This Episode is Sponsored by: City National Bank

Several economic headwinds indicate the consumer is being financially stretched, but we all need to eat – so what are consumers actually buying at the grocery store? Nik Modi of RBC returns to The Food Institute Podcast to discuss channel differentiation, consumer product selection, and other macro trends.

More About Nik Modi:
Nik Modi is a Managing Director at RBC Capital Markets, where he has responsibility for coverage of Beverage, Household Personal Care, Packaged Food and Tobacco industries. The companies under Nik’s coverage total over $1 trillion in combined market value.

Nik has consistently been ranked as one of the top analysts across the consumer space by Institutional Investor’s All Star Analyst Survey. He has also been top rated across various analyst polls, including The Wall Street Journal, Fortune and Forbes.

More About City National Bank:
City National Bank is a wholly owned subsidiary of Royal Bank of Canada since 2015. RBC’s Market Cap of $174 Billion is one of the Top 15 largest global banks with $1.1 Trillion in assets and Moody’s/S&P Ratings of Aa1/AA-. As a subsidiary of one of the largest and strongest financial institutions in the world, City National Bank offers a unique combination of highly personalized services with a full range of tailored financing solutions. CNB’s Food & Beverage Group is a national vertical that supports owners and c-suite executives and is a proud sponsor of the Food Institute. Learn more at http://cnb.com/foodandbeverage.

Grocery Grit: What’s in the Cart When Money’s Tight?

This podcast discusses a 2023 UK Court of Appeal case, Royal Bank of Canada v HMRC, concerning the corporation tax treatment of payments received by the bank. The core dispute involves whether royalty-like payments made to the Royal Bank of Canada (RBC), which acquired rights related to North Sea oil production (the Buchan oil field) in 1993, are subject to UK corporation tax and a supplementary charge under domestic legislation, and whether the UK/Canada Double Tax Convention (the Treaty) limits the UK's right to impose such taxes. The judgment details the history of the oil rights, involving Sulpetro Limited, BP, and Talisman Energy, and scrutinizes the interpretation of various articles within the Treaty, particularly Article 6 (Income from immovable property), to determine if the payments constitute taxable income derived from immovable property in the UK continental shelf. The court ultimately allows RBC's appeal on two grounds related to the Treaty's interpretation, finding that the rights to the payments did not fall within the specific definition of immovable property subject to UK taxation under the agreement.

Royal Bank of Canada v HMRC [2023] EWCA Civ 695

Big shoutout to everyone who helps make any of this music possible walron, dami, m0lli kos and everyone else

BornToSwag (walronD!)

prod by wortx
mixed by @sleepmethods
bitch im flexing 🗓️ countin all dis fuckin gaup
got my brothas outta state but yk we stay on 🔒
got da 🔫 up in my waist 🐩 im totin on da glock
put da 🔫 up to ya face 👀 ur fuckin body drop
chiefin off da pen while im loading up my ps2 🎮
🐩 im playing spongebob and yk i bought it new
everyday is 🎃 posted wit my scary crew
everyday im flexin when im rockin brand new trues
rockin brand new trues got the good 👖 on me
purple 🌧️ got me walkin like a zombie
i cant feel a thing baby i cant feel my 💔beat
can u help me baby can u help my ❤️‍🩹🩸

hackz on my ps2🎮🔌⚡️ * dj 😴 💤*

written, mixed n produced by me
ig: @flixzz420 @xnav88
lyrics:
[hook - xnav]
yah yah yah
bitch im walking out the trap with my brand new fit
hunderd on my baby we could spend it on a bitch
bitch bitch bitch bitch
yah
yeah you know me
i will run up honey
smith wesson on that bitch
she dont rly like me
rbc 2k26 we on it 
flixzz xnav rapping on halloween

[verse - flixzz]
trick or treat trick or treat
im the nightmare on elm street 
bitch suck my lollipop 
ur girl is a fucking bop 
bitch i feel like bamboo 
bitch i look like bamboo
next next thank you
denzel curry taboo 

hoes on my dick 
fuck-fuck nick 
im always sick
come take a pic

cast a spell cast a spell
heaven or hell
cast a spell cast a spell
heaven or hell

razor blades up in my apples
ritual a thousand candles
rudeboyzclub in crystal castles
rudeboyzclub in crystal castles

fuckers love one sided beef
stuntin on em like chief keef
i dont know what they achieve 
like bro please just fucking leave

fuckers love one sided beef
stuntin on em like chief keef
i dont know what they achieve 
like bro please just fucking leave

fuckers love one sided beef
stuntin on em like chief keef
i dont know what they achieve 
like bro please just fucking leave




HALLOWEEN W/ XNAV PROD. ME

written n mixed by me
ig: @flixzz420 @xnav88
lyrics:
[verse 1 - flixzz]
bitch i just dropped a xanax in my mcflurry
bitch i got dirty money, vamp money 
everything is backwards and its all blurry
trappin out da pyramids bitch im a damn mummy

true religion jean gang 2008 gang
fuck ya main bitch gang yung and rich gang
bitch imma bite into her neck with my fucking fang 
rbc flixz and xnav ying and fucking yang

[verse 2 -xnav]

[verse 3 - flixzz]
steppin-steppin out the tomb
tear-a tear apart the room 
steppin-steppin out the tomb
tear a-tear apart the room

holy water on my bitch it make her skin burn
take ur bitch into my castle make her swallow all my sperm
pretty vampire goon getting all the vamp money
treat his ass like a pet bruh he my puppy

and u dont even gotta like me 
cuz ur bitch in love w me
put my glock in that hoe mouth and she will drool for me

VAMP MONEY W/ XNAV

written, mixed n produced by me
ig: @flixzz420 @bcuzimbased
lyrics:
[hook - flixzz]
respect the bitch
dont be a bitch
respect the bitch
im so rich

respect the bitch
fuck a snitch
respect the bitch
feel like stitch x2

[verse - chayyswag]


RESPECT THA BITCH W/ CHAYYSWAG PROD. ME

written, mixed n produced by me
ig: @flixzz420

lyrics:
heart made of stone
heart, heart made of stone getting throat from a succubus
put the barrel in her mouth bitch suck on this
real vamp shit bitch you know i never miss
bruh you know your shit suck but this aint a diss

3am i cast a spell
open up the gates to hell
i will send u there farewell
got ur hoe under my spell

3am i cast a spell
rick owens fiends dwell
how long only time will tell
murder you in the hotel

heart made of stone getting throat from a succubus
put the barrel in her mouth bitch suck on this
real vamp shit bitch you know i never miss
bruh you know your shit suck but this aint a diss

but this aint a diss
bitch but this aint a diss
pretty vampire witch who love piss

i never miss
hoe i know i never miss
lsd on my tongue and i float in the abyss

cast a spell cast a spell cast a spell on you
cast a cast a cast a spell on you

cast a cast a cast a spell on my hoe
cast a cast a cast a spell on my hoe

CAST A SPELL PROD. ME

written, mixed n produced by me
ig: @flixzz420

lyrics:
vamp rockstars bitch 
drivin fast cars bitch
yung punk stars bitch
high like the stars bitch

vamp rockstars bitch 
we sum superstars bitch
yung punk stars bitch
feel like im on mars bitch x2

white wine on my white tee
know he wanna be me
blood rain on me
in yo hood sippin tea

bitch give me neck like a necklace
i know u so jealous
yung flixz be so careless
yung vamps bitch we reckless 

dual bayonets
make a bloody mess 
i be so possessed 
ur bitch is obsessed


VXMPIRE ROCKSTARZ PROD. ME

written, mixed n produced by me
ig: @flixzz420 @physicalrestraint
lyrics:
[verse 1 - flixzz]
bitch i know u wanna be like me
bitch i know u wanna ball like me
bitch i know u wanna be like me
bitch i know u wanna ball like me

i be too fucking talented thats why nobody fuck with me 
i know u wanna be like me but my swag aint fucking  free 
bitch its flixz and suty going on a killing spree
bitch hop off my dick hoe i needa pee

ur bitch squirt on my fucking white tee
might make her my new wifey
like a Pokemon bitch im shiny
rick owens what i got u in that 30 dollar nikes

this my fucking world so you should get used to me
no life ass bitch and u talk about shooting me
lil bitch u dont know who i be
u say u got connections but the features still aint free

[verse 2 - suty/physicalrestraint]

BLOOD BATH W/ PHYSICALRESTRAINT PROD. ME

GoneGhostVanish On Every Social
Prod. Blkraven 
##M0Lli
##EmrysSoul
##Bk
##UchihaClan
##KoS

The Food Institute Podcast leverages the Food Institute's 90-plus-year history to provide actionable information and insight to food industry professionals.

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