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BAT scales back growth expectations, Weir announces new savings target

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BAT scales back growth expectations, Weir announces new savings target By Sharecast

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Published Dec 06, 2023 07:31
Updated Dec 06, 2023 07:41

© Reuters. BAT scales back growth expectations, Weir announces new savings target

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Tobacco and nicotine giant British American Tobacco (LON:BATS) (BAT) has scaled back its expectations for organic growth this year but expressed optimism about its long-term future as it ramps up aspirations to become a “predominantly smokeless business”. The company said macroeconomic pressures in the US were impacting its combustibles performance and organic revenues are now expected to grow at the low end of the 3-5% guidance range at constant exchange rates. However, full-year earnings should be in line with guidance. BAT said it saw continued strong volume and revenue growth in its so-called New Category products, led by vape brand Vuse and tobacco-free nicotine brand Velo.

Weir Group (LON:WEIR) announced a new savings target on Wednesday, ahead of its capital markets event. The FTSE 100 firm said it was now targeting £60m in absolute savings by 2026, as part of its goal to reach an operating margin of 20% by the same year. It also confirmed that market conditions and its 2023 guidance remained unchanged, with the company on track to deliver an operating margin of 17%.

Newspaper round-up

FBI agents tasked with investigating sanctions-busting have been dispatched to Cyprus as the global crackdown against Russian oligarchs, and the web of enablers who have helped hide their wealth, intensifies. The 24-strong team was expected to start “assisting Cypriot police” with immediate effect after arriving on the eastern Mediterranean island late Sunday. – Guardian

The financial crisis engulfing English local authorities will trigger an unprecedented increase in town hall bankruptcies in the coming months, local government leaders have warned, as they prepare to increase council tax bills and impose a fresh round of cuts to services. The grim forecast, endorsed by council leaders of all political colours, comes days after Labour-run Nottingham city council issued a Section 114 notice to become the fourth authority in the past 12 months – and the eighth in six years – to declare effective insolvency. – Guardian

German carmakers have been accused of supplying Vladimir Putin’s Russia through the back door as exports to Central Asia boom. Exports of cars and vehicle parts to Kyrgyzstan are reported to have surged by 5,500pc in the first nine months of the year compared to the same period in 2019, according to the Institute of International Finance (IIF). – Telegraph

The United Arab Emirates has snapped up a 49pc stake in one of the UK’s largest wind farms despite soaring costs throwing the industry’s future into doubt. Masdar, a company controlled by the Gulf state and chaired by the president of the Cop28 climate talks, has bought a minority stake in the East Anglia Three offshore wind farm from Spanish developer Iberdrola (BME:IBE). – Telegraph

British car manufacturers are to be given a three-year reprieve from Brexit tariffs on electric vehicle exports to the EU, hours after new figures showed sales of battery-powered vehicles fell by almost a fifth last month. The European Commission signalled yesterday that it would delay imposing a 10 per cent tax on the exports of vehicles with batteries made outside the UK, even if the rest of the vehicle has been manufactured domestically. – The Times

US close

Wall Street stocks delivered a mixed performance on Tuesday after major indices’ recent rally came to a halt in the previous session.

At the close, the Dow Jones Industrial Average was down 0.22% at 36,124.56, while the S&P 500 was 0.06% weaker at 4,567.18 and the Nasdaq Composite saw out the session 0.31% firmer at 14,229.91.

The Dow closed 79.88 points lower on Tuesday, extending losses recorded in the previous session and marking a departure from the blue-chip’s recent winning streak.

Tuesday’s primary focus was the Bureau of Labor Statistics’ JOLTS jobs survey, which revealed the number of job openings decreased by 617,000 month-on-month to 8.733m in October, marking the lowest level since March 2021 and falling short of expectations for a reading of 9.3m.

During the month, job openings decreased in health care and social assistance, finance and insurance, and real estate and rental and leasing.

On the other hand, job openings increased in information. Regarding regional distribution, job openings fell in the South, the Midwest, the West, and the Northeast.

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BAT scales back growth expectations, Weir announces new savings target

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