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On November 26th, BlackRock analyst Vivek Paul stated in a report that the UK budget has reached a balance, which should boost market confidence and alleviate concerns about any potential political consequences. The chief UK investment strategist said the governments expansion of fiscal space to £22 billion—exceeding market expectations and the £10 billion in the spring budget—was a positive surprise to the market. He said, "The government wants to show the market its strong commitment to fiscal credibility. The decision not to take politically sensitive measures such as tax increases and spending cuts today is not out of fear of political backlash, but because it is not currently necessary." He indicated that the increased fiscal space appears to stem from the delayed implementation of fiscal consolidation plans.According to the Italian news agency ANSA, Italy may slightly increase corporate taxes on large banks.On November 26th, Henderson High Income analyst David Smith stated in a report that he welcomed the UK governments decision to reduce stamp duty on newly listed companies on the London Stock Exchange. However, the portfolio manager pointed out, "The government could have taken more ambitious steps to enhance the attractiveness of the UK market." Currently, the UKs 0.5% stamp duty is particularly high among major global financial centers. He emphasized that this tax not only diminishes the value of savings but also increases the cost of equity financing for UK-listed companies, potentially leading to lower valuations.On November 26th, Deutsche Bank analyst Sanjay Raja stated in a report that the UK budget appears better than expected, with the fiscal buffer doubling from £10 billion in March to just under £22 billion. He indicated that public borrowing is expected to continue its downward trend. Budgetary measures could lower inflation, thereby increasing the likelihood of a Bank of England interest rate cut. Raja noted, however, that the fiscal austerity measures may take effect later, raising some questions about their credibility.1. U.S. EIA gasoline inventories rose by the largest amount since the week ending November 26, 2025, in the week ending November 21. 2. U.S. EIA distillate fuel oil inventories rose by the largest amount since the week ending September 12, 2025, in the week ending November 21. 3. U.S. EIA strategic petroleum reserves reached their highest level since the week ending September 30, 2022, in the week ending November 21. 4. U.S. commercial crude oil imports, excluding strategic reserves, reached their highest level since the week ending September 19, 2025, in the week ending November 21.

Starbucks chooses the CEO of Lysol producer Reckitt

Skylar Williams

Sep 02, 2022 11:18

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Starbucks Corp selected Laxman Narasimhan as its next chief executive officer on Thursday, selecting an entrepreneur credited with revitalizing the Lysol disinfectant company to "reinvent" the world's largest coffee chain.


Reckitt, a corporation that also produces Durex condoms, Enfamil infant formula, and Mucinex cough treatment, was led by Narasimhan as its chief executive officer. Reckitt shares listed on the FTSE fell 4% after he announced his departure from this job earlier in the day.


Starbucks (NASDAQ:SBUX) is seeing volatility. More than 200 of its U.S. stores have unionized in the past year in response to workers' demands for increased benefits and compensation in the face of growing prices.


Despite growing raw material and labor costs, the company is reconsidering its business approach, changing its emphasis from cafés that encouraged lengthy stays to mobile pickup and delivery. In addition, COVID restrictions in China have slowed the American coffee chain's activities in one of its main export markets.


In April 2023, Narasimhan will assume leadership of Starbucks after spending several months studying the company and its "Reinvention" strategy, which involves increasing barista pay, enhancing staff welfare and customer experience, and redesigning locations.


Until then, interim-CEO Howard Schultz, who seized the company's reins for the third time in April following the departure of Kevin Johnson, will continue to lead the corporation.


Schultz characterized Narasimhan as a "strategic and transformational leader" with a wealth of experience in the construction of major consumer brands in a statement to workers.

BALANCED APPROACH

When he joined Reckitt in September 2019, Narasimhan was the first external candidate to assume the company's leadership since Reckitt's inception in 1999.


He led the company through the pandemic, which boosted sales of its health and hygiene products, and more recently through a baby formula issue in the United States, resulting in a rise in this year's annual estimate.


Investors at Reckitt praised the 55-year-old, a former global chief commercial officer at PepsiCo (NASDAQ:PEP), for his managerial approach after he helped revitalize the company after a sales decline.


Ashish Sinha, portfolio manager at Gabelli, a Reckitt stakeholder, observed, "He took a fairly balanced approach to strategy... he didn't go in guns blazing - he took a very methodical approach to get things right."


Starbucks announced that during the transitional phase, Narasimhan will spend time with Schultz and the management team, working as a barista, meeting employees, and touring manufacturing facilities and coffee farms.


We are surprised that Starbucks choose a successor from outside the discretionary sector, but we are optimistic that Mr. Narasimhan's global insights as CEO of a public multinational organization and background in beverages at PepsiCo would serve the company well in the future.


The coffee chain's stock barely moved in after-hours trade, gaining less than 1%. Since Schultz's interim reinstatement as CEO, the company's stock price has declined by 24%.

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