Soup-maker Campbell’s beat Wall Street estimates for first-quarter sales, as consumers eat out less amid economic uncertainty.
Persistent inflation and tariff-related volatility have led to shoppers stocking up on pantry staples to cook meals rather than spending on expensive restaurant food.
The company said in September it will remove synthetic dyes from its food and beverage portfolio, a trend that is accelerating among packaged food makers, as more consumers opt for healthier options and the Trump administration pushes the “Make America Healthy Again” campaign.
Campbell’s reported net sales of $2.7 billion in the first quarter ended November 2, compared with the average analyst estimate of $2.66 billion.
Coleen Rooney-backed protein shake maker beats forecasts
Shares in Applied Nutrition jumped 7 per cent after the protein shake maker backed by Coleen Rooney said it will exceed City forecasts this year.
The Liverpool-based company, which was one of London’s bigger IPO’s last year, expects full year profits to come in about 10 per cent higher than expected.
In an unscheduled trading update, the company said it recognised the “strength of trading and the upcoming peak trading period for health, fitness and wellbeing, which will deliver a particularly strong first half.”
The consensus among analysts is for revenues of £122 million for the 12 months to the end of July, and adjusted underlying profit of £34.4 million.
The statement sent the shares 17¼p, or 8.6 per cent, higher to 217p, a new record, in morning trading. It means Applied shares have risen by more than half since it floated in October 2024 at 140p-a-share
How Google trains AI models under scrutiny
The European Commission has opened a formal competition investigation into Google’s use of publishers’ and YouTube creators’ content to train and power its AI services.
Competition regulators will assess whether Google imposed unfair terms, granted itself privileged access, or hindered rival AI developers. The focus is Google’s use of web material for AI overviews and AI mode without compensation or a meaningful opt-out that wouldn’t jeopardise traffic. Investigators will also examine whether YouTube uploads have trained Google’s models without paying creators, while rival developers are blocked from similar data.
If proven, the practices could constitute abuse of dominance under EU law. Google said: “This complaint risks stifling innovation in a market that is more competitive than ever. Europeans deserve to benefit from the latest technologies and we will continue to work closely with the news and creative industries as they transition to the AI era.”
BMW appoints Milan Nedeljkovic as new chief
Milan Nedeljkovic
TOYA SARNO JORDAN/REUTERS
BMW has appointed Milan Nedeljkovic as chief executive, replacing long-time boss Oliver Zipse, as the carmaker prepares to launch a new generation of models in the face of strong competition from China and US tariffs that led it to cut its 2025 profit forecast.
Serbian-born Nedeljkovic, 56, is currently head of production and has been with BMW since 1993. He will take up the role on May 14. The company is pinning hopes on the first model from its all-electric Neue Klasse line to drive growth from 2026.
Supervisory board chair Nicolas Peter said Nedeljkovic “unites people and motivates them to achieve peak performance”.
Railways Bill to get second reading
The Railways Bill, which is scheduled for its second reading in the House of Commons today around 12.30pm, will create Great British Railways, bringing together 17 different organisations to run Britain’s railways as a single organisation.
Here is a glimpse of Great British Railways’ branding. This is what the Department of Transport said about it: “The design features a red, white and blue colour scheme and sharp angles to create a striking and memorable design mirroring the Union Flag. The GBR logo has also been revealed, featuring the iconic double arrow symbol in a nod to Britain’s proud railway heritage.”
Trains will be given a union flag inspired red, white and blue paint job under the government’s rail-nationalisation plans
PA
Airline set to miss green fuel targets
A Emirates Airline Boeing 777-300ER being filled with sustainable aviation fuel
RULA ROUHANA/REUTERS
The global airline industry is set to miss its green fuel targets, the International Air Transport Association (IATA) warned, citing limited production and regulatory hurdles. Sustainable aviation fuel (SAF), mainly made from waste or used cooking oil, cuts emissions but remains two to five times more expensive than conventional jet fuel. IATA projects SAF will account for just 0.8 per cent of total fuel use next year, despite the sector’s 2050 net-zero goal relying heavily on it.
Willie Walsh, the director-general, said: “It’s not an issue of price, it’s an issue of availability.” He warned many carriers could fail to meet their sustainability pledges in 2026, underscoring the gap between ambitious climate targets and the limited supply of SAF.
Pound rises against dollar and euro
The pound has edged higher against the dollar and the euro this morning, helped by a weaker dollar on expectations of a US Fed rate cut.
The currency was up 0.2 per cent against the dollar to $1.3348 and 0.04 per cent against the euro to €1.1452.
UK borrowing costs have eased with bond yields down across the curve. The yield on the 10-year gilt, a proxy for government borrowing, was at 4.5 per cent, down 4 basis points.
Grocery inflation steady at 4.7%
Grocery inflation held steady at 4.7 per cent in the four weeks to November 30, data from Worldpanel showed. The early indicator precedes official UK inflation figures due on December 17 — food prices influence public inflation expectations, which are closely watched by the Bank of England.
Prices rose fastest for chocolate confectionery, fresh meat and poultry, while sugar confectionery, household paper and fragrances saw the largest declines. Grocery sales increased 3.4 per cent over the period, suggesting volumes fell after accounting for inflation. Retailers are boosting promotions to attract shoppers.
The data underlines ongoing cost pressures for households despite headline inflation easing to 3.6 per cent.
Blackstone chief downplays private credit risks
Stephen Schwarzman, chief executive of Blackstone
ANDRE CAMARA FOR THE TIMES
Stephen Schwarzman, the chief executive of American asset manager Blackstone, dismissed concerns over private credit after recent US bankruptcies of First Brands and subprime lender Tricolor. He said at the Abu Dhabi Finance Week that deals were underwritten and syndicated by banks, with private credit largely uninvolved.
Schwarzman said banks were leveraged at least ten to one, compared with about 1.4 times for private credit, emphasising that the latter is far more conservative and poses less systemic risk.
The Bank of England is concerned about threats that could be lurking in fast-growing but opaque and lightly regulated private markets. Andrew Bailey, the Bank governor, said recently that Tricolor and First Brands were partly financed by private credit, which had “intensified the focus” on possible risks in this area.
Hedge funds see opportunities in diverging interest rates
Robyn Grew, the Man Group chief
LUCY YOUNG FOR THE TIMES
Hedge fund leaders and the Abu Dhabi investment council see 2026 as a year of opportunity amid geopolitical tensions and diverging interest rates. Speaking at Abu Dhabi Finance Week, Shiv Srinivasan, the chief investor at the state-backed fund, said rising market volatility from elections and global events favours macroeconomic and long-volatility strategies.
Robyn Grew, the Man Group chief, said volatility and market dispersion create trading opportunities, while Brevan Howard’s Aron Landy expects global asset value differences and interest rate divergence to drive gains. Landy also sees potential in cryptocurrencies, noting the risk lies in having no exposure. All emphasised that “with pain comes opportunity” for investors.
Thyssenkrupp expects €800m loss due to steel unit
A steelworker at the steel works of Thyssenkrupp Steel Europe in Duisburg, western Germany
INA FASSBENDER/GETTY IMAGES
Thyssenkrupp expects a net loss of up to €800 million in 2026 due to costs relating to the restructuring of its steel unit, which it is in talks to sell to India’s Jindal Steel International.
The group has struggled to divest its steel division, Germany’s largest, largely due to €2.7 billion in pension liabilities. Thyssenkrupp Steel Europe caused €600 million in impairments last year in the face of Asian competition, US tariffs, and a weak European economy. Thyssenkrupp shares fell 4 per cent.
FTSE 100 dips on Ukraine and mixed corporate news
London’s leading share index opened slightly down as Ukraine prepared to present a revised peace plan to the White House and mixed corporate news.
The FTSE 100 slid 0.1 per cent, or 9 points, to 89,635.71, while the more UK-focused FTSE 250 edged up 0.2 per cent, or 42 points, to 21,963.33.
WPP was the biggest riser after it won a £2 billion contract to manage the UK government’s advertising campaigns.
Defence companies Babcock and BAE Systems were also higher on the uncertainty over the Ukraine conflict.
British American Tobacco was the biggest faller after it saw 2026 growth at the lower end of targets on US vape competition.
Copper miner Antofagasta was down after the copper price eased from a record high as traders looked ahead to the Fed rate decision and the prospect of tight supply.
Bank of England to cut jobs
The Bank of England
VUK VALCIC/GETTY IMAGES
The Bank of England is planning to cut jobs to cope with the cost of implementing changes highlighted in a review by the former US Federal Reserve chair, Ben Bernanke, including upgrading its economic modelling and forecasting processes.
Bloomberg reported that the central bank is running a time-limited voluntary severance scheme. The Bank may need to levy higher charges on the banks and financial services companies if cost targets are not met. It is said to be looking to save 8 per cent of its operating costs in the next financial year.
German exports rose slightly in October
Mercedes and BMW cars destined for export overseas in Bremerhaven, Germany
GETTY IMAGES – GETTY
German exports edged up 0.1 per cent in October, defying expectations for a 0.5 per cent decline, supported by stronger trade within the European Union, while shipments to the US and China fell sharply, data from the federal statistics office showed.
Imports dropped 1.2 per cent on a seasonal and calendar-adjusted basis. The country’s foreign trade surplus widened to €16.9 billion from €15.3 billion in September and €14.6 billion a year earlier.
IBM to buy Confluent in £11bn deal
Arvind Krishna, the IBM chief
BRIAN ACH/GETTY IMAGES
IBM is to buy the data infrastructure company Confluent in a deal valued at $11 billion, ramping up its cloud-computing offerings to capitalise on an AI-driven demand boom.
Confluent, based in Mountain View, California, provides the technology needed to manage real-time data streams for artificial intelligence models.
Arvind Krishna, the IBM chief, has been beefing up the company’s cloud and software business as customers upgrade their digital infrastructure to cope with artificial intelligence applications. Krishna said: “With the acquisition of Confluent, IBM will provide the smart data platform for enterprise IT, purpose-built for AI.”
Other companies reporting today include:
Ashtead: The FTSE 100 industrial equipment hire group has reported that interim headline pre-tax profits fell 10 per cent to $1.08 billion in the six months to the end of October, down from $1.19 billion. Revenue over the period rose 1 per cent to $5.76 billion. Alongside the results, Ashtead said plans to shift its primary stock market listing to New York in March were on track.
Chemring: The FTSE 250 defence group has reported that pre-tax profits from continuing operations rose to £67.7 million in the 12 months to the end of October, from £51.8 million the year before. Revenue over the period rose to £497.5 million, from £488.3 million.
British American Tobacco: The tobacco company announced plans to increase its share buy-back programme to £1.3 billion as it said it expects to deliver full-year results in line with City expectations when it posts its results in February.
Frasers: The Sports Direct owner said it has acquired the Swindon Designer Outlet, a 250,000 sq ft out-of-town shopping centre. No financial details of the deal have been disclosed. Michael Murray, the chief executive, said: “Physical retail is central to our … strategy and investing in Swindon — one of the UK’s top five outlets by footfall — strengthens our position as both retailer and landlord.”
Pennon: The owner of South West Water and Bristol Water has confirmed that Susan Davy will step down as chief executive on December 31, after her previously announced retirement. Until her successor, Keith Haslett, joins — expected no later than June 30 — the chairman David Sproul will take on the role of executive chair.
Moonpig chief bows out on high note
Nickyl Raithatha, the outgoing Moonpig chief
ALAMY
Nickyl Raithatha is stepping down as chief executive of Moonpig on a high note, with the online greeting cards and gifts group returning to profit. Moonpig posted a pre-tax profit of £26.6 million for the six months to the end of October, reversing a £33.3 million loss in the same period last year, while revenue rose 6.7 per cent to £168.6 million.
Raithatha, who unexpectedly announced his departure in June after seven years as chief executive, will leave at the end of the year. Catherine Faiers, currently AutoTrader’s chief operating officer, will succeed him in March. Moonpig’s shares, which soared on its February 2021 debut, are still 38 per cent below their float price, despite recent profit growth. The stock initially jumped from 350p to 488p within months of listing.
Gold price dips in expectation of Fed rate cut
The Federal Reserve building in Washington
KEN CEDENO/REUTERS
Gold edged lower as investors priced in a Federal Reserve rate cut at the start of the US central bank’s two-day policy meeting later today.
Spot gold slipped 0.2 per cent to $4,181.50 an ounce. Benchmark 10-year Treasury yields held near a 2½-month high.
Analysts expect a “hawkish cut” with guidance pointing to a high bar for further easing. Markets see an 89 per cent chance of a quarter-point cut this week, according to CME’s FedWatch Tool.
Nvidia allowed to sell second-best chip to China
Jensen Huang, the Nvidia chief, speaking during a conference in Washington in October
JIM WATSON/GETTY IMAGES
The US will allow Nvidia to export its H200 artificial intelligence chips, its second-best processors, to China and collect a 25 per cent fee on sales, President Trump said on Monday.
The move appears to settle a debate over whether US chipmakers should sell to China to maintain global leadership or restrict exports on security grounds. Beijing has warned companies against using US technology, raising uncertainty over demand.
“We will protect National Security, create American Jobs, and keep America’s lead in AI,” Trump wrote, adding that Nvidia’s US customers are moving ahead with its latest Blackwell and future Rubin chips, which are excluded from the deal.
Nvidia shares rose 2 per cent in after-hours trading. Trump said President Xi “responded positively”. Officials called it a compromise that limited the advantage of Huawei, the Chinese chipmaker.