The newly installed boss of Diageo has poached a senior Procter & Gamble (P&G) executive to join his leadership team, days before he unveils a revival plan for the maker of Guinness and Johnnie Walker.
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Guinness-owner Diageo poaches P&G exec as City awaits turnaround planSky News Business
Rolling coverage of the latest economic and financial news The yen has hit its highest level in three months after Japan and the US launched a combined operation to support the Japanese currency. The yen strengthened to ¥155 to the US dollar on Monday, its highest level since early May, after Tokyo and Washington confirmed they had carried out a rare joint currency intervention late last week. They have a weakening yen, and they wanted a little bit of help. And we’re always there for Japan.” We expect the sector to endure a difficult period in the latter half of this year. The conflict in the Middle East is the key wildcard, but the breakdown of the ceasefire has led to a resurgence in both oil and gas prices and increased business uncertainty. Higher energy prices will filter through into higher business costs while demand will be hit by the squeeze on disposable incomes from rising inflation and weakening wage growth. Output price inflation cooled to a four-month low in July, with manufactures noting that an easing of supply chain tensions had slowed the rise in input costs. However, just as with the wider economy, we anticipate that this relief will be temporary. The impact of the recent rise in oil and gas prices, along with indirect effects of higher energy costs, will push up goods prices, although the inflation outlook is highly dependent on the situation in the Middle East.” Continue reading...
Incidents of fuel being taken without payment have risen by a fifth in five months, according to industry analysis.
The president’s pretext of stopping forced labour is only a ruse – he is trying to grab a share of global trade for the US Here he goes again. The US President, Donald Trump, is increasing and decreasing tariffs willy-nilly, violating international agreements that he himself signed and almost surely violating federal law. The only difference this time is that he has a new pretext for abusing tariffs: stopping forced labour. Of course, the administration is right that too little is being done about forced labour. But its stated concern is a ruse. With the new tariffs closely tracking the ones that Trump imposed on the basis of trade balances, are we supposed to believe that bilateral trade deficits just so happen to be highly correlated with the use of forced labour? Continue reading...