Company news in brief

Kraft Heinz tops estimates Kraft Heinz Co topped quarterly profit and revenue estimates on Friday as the Tater Tots maker raised product prices and posted higher-than-expected sales from the United States for the first time in several quarters.Shares in the Chicago-based company rose as much as 9.4%, the stock’s biggest percentage gain in 18 months.Many packaged food companies have been forced to nudge prices up in recent months to combat skyrocketing commodities and transportation costs. Prices had long been suppressed by fierce competition between retailers and changing consumer eating habits.-Nampa/ReutersHuawei in British spotlight Huawei Technologies is facing increased scrutiny in Britain because it is using an aging software component sold by a firm based in the United States, one of the countries where lawmakers allege its equipment could facilitate Chinese spying, sources told Reuters.The fact that the British misgivings stem in part from Huawei’s relationship with a US company shows how trade wars and heightened national security concerns are making it harder for technology firms and governments to safeguard products and communication networks.-Nampa/ReutersFacebook fakers get better at covering tracksCreators of fake accounts and news pages on Facebook are learning from their past mistakes and making themselves harder to track and identify, posing new challenges in preventing the platform from being used for political misinformation, cyber security experts say.This was apparent as Facebook tried to determine who created pages it said were aimed at sowing dissension among US voters ahead of congressional elections in November. The company said on Tuesday it had removed 32 fake pages and accounts from Facebook and Instagram involved in what it called “coordinated inauthentic behavior.”-Nampa/ReutersBoost for Mondi Mondi interim revenue surged 4% to €3.72 billion, thanks to a "positive trading environment", stronger demand and higher average selling prices. By 14:33 on Friday afternoon, Mondi's share prices had also jumped, with Mondli Limited trading at R380.44, up 5.09%; and Mondi PLC trading at R382.36, up 6.11%. Basic underlying earnings for the six months ended June 30 were up 26% to 89.2 euro cents, the JSE and London-listed paper and packaging firm said.-Nampa/ReutersDeutsche Bank reports show chinks in money laundering armorDeutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth, internal documents seen by Reuters show, more than a year after it was fined nearly US$700 million for allowing money laundering.In two confidential reviews, dated June 5 and July 9, Germany’s biggest lender detailed the results of tests on a sample of investment bank customer files in several countries, including Russia.Both reviews found gaps in Deutsche’s screening process, which aims to meet so-called “Know Your Customer” (KYC) requirements that are a cornerstone of global anti-money laundering controls.

Company news in brief

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Company news in brief

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