairman Charlie Munger, also speaking on CNBC, said Trump was not “totally crazy” for wanting higher tariffs on some goods, but that a trade war would be “massively stupid.”
Despite the concerns, Buffett said it would be “nonsense” for investors to sell stocks based on negative headlines, adding that the United States and China will be the world’s superpowers for the next 100 years and will always have tensions.
He also said the battle would not affect how Omaha, Nebraska-based Berkshire operates.
The company owns more than 90 companies including utilities, makers of industrial parts and chemicals, Geico auto insurance and Dairy Queen ice cream, and ended March with $191.8 billion of equity investments.
“We will buy the same stocks today that we were buying last week,” and would be “delighted” if a good Chinese business expressed interest in a Berkshire transaction, Buffett said.
https://www.reuters.com/article/us-berkshire-buffett-cnbc/warren-buffett-says-u-s-china-trade-war-would-be-bad-for-the-whole-world-idUSKCN1SC100?il=0
https://www.secform4.com/insider-trading/1166691.htm
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TE Connectivity has a global workforce of 80,000 employees, including more than 8,000 engineers. The company serves customers in approximately 140 countries.
https://en.wikipedia.org/wiki/TE_Connectivity
https://www.secform4.com/insider-trading/1385157.htm
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