Coca-Cola reports weakening global sales volumes in second quarter
Coke said Tuesday it now expects full-year adjusted earnings to grow 8 percent. At the start of the year, Coke had expected earnings to grow 8 percent to 10 percent, but in April it lowered that range to 7 percent to 9 percent. Coke earned 2.88 per share in 2024. Shares of Coca-Cola Co. were down slightly early Tuesday, as were all major US markets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
an hour ago
- Argaam
Trump, EU strike major trade deal with 15% tariffs
US President Donald Trump announced that his country has reached a trade agreement with the European Union, just days ahead of the August 1 deadline for the mutual tariffs to come into effect. The agreement was reached following a meeting on Sunday between Trump and European Commission President Ursula von der Leyen in Scotland, marking a political win for the US president. Trump said the deal includes a 15% tariff on most European goods entering the United States, including automobiles. He also stated that the EU agreed to purchase $750 billion worth of American energy, invest an additional $600 billion in the US, and buy hundreds of billions of dollars' worth of military equipment, according to CNBC. Von der Leyen, in a press briefing, said that certain products—including aircraft, their components, some chemicals, and pharmaceuticals—would be exempt from the tariffs. She also clarified that the new 15% tariff rate would not be added on top of any existing duties. While the 15% rate is lower than the 30% Trump previously threatened, it is still above the EU's preferred rate of 10% that it had hoped to secure in the negotiations. "It's a very powerful deal, it's a very big deal, it's the biggest of all the deals,' Trump said. 'It's a good deal, it's a huge deal, with tough negotiations,' von der Leyen said.
Asharq Al-Awsat
2 hours ago
- Asharq Al-Awsat
Musk Says Tesla, Samsung Electronics Sign $16.5 Billion Chip Supply Deal
Tesla CEO Elon Musk said the US automaker had signed a $16.5 billion deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business. Samsung shares rose more than 4% after the news. "Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip. The strategic importance of this is hard to overstate," Musk said in a post on X on Monday. If Musk was referring to Samsung's upcoming Taylor, Texas, plant, the deal could revive the project that has faced delays amid Samsung's struggles to retain and win major customers. "Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house," Musk said on his social media platform. Samsung had earlier announced the $16.5 billion chip supply deal without naming the client, saying the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. Three sources briefed about the matter told Reuters that Tesla was the customer for the deal. The deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price. Samsung, the world's top memory chip maker, also makes logic chips designed by customers through its foundry business. Pak Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded 5 trillion won ($3.63 billion) in the first half of the year. Analysts say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its customers. The Samsung-Tesla deal may also be significant for South Korea, which is seeking US partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% US tariffs. Samsung is grappling to boost production yields of its latest 2-nanometer technology, but the order is unlikely to involve the cutting-edge tech, said Lee Min-hee, an analyst at BNK Investment & Securities. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said.
Al Arabiya
4 hours ago
- Al Arabiya
Europe hopes for ‘no surprises' as US weighs troop withdrawals
After keeping Donald Trump happy with a pledge to up defense spending at NATO's summit, Europe is now bracing for a key decision from the US president on the future of American forces on the continent. Washington is currently conducting a review of its military deployments worldwide -- set to be unveiled in coming months -- and the expectation is it will lead to drawdowns in Europe. That prospect is fraying the nerves of US allies, especially as fears swirl that Russia could look to attack a NATO country within the next few years if the war in Ukraine dies down. However, the alliance is basking in Trump's newfound goodwill following its June summit in The Hague, and his officials are making encouraging noises that Europe will not be left in the lurch. 'We've agreed to no surprises and no gaps in the strategic framework of Europe,' said Matthew Whitaker, US ambassador to NATO, adding he expected the review to come out in 'late summer, early fall'. 'I have daily conversations with our allies about the process,' he said. While successive US governments have mulled scaling back in Europe to focus more on China, Trump has insisted more forcefully than his predecessors that the continent should handle its own defense. 'There's every reason to expect a withdrawal from Europe,' said Marta Mucznik from the International Crisis Group. 'The question is not whether it's going to happen, but how fast.' When Trump returned to office in January many felt he was about to blow a hole in the seven-decade-old alliance. But the vibe in NATO circles is now far more upbeat than those desperate days. 'There's a sanguine mood, a lot of guesswork, but the early signals are quite positive,' one senior European diplomat told AFP, talking as others on condition of anonymity. 'Certainly no panic or doom and gloom.' 'Inevitable' The Pentagon says there are nearly 85,000 US military personnel in Europe -- a number that has fluctuated between 75,000 and 105,000 since Russia's 2022 invasion of Ukraine. 'I think it is inevitable that they pull out some of their forces,' a second European diplomat told AFP. 'But I don't expect this to be like a dramatic overhaul. I think it's going to be gradual. I think it's going to be based on consultations.' Trump's first target is likely to be the troops left over from a surge ordered by his predecessor Joe Biden after Moscow's tanks rolled into Ukraine. Officials say relocating the rump of that 20,000-strong deployment would not hurt NATO's deterrence too much -- but alarm bells would ring if Trump looked to cut too deep into personnel numbers or close key bases. The issue is not just troop numbers -- the US has capabilities such as air defenses, long-range missiles and satellite surveillance that allies would struggle to replace in the short-term. 'The kinds of defense investments by Europe that are being made coming out of The Hague summit may only be felt in real capability terms over many years,' said Ian Lesser from the German Marshall Fund think tank. 'So the question of timing really does matter.' 'Inopportune moment' Washington's desire to pull back from Europe may be tempered by Trump now taking a tougher line with Russia -- and Moscow's reluctance to bow to his demands to end the Ukraine war. 'It seems an inopportune moment to send signals of weakness and reductions in the American security presence in Europe,' Lesser said. He also pointed to Trump's struggles during his first term to pull troops out of Germany -- the potential bill for relocating them along with political resistance in Washington scuppering the plan. While European diplomats are feeling more confident than before about the troop review, they admit nothing can be certain with the mercurial US president. Other issues such as Washington's trade negotiations with the EU could rock transatlantic ties in the meantime and upend the good vibes. 'It seems positive for now,' said a third European diplomat. 'But what if we are all wrong and a force decrease will start in 2026. To be honest, there isn't much to go on at this stage.'
