A Clockwork Orange estate fights ‘art washing’ redevelopment plans
Guinness owner Diageo’s profits slump as it warns of $200m Trump tariff hit
The world’s biggest spirits company, Diageo, has revealed a slump in annual profits and expanded its cost-cutting plan as it searches for a new boss after the resignation of the chief executive, Debra Crew.The FTSE 100 company, which owns brands including Guinness, Johnnie Walker whisky, Gordon’s gin and Smirnoff vodka, reported a nearly 28% fall in operating profit in the 12 months to the end of June compared with a year earlier.The drinks maker also upped its target for cost savings from £500m to £625m. The interim CEO, Nik Jhangiani, said the savings were “not about job cuts”, adding that while some roles would go, the overall workforce could still increase.The figures come weeks after the surprise announcement that the group had begun the hunt for a successor to Crew, who it said had stepped down “by mutual agreement”, after a period of investor disquiet over its declining share price
Trump attacks ‘seriously woke’ Jaguar Land Rover as company names new CEO
Donald Trump has attacked Jaguar Land Rover’s divisive rebranding strategy, hours after Britain’s largest carmaker announced its new boss.Trump posted on his Truth Social platform that the auto company, owned by India’s Tata Motors, was “in absolute turmoil” and claimed that the “CEO resigned in disgrace”.His post on Monday evening also described JLR’s recent much-criticised advert – which showed a diverse group of models in brightly coloured clothing set against a vibrant backdrop and was designed to launch the company’s rebrand – as a “stupid, and seriously WOKE advertisement”.Trump asked: “Who wants to buy a Jaguar after looking at that disgraceful ad?”The post came shortly after JLR announced that PB Balaji would become its new chief executive and would take the reins in November. The group finance chief of JLR’s parent company, Tata Motors, since 2017 will become the carmaker’s first Indian CEO
Qantas frequent flyer points devalued as airline rolls out changes to loyalty program
Qantas has effectively lowered the value of its frequent flyer points after making significant changes to its loyalty program.The overhaul came into effect on Tuesday, about seven months after the carrier announced the changes in late January, when it said it would increase the number of points needed to redeem Classic Reward flights for the first time since 2019 and the second time since 2004.The changes mean a Classic Rewards economy seat on a Qantas service between Sydney and Melbourne has increased from 8,000 points plus $55 in fees to 9,200 points plus $55 in fees.Sign up: AU Breaking News emailA Classic Rewards business class seat on the same service has increased from 18,400 points plus $55 in fees to 19,300 points and $76 in fees.On a Qantas-operated Sydney-London flight, the existing Classic Rewards one-way economy seat cost of 55,200 points and $263 in fees has risen to 63,500 points and $263 in fees
Shein fined €1m in Italy for misleading environmental claims about products
The Italian authorities have fined Shein €1m (£870,000) for making “misleading or omissive” environmental claims about its products, the second time in as many months the Chinese fashion retailer has been targeted by European regulators.Environmental sustainability and social responsibility messages on Shein’s website were in some cases “vague, generic, and/or overly emphatic” and in others were “misleading or omissive”, said Italy’s competition authority, AGCM.It is the latest criticism to hit the fast fashion behemoth, where shoppers can pick up polyester party dresses for as little as £1.60, leading to claims it is helping to cause a plastic pollution crisis through the oversupply of cheap synthetic clothes.Shein details its “evoluSHEIN” roadmap on its website as including three strategic pillars: “Equitable Empowerment (People), Collective Resilience (Planet) and Waste-Less Innovation (Process)
China warns EV makers to stop price-cutting to protect the economy
China is urging its electric vehicle industry to stop cutting prices and rein in production amid fears that persistent deflation is imperilling economic growth.In recent months Chinese officials have talked repeatedly of the need to combat “involution” in sectors suffering from overcapacity, such as EVs, referring to the phenomenon of investing more effort and money for diminishing returns.Xi Jinping has spoken of the problem directly. In an unusually blunt speech this month, China’s president criticised provincial governments for blindly overinvesting in artificial intelligence, in computing power and in new energy vehicles, industries that Beijing has identified as strategic priorities but which are also at risk of overheating.On 23 July, Xi gave another speech in which he stressed the importance of breaking the cycle of “involution” that has gripped parts of the Chinese economy, the world’s second-biggest after the US
McDonald’s UK arm cut Children in Need giving despite jump in profits
McDonald’s UK arm has cut its donations to some charities despite profits soaring more than 80% last year as it shed almost 2,000 jobs, according to its latest accounts.Documents newly filed at Companies House for the fast food chain’s British business in 2024 show it gave £529,000 to Children in Need – reduced from £952,000 the previous year – and handed £744,000 to Ronald McDonald House charities, down from £779,000.It reduced the headcount at its directly operated business to 24,375 from 26,384 – with all reductions from restaurants and operations rather than head office.McDonald’s has more than 1,400 sites in the UK and Ireland, with a large proportion operated by franchisees who employ their own staff – more than 140,000 people. Just over half of sales reported by the UK arm came via franchisees
Domino’s Pizza profits dive as people cut back on takeaways
BP begins costs review as quarterly profits of £1.77bn beat forecast
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George Osborne says UK has been left behind in cryptocurrency boom
The Breakdown | The Lions will endure … but who can we expect in the squad for 2029?
NFL preseason storylines: Cowboys chaos, the Browns‘ QB circus and Aaron Rodgers’ last dance