Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

TECHNOLOGY TOP STORIES

Kraft Heinz starts food technology VC fund with $100 million

Kraft Heinz starts food technology VC fund with $100 million

The company has launched Evolve Ventures, a venture fund that will invest in emerging tech companies that aim to transform the F&B industry

Kraft Heinz has committed up to $100 million to Evolve Ventures and brought on venture investor Bill Pescatello on board to lead the fund. He brings more than a decade of successful venture investing experience at two leading venture funds to Kraft Heinz.

The 41-year-old was previously a partner at Lightbank, a $200 million fund started in 2010 by entrepreneurs Brad Keywell and Eric Lefkofsky– co-founders of Groupon. Pescatello will run Evolv ventures from Chicago.

Pescatello has stated that he and his three-member team will be “investing in anything in food: food-tech, operations from farm to retail, supply chain, logistics and predictive analytics.” It plans to do 10-12 deals, and invest $4-5 million in each, over the next three years.

Pescatello, will be reporting to his new boss, Bernardo Hees, CEO of Kraft Heinz and a private-equity veteran.

According to Hees himself: “New technological innovations in the food industry create endless new opportunities to strengthen business models. Through Evolv Ventures, we will work with tomorrow’s most innovative founders and companies in the space, and use the full resources of Kraft Heinz to help them succeed.”

Kraft Heinz has an extensive history of developing iconic brands that include Philadelphia, Heinz and Oscar Mayer. The new fund will accelerate the company’s exposure to emerging technologies and businesses, and better leverage its position in the industry.

Pescatello stated: “At Evolv Ventures, we will move beyond brands to have a committed first look at our industry’s most promising and disruptive tech-enabled companies.”

“With the insights, data and access available at Kraft Heinz, we look to take full advantage of our unique position and be the foremost value-added investor in the space.” He further added.

The company has appointed Karina Ong, as its chief marketing officer for the Asia Pacific region. Based in Singapore, she will lead the growth agenda for the brands and spearhead the long-term innovation pipeline for Kraft Heinz portfolio in the zone. As CMO, Ong will also join the Kraft Heinz regional leadership team, and report directly to Rodrigo Wickbold, the Kraft Heinz APAC president.

Ong brings 18 years of consumer marketing experience at both the regional and global level. Prior to joining Kraft Heinz, he was with Unilever, where she held several roles—the latest being the global brand development director for Pond’s.

Prior to which, she was also responsible for leading key brand and marketing teams at Johnson & Jonson and Lux Asia.

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