Barratt Redrow Shares Tumble After Sales Miss Guidance
In early trading Tuesday, London-listed shares were down 10% at 373 pence, and are currently down 15% over the year to date.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Washington Post
33 minutes ago
- Washington Post
Trump wields tariffs to sway Putin on Ukraine. Here's how they might work, or not
WASHINGTON — Russian President Vladimir Putin has sacrificed an estimated 1 million of his soldiers , killed and wounded, in a three-year campaign to crush Ukraine. Now President Donald Trump is betting that his go-to economic weapon — tariffs — can succeed where Ukrainian drones and rockets haven't, and finally persuade Putin to end his war.
Yahoo
an hour ago
- Yahoo
Tesla Is in Serious Trouble in China
As its sales continue to crater in the US and Europe, Tesla's reliance on China — its second-largest market and biggest production hub — is growing. But thanks to a surge in far more price-competitive and lucrative offerings from Chinese EV manufacturers like BYD, Tesla's woes look poised to metastasize there as well. Its market share in China is shrinking, the Wall Street Journal reports, which could represent yet another nail in Elon Musk's carmaker's coffin. The company sold 40,000 fewer cars in China in May, a massive 30 percent drop from the same month last year, a familiar story that's been playing out in many other parts of the world. Then there's Musk's highly damaging embrace of far-right ideologies, which have iced over the brand's popularity in huge swaths of the world. "Tesla remains important for China," a consultant for Chinese officials told the WSJ. "But for authorities, helping domestic companies still matters more." While "you never want to bet against Elon Musk and the resilience of Tesla," Musk is "probably closer to sunset than sun up in his business in China," former General Motors exec Michael Dunne added. Tesla could soon end up suffering the same fate as many other American tech companies, including Motorola and Apple, which once enjoyed enormous success in China — only to be lapped by better tech and domestically oriented regulations. "Teslas are almost like iPhones now," 34-year-old Qian Yang, who sold his Tesla Model 3 in favor of a Xiaomi SU7 EV, told the WSJ. "They're getting uninspired and stale, and don't have revolutionary features anymore." Tesla has also been facing steep regulatory hurdles getting its controversial and misleadingly-named "Full Self-Driving" driver assistance software approved in China. Beijing has yet to issue full approval, giving Chinese companies more time to catch up. However, that hasn't stopped the Musk-led company from rolling out the software anyway, per the WSJ, which has angered officials there. Musk has also reportedly ditched plans for a new car design that would be more amenable to Chinese consumers, instead focusing the company's efforts on cutting corners to save costs. The trend couldn't come at a worse time for Tesla, which has been feeling the hurt under Musk's absentee leadership. His most recent promise to create a third US political party — months after promising he was done with politics for good — has spooked investors, wiping out tens of billions of dollars in market cap. To experts, Musk simply didn't play his cards right, failing to predict Tesla could easily be overlapped in its second most important market. Even the company's Optimus humanoid robot — which Musk sees as Tesla's future alongside robotaxis — already has some intense competition in China, despite being many years from hitting markets. "He made the same mistake that every foreign automaker made — to underestimate China's ability to out-innovate you," China-based strategy firm Automobility CEO Bill Russo told the WSJ. More on Tesla: Musk Is Struggling to Understand What's Happening Around Him, Says Former Tesla Exec
Yahoo
an hour ago
- Yahoo
Analysis-Ferrero poised to revive WK Kellogg sales for health-conscious Americans
By Savyata Mishra (Reuters) - Nutella spread maker Ferrero, armed with experience in health-regulated European markets and a track record of revamping struggling brands like Keebler cookies, has a good chance of reviving WK Kellogg's legacy cereal brands with its $3.1 billion take-private deal announced last week. Ferrero, which makes sugary treats like Kinder chocolate eggs, Ferrero Rocher, and Tic Tac, has pursued an aggressive global expansion to boost revenue and diversify its portfolio beyond sweets into snacks, baked goods, and now breakfast cereals. Under Chairman Giovanni Ferrero, the company has invested heavily in product innovation, reformulation and packaging redesign to turn around some challenged brands it previously acquired such as Keebler from Kellogg. Meanwhile, demand has fallen for products made by WK Kellogg, whose cereals include Special K, Corn Flakes and sweetened offerings such as Froot Loops, Honey Smacks and Frosted Flakes. Consumers have traded down from its pricier cereals even as Kellogg has come under scrutiny for using artificial food dyes. "Ferrero's creativity can help jump-start sales in a sleepy (albeit higher margin) category," said Hank Cardello, executive-in-residence at the Business for Impact center at Georgetown's McDonough School of Business. Ferrero's expertise in cookies and confectionery could help create distinct new versions of cereal products, he added. Ferrero could reinvigorate WK Kellogg's portfolio which also contains healthier options such as Special K and Raisin Bran, touted for their high fiber content, as well as nutrient-rich cereals, granola and waffles under its Kashi brand. "I expect that (Ferrero) will preserve Kellogg brand recognition without too much dilution while also marketing a healthier and more consumer-friendly and appealing product line," Amrita Bhasin, CEO of logistics food and beverage company Sotira, said. In 2018, Ferrero bought Nestle's confectionery business for $2.8 billion, adding brands such as candy bars Butterfinger, Baby Ruth, and 100 Grand to its portfolio. In just a few years, Ferrero relaunched Butterfinger with higher-quality ingredients including peanuts, cocoa and milk and revamped packaging. The steps helped grow demand for the salted caramel bars. In 2019, Ferrero made a $1.3 billion acquisition of Kellogg's cookies, snacks and ice cream business. The Italian company revitalized these products by investing in new packaging and more marketing. In 2023, it also bought Fresystem Group and used the acquisition to grow its frozen food business and launch Nutella muffins and other baked goods. Ferrero declined to comment on the strategy for WK Kellogg. In April, WK Kellogg said it was reformulating its cereals served in schools to not include artificial dyes. Other packaged food makers such as PepsiCo, Kraft Heinz and Hershey have also started working to remove synthetic food dyes from their products, under pressure from U.S. Health Secretary Robert F. Kennedy Jr.'s Make America Healthy Again, or MAHA campaign. Analysts and industry experts noted that Ferrero has spent decades dealing with European regulators that have pushed back on additives, coloring and sugar. This could give the confectionery giant an edge dealing with Kennedy's MAHA campaign, they said. "Ferrero has been a pioneer in marketing smaller portions, which would fit in well with MAHA," Cardello said. For instance, as a founding member of the Always a Treat initiative in 2017, Ferrero committed to ensuring that half of its single-serve packs contain 200 calories or less to help consumers manage their sugar intake. As a private family-owned company, Ferrero is insulated from the pressures of quarterly earnings, giving it more flexibility to invest in long-term brand building and product innovation. Analysts said this could be critical in reshaping WK Kellogg's product lineup over the next few years. Still, MAHA could boost costs for Ferrero as it makes its expansion push in North America. "Ferrero will have to grapple with MAHA requirements across the company, not just in cereal, since much of its business is based on candy and sugary snack foods," said Sky Canaves, an analyst with market research firm Emarketer.
