Impossible Foods CEO on European Expansion Strategy
Peter McGuinness, President & CEO, Impossible Foods discusses the company's European expansion and evolving business strategy with Bloomberg's Kriti Gupta at the Bloomberg Sustainable Business Summit 2025 in London. (Source: Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
22 minutes ago
- Bloomberg
Russia Tries Again to Expand LNG Exports Upended by Sanctions
Russia is taking another crack at expanding exports of liquefied natural gas after US sanctions stalled efforts last year. An LNG vessel has docked at the Arctic LNG 2 export facility for the first time since October, according to ship-tracking data compiled by Bloomberg and satellite images. The facility was supposed to be a cornerstone of Moscow's goal to increase LNG exports threefold by 2030, but has been idle for months after struggling to find buyers willing to break western restrictions.
Yahoo
an hour ago
- Yahoo
JD Sports, M&S and Sainsbury's to face shareholder pressure over low pay
Major high street retailers are set to face pressure from shareholders over low pay in their workforce, including third-party contractors. ShareAction, which campaigns for responsible investment, has put forward resolutions on the issue, which will be voted on by shareholders at M&S and JD Sports' annual general meetings (AGMs) on Tuesday and Wednesday respectively. While the group is not filing a resolution at Sainsbury's, shareholders will directly question the board about pay transparency at the supermarket's AGM on Thursday. The companies are facing questions over wages that do not meet the 'real living wage' of £12.60 per hour nationally and £13.85 per hour in London for those aged 21 and over. These wages, which are set by the Living Wage Foundation to reflect the true cost of living, exceed the 2025/26 legal minimum wage of £12.21 set for the whole country including London. ShareAction argues the real living wage boosts stability, productivity and brand value, and has long been campaigning on the issue across the retail sector. Catherine Howarth, chief executive at ShareAction, said: 'We urge investors to support the shareholder resolutions going to a vote at the AGMs of M&S and JD Sports. 'Votes in support will endorse good governance and risk management whilst recognising the workers who keep these businesses running.' The resolutions ask M&S and JD Sports to disclose information on the number of employees earning below the real living wage and staff turnover rates as well their approach to setting base pay for contracted staff and a cost/benefit analysis of setting the real living wage across their workforce. While M&S pays direct employees at least the real living wage, it argues that third-party contractors are independent and set their own pay. M&S's board is recommending shareholders oppose the resolution, citing its recent investments in employee compensation of more than £285 million since 2022 and an increase to the standard hourly rate by more than 26%. On third-party contractors, it also said the vast majority of colleagues are paid at or above the real living wage. At the AGM, M&S could also be questioned about the major cyber attack it suffered earlier this year, which halted website orders, disrupted contactless payments, left some shelves empty and saw personal customer data taken by hackers. The company said the incident is likely to drag its group operating profits down by around £300 million this year but it expects this to be reduced through cost management, insurance and other reactions. For JD Sports, the activists argue that the firm only guarantees the legal minimum wage and lacks transparency on contractor pay. The board has advised shareholders to vote against the proposals, saying the firm complies with legal requirements and has invested more than £75 million over the last three years in removing the age banding as well as enhancing the remuneration and benefits of lowest-paid workers. Further reporting adds no value, reduces flexibility, raises costs and may harm competitiveness, the retailer said. Pensions & Investment Research Consultants (PIRC), which is Europe's largest independent shareholder advisory consultancy, is supporting the resolution at both companies' AGMs. PIRC said that while M&S has made progress on pay, there is still room to improve in formally committing to wage standards and increasing transparency for contractor pay. For JD Sports, the consultancy argues that legal compliance is not best practice and that pay transparency is needed to assess risks and resilience. It follows an identical resolution filed at Next in May, which gained the support of over a quarter of shareholders. While not legally binding, support for shareholder resolutions can put pressure on business leaders to respond to the matters raised, and more than 20% of dissent against the board can be considered a rebellion. During Sainbury's AGM, shareholders plan to stand up and ask the board to commit to disclosing the composition and pay of their workforce, employee turnover, and the feasibility of paying the real living wage for all staff, including all third-party contractors. An M&S spokesperson said: 'In addition to paying the real living wage, we offer an industry-leading range of benefits which, when taken with hourly pay, is worth up to £15.40 an hour. 'In regards to on-site third party contractors, which we use for specialist roles and to support the inherent seasonality in retail, a vast proportion of colleagues are paid at or above the real living wage and we go to great lengths to ensure they are all treated as part of the M&S family. 'While we support and act on the principle that all M&S-related colleagues should be paid well, we do not believe it is right to divest responsibility for setting pay and benefits away from businesses and their shareholders to a third party, as ShareAction would propose.' A JD Group spokesperson said: 'Our highly competitive UK colleague package is specifically designed to address the needs of our predominantly young workforce. 'We remain committed to providing fair wages and acting in the best interests of all stakeholders and have been engaging with shareholders ahead of our AGM on July 2 to outline our holistic approach to reward and benefits and are grateful for their supportive response. 'We are proud of our role as one of the UK's largest employers of young people, often giving them their first jobs and teaching them skills and disciplines that stand them in good stead for the rest of their working lives, including long-term opportunities with JD.' The PA news agency has contacted Sainsbury's for comment.
Yahoo
2 hours ago
- Yahoo
Aston Martin sues Italian supplier for freezing deliveries
Aston Martin has sued a key supplier that halted deliveries fearing that the carmaker would not pay its bills. Warwickshire-based Aston Martin has been forced to take legal action against IMR Industries after the Italian manufacturer stopped deliveries of vital components. IMR, which also supplies the likes of Ferrari and Maserati, is understood to have ceased shipments because of concerns that Aston Martin's financial troubles would leave it unable to pay for the parts delivered. A source close to Aston Martin insisted the company always paid its suppliers on time. It comes as Aston Martin, which is overseen by billionaire Lawrence Stroll, battles to stem years of losses and get debts under control. Like other carmakers, the luxury marque has also been buffeted by Donald Trump's tariffs on vehicle imports, which prompted the company to temporarily suspend deliveries to the US this year. IMR is understood to have stopped delivering parts to Aston Martin around a fortnight ago. Production has so far been unaffected by the disruption thanks to sufficient stockpiles. However, Aston Martin has now taken legal action against IMR, filing a lawsuit for breach of contract in the UK's High Court on June 19. An initial hearing was held last Thursday, where the case was adjourned while IMR builds its defence. But a High Court judge issued a temporary injunction ordering IMR Industries to restart deliveries. Aston Martin has received supplies in the days since. The carmaker is now seeking a permanent injunction to force IMR Industries to continue making deliveries for the remaining period of the contract. Aston Martin has enlisted lawyers from City firm Gowling WLG to make its case. A spokesman for Aston Martin said: 'In keeping with Aston Martin policy, we do not comment on ongoing litigation.' IMR Industries and Gowling WLG were contacted for comment. IMR was founded 60 years ago and has two sites based near Milan and Pescara in southern Italy. The manufacturer, which employs around 1,300 staff across six plants, makes exterior parts used on luxury cars as well as interior leather trims. Clients include Bentley, Ferrari, Maserati, BMW and Porsche. Aston Martin has a multi-year contract with IMR to supply components, including both body and interior parts. The clash comes as Aston Martin struggles to find a firm footing for its business. Shares have lost more than 90pc of their value since the company first listed on the London Stock Exchange in 2018 and Aston Martin has been through a succession of chief executives, each of whom has struggled to find a path to profitability. Aston Martin issued back-to-back profits last year, blamed on issues with its supply chains and an economic slowdown in China. The company lost £289m last year and saw its debts jump by 43pc to £1.1bn. It has also been severely affected by Mr Trump's 25pc tariffs on all cars and car parts imported into the US. The levies caused Aston Martin to temporarily pause all shipments to America, a key market, for a month. In February, Aston Martin outlined plans to cut 170 jobs in a bid to reduce its costs by £25m a year. It has also outlined plans to sell its stake in the Aston Martin Aramco Formula One Team for £125m to help reduce its debts. The British carmaker, which was founded in 1913 and is known for its association with James Bond, is aiming to turn around its performance by ironing out issues with production that have dogged the business. Adrian Hallmark, the chief executive who formerly ran Bentley, said this year his focus was on 'operational execution and delivering financial sustainability'. Mr Hallmark was appointed last year by Mr Stroll, the Canadian tycoon who seized control of Aston Martin in 2020 through a bailout. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
