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Time of India
5 days ago
- Business
- Time of India
Guinness owner Diageo ups savings as US tariffs hit
Diageo , the maker of Guinness stout and Smirnoff Vodka, reported Tuesday a sharp drop in annual net profit and raised its cost-savings targets as US tariffs hit. Net profit tumbled 39 percent to $2.4 billion in its financial year to the end of June, compared with one year earlier, the British group said in an earnings statement just weeks after the sudden departure of chief executive Debra Crew . Diageo's revenue dipped slightly to $20.2 billion. "Macroeconomic uncertainty and the resulting pressure on consumers" has weighed on the spirits sector , interim CEO Nik Jhangiani said of a "challenging year" for the group. Diageo last month announced the abrupt departure of Crew after two years at the helm. The company had already experienced a tough trading environment ahead of announcing in May that it faced a financial hit from US President Donald Trump's tariffs onslaught. Diageo, which also makes Don Julio tequila , ramped up its cost-saving programme on Tuesday to around $625 million over three years, from a previous target of $500 million. Its annual profit was hit also by restructuring costs and impairment charges. Shares in the company, however, jumped more than six percent in morning deals on London's FTSE 100 index as investors cheered the new cost-saving targets and better-than-expected sales. Diageo reiterated that it expects operating profit to take a $200-million hit from Trump's tariffs, though around half the amount would be offset by cuts to costs. Its forecasts assume that spirits imported from Mexico and Canada will remain exempt from tariffs, while a 10-percent tariff on imports from the UK and a 15-percent levy on imports from the European Union will apply. Diageo added that sales of key brands Don Julio and Guinness stout grew 37 percent and 12 percent respectively, offsetting weakness elsewhere. Investors "need to determine if the downturn in alcohol consumption is a short-term effect of squeezed disposable income or the start of a broader trend away from drinking altogether for health and lifestyle reasons", said AJ Bell investment director Russ Mould. "Sales of some brands may be on the agenda for any incoming new boss given a need to get the balance sheet in better shape -- although the company will not want to lose any of its crown jewels."
Int'l Business Times
6 days ago
- Business
- Int'l Business Times
Guinness Owner Diageo Ups Savings As US Tariffs Hit
Diageo, the maker of Guinness stout and Smirnoff Vodka, reported Tuesday a sharp drop in annual net profit and raised its cost-savings targets as US tariffs hit. Net profit tumbled 39 percent to $2.4 billion in its financial year to the end of June, compared with one year earlier, the British group said in an earnings statement just weeks after the sudden departure of chief executive Debra Crew. Diageo's revenue dipped slightly to $20.2 billion. "Macroeconomic uncertainty and the resulting pressure on consumers" has weighed on the spirits sector, interim CEO Nik Jhangiani said of a "challenging year" for the group. Diageo last month announced the abrupt departure of Crew after two years at the helm. The company had already experienced a tough trading environment ahead of announcing in May that it faced a financial hit from US President Donald Trump's tariffs onslaught. Diageo, which also makes Don Julio tequila, ramped up its cost-saving programme on Tuesday to around $625 million over three years, from a previous target of $500 million. Its annual profit was hit also by restructuring costs and impairment charges. Shares in the company, however, jumped more than six percent in morning deals on London's FTSE 100 index as investors cheered the new cost-saving targets and better-than-expected sales. Diageo reiterated that it expects operating profit to take a $200-million hit from Trump's tariffs, though around half the amount would be offset by cuts to costs. Its forecasts assume that spirits imported from Mexico and Canada will remain exempt from tariffs, while a 10-percent tariff on imports from the UK and a 15-percent levy on imports from the European Union will apply. Diageo added that sales of key brands Don Julio and Guinness stout grew 37 percent and 12 percent respectively, offsetting weakness elsewhere. Investors "need to determine if the downturn in alcohol consumption is a short-term effect of squeezed disposable income or the start of a broader trend away from drinking altogether for health and lifestyle reasons", said AJ Bell investment director Russ Mould. "Sales of some brands may be on the agenda for any incoming new boss given a need to get the balance sheet in better shape -- although the company will not want to lose any of its crown jewels."
Yahoo
28-01-2025
- Politics
- Yahoo
Police: Mass. man planned to ‘kill Scott Bessent' at US Capitol
WASHINGTON (WPRI) — A Massachusetts man was arrested outside the U.S. Capitol on Monday after admitting to an officer that he drove there with intent to kill Treasury Secretary Scott Bessent, according to authorities. An affidavit obtained by 12 News revealed that Ryan English is being charged with unlawful possession of a firearm and carrying a dangerous weapon, explosive or incendiary device on Capitol grounds. English turned himself in to a U.S. Capitol Police officer outside the South Door just after 3 p.m. He was quickly detained and searched after he admitted to having two Molotov cocktails on him. The affidavit states that officers found a folding knife in English's pocket, as well as two 'destructive devices' inside his jacket pockets. Those devices each consisted of a 50-milliliter bottle of Absolut Vodka with a gray cloth affixed to the top. English told the officers that the bottles contained vodka and the rags were soaked in hand sanitizer. He then asserted that he had planned to 'kill Scott Bessent' — President Donald Trump's pick to run the Department of Treasury — and noted that he had more Molotov cocktails in his vehicle. Officers located his vehicle parked on Independence Avenue Southwest and uncovered a 750-milliliter bottle of Smirnoff Vodka and a gray sweatshirt with cloth cut from the sleeves. 'This sweatshirt was consistent with the cloth affixed to the destructive devices,' the affidavit said. The affidavit also said the officers found a receipt in one of English's back pockets with a letter written on the back. 'Judith dear god I am so sorry,' the note read, according to the affidavit. 'You must understand I can feel myself dying slowly b/c of my heart. This is terrible but I can't do nothing while Nazis kill my sisters.' 'I love you. This is awful. I'm so sorry,' the note continued. 'Please stay alive and heal. You can. You are strong enough. [Expletive] them for pushing us so far. You don't deserve this. I'm so sorry for lying and plotting and lying. Please survive. [7 hearts]' English confessed to investigators that he left his Massachusetts home Sunday for Washington, D.C. with the intent to kill Secretary of Defense Peter Hegseth and U.S. House Speaker Mike Johnson. The affidavit said he also considered burning down the Heritage Foundation. 'These actions were specifically to 'depose' these political offices and send a message,' the affidavit explained. English told police he left his phone at home so he couldn't be tracked and bought an atlas with cash so he could find his way to Washington, D.C., without using a GPS. He switched targets after he stopped at a library in Maryland and learned that the U.S. Senate would be voting on whether to confirm Bessent, according to the affidavit. English allegedly considered throwing the Molotov cocktails at Bessent's feet and stabbing him with the knife if he could get close enough. He also determined after surveilling the Capitol grounds that he would need to kill at least three officers to get to Bessent and 'expressed acceptance and content with the possibility of suicide by cop.' Bessent's nomination was confirmed roughly three hours after English's arrest. It's unclear exactly what motivated English to turn himself in. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
