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Business News

Sales down at Nestle after price hikes | BusinessNews

byTaufan
Nestle, the world’s biggest packaged food company, has reported a fall in sales after increasing its prices. The KitKat and Nescafe maker missed first-quarter sales estimates, the company revealed on Thursday, with business particularly hit in North America. Total reported sales dropped by 5.9% internationally to 22.1bn Swiss Francs (£19.4bn) in the first three months of 2024, compared to the same period the year before. Prices were up 3.4% globally and 4.6% in Europe. Nestle said its Purina PetCare range was a strong driver of growth during the quarter, while there was an overall fall in beverage sales, including its…
Business News

Chinese companies receive far more state support – making it harder for Western businesses to compete, data suggests | BusinessNews

byTaufan
Chinese manufacturers receive nine times more government support than their Western counterparts, according to calculations from the Organization for Economic Co-operation and Development (OECD) which helps explain the country’s complete dominance in so many sectors, from solar panels and batteries to steel. The figures produced by the OECD show that Chinese businesses benefit from government subsidies equivalent, on average, to 3.7% of their revenues. This compares to average state aid of only 0.4% of revenues for countries in the rich world. Money latest: Bitcoin suffers nightmare month The data is a critical part of the explanation for Chinese dominance in…