Japan’s 3rd biggest automaker witnessed a drop in quarterly operating profit by 16%

Honda Motor Co, a Japanese automobile company, earlier today, posted a 16% drop in operating profit for the quarter which ended in July. As per the company’s reports, a drop in US sales and a strong yen resulted in the 16% drop in profit when compared to the same time last year.

Honda is the 3rd biggest automaker in Japan and its quarterly operating income stood at $2.37 billion or 252.4 billion yen. Last year during the same period the automaker posted an operating profit of 298.4 billion yen.

Last year the automaker sold 425,000 vehicles in the US, while during this year the company vehicle sales fell to 407,000.

The global sale last year hit records when it posted 5.323 million sales.

However, this year due to a global slowdown the automaker is forecasting to sell about 5.11 million units.

Like most other carmakers from around the globe, Honda is facing competition from ride-hailing companies like Uber and also from Google which is moving towards autonomous driving and electric vehicles.

This year in May the company announced that it would be cutting global production costs by 10% by 2025. The amount saved would be used into the development of electric and autonomous vehicles, according to a statement from the company.

Manischewitz Co’s Kosher food business to be purchased by Kenover Marketing Corp

In a joint announcement, Kenover Marketing Corp., and The Manischewitz Co. announced that both parties have reached an agreement for the former to take over all shares of the latter’s kosher food business.

As per reports, an official of Kenover Marketing Group said that an agreement has been reached upon by both parties for a transaction in which all of Manischewitz’s kosher food business will get acquired by Kenover Marketing Group.

Sources close to the matter also revealed that Manischewitz’s Season brand will not be a part of this sale.

Additionally, earlier in the week both companies also went on to announce that momentarily they will continue to commence business as usual as details regarding the deal including its finalization shall be announced in the near future.

About Manischewitz

Based out of Cincinnati, Rabbi Dov Behr founded the company, B. Manischewitz LLC., famously known for its Tam Tam crackers, range of Passover products and machine-made matzah way back in 1888. The company turned into a private corporation back in 1990, as its management purchased its shares for a reported sum of $42.5million, Up until then Manischewitz was under the control of Manischewitz family members and was functioning as a public company. In today’s day, no member of the Manischewitz is involved in the company, which now has its headquarters in Newark, New Jersey.

About Kenover

Based out of Bayonne, New Jersey, Kenover is an extension of Kayco, which came into existence after a merger was agreed upon by B&W Foods, Kenover Markering, and Kedem Foods.

 

P&G reveals that it will not sell its Gillette business despite an $8 billion write-down

Earlier in the week, via a press release, the consumer products giant, P&G revealed its earnings for the latest quarter. As per the press release, for the carrying value of Gillette’s goodwill,  P&G had to suffer a mammoth $8 billion write-down.

According to sources close to the matter, P&G revealed that it incurred such negative results due to continuous extreme competition in the razor blade category market, while also citing currency devaluations ever since it purchased Gillette back in the year 2005 for $57 billion as one of the many reasons for the heavy losses incurred.

However, quite notably, P&G remains quite confident about getting its Gillette shaving care business back on track with an upward trend.

Backing up this claim the Chief Financial Officer for P&G, Jon Moeller revealed that P&G continues to maintain a strong cash flow generation and receive strong earnings from Gillette due to which the company has no plans of selling the shaving cream business anytime soon. Additionally, Moeller also went on to say that P&G’s current focus of constant innovation for regular use product categories is in tandem with Gillette’s future plans.

In order to compete with the increasing competition in the razor blade and shaving cream market segment, P&G has reportedly adopted the strategy of emphasizing on the quality of its products in TV commercials and reducing prices on its razors.

As per reports, marking the lowest showing of P&G’s amongst its various business segments, its grooming segment organic sales were up by 4% for the current quarter in which its organic volume dropped by 1 percent.

Additionally, for the current quarter, a few specific products like electric shavers continues to show an upward trend with almost a 12 percent rise in sales as its grooming range of business showed a mixed performance.

 

Korean smartphone giant sees a huge drop in profit in the second quarter

Earlier today, Samsung, a Korean smartphone behemoth share price dropped after its profit fell by a whopping 56% in the second quarter of the financial year. The company stated that the price decline in its memory chip business was one of the reasons for the declining profit.

Right after the announcement, the share price of Samsung parent company fell by 3.4% percent. At the end of the day’s trading, the price moved up by 2.7% percent.

In the quarter which ended in June, the Korean smartphone maker generated an operating profit of $5.7 billion (6.7 trillion Korean won). Last year, during the same quarter the company had an operating profit of $12.61 billion (14.78 trillion Korean won) according to the announcement made by the company earlier today.

The technology giant also has seen a drop in revenue for the quarter ended which was around 4%.

In recent times, according to reports by smartphone makers from around the globe, economic uncertainty has caused a major decline in smartphone sales. The Korean technology company also stated that the total sales for its Samsung S10 which is also its flagship device have reduced.

The tech company also witnessed a drop in its chip and display business which fell by 60% during the quarter.

According to the smartphone maker, the company would continue to see a drop in its memory business until the end of the financial year.

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