Fevertree and Molson Coors to split cost of US tariffs
June 5 (Reuters) - Tonic maker Fevertree Drinks (FEVR.L), opens new tab said on Thursday it would equally split costs of the 10% tariff to be imposed on the UK imports to the U.S. with brewer Molson Coors (TAP.N), opens new tab, as part of their recent tie-up to mitigate the short-term impact.
Fevertree also said that Charles Gibb, its North America CEO, will step down and be succeeded by Judd Hausner, who brings extensive experience from the U.S. beer network.
The British company, known for its premium cocktail mixers, counts the United States as its largest market, where it continues to deliver strong momentum bolstered by its partnership with the U.S. beer maker Molson Coors.
In January, Molson Coors took a stake in Fevertree, securing exclusive rights to distribute and market the British company's cocktail mixers and tonic waters in the U.S.
Fevertree reiterated its annual revenue growth forecast.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
20 minutes ago
- Daily Mail
Dramatic move by Pentagon hint Trump could be siding with another billionaire amid Musk fallout
The Pentagon appears to be contemplating pivoting away from Elon Musk 's SpaceX following the almighty blowup between President Donald Trump and the world's richest man earlier this week. The fallout appears to be impacting the nation's space program as the Trump administration looks toward another billionaire to replace Musk in the race to Mars. Officials at NASA and the Pentagon quietly reached out to SpaceX's competitors, urging them to accelerate development of alternative rockets and spacecraft. Decisions appear to have been taken quickly after Musk made a defiant threat to pull SpaceX's Dragon spacecraft, a lifeline to the International Space Station, after Trump first threatened to cancel SpaceX's lucrative government contracts. 'It turned really terrifying,' one NASA official admitted to the Washington Post after initially finding the feud 'entertaining.' Although Musk eventually walked back his threat, the damage was done. Officials from NASA and the Pentagon, already uneasy with their reliance on SpaceX, were rattled to the core. SpaceX has become indispensable as it transports astronauts and cargo to the ISS, launches sensitive military satellites, and operates Starlink, the world's largest satellite constellation. The flare-up served to remind officials of the risks of tying national interests to a mercurial billionaire. 'When you realize that he's willing to shut everything down just on an impulse … that kind of behavior and the dependence on him is dangerous,' a former space agency official said. NASA insiders said Musk's threat 'crossed a line,' invoking memories of the 2018 episode when Musk smoked marijuana during a podcast interview, which prompted NASA to launch a safety investigation into SpaceX. The clash was also inflamed by the White House's decision to abruptly withdraw Jared Isaacman's nomination as NASA Administrator. Isaacman, closely aligned with Musk, had twice flown to space aboard SpaceX vehicles. In the aftermath, government officials reached out to Jeff Bezos's Blue Origin, RocketLab, and Stoke Space, querying when their rockets might be ready to shoulder critical missions. Fatih Ozmen, CEO of Sierra Space, which is developing the Dream Chaser spaceplane, confirmed that NASA was 'working closely' with his company stating, 'NASA mentioned to us that they want diversity and do not want to rely on a single provider.' For some insiders, it wasn't hard to connect the dots: Jeff Bezos, the founder of Blue Origin, has long been a rival to Musk. Now, with the Biden-era antagonism between Trump and Bezos thawing, some see a political recalibration. Bezos' Blue Origin has lagged behind SpaceX for years, but its New Glenn rocket is finally gaining traction, albeit slowly. The Pentagon's recent 'lanes' strategy to diversify launch providers now looks prescient, with officials seeking to avoid 'overreliance on any single provider or solution.' A source familiar with the Defense Department's strategy said the White House sees an opening to back Bezos as a counterweight to Musk's volatility. 'They want someone who's predictable,' the person said to The Post. Even Congress appeared to be spooked by the behavior. A key committee demanded updates on Boeing's long-delayed Starliner capsule, which has struggled to match the reliability of Musk's Dragon. NASA, under pressure, said Friday that Starliner's next mission could come 'early 2026,' though it remains unclear whether it will fly astronauts or cargo only. Indeed, just how reliant NASA were on SpaceX was illustrated last year when American astronauts Butch Wilmore and Suni Williams were left on the International Space Station by Boeing's troubled Starliner capsule. Wilmore and Williams had set off for an eight-day Starliner test flight that swelled into a nine-month stay in space Boeing, which has taken $2 billion in charges on its Starliner development, faces a looming decision by NASA to refly the spacecraft uncrewed before it carries humans again. Boeing spent $410 million to fly a similar uncrewed mission in 2022 after a 2019 testing failure. Reflying Starliner uncrewed 'seems like the logical thing to do,' Williams said, drawing comparisons with Elon Musk's SpaceX and Russian capsules that flew uncrewed missions before putting humans aboard. She and NASA are pushing for that outcome, Williams added. 'I think that's the correct path,' said Williams, who is 'hoping Boeing and NASA will decide on that same course of action' soon. Results from Starliner testing planned throughout the summer are expected to determine whether the spacecraft can fly humans on its next flight, NASA officials have said. Todd Harrison, a defense analyst at the American Enterprise Institute, likened Musk's social media post to 'an embargo of the space station.' 'Musk was saying he is going to cut NASA off from its own laboratory in space,' he added. Harrison also recalled Musk's refusal to activate Starlink Internet for a Ukrainian military strike in 2022, a decision that raised alarms about national defense being at the mercy of a single CEO. 'The nation's missile defenses could be held hostage to the twittering whims of Elon Musk,' Harrison warned. Former NASA astronaut Garrett Reisman, who worked at SpaceX, voiced the fears of many in the astronaut corps: 'When your hopes and dreams are tied up in this, you can't help but think, "Oh my goodness, am I going to fly in space?"' Meanwhile, Trump, who once championed Musk as a visionary, appears to be cooling. His allies note that the president has no tolerance for perceived disloyalty and Musk's defiance has not gone unnoticed. Some aides believe Trump's sharp pivot is personal as much as political. RocketLab's CEO Peter Beck had previously warned how Musk's acquisition of Twitter, now rebranded as X, and his flirtation with politics could backfire. 'It certainly makes people uncomfortable. At the end of the day, if you're delivering important national security missions, the buck stops with the CEO,' Beck said. Pentagon officials remain wary, not least because few companies have rockets certified for critical national security missions. Blue Origin's New Glenn has flown once, and United Launch Alliance's Vulcan only twice. RocketLab's Neutron has yet to launch at all. SpaceX's Falcon 9 still dominates, launching with near clockwork precision. But now, Trump's administration appears ready to gamble on fostering competition, even if it means leaning more heavily on Bezos. 'Sierra Space stands ready,' Ozmen declared. Others in the sector are similarly jockeying for position, sensing that Musk's once-unshakable grip may be loosening.
The Sun
27 minutes ago
- The Sun
Donald Trump slams ‘big-time drug addict' Elon Musk as toxic feud intensifies
DONALD Trump called Elon Musk a 'big-time drug addict' as his spat with the world's richest man intensified. The US President is said to have blasted his billionaire ex-backer as reliant on ketamine in phone calls. 2 It came after the Tesla billionaire linked Mr Trump to paedophile Jeffrey Epstein. Their feud went public on Thursday night as both men used their own social media platforms — X and Truth Social — to insult each other. Mr Musk, 53, turned on the US leader, calling his Congressional spending bill a 'disgusting abomination' on Wednesday. The President, 78, has called it his 'big, beautiful bill', but Mr Musk believes it will increase national debt by an unsustainable amount. It triggered the ugly public bust-up, with Musk calling for Trump to be impeached and accusing him of being a close associate of Epstein. Yesterday, Mr Musk deleted the post, which was seen hundreds of millions of times. The Washington Post reported Mr Trump used private calls to urge his allies not to pour fuel on the fire and told Vice President JD Vance to be cautious. But the President, whose campaign took £250million from Mr Musk, is also said to have become weary with the tycoon's alleged drug use. He called Mr Musk an 'addict' in the calls and claimed he 'lost his mind' after leaving the administration. The businessman previously admitted using ketamine, but it is alleged he became so hooked last year it affected his kidneys. Trump insists Elon Musk is lashing out at 'big beautiful bill' for personal reason as he admits he's 'disappointed' in Tesla boss Mr Musk officially left the government last week but said he would remain as a 'friend and adviser' to Mr Trump. The President last night said he had 'no intention' of speaking to Mr Musk, adding: 'I think it's a very bad thing because he's very disrespectful'.
Daily Mail
33 minutes ago
- Daily Mail
Labour at war over spending plans as Number 10 tries to stem threat from Farage
Sir Keir Starmer is fighting to quell mounting Labour tensions over how to deal with the threat from Nigel Farage, as bitter Whitehall negotiations over the Government's Spending Review go down to the wire. Sources describe 'very unpleasant' exchanges between Rachel Reeves and senior Cabinet ministers, including Home Secretary Yvette Cooper and Local Government Secretary Angela Rayner, as the Chancellor prepares to give the NHS a £30billion boost at the expense of the police and local councils. Preparations for Wednesday's announcement have been held against the backdrop of slamming doors and raised voices, as No 10 and the Treasury work out how to divide a limited pot of public money in a way most likely to arrest the surge in support for Mr Farage's Reform UK. Ms Reeves is expected to set out plans for an extra £113billion in spending on infrastructure projects such as Sizewell C nuclear power plant, and an extra 2.8 per cent real-terms increase in the NHS's £200billion-a-year budget, amounting to an extra £30billion by 2028. But with the economy barely growing, other departments have had to take a hit as a result. A source said: 'It turned nasty between Yvette and Rachel. It was just as bad as that between Rachel and Angela, who walked out during her negotiations. 'Yvette was just passing on the concerns of the police, who said that without more money they would be forced to make stark choices about which crimes they prioritise. 'The anger of the police shows they've been briefed by Cooper on how the negotiations are going, and they're not happy.' Reeves plotting £3bn tax raid on pension By CALUM MUIRHEAD Rachel Reeves is planning a £3billion tax raid on millions of pensions. The new Pension Schemes Bill lays out a blueprint for companies to take out 'surplus' cash from certain schemes. The theory behind the plan is that companies can use the money to invest in their business and that would fuel growth. But experts fear this could lead to a repeat of the Robert Maxwell scandal of the early 1990s, when the late tycoon stole £400 million from his staff pension fund to prop up his companies. The Chancellor, who is desperate to raise tax revenues, would benefit because any 'surpluses' released are taxed at 25 per cent, which could raise almost £3billion over a decade. The bill, tabled in Parliament last week, will affect old-style pension schemes where retirement incomes are linked to people's pay packets, which have around nine million members. A minister said: 'The negotiations over the final settlements are still not sorted for some departments. They're going to carry on fighting it out over the weekend.' Another source added: 'Rachel will stand up and promise things she can't deliver. There will be a lot of guff about how she will deliver security for the country. 'But how can you promise to deliver security when Trump's doing what he's doing on tariffs and Putin is so active?' At the heart of the schism is an ideological divide between the party's Blairites, represented in No 10 by Liz Lloyd, Sir Keir's head of policy delivery, and Morgan McSweeney, the Downing Street chief of staff. Mr McSweeney is desperate to tackle small boats migration while Ms Lloyd is encouraging spending more on the NHS. Rachel Reeves is planning a £3billion tax raid on millions of pensions. The new Pension Schemes Bill lays out a blueprint for companies to take out 'surplus' cash from certain schemes. The theory behind the plan is that companies can use the money to invest in their business and that would fuel growth. But experts fear this could lead to a repeat of the Robert Maxwell scandal of the early 1990s, when the late tycoon stole £400 million from his staff pension fund to prop up his companies. The Chancellor, who is desperate to raise tax revenues, would benefit because any 'surpluses' released are taxed at 25 per cent, which could raise almost £3billion over a decade. The bill, tabled in Parliament last week, will affect old-style pension schemes where retirement incomes are linked to people's pay packets, which have around nine million members.
