Latest news with #costsavings
Wall Street Journal
10 hours ago
- Business
- Wall Street Journal
Lamb Weston Revenue Rises as Restructuring Underway
Lamb Weston Holdings LW 2.35%increase; green up pointing triangle plans to trim its workforce as part of a strategic plan to cut costs and improve its working capital. The French-fry maker on Wednesday said its cost-savings program is expected to deliver at least $250 million of annualized run-rate savings by the end of fiscal 2028. The cost savings include a workforce reduction of about 4%, which also reflects the elimination of certain unfilled positions, said the company.
Reuters
2 days ago
- Business
- Reuters
Julius Baer's first-half profit falls 35% on loan provisions, Brazil unit sale
July 22 (Reuters) - Swiss bank Julius Baer (BAER.S), opens new tab posted a first-half profit of 295 million francs ($370 million) on Tuesday, down 35% year-on-year, pressured by loan loss provisions and a charge related to the sale of its Brazilian wealth management unit. The decline reflected earlier-flagged writedown of 130 million Swiss francs, the bank said, adding that it made strong progress on legacy issues. "We are now in full execution mode of our strategic agenda, focused on our core wealth management lane, balancing sustainable growth and cost discipline with strengthened risk management," CEO Stefan Bollinger told journalists. To date, the bank had no additional loan loss allowances to report, Bollinger added. "Once the credit review has been completed, we'll be in a position to decide whether or not additional loan loss allowances are required," he said. Net new money more than doubled year-on-year to 7.9 billion Swiss francs, bringing assets under management to 483 billion francs, as of end-June, Julius Baer said in its half-year results presentation. Positive effects of solid net new money and rising global equity market valuations were more than offset by the impact of the weaker U.S. dollar and the sale of Julius Baer Brazil in March 2025, the bank said. The bank is on track to achieve 130 million Swiss francs in additional gross cost savings by the end of 2025, according to the statement. ($1 = 0.7975 Swiss francs)
Yahoo
3 days ago
- Automotive
- Yahoo
Daimler Truck looks to the Old World for its new zero-emission trucks
Daimler Truck AG, the world's largest commercial truck maker, recently announced at its Capital Market Day an ambitious growth strategy called 'Stronger 2030,' which includes growth plans for the company's zero-emission vehicle (ZEV) footprint in Europe. The European pivot for ZEVs came as executives talked about the more favorable regulatory environment and incentives compared with the U.S. The pivot doesn't come without a cost. As part of a Costs Down Europe strategy, the company announced a headcount reduction of around 5,000 in Germany that includes a combination of material costs, research and development, operations and sales. These cuts are part of a €1 billion cost savings goal by 2030. This is the largest and most holistic efficiency program ever, according to the company. For Mercedes-Benz Trucks, maker of the electric eActros 600 cabover, the focus is on turning potential into profit following strong results in 2023 and recent news of Amazon Europe making purchases of the ZEV. The company hopes to grow its unit sales of its zero-emission vehicles in Europe to 25,000 units by 2030. Across the Atlantic, Daimler Truck North America (DTNA) continues to be a core profit driver within the larger Daimler Truck Group. DTNA has an electric Class 8 via its Freightliner eCascadia, but its diesel Cascadia remains the dominant player in the Class 8 truck space with an approximately 42% market share. Executives cited ongoing uncertainty over electric vehicle (EV) and ZEV incentives and recent regulatory rollbacks in the U.S. market as reasons behind the European ZEV pivot. Questions still remain over the status of California Air Resources Board rulemaking and clarity on what direction the Environmental Protection Agency wants to go. NOx emissions limits remain another topic under consideration. For a large truck maker, there isn't a dial one can turn to adjust NOx limits; the engines and NOx filtration systems are planned years in advance. Additionally, lack of EV charging infrastructure remains a headwind. Daimler notes that it has seen EV progress in markets like Denmark and Germany, where total cost of ownership paired with shorter distances is making EV trucks attractive compared with the North American market, where longer distances prevail. Outrider builds industry-first safety system for driverless yard operations The autonomous yard truck turf war in the trailer yard is heating up with Outrider recently announcing it has developed the industry's first safety system designed specifically for driverless movement in mixed traffic trailer yards. Outrider is a technology developer of autonomous yard operations for logistics hubs. The company's proprietary functional safety approach recently received validation from TÜV SÜD, a globally recognized independent testing and certification organization, determining it aligns with its AV Conformity Framework requirements. 'Outrider pioneered the yard automation space with the goal of making autonomous yard operations inherently safer than present-day operations, and we have prioritized the safety system from day one,' said Andrew Smith, founder and CEO of Outrider. 'It is not hard to create a driverless demonstration. It is a major technical undertaking to design an 80,000-pound robot that operates among over-the-road trucks, delivery trucks and warehouse personnel.' Smith spoke with FreightWaves about the milestone, noting that the company has been operating with both human drivers and safety observers for several years. According to Smith, the company has completed hundreds of thousands of fully autonomous trailer moves within its customers' fleets. Read the full article here. You're halfway there! To read the rest of the Truck Tech newsletter, subscribe below. It'll be delivered to your inbox every Friday at 11am eastern. While you're at it, check out this week's episode. The post Daimler Truck looks to the Old World for its new zero-emission trucks appeared first on FreightWaves. 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
Times
5 days ago
- Business
- Times
‘Getting a water meter cut my bill in half'
Soaring water bills led more than 100,000 homeowners to request water meters in the first four months of the year. Some suppliers said they had two or three times as many applications as they had in the first few months of 2024. Water bills are based on an archaic system that hasn't been updated since 1990 and many customers find that switching to a meter can cut their costs in half. United Utilities, which has 8 million customers across the North West of England, said there had been 44,640 applications for water meters between January and April, up from 23,176 last year. Wessex Water, which has 2.9 million customers across the South West, said it has had 8,000 applications since sending out annual bills in February — double the number it had between February and July last year. The Consumer Council for Water, a watchdog, said that three other big suppliers had almost 75,000 meter applications between them from January to April, up from about 42,000 last year. The council has a calculator on its website that allows you to work out if a water meter will save you money — 312,630 used it between February and June, up from 111,763 over the same months last year. Tim Clarke from the Consumer Council for Water said: 'Suppliers appear to have had unprecedented interest in water meters as customers look for ways to combat the largest increase in bills since privatisation.' Average annual water and sewage bills went up 26 per cent in April to £603 — the biggest rise since 1989, according to Water UK, a trade association. And bills are set to keep on rising for the next five years after the heavily indebted water companies struck a deal with the water regulator, Ofwat, to fund infrastructure improvements. There is unlikely to be any respite even after that. Water companies are under huge pressure from politicians and campaign groups to cut down on sewage leaks that have led to pollution of rivers and seas. The Environment Agency said there were a record 2,801 pollution incidents caused by water companies in England last year, including 75 which posed 'serious or persistent' harm to fisheries, drinking water and human health. This was a 60 per cent rise on the 2,174 in 2023. With a water meter, you pay for the water you use, and some fixed charges for sewage and infrastructure. If you don't have a water meter, your bills are usually, and rather bizarrely, based on your home's rateable value — an estimation made some time between 1967 and 1990 of how much it could be rented out for. Once you have a meter, your bills are based on your previous year's usage. If you think you have been overcharged, you can challenge your direct debit payments. As with energy bills, you should not need to always be in credit because your usage can vary throughout the year. • Water companies 'to impose surge pricing' in summer Households with a meter use about 29 per cent less water than those without one on average, according to Discover Water, an information site run by industry bodies such as Water UK and Ofwat. This is probably because those who choose a meter use less water in the first place and are then more conscious of their usage. The general rule of thumb is that you will save money having a water meter installed if there are more bedrooms in your home than people. The Consumer Council for Water said that those whose bills were lower after getting a meter saved an average of £150 a year. If your home is suitable, it costs nothing to get a water meter and your supplier has to fit it within 90 days. You usually have the right to switch back to unmetered bills within two years, but this varies between suppliers. Victoria Larkou hadn't given much thought to getting a water meter until her supplier, Affinity Water, suggested it, but 18 months after switching her bills have halved. Larkou, 50, from Bishop's Stortford, Hertfordshire, had a meter put in to her four-bedroom house where she lives with her husband Athos, 47, and daughter Tillie, 21 in 2023. 'We probably wouldn't have done it of our own volition,' said Larkou, a saleswoman for an anaesthetic company. 'Maybe it's through being too lazy, but it's the sort of thing you put off because you think it will be a pain.' Before the meter was installed they paid £58 a month, £696 a year — £248 more than the average bill in 2023-24. In 2024-25, their first full billing year with a meter, they paid £29 a month — saving £348 a year. They used 278 litres a day, 6.4 per cent below the 297-litre average for similar households, according to Affinity. 'I'm not going to be going on holiday with the savings, but it's the sort of thing that you think was definitely worth doing,' Larkou said. The share of households with a water meter in England and Wales went from 58.4 per cent in the 2020-21 financial year to 62.7 per cent in 2023-24, according to the Consumer Council for Water. Most of those households without a meter are likely to be on the rateable value system. If you cannot have a meter fitted, because you live in a block of flats with a shared water supply, for example, you can ask to be moved off the rateable value system to an assessed volume charge. This is where your fixed bill is based on how many people live in your household and how big it is. In the past, water companies have pushed their customers to have meters installed because they say they can help to detect leaks and encourage lower usage. If you are a high water user, you probably shouldn't get a meter. Tom MacInnes from the charity Citizens Advice said: 'Switching to a water meter can be a great way for people to only pay for what they use, but it isn't always a practical or cheaper option. While water meters can help some to save money, they are not a silver bullet and we know many people will find it hard to afford their bills regardless.'
Yahoo
6 days ago
- Business
- Yahoo
Sarepta Therapeutics to cut 500 jobs amid restructuring
Sarepta Therapeutics is set to cut 500 jobs as part of its restructuring and pipeline prioritisation plan, which is expected to result in annual cash cost savings of $120m in 2026. With its pipeline reprioritisation, the company anticipates delivering $300m in annual non-personnel cost savings from 2026. After its strategic review, the company aims to focus on high-impact programmes to meet its 2027 financial obligations and support long-term viability. It also announced an update regarding its Elevidys label changes for Duchenne muscular dystrophy (DMD) treatment. The company is engaging with the US Food and Drug Administration (FDA) regarding the label update for the gene therapy, which includes adding a black box warning for acute liver injury (ALI) and acute liver failure (ALF). It agrees with this change, which aims to resolve issues related to the ambulant portion of the product label. Shipments for non-ambulant patients will be paused as the company is exploring additional prophylactic immunosuppression protocols. Sarepta has initiated the restructuring to enhance financial flexibility with immediate operational expense reductions aligned with strategic priorities. These measures are expected to yield $400m in cost savings annually. The company anticipates $100m in cost savings by the end of 2025 after accounting for severance costs between $32 and $37m. This approach should maintain access to a $600m revolving credit facility while managing liabilities proactively, including repayment of convertible notes due in 2027. Despite these cuts, Sarepta will continue supporting its four marketed Duchenne therapies along with clinical trial commitments. As part of this reprioritisation effort, several gene therapy programmes for limb-girdle muscular dystrophy (LGMD) will be paused. For other discontinued projects, Sarepta intends to seek strategic alternatives, potentially through partnerships. Sarepta Therapeutics CEO Doug Ingram stated: 'Faced with environmental changes, we have decided to act decisively, implementing a focused strategy to ensure Sarepta remains a vibrant, financially enduring, patient-centric organisation dedicated to improving the lives of those with rare genetic diseases. 'These changes will ensure we remain a financially strong and profitable organisation built on a sharpened and focused strategy. We will continue to drive performance of ELEVIDYS and our three PMOs [exon-skipping phosphorodiamidate morpholino oligomer drugs] in service of the Duchenne community [...and] we will advance our high-value, focused pipeline of programmes for rare genetic diseases, primarily relying on the siRNA platform, while ensuring we meet our financial obligations.' "Sarepta Therapeutics to cut 500 jobs amid restructuring" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
