China Automotive Systems Slips To Loss In Q1, Net Sales Rise; Cuts FY22 Revenue View

Big Yellow Sells Industrial Warehouse Scheme At Harrow In £61 Mln Deal – Quick Facts

Self storage provider Big Yellow Group Plc (BYG.L) announced Monday that it has conditionally sold its industrial warehouse scheme at Harrow, London for gross sales proceeds of 61 million pounds.

The completion of the sale is expected to occur in August of this year, conditional on practical completion of the development.

The company has deployed around 27 million pounds of capital expenditure to date with a cost to complete of approximately 4.5 million pounds. This totals approximately 31.5 million pounds including the cost of the land.

Following the sale, Big Yellow is left with an acre of land on which it is building a new 82,000 sq ft store which is scheduled to open later this summer.

Mars Wrigley Recalls Skittles, Starburst, Life Savers Gummies

Mars Wrigley Confectionery US, LLC, affiliated to chocolate major Mars Inc., has recalled specific varieties of Skittles, Starburst, Life Savers Gummies due to the potential presence of a very thin metal strand.

The products subject to the recall in the U.S. include STARBURST Gummies Original Share Size 3.5oz; Original Peg Pack 5.8oz; Sours Share Size 3.5oz; Sours Peg Pack 5.8oz; and Sour Berries Peg Pack 5.8oz.

Further, LIFE SAVERS Gummies include Five Flavor Peg Pack 7.0oz, 3.22oz; Wild Berries Gummies Peg Pack 7.0 oz, and Sour Gummies Peg Pack 7.0 oz, 180g.

The recall also includes SKITTLES brand Gummies Original Peg Pack 5.8 oz, 2.93oz; Gummies Original Stand Up Pouch 12oz; Wild Berry Gummies Peg Pack 5.8 oz, 2.93oz; Gummies Wild Berry Stand Up Pouch 12oz; and Sour Gummies Peg Pack 5.8 oz.

The affected products were manufactured by a third party and distributed in the United States, Canada and Mexico.

According to the agency, the thin metal strand may be embedded in the gummies or loose in the bag.

The recall was initiated after receiving reports from consumers, who alerted the company about the matter. However, there have been no reports of illnesses related to the products to date.

Mars Wrigley said it will work with retailers to remove recalled products from store shelves. Consumers are urged to dispose the recalled product.

‘Could put that back in!’ Clarke squrims over Universal Credit uplift return in heated row

Rishi Sunak baffles MP with claims Universal Credit is 'generous'

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The Treasury Minister was embroiled in a heated exchange with Susanna Reid and Richard Madeley over the Government’s strategy to address rising costs across the UK. Inflation rose to 9 percent in April, leaving Britons struggling with bills and an increase in National Insurance contributions. Ms Reid questioned whether the Treasury is now considering bringing back the Universal Credit uplift as part of the additional help Boris Johnson pledged to bring in to help.

The uplift, which was originally introduced during the coronavirus pandemic, was removed last October.

Ms Reid suggested the Treasury “could put that back in” to allow Universal Credit applicants to receive an additional £20 a week.

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Holcim Buys Louisiana-based Cajun Ready Mix Concrete; Terms Not Disclosed

Swiss building materials company Holcim Group (HCMLY.PK,HCMLF.PK) Monday said it has acquired Louisiana, USA -based Cajun Ready Mix Concrete. The financial terms of the deal were not disclosed.

Holcim said it will integrate Cajun’s eight ready-mix concrete plants, 108 employees and 51 mixer trucks.

The acquisition adds to Holcim’s recent bolt-ons in ready-mix concrete, in line with “Strategy 2025 – Accelerating Green Growth”.

Cajun, which was founded in 2014 by Ryan Heck, provides top-of-the-line concrete and customer service to residential, commercial, and industrial partners in Baton Rouge, Louisiana region.

Toufic Tabbara, Region Head North America, said, “This acquisition expands our footprint in the dynamic Baton Rouge market, confirming our focus on growth in North America.”

Oil Prices Climb On China Demand Hopes

Oil prices rose over 1 percent on Monday amid hopes that fuel demand in China could be sustained.

Benchmark Brent crude futures climbed 1.1 percent to $111.19 per barrel, while U.S. crude futures were up 1.1 percent at $111.53.

There are expectations of renewed demand in China as Shanghai lifted some of its restrictions after a two-month lockdown.

Shanghai will reopen in stages and aims to return to normal life in June, raising expectations for increased fuel demand from the world’s to crude importer.

A slightly weaker dollar and expectations of solid demand heading into the peak U.S. driving season also supported prices.

The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September.

Meanwhile, U.S. President Joe Biden said today he is “considering” lifting some trade tariffs on China, noting they were not imposed by his administration.

China Automotive Systems Slips To Loss In Q1, Net Sales Rise; Cuts FY22 Revenue View

China Automotive Systems, Inc. (CAAS), a power steering components and systems supplier, reported Monday that its first-quarter net loss attributable to parent company’s common shareholders was $0.06 million, or loss per share of nil, compared to prior year’s net income of $3.2 million, or $0.10 per share.

Net sales increased 4.7 percent to $136.4 million from $130.3 million in the first quarter of 2021. The net sales increase was mainly due to the recovery of the Chinese economy post-COVID-19 and higher demand for passenger vehicles.

Chinese passenger vehicle sales increased 9 percent, but commercial vehicle sales declined by 31.7 percent, according to statistics from the China Association of Automobile Manufacturers.”

Looking ahead for fiscal 2022, the company has reduced revenue guidance to $490 million from $510 million due to the economic impact of COVID-19 and foreign exchange volatility.