- Starbucks Coffee International announced that it will close all six of its Israel stores by the end of the week, a decision driven by security concerns as well as what the chain called “market challenges.” The units were co-owned by Israel's Delek Group.
- Martha Stewart took a 41 percent cut in bonus in 2002, according to a filing with the US Securities and Exchange Commission. Stewart, who is embroiled in an insider trading scandal, still earned a pretty penny: $900,000 in salary, and $680,000 in bonus.
However, the company said that its other top executives were given double-digit raises and increased bonuses as the company dealt with Stewart’s legal and image problems.
- Kraft Foods announced that it will acquire Family Nutrition Co., an Egypt-based biscuits and snack cakes manufacturer. Terms of the deal were not disclosed.
A spokesperson said the acquisition illustrates Kraft’s desire to strategy to invest in high-growth developing markets.