China's Li Auto revamps new electric SUV one week after launch
The updated version will be based on the previous i8 Max's configuration, which include a 720-km range, and be 10,000 yuan cheaper than the Max's 349,800 yuan price tag, Li Auto said in a post on social media WeChat.
($1 = 7.1820 yuan)
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Diageo caretaker boss vows to get struggling Guinness maker 'firing on cylinders'
The new boss of Diageo has pledged to get the firm 'firing on all cylinders' amid a slump in demand for its drinks. Interim chief executive Nik Jhangiani on Tuesday admitted the Guinness maker would make some job cuts as it ramps up cost savings by £94million. But he insisted the FTSE 100 giant could eventually cash in on a trend for drinking in 'moderation' as profits slid 27.8 per cent to £3.24billion, tumbling further than analysts had predicted. Sales fell 0.1 per cent to £15.20billion in the year to 30 June as Jhangiani said 'the consumer wallet is under pressure'. But the group singled out a 'standout performance' from Don Julio tequila, and Crown Royal Blackberry whisky, as well as its best-known Guinness. Jhangiani, who took on the job last month after the sudden exit of its former chief executive Debra Crew, admitted that 'there is clearly much more to do'. He announced the business would increase its cost savings target to £470million over the next three years, up from £376million. This would include 'some' job cuts, he admitted, but said the programme was 'not really about job cuts or elimination of roles'. 'This could ultimately actually be about more numbers in terms of head count, as we look at more feet on the street, for example, including here in our home market,' he added. Diageo has been hit by a cocktail of challenges including US tariffs and weak demand in key markets like the US and China. But its boss insisted there were opportunities to revive sales by 'sharpening our strategy to get the whole portfolio firing on all cylinders'. He said: 'We're monitoring changes in consumer behaviour, including moderation, which we see as potential opportunity, not simply a headwind. 'Consumers who are moderating are not socialising any less across a broad range of occasions.' As more drinkers opt for a so-called sober curious lifestyle, the group will explore how to improve its offer in lower ABV (alcoholic strength) and 'ready to drink' products. He also said there were opportunities to appeal to consumers who were focused on 'portion control, calorie control'. These remarks follow bakery chain Greggs saying it is trying to entice customers who are on so-called 'fat jabs', despite their reduced appetites. Jhangiani said this could also include some acquisitions but that the group was pushing ahead with plans to shrink its portfolio by ditching some 'non-core' brands. He added: 'We are focused on what we can manage and control and executing at pace.'
Reuters
12 minutes ago
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Japan's Shibaura classified as core to national security amid takeover battle
TOKYO, Aug 5 (Reuters) - Japan's Shibaura Electronics (6957.T), opens new tab, a technology manufacturer at the centre of a $630 million takeover battle, has been formally classified as core to national security, a finance ministry list of such firms showed. The thermistor maker received an unsolicited takeover bid from Taiwanese components supplier Yageo ( opens new tab in February and called on compatriot components maker Minebea Mitsumi (6479.T), opens new tab to submit a competing bid. Shibaura was previously not among those designated as significant to the economy or security, meaning a would-be buyer was not obligated to notify the government prior to any deal. The new classification is unlikely to affect the course of the deal as Yageo protectively filed for a security review based on its own analyses that some of Shibaura's businesses may fall under the core category. Nearly a fourth of about 4,000 listed Japanese firms are classified as core in the finance ministry list, last updated on July 15. Shibaura representatives were not immediately available for comment. The bidding battle has become a test of Japan's openness to unsolicited takeovers. Stigma around such offers has eased recently yet unsolicited bids from foreign firms remain rare. Yageo, the world's largest maker of chip resistors, is awaiting the outcome of the security review under the Foreign Exchange and Foreign Trade Act, which has been extended twice. The classification list is based mainly on company responses to ministry questions. It is the foreign suitor's responsibility to judge whether a potential deal requires a security review, the ministry said. Last year, Seven & i Holdings (3382.T), opens new tab changed its self-reported national security classification to core when it was fending off a $46 billion bid from Canada's Alimentation Couche-Tard ( opens new tab. The retailer said the change was unrelated to the approach, which was unlikely to be affected by the designation. ($1 = 147.1100 yen)
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India's Exide Industries beats first-quarter profit estimates on better demand
Aug 5 (Reuters) - Indian battery maker Exide Industries ( opens new tab reported a higher-than-expected first-quarter profit on Tuesday, helped by higher demand for its products. The company's profit after tax rose 14.6% year-on-year to 3.2 billion rupees ($36.45 million) in the three-month period ended June 30. Analysts, on average, expected a profit of 3.02 billion rupees, as per data compiled by LSEG. Revenue from operations rose 4.6% to 45.1 billion rupees, while total expenses rose 3.7%, led by a 9% growth in cost of materials consumed. For further earnings highlights, click (Full Story) KEY CONTEXT Exide operates through two primary verticals, business-to-business and business-to-consumer, both of which serve automotive clients, with roughly two-thirds of its revenue derived from the automotive sector. Exide makes batteries for two-, three- and four-wheelers. Earnings before interest, taxes, depreciation, and amortization margin improved to 12.2% during the quarter compared to 11.5% a year ago, driven by better price realisation, improved product mix, the company said in a statement. Rivals Bosch ( opens new tab reported a higher first-quarter profit on Monday, while Amara Raja Energy & Mobility ( opens new tab is yet to report quarterly results. PEER COMPARISON * The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT APRIL-JUNE STOCK PERFORMANCE -- All data from LSEG -- $1 = 87.7860 Indian rupees
