City of Calgary nets $221M surplus so far this year according to financial update
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CVR Energy names Mark Pytosh as CEO, adds Brett Icahn to board
(Reuters) -Carl Icahn-backed CVR Energy on Wednesday named Mark Pytosh as chief executive officer and appointed Brett Icahn to its board. Pytosh will assume the top role effective January 1, 2026, succeeding Dave Lamp, who announced plans to retire from the position effective December 31. Icahn's activist investment firm Icahn Enterprises currently holds a 68.5% stake in the U.S. refiner and is working to further boost its ownership to 84%. Brett Icahn is the son of billionaire Carl Icahn. He will join the refiner's board, effective August 1. The activist investor believes CVR's shares are undervalued in the market and represent an attractive investment opportunity at a time when U.S. refining margins have slumped from the highs reached in 2022. The company also reported a net loss of $114 million for the second quarter, compared with a year-ago profit of $21 million. Its shares fell 4.5% after the bell. Sign in to access your portfolio
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Powell says Fed does not consider government interest rate costs in policy debate
By Michael S. Derby NEW YORK (Reuters) -U.S. Federal Reserve Chair Jerome Powell on Wednesday said there is no place for the central bank to consider government financing needs when setting interest rate policy. 'We have a mandate' from Congress, and that is to keep inflation in check and the job market as strong as it can be, Powell said in a press conference following the latest Federal Open Market Committee meeting. Given that legal charge, 'we don't consider the fiscal needs of the federal government. No advanced economy central bank does that, and it wouldn't be good' for the Fed to do so as it would compromise its credibility. Most economists agree that a central bank that sets interest rates to keep government borrowing costs low is a central bank that will likely lose control of inflation and will be unable to act with the independence needed to keep price pressures in check. Powell spoke to reporters after a Fed policy meeting that saw officials maintain their overnight interest rate target range steady at 4.25% to 4.5%. Officials are continuing to weigh data to see how big changes in government import taxes are affecting the economy, as financial markets continue to eye a possible September easing in short-term borrowing costs. The Fed has faced steady and often aggressive pressure from President Donald Trump to cut rates. The president has said a large move down in rates is justified by a number of factors, but part of his critique centers on the elevated interest costs now faced by the government as it sells bonds to cover oceans of red ink. Fed rates, even after cuts last year, still remain relatively high relative to where they've been in recent years. At $1.1 trillion in interest rate payments last year, the cost of managing government debt has more than doubled since before the COVID-19 pandemic, and that's in large part driven by the high rates the Fed has in place to cool inflation levels. But if the Fed were to cut rates to 1% now, a level Trump has argued for, it would run the risk that inflation pressures, already likely to go up due to trade tariffs, would rise even more given newly stimulative policy. That could in turn backfire on government borrowing as it would likely send bond yields up, meaning the government would have to pay higher rates to secure investors. In years past, the Fed has also faced some heat from critics who believed it was keeping rates low to make government deficit spending easier, a notion regularly rejected by central bankers. The issue of interest rate costs could continue to nip at the central bank as a recent Republican taxation and spending bill is expected to increase government borrowing, which could further increase how much the government has to pay to get the public to buy those bonds. 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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P&G reports weakest sales growth since 2018, plans layoffs and price raises
Procter & Gamble reported its poorest sales increase since 2018, skimped on details of its restructuring plans and disclosed it will raise prices next month on a quarter of its products in North America, in part due to the ongoing trade wars waged by President Donald Trump. The maker of Tide laundry detergent and Pampers diapers reported a $16 billion annual profit on sales of $84.3 billion. During its fourth quarter, profit was $3.6 billion on sales of $20.9 billion, beating Wall Street forecasts. Organic sales (which excludes impact from foreign exchange, acquisitions and divestitures) in latest year were the worst in seven years. The initial report did not offer the promised new details of P&G's newly announced restructuring plans. During a July 29 conference call with Wall Street analysts, CEO Jon Moeller said P&G is still working on its restructuring but mentioned some specifics: the company will narrow the variety of its feminine pads in Asia, discontinue business operations in Bangladesh and trim some overseas product offerings for the company's Oral Care, Fabric Care and Grooming businesses. "It takes time to plan the execution of these moves ... so we can't discuss all the details today," Moeller told analysts. Tariffs to cost company an extra $1 billion The Cincinnati-based consumer products giant said in June it would update its plans to cut 7,000 jobs as part of a restructuring move when it reported financial results. The changes come as the company is struggling to maintain growth as consumers struggle with economic uncertainty, political instability and trade wars launched this year by Trump. Looking ahead, P&G said tariffs on its products and on raw materials used in them would cost the company an extra $1 billion in the 2026 fiscal year. Chief Financial Officer Andre Schulten said much of that impact was concentrated in North America between key materials imported from around the world and products exported to Canada. To help offset that, Schulten said 25% of the company's products would see "mid single digit" price increases, partly due to tariffs amid the ongoing trade disputes and also to pay for product innovations. "That is not vastly different from what we typically take with innovation, a couple of points higher to account for the tariff impact that we can't offset with productivity," Schulten said. P&G said organic sales growth for the next year is expected to be between 0% to 4%. P&G to get new CEO Meanwhile, on July 28, P&G announced its No. 2 executive, Shailesh Jejurikar, the 58-year-old chief operating officer, will take over as CEO on Jan. 1, 2026. P&G employs 108,000 worldwide, including 10,000 in Greater Cincinnati. In April, P&G forecast its organic sales growth (which excludes impact from foreign exchange, acquisitions and divestitures) for the fiscal year ended June 30 would be a paltry 2% – the worst increase since 2018. In June, the company also disclosed that outside core markets of the U.S., China, Japan, Canada and Western Europe, organic sales were growing a meager 1%. Previous sales slowdowns have prompted pressure to slash operations at P&G. During P&G's last spate of reorganization and cutbacks, the company cut 34,000 jobs between 2012 and 2018, slimming the company down to 92,000 workers worldwide. Thousands left in divestitures, including the sale or spin-offs of Iams pet food, Duracell batteries and a large portfolio of more than 40 beauty brands, including Clairol and Wella hair coloring and CoverGirl makeup. P&G said it would cut nonmanufacturing jobs (a little over half the company's headcount) by 15%. The cuts could have a larger impact in the Cincinnati region as the company employs around 10,000 mostly office workers in its hometown. Last year, P&G booked a $14.9 billion profit on total sales of $84 billion. This article originally appeared on Cincinnati Enquirer: Procter & Gamble sees worst sales in 7 years, plans to raise prices Sign in to access your portfolio
