Daimler Truck targets 3-5% organic sales growth in industrial business through 2030
The company, one of the world's biggest truckmakers, also targets an adjusted return on sales of more than 12% in the industrial business through 2030, it said in a statement ahead of its investor day.
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The Independent
29 minutes ago
- The Independent
Guinness sales in focus as Diageo updates market after boss's exit
Investors in Diageo will be hoping the continued boom in demand for Guinness will help put the drinks giant back on track following the departure of its boss, and challenging conditions. The FTSE 100 firm, which also makes Johnnie Walker whisky and Gordon's gin, is among the index's weaker performers this year, with its share price down 28% since the start of 2025. Tariffs, cautious consumer demand and increased cost pressures have weighed down businesses across the drinks industry. Diageo is expected to reveal a drop in profits for the past year when it unveils its latest finances on Tuesday August 5, after seeing a slowdown in revenue growth. A consensus of analysts has predicted that Diageo will report an operating profit of 5.65 billion US dollars (£4.25 billion) for the year to the end of June. It would reflect a drop after posting a six billion-dollar (£4.5 billion) profit a year earlier. Meanwhile, it is also expected to reveal organic net sales growth of 1.4% for the year. Diageo has been buoyed by strong sales of Guinness over the past year, particularly in the UK and Europe, helping to offset declines in some key spirits categories, such as vodka. In its previous update, the company reported that net sales grew by 2.9% to 4.37 billion dollars (£3.28 billion) for the three months to March 31, as it benefited from increased activity in North America before tariffs came into effect. In May, the group also launched a 500 million-dollar (£375.6 million) cost-saving programme, in order to support further investment and improve its financial position. Last month, the company revealed that Debra Crew had stepped down as chief executive with 'immediate effect' and by 'mutual agreement', amid the drop in the firm's value. AJ Bell's Russ Mould said her departure 'does not provide a huge amount of confidence in the full-year figures to the end of June from the drinks giant'. 'That said, Crew and management stuck to their prior guidance for 2025 and 2026 alongside May's trading update, and that steer will provide the benchmark for these numbers, which will be presented by Nik Jhangiani, who is both interim chief executive and the chief financial officer,' he said. Investors and analysts will also be holding out for a fresh update on how the company will deal with ongoing tariff costs amid efforts to mitigate the impact of the US administration's increases to import taxes. Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: 'Markets will be keeping a close eye on just how well Diageo is managing these ongoing tariff headwinds, which were expected to add around 150 million dollars in annual costs. 'The Johnnie Walker and Guinness maker plans to absorb half through operational efficiencies, with the rest likely passed on through price increases.'
Auto Express
29 minutes ago
- Auto Express
Fiat 600 Hybrid Icon joins range, offering more kit for your money
Fiat has added a new Icon trim level to the 600 Hybrid range in the UK, splitting the base car and top-spec La Prima models on price and standard equipment. The new variant will be available with 99bhp or 135bhp hybrid powertrain options, costing from £26,860 for the former and £27,860 for the latter. Both are £1,500 more than the base car, and on sale now. Standard equipment for the Icon includes 17-inch bi-tone alloy wheels, a two-tone white and black interior, front and rear parking sensors with a reversing camera, embedded navigation and keyless entry and start. There's also a wireless charging pad for mobile devices. Advertisement - Article continues below This builds on a decent level of standard equipment on the base 600 Hybrid, which comes with air-conditioning, a 10.25-inch touchscreen with wireless Apple CarPlay and Android Auto, seven-inch digital driver's display, LED headlights and gearshift paddles for the automatic transmission. If you're in the market for the 600 Hybrid, or any of Fiat's electrified models, check out the Auto Express marketplace for some great deals. The two specifications of hybrid powertrain are based on the same technical package, which combines a 1.2-litre three-cylinder petrol engine with a small electric motor and 48V mild-hybrid system. Both options come with a six-speed dual-clutch transmission, and can deliver 57.8mpg on the WLTP combined cycle and 109g/km. Performance varies between the two, though, with the 99bhp variant claimed to take 10.9 seconds to reach 62mph, while the 135bhp option brings that figure down to 8.5 seconds. There's no word yet whether Fiat will also offer an Icon trim level for the all-electric 600e. For now it will soldier on with base RED and top-spec La Prima variants. Buy a car with Auto Express. Our nationwide dealer network has some fantastic cars on offer right now with new, used and leasing deals to choose from...
The Independent
29 minutes ago
- The Independent
Switzerland, the land of luxury brands, could see prices skyrocket from Trump's 39% tariffs
Prices for the eponymous Swiss watches, Swiss chocolate and Swiss cheese could skyrocket in a week as a result of U.S. President Donald Trump's trade war. Switzerland, home to some the world's most recognizable luxury brands, now faces an upcoming 39% tariff from the U.S. Industry groups on Friday warned that both Swiss companies and American consumers could pay the price. Trump signed an executive order Thursday placing tariffs on many U.S. trade partners — the next step in his trade agenda that will test the global economy and alliances — that's set to take effect next Thursday. The order applies to 66 countries, the European Union, Taiwan and the Falkland Islands. In Switzerland, officials failed to reach a final agreement with the U.S. after Trump initially threatened a 31% tariff in April. Swiss companies will now have one of the steepest export duties — only Laos, Myanmar and Syria had higher figures, at 40-41%. The 27-member EU bloc and Britain, meanwhile, negotiated 15% and 10% tariffs, respectively. Figure came as a surprise The Swiss government spent Friday — the country's National Day — reeling from the news. Swiss President Karin Keller-Sutter said that the 39% figure was a surprise, because negotiators had hashed out a deal last month with the Trump administration that apparently wasn't approved by the American leader himself. 'We will now analyze the situation and try to find a solution," Keller-Sutter told reporters. 'I can't say what the outcome will be, but it will certainly damage the economy.' The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit. 'It was clear that the president was focused on the trade deficit and only this issue,' she said. Time is ticking for watch companies For Swiss watch companies, whose products already come with price tags in the tens of thousands — if not the hundreds of thousands — of euros, a timepiece for an arm could cost a leg, too, come next week. The 39% figure was especially galling to the Federation of the Swiss Watch Industry, because Switzerland in 2024 got rid of import tariffs on all industrial goods. 'As Switzerland has eliminated all custom duties on imported industrial products, there is no problem with reciprocity between Switzerland and the U.S.,' the federation said in a statement. 'The tariffs constitute a severe problem for our bilateral relations.' Swiss watch exports were already facing a prolonged slowdown, with significant declines in the United States, Japan and Hong Kong, according to the federation's June figures, the most recent available. Swatch and Rolex declined to comment Friday. Representatives for Patek Philippe, IWC and Breitling didn't respond to requests for comment. Sour taste for Swiss chocolatiers Multinational chocolatiers Nestlé and Lindt & Sprüngli said they have production lines in the U.S. for American customers. But small- and medium-sized Swiss companies are predicted to suffer under the tariffs. Roger Wehrli, chief executive of the Association of Swiss Chocolate Manufacturers. also known as Chocosuisse, said Switzerland exports 7% of its chocolate production to the U.S. It's not just the 39% tariff that's the issue. Once the manufacturers factor in the exchange rate between U.S. dollars and Swiss francs ($1 to 1.23 francs on Friday), Wehrli said, it's close to a 50% increase in costs for the Swiss companies. And that's a big number to pass on to American consumers, if the already-slim margins aren't further reduced. 'I expect that our industry will lose customers in the United States, and that sales volumes will decrease heavily,' he told The Associated Press. Wehrli said that he wants Swiss chocolatiers to sell to other markets around the globe to make up the difference. Still, he hopes American customers remember that Swiss quality beats cheaper quantity. 'I think even if prices for Swiss chocolate increase due to the very high tariffs, I think it's worth (it) to buy Swiss chocolate," he said. 'It's worth (it) to really eat it consciously and to really enjoy it instead of eating a lot.' Tough pill for Swiss pharmaceuticals Swiss pharmaceuticals powerhouse Roche says that it's working to ensure its patients and customers worldwide have access to their medications and diagnostics amid the Trump tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation, we are prepared for potential tariffs being implemented and confident in managing any impacts,' the statement said. The company in April announced that it plans to invest $50 billion in the United States over the next five years, creating 12,000 jobs. The company already employs more than 25,000 people in the U.S. Meanwhile, Novartis, another major Swiss pharmaceutical firm, said in a statement that it was reviewing Trump's executive order. 'We remain committed to finding ways to improve access and affordability for patients,' it said. ___ Pietro De Cristofaro in Berlin, and David McHugh in Frankfurt, Germany, contributed to this report.
