Columbia Threadneedle Investments, one of Unilever’s top-10 shareholders, fired a warning shot yesterday at the Anglo-Dutch group which it said failed to consult UK investors over the implications of last week’s decision to establish a single legal base in Rotterdam Financial Times (£). The Times (£) says it understands there is upset Unilever used the excuse of “confidentiality” to not consult with British shareholders.
Growing fears of a global trade war sent US stock markets sharply down yesterday as Trump threatened to impose $60bn of tariffs on Chinese imports. The Financial Times (£) says the moves stoked Beijing’s anger, prompting the superpower to announce plans for 25% tariffs on US import of pork. The announcement triggered a jump in China-listed pork producers today, including Hunan New Wellfull and Muyuan Foods. The Times (£) says Beijing indicated it was poised to strike back with its own tariffs against US exports of soybeans and sorghum as well as pigs.
ConAgra Brands, which makes Peter Pan peanut butter and Swiss Miss cocoa powder, reported diluted earnings per share more than double to 87 cents year-over-year in the three months ended 25 February and a doubling in net income to $362.8bn. Net sales edged up 0.7 per cent year-on-year to $2bn, reports the Financial Times (£).
The Times’ £ business commentary remarks on the “acting performance” of Reckitt Benckiser boss Rakesh Kapoor, who “had us all going with his Pfizer routine”. Reckitt ended its discussions this week with Pfizer regarding its Consumer Healthcare business. “If all else fails, there’s always Bollywood,” the newspaper says. The same newspaper’s Tempus (£) column and The Daily Telegraph say the pullout could benefit Glaxosmithkline which was considered frontrunner for the business.
Retail sales volumes rose 0.8% last month compared with January, according to the Office for National Statistics The Times (£). This beat economists’ forecasts of a 0.4 per cent rise and was driven by a rise in spending on supermarkets, petrol and online shopping. The Guardian includes comment from Ruth Gregory, the UK analyst at Capital Economics, who said it would take a 2% increase in March for retail sales in the first quarter of 2018 to match the 0.5% rise in the final three months of 2017. The Daily Telegraph says the expected recovery has probably been delayed by the “Beast form the East”.
Over at Marks & Spencer, which trying to revive its food business, Stuart Machin, CEO of Steinhoff UK, has been appointed head of food. The Times (£) points out he is a former colleague of M&S chairman Archie Norman. The Daily Mail notes that Steve Rowe, M&S chief executive, outlined plans to cut food prices and overhaul its offer to win back customers.
Profits at Brewdog have more than halved in a year of heavy investment. A near 70 per cent rise in overheads to £35.1m brought pre-tax profit down to £1.4m, compared with £3.8m in the previous 12 months The Times £.
Fever-Tree Drinks chairman Charles Rolls launched a sale of 1.5m shares he holds in the carbonated drinks and mixers company – disclosed after the markets closed yesterday The Daily Mail.
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