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Irish Independent
11 hours ago
- Business
- Irish Independent
British shoppers spending more on beef, but buying less
Spend on beef products increased by 5pc between late February and mid-May compared to the same period last year, due to a combination of a 2.4pc decrease in volumes purchased as well as a 7.7pc increase in average prices paid, according to the Agriculture and Horticulture Development Board (AHDB), citing Kantar data. Total primary beef volumes sold to British consumers by supermarkets decreased by 2.5pc in this period. Mince saw a 1.8pc decrease in volumes purchased (-607 tonnes) due to a decrease in shoppers and volume purchased per trip. Diced beef saw volume decreases this period (-4.2pc) due to a decrease in buyers and a decrease in frequency of purchase. Steak also saw a 4pc decrease in volumes due to declines in volumes purchased per trip and number of buyers. Beef roasting volumes saw a moderate increase (+0.4pc). While there is a decrease in frequency of purchase, this was offset by an increase in volume purchased per trip, likely influenced by Easter falling within this period. Burgers and grills saw a moderate 0.1pc increase in volumes purchased, likely constrained by a huge 12pc rise in average price per volume Processed beef saw a 1.2pc increase in volumes purchased year on year. Burgers and grills saw a moderate 0.1pc increase in volumes purchased, likely constrained by a huge 12pc rise in average price per volume. Total added-value products all saw an 8.4pc decrease in volumes purchased this period, driven by the performances of marinades, sous vide and ready-to-cook beef. Marinades saw a 5.1pc volume decrease due to decreases in frequency of purchase and shopper numbers. Ready-to-cook beef volumes declined 2.6pc year on year due to a decrease in shoppers. Meanwhile, the AHDB has also reported that the total British cattle population at April 1 has contracted again to 7.54 million head, down 1.7pc on the previous year. A key driver of this decline was contraction in the beef breeding herd, down 3.4pc from the same time last year. The dairy breeding herd has remained more constant, down by only 0.2 pc from last April. The cattle population available for beef production aged 12-30 months was recorded to be down by 52,000 head (-3pc) compared to April last year, with the biggest reduction being seen in the 18-24 month age group. ADVERTISEMENT Learn more The AHDB said this indicates continued beef supply tightness moving forward, potentially lending support to prices over the next six to 12 months. However, the number of cattle for beef production recorded aged zero to six months has increased by almost 8,000 head compared to April last year, with year-on-year increases in beef animals of both sexes. Market signals, such as the exceptionally high beef prices of the past few months, may have encouraged producers to restock over the past six months 'Market signals, such as the exceptionally high beef prices of the past few months, may have encouraged producers to restock over the past six months, supporting this increase,' AHDB analyst Grace Bolton said. However, she said, from the most recent data, it appears that, in the short term, falling GB cattle populations are here to stay, especially influencing the beef supply chain. 'However, the recent record high beef prices may be beginning to support the production decisions of farmers, leading to annual growth in the zero-to-six-month population of cattle available for beef as of April 1. 'The composition of the GB beef herd is also continuing to shift, with breed types changing and dairy beef becoming ever more prevalent as dairy bull numbers continue to fall,' she said.
Euronews
a day ago
- Business
- Euronews
Warner Bros. Discovery to split, dividing TV and streaming services
Media conglomerate Warner Bros. Discovery announced on Monday that it would split into two public companies by next year, carving off its TV network operations from its streaming service. The move to spin off one company devoted to streaming and a second devoted to traditional television comes as the company struggles with a decline in overall business. The organisation said the new Streaming & Studios group would include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max as well as their film and television libraries. The Global Networks company will include CNN, TNT Sports, Discovery+ and other digital products. Shares in the company jumped more than 9% ahead of the market opening. Current Warner Bros. Discovery CEO David Zaslav will continue as the head of Streaming & Studios, while the company's chief financial officer Gunnar Wiedenfels will become CEO of Global Networks. Both executives will continue in their current positions until the company separates. 'By operating as two distinct and optimised companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape,' Zaslav said in a statement. The US media giant said the split would unlock value for shareholders and create opportunities for both businesses. The split still needs final approval from the company's board but is expected to be completed by the middle of next year. Warner Bros. Discovery was created only three years ago after a merger between Warner Media and Discovery. The main street without many people, alleys that are not crowded with visitors; these are uncommon sights during the summer months in Santorini's capital, Fira. For the first year since the COVID-19 pandemic, Santorini, one of the most popular Greek islands, is experiencing a decline in tourist traffic. Earthquake activity on the island earlier this year deterred many international visitors from choosing it for their summer holidays. In recent weeks, arrivals have been increasing, but the numbers are far short of the highs of previous years. "In Santorini, available airline seats are down 26% from the beginning of the year to date. But the indications we have in terms of supply of seats are down in the range of 7%-8% for the summer, so we expect a result with losses of 10%-15%," said president of the Association of Greek Tourism Enterprises (SETE), Yannis Paraschis. The president of the Santorini hoteliers, Antonis Pagoni, told Euronews he estimates a further fall in tourist traffic and warned that the effects will spread throughout the entire Greek economy. "The president of SETE talked about airport arrivals," he added, "but I will unfortunately say that overall arrivals will be down about 20%-25%. Right now we are moving at -25% to -30%. It's a huge reduction in a destination like Santorini that attracts more than 3 million visitors. You know, it's 10% of Greek tourism. We are not sure if Greece can afford to lose that revenue." The island's hoteliers are offering discounts on room rates to attract last-minute tourists. Almost every day three cruise ships stop in Santorini and thousands of visitors get off to admire the island's sights. The cruise tax, which will finally start to be collected from July, is not expected to affect this year's cruise ship arrivals. At the same time, the cost of living crisis affecting many parts of the world is also leaving its mark on Santorini. This year, visitors are more restrained in their spending and this can be seen not only in hotel bookings but also in the alleys of the Greek islands. According to shop owners, tourists this year are spending significantly less than in previous years, not only on dining but also on buying souvenirs.
Miami Herald
27-05-2025
- Automotive
- Miami Herald
Japan will spend $6.3 billion to shield its economy from Trump's tariffs
Japan has joined a growing list of nations, including Spain and Canada, that are assembling aid plans to help blunt the domestic impact of President Donald Trump's tariffs. On Tuesday, Japan approved a $6.3 billion spending package to 'fully support' businesses and households adversely affected by the tariffs, Cabinet Secretary Yoshimasa Hayashi said in a briefing. The funds will bolster the finances of small and medium-sized businesses and subsidize household energy costs, he said. The measures underscore the precarious position the Japanese government is in ahead of an upper house election likely to take place in July. On top of managing an expected economic slowdown caused by U.S. levies, officials are dealing with public anger over higher consumer prices and growing pressure to reduce Japan's ballooning government debt. Trump has paused a so-called reciprocal tariff of 24% on Japanese goods until early July. But the country's automotive sector, the backbone of the economy, is already reeling from a 25% U.S. tariff on finished automobiles and car parts. Earlier this month, Toyota Motor, Japan's largest company, projected a $1.3 billion hit to its profits for April and May alone because of the tariffs. Honda Motor and Nissan Motor have similarly forecast sharp declines in their earnings. Nissan is considering closing two plants in Japan as part of its restructuring efforts. The automaker is also planning to shift some production from Japan to the United States to skirt the tariffs. The broader concern is that the auto levies will threaten jobs and profits at major automakers and across a dense network of smaller companies that supply parts. Economists have estimated that the higher auto tariffs alone could significantly curtail Japan's economy this year. Factoring in the wider disruptions caused by global trade tensions, officials have warned that overall growth could be more than halved. The ruling party's stimulus package lands as Japan is grappling with debt, which ranks among the heaviest among advanced economies. In recent months, Japan's prime minister has characterized both the nation's burgeoning debt and U.S. tariffs as reaching crisis levels. Before Japan, a number of countries have assembled funds to help their economies cope with escalating tariffs. Spain unveiled a $15 billion tariff-aid package last month. Canada has also earmarked billions of dollars to help its workers and businesses weather turbulent trade with the United States. Japan's top tariff negotiator, Ryosei Akazawa, met in Washington last week with his counterparts in the Trump administration. The talks have moved slowly, bogging down at least in part because Trump officials have signaled that Japan's primary demand -- an exemption from the auto tariffs -- is not up for negotiation. While Japan has yet to secure concessions, Akazawa expressed optimism that an agreement could be ironed out during a Japan-U.S. meeting in mid-June, set to be held on the sidelines of a Group of 7 summit meeting in Canada. This article originally appeared in The New York Times. Copyright 2025
