In a relatively slow day for grocery news, it is the anticipated showdown between US president Donald Trump and the world’s richest man, Elon Musk, that is stealing all the headlines.
A bitter row between the friends-turned-foes erupted in public view on Thursday, as per the BBC, after Musk criticised Trump’s spending bill.
Reuters also reports how the brawl sparked a 14% drop in Tesla shares overnight, wiping out $150bn in market value for the company, with bitcoin prices also tumbling 4% overnight as “investors reckoned Trump’s support should perhaps not be counted on indefinitely”.
An exclusive report by the Financial Times says that the owner of Pret a Manger, European investment group JAB Holding, has recently explored bringing in new investors to the food-to-go chain ahead of a potential IPO.
Advisers are exploring various options for the business ahead of the potential listing, including a stake sale, said people close to the matter.
The FT also reports that toilet paper supplier Kimberly-Clark is spinning off its iconic Kleenex brand as well as other products in its tissue unit outside the US into a $3bn joint venture and selling a 51% majority stake to Brazilian pulp manufacturer Suzano, the world’s largest pulp producer, for $1.7bn.
Meanwhile, Gilette-maker Procter & Gamble will cut 7,000 jobs, or about 6% of its total workforce, over the next two years, according to The Guardian, as it struggles with uneven consumer demand and higher costs driven by US tariffs.
Finally, The Times asks the question: off the back of a record set of results for Cranswick, should you be buying shares in the pork supplier right now?
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