Global Oil Markets Face Record Supply Glut Next Year, IEA Says
Oil inventories will accumulate at a rate of 2.96 million barrels a day, surpassing even the average buildup during the pandemic year of 2020, data from the IEA's monthly report showed. World oil demand this year and next is growing at less than half the pace seen in 2023.
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Freddie Bharucha Named Next CEO of P&G Beauty
The top-level changes at Procter & Gamble continue. Three weeks after the consumer goods giant announced chief executive officer Jon Moeller will retire on Jan. 1, with Shailesh Jejurikar becoming CEO, the company has announced big changes to its beauty division, too. More from WWD The 11 Best Waterproof Eyeliners That Don't Budge, Tested and Reviewed by Editors EXCLUSIVE: Keke Palmer Reawakens the Past in Original Three-part Beauty Series Titled 'Glam Through the Ages' The 12 Best Sunscreens to Wear Under Makeup, Tested by Editors Alex Keith, largely credited with architecting the division's success over the last decade, will retire as CEO for P&G's beauty division effective Feb. 20. Freddy Bharucha, currently president, global personal care, will be appointed CEO, P&G Beauty, effective Dec. 1. In this role, Bharucha will lead P&G's $15 billion global beauty portfolio and will be based in Geneva, Switzerland, where P&G's Europe headquarter offices are based. During her tenure, Keith, a chemical engineer by training, harnessed her instinct for human chemistry to crack a code no one else has been able to solve for the last decade: how to create a winning formula for Procter & Gamble's beauty business. Keith spent more than 20 years working in the beauty industry, including the last eight as CEO, transforming the business into the fourth largest beauty company in the world, according to the 2024 Beauty Inc Top 100, WWD's annual ranking of the world's largest beauty companies by sales. Her key accomplishments include transforming Olay into a mass skin care behemoth, as well as rejuvenating hair care brands such as Pantene and Herbal Essences. More recently, she took the company into new territory, creating P&G's Specialty Beauty division and acquiring buzzy brands like Native, Ouai and Mielle. 'The ability to guide and grow a global business at this scale — powered by a tremendous organization and inspired by consumers who love beauty as much as I do — has been an absolute privilege,' Keith said in a statement. 'I'm proud of the momentum this business continues to realize each subsequent year and I take much joy in seeing how our brands and our people have grown — and will continue to do so. As part of that, I'm grateful to have had the opportunity to work closely with Freddy these many years and help him develop into the leader he is today. I know he will thrive as P&G Beauty's next CEO and will help our business thrive, too.' Bharucha comes to the role with leadership experience working in nearly every region P&G operates in and with more than 20 years working in the beauty industry. This includes leading skin care and personal care businesses in China as well as hair care businesses in North America and Asia. 'I'm deeply honored by the opportunity to continue building P&G Beauty's legacy — a legacy that Alex and P&G's beauty organization have expertly and passionately crafted over the past several years,' he said in a statement. 'Alex and I share a true love for this industry, for developing strong, growthful brands and for serving consumers in ways that make their everyday lives a little better.' As part of the changes, P&G announced that Artur 'Litar' Litarowicz, currently senior vice president, P&G Beauty Europe, has been named president, P&G Personal Care, with oversight of the global and North America personal care business. Sue Kyung Lee will continue to lead P&G's global skin care business, including SK-II. This comes as P&G is undergoing a leadership change at the very top: Jejurikar, currently chief operating officer, will succeed Jon Moeller as president and CEO, effective Jan. 1. Moeller will become executive chairman of P&G, whose other brands include Pampers, Tide and company reported fiscal year 2025 fourth-quarter net sales of $20.9 billion, up 2 percent versus the prior year and a touch above Wall Street estimates. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, also increased 2 percent. Within that, beauty segment organic sales rose 1 percent year-over-year. Best of WWD Which Celebrity Brands Are Next for a Major Deal? Lady Gaga, Beyonce and More Possible Contenders for the Next Corporate Prize The Best Makeup Looks in Golden Globes History A Look Back at Golden Globes Best Makeup on the Red Carpet, From Megan Fox to Sophia Loren [PHOTOS] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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8 minutes ago
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BNP Paribas in advanced discussions to buy Mercedes-Benz's leasing unit
BNP Paribas is in advanced negotiations to acquire Athlon, the leasing subsidiary of Mercedes-Benz Group, reported Bloomberg, citing sources. Sources also suggested the deal could be valued at around €1bn ($1.2bn), although they caution that discussions are ongoing and may not necessarily materialise into a deal. The potential acquisition is part of Mercedes-Benz's review of its business operations. Both BNP Paribas and Mercedes-Benz have refrained from commenting on the matter. Earlier this year, the company had previously reached out to prospective buyers to assess interest in Athlon, a division it acquired in 2016 from Rabobank for around €1.1bn. Through its subsidiary Arval, BNP Paribas is already engaged in the vehicle leasing market. Bloomberg News noted that Mercedes-Benz has faced challenges in maintaining profitability amid a cooling demand for its vehicles, particularly in China, and slower growth in Europe. The report added that these issues have been compounded by tariffs introduced by the US on European auto imports, prompting the company to adjust its profit outlook. Last month, Arval extended its partnership with CaixaBank Payments & Consumer, a subsidiary of Spain's CaixaBank, until 2030. This partnership is focused on the development of mobility solutions with an emphasis on sustainability and financial product innovation. The extended tie-up plans to support the transition to cleaner transportation by financing 200,000 vehicles by 2030. The goal is to promote fleet renewal with safer, more eco-friendly vehicles, reducing CO₂ emissions and enhancing air quality in urban areas. "BNP Paribas in advanced discussions to buy Mercedes-Benz's leasing unit" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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27 minutes ago
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Mizuho lifts price targets on global AI server stocks
-- Mizuho raised estimates and price targets for several global AI server and semiconductor names, citing 'strong May-July Taiwan AI Server ODM revenue,' significant hyperscaler ramps, and newly granted China licenses. The firm said Wistron's revenue jumped 59% quarter over quarter, with Wiwynn and Foxconn up 23%, which it called 'positive for JulQ NVDA and DELL.' Mizuho added that 'GB200/300 ramps in OctQ/JanQ (positive DELL, MU with HBM and CRDO) position NVDA for upside,' while China's license approvals could 'drive 300-500K+/yr of GPUs for AMD/NVDA in C26E.' The bank also pointed to 'near-term strong xAI, OCI and MSFT ramps,' with xAI potentially ramping Colossus2 to 350,000–1 million GPUs. OCI's Stargate project could lift its capital spending to $40 billion, while CRWV maintains $21 billion in 2025 outlays. Microsoft is 'ramping GB300/B300 strongly,' featuring 50% more high-bandwidth memory than the GB200 generation, a positive for Micron. Mizuho now expects hyperscaler capital expenditure to climb 54% year over year in 2025, versus a prior 38%, with Meta's 2026 spending projected up about 40% to $97 billion. AI accelerator shipments are forecast to reach 14 million units in 2026, up 24% from a year earlier, and AI server spending to hit $415 billion by 2029, growing at a 26% compound annual rate. The firm raised its price target for Nvidia to $205 from $192, AMD to $205 from $183, Dell to $160 from $150, and Credo to $135 from $112, while maintaining Micron estimates but noting continued benefits from 'strong HBM demand with HBM3e 12-Hi ramping well.' Related articles Mizuho lifts price targets on global AI server stocks After soaring 149%, this stock is back in our AI's favor - & already +25% in July If Powell goes, does Fed trust go with him? Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
