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By DEE-ANN DURBIN and MICHELLE CHAPMAN, AP Business Writers

NEW YORK (AP) — Kraft Heinz is splitting into two companies a decade after a merger of the brands created one of the biggest food manufacturers on the planet.

One of the companies, currently called Global Taste Elevation Co., will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese, Kraft Heinz said Tuesday. The other, currently called North American Grocery Co., will include legacy brands like Maxwell House, Oscar Mayer, Kraft Singles and Lunchables. The official names of the two companies will be released later.

Kraft Heinz said in May that it was conducting a strategic review of the company, signaling a potential split. It expects the transaction to close in the second half of 2026.

When the company formed in 2015, it wanted to capitalize on its massive scale. But shifting tastes complicated those plans, with households seeking to introduce healthier options at the table.

Kraft Heinz and other food producers have tried to follow those trends. In 2021, Kraft Heinz sold both its Planters nut business and its natural cheese business, vowing to reinvest the money into higher-growth brands like P3 protein snacks and Lunchables. But the company continued to struggle, and Kraft Heinz’s net sales fell 3% in 2024. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street is sinking on Tuesday as rising pressure from the bond market pulls U.S. stocks further from their records.

The S&P 500 fell 1.1% and was on track for its worst day in a month. The Dow Jones Industrial Average was down 412 points, or 0.9%, as of 2:30 p.m. Eastern time, and the Nasdaq composite was 1.3% lower. All three are still relatively close to their recently set all-time highs.

Big Tech companies led the market lower. They’ve been soaring for years on expectations that they’ll continue to dominate the economy, but they also shot so high that critics say their prices became too expensive.

Nvidia, whose chips are powering much of the world’s move into artificial-intelligence technology, fell 2.9% and was the single strongest force pulling the S&P 500 downward. Amazon sank 1.7%, and Alphabet dropped 1.5%.

The overall stock market felt pressure from rising yields in the bond market, where the 10-year Treasury yield climbed to 4.27% from 4.23% late Friday. When bonds are paying more in interest, investors are less willing to pay high prices for stocks. read more

By DEE-ANN DURBIN, Associated Press Business Writer

McDonald’s is cutting prices on some combo meals to woo back customers who’ve been turned off by the rising costs of grabbing a fast food meal.

The price drop may induce its rivals, who have run into some of the same pricing issues, to follow.

Starting Sept. 8, McDonald’s will offer Extra Value Meals, which combine select entrées like a Big Mac, an Egg McMuffin or a McCrispy sandwich with medium fries or hash browns and a drink. Prices will vary by location, but McDonald’s said Extra Value Meals will cost 15% less than ordering each of those items separately.

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By The Associated Press

Swiss food giant Nestlé said Monday it dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate.

The maker of Nescafé drinks and Purina pet food said in a statement the dismissal was effective immediately. An investigation found the undisclosed romantic relationship with a direct subordinate violated Nestlé’s code of conduct.

Freixe, who had been CEO for a year, will be replaced by Philipp Navratil, a longtime Nestlé executive.

“This was a necessary decision,” said Chairman Paul Bulcke. “Nestlé’s values and governance are strong foundations of our company.”

The company didn’t give any other details about the investigation.

Freixe had been with Nestlé since 1986, holding roles around the world. When Nestlé revamped its geographic structure in January 2022, Freixe became CEO of Zone Latin America. In August 2024, he was tapped to replace then-CEO Mark Schneider in the top role, and started Sept. 1, 2024. read more

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A Reddit user recently asked for advice about whether to save for retirement, or for their young children’s future college expenses.

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Respondents urged the user to prioritize retirement. Take care of yourself, one said, so you won’t be a burden to your children one day.

You can take out loans for college, but not for retirement, another noted. read more