German producer prices fall 1.3% y/y in June
Analysts polled by Reuters had expected a 1.3% decline.
The office publishes more detailed data on its website, opens new tab.
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Reuters
13 minutes ago
- Reuters
Heineken cheers EU-US trade deal as tariff problems hit shares
LONDON, July 28 (Reuters) - Dutch brewer Heineken ( opens new tab welcomed a trade deal between the European Union and the United States and said on Monday that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. The world's No.2 brewer exports beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect impact on consumer confidence in key markets like Brazil. Nevertheless, it reported a 7.4% increase in organic operating profit in the first half of the year, versus analyst expectations of 7%, crediting growth in once-difficult regions like Africa and Asia as well as cost savings. Heineken's shares fell 4.3% as the brewer cautioned on softer volumes for the remainder of the year as U.S. policies, especially on trade, disrupt markets in the Americas. CEO Dolf van den Brink welcomed the certainty brought by the trade deal clinched on Sunday, which reduced a threatened 30% U.S. tariff on EU goods to 15% - a rate that would still hit Heineken's U.S. profits. All options are being considered to mitigate tariffs long-term, including shifting manufacturing, he said, but added that such moves were capital intensive and would first need more consistency in policy. "We look at all options from ... continuing with our current setup, a more hybrid version, or otherwise," he told journalists on a call. "If and when we deem them financially to be more attractive in the mid- to long-term, we would for sure explore them." Heineken still faces U.S. tariffs of up to 30% on products it produces in Mexico unless the Mexican government can reach an agreement with Washington ahead of an August 1 deadline. Executives told journalists that since the first quarter, Heineken has also seen economic uncertainty hit spending and confidence in the U.S., Brazil and Mexico. In Mexico, remittances from the U.S. have fallen significantly, impacting beer industry sales. And U.S. Hispanic consumers were also spending less, van den Brink said. Heineken continues to expect annual profit growth of between 4% and 8%. The company also beat forecasts for second quarter revenue and volume, with growth in markets like Vietnam and India, and increased an annual cost-saving goal by a quarter to 500 million euros ($586 million). "They have slightly downgraded their volume everything going on in the to me doesn't feel like a terrible outcome," said Ryann Dean, global analyst at Heineken investor Aylett Fund Managers. Heineken's strong growth in markets like India and China, and consistent profitability, more than offset this, he continued, adding that emerging markets would drive Heineken's long-term volume growth. ($1 = 0.8535 euros)
Reuters
16 minutes ago
- Reuters
UK's STV warns of annual profit miss on subdued ads market, shares plunge
July 28 (Reuters) - British digital media firm STV Group (STVG.L), opens new tab warned on Monday that annual revenue and profit would fall short of market expectations due to a worsening advertising market, sending its shares to a more than 12-year low. Shares fell over 24% - biggest percentage drop since November 2007 - to 145.4 pence. STV has two divisions, Audience, which runs commercial public service broadcaster STV and streaming service STV Player and heavily relies on advertising, and Studios, Scotland's largest TV production company which gets commissions from the likes of Netflix and BBC to produce content. A worsening macroeconomic backdrop in the UK has led to fewer funding approvals for creative projects, which has impacted the group's unscripted content, such as talk shows or documentaries, with some projects in advanced development stages not being approved and some being delayed to 2026. STV Group said its scripted labels remained strong and it was still working on projects for Netflix, Apple, Sky and the BBC, with financial expectations remaining unchanged for that segment. The company expects total advertising revenue, which makes up the lion's share of group revenue, to be down about 8% in the third quarter due to a challenging advertising market. The group expects total revenue to range between 165 million pounds and 180 million pounds ($221.50 million and $241.63 million), and an adjusted operating margin of about 7% for the year ending December 31, 2025. ($1 = 0.7449 pounds)
Daily Mail
16 minutes ago
- Daily Mail
George Russell nears £30m-a-year Mercedes deal - with bosses accelerating talks amid Max Verstappen's Red Bull stance
George Russell is closing in on a £30million-a-year, multi-season deal to stay at Mercedes, Mail Sport can reveal. Negotiations have accelerated over the last few weeks and a source close to the talks confirmed: 'All the main points have been agreed.' Finer details, such as the number of sponsor appearances Russell will undertake, are still to be ironed out. Mercedes have pushed for a conclusion ahead of the summer break that follows this weekend's Hungarian Grand Prix. But there may be too many obstacles for that to be accomplished by then, with Russell's management, supported by legal advisers, poring over the new contract. Mercedes have accepted that defending world champion Max Verstappen is staying at Red Bull for 2026. He would have been mad to move before seeing how new regulations coming in next season play out. And now that the Dutchman is 28 points clear of Russell following Sunday's Belgian Grand Prix, it is impossible for him to activate a release clause that relied on him being outside the top three in the championship by the time of the summer break. Verstappen, third in the standings to Russell's fourth, could still buy himself out of his Red Bull deal, which runs until 2028, but he is not even considering that. Nor are Mercedes. So Mercedes will stick with Russell and Italian teenager Kimi Antonelli. Mercedes are belatedly content that Russell is a suitable No1, having produced his most consistently impressive form this year. He notched a win, in Canada, and has outscored Antonelli 157 points to 63. Russell may have hoped for a salary closer to those of Verstappen and Ferrari's Lewis Hamilton - each on about £60m a year. But their achievements, with 11 world championships between them, dwarf Russell's four race victories - for all his potential indicated by near-flawless displays in an often-tricky car. Nor does he have the mass global fan base of Hamilton, his predecessor as Mercedes' star driver (whom Russell beat in two of their three seasons together), and the relative limit of his commercial attractiveness to the brand and business is reflected in the terms he is being offered. Mercedes have told Russell, for example, that if he reduces his sponsor commitments it is fine but will be reflected in his pay. However, a salary of around £30m still puts him on a par with leading non-championship winning contemporaries such as Charles Leclerc at Ferrari and Lando Norris at McLaren. A multi-year deal is a vote of confidence in Russell from boss Toto Wolff, though it remains to be seen what freedom of he might have if he wanted to move from the Silver Arrow in the next couple of years.
