Currys said sales in the UK and Ireland fell 4% to £2.5 billion for the six months to the end of October compared with last year.However, underlying profits in the UK and Ireland rose from £25 million to £33 million following cost-cutting across the business.
Category Archives: Financial
Electrolux receives EIB loan to increase energy efficiency of appliances
Are you looking to design the most sustainable kitchen possible? Are more energy-efficient appliances at the top of your specification list?
In the face of climate change, continued innovation in this area is of increasing importance for most.
To enable this, Electrolux has secured additional finance to boost research and the development of more energy-efficient home appliances, with a €250 million loan from the European Investment Bank (EIB).We have ambitious targets to become climate neutral and we appreciate the ongoing support from the EIB to help us achieve this. From how we source our materials, to coming up with innovations that allow both ourselves as a business and anyone who buys our products to have as low an impact on the planet as possible is central to us,” says Jonas Samuelson, CEO of Electrolux.
85% of total CO2 emissions in the life cycle of white goods are produced during the use of the products, highlighting the need for sustainability by supporting the development of products with improved environmental performance, such as appliances with reduced water and energy consumption. Electrolux will also study solutions to minimize plastic waste from its products and promote their recycling.
Samsung Reshuffle
Samsung said on Tuesday it will merge its mobile and consumer electronics divisions and named new co-CEOs in its biggest reshuffle since 2017, to simplify its structure and focus on growing its logic chip business. The sweeping move is the latest sign of centralised change at the world’s largest memory chip and smartphone maker, after Vice Chairman Jay Y Lee was paroled in August from a bribery conviction.
The head of visual display business, Han Jong-hee, was promoted to vice chairman and co-CEO, and will lead the newly merged division spanning mobile and consumer electronics as well as continuing to lead the TV business. Han has risen through the ranks in Samsung’s visual display business, without experience in mobile. Analysts said it was unclear what kind of changes or divisions of labour are expected under Han.
AO World shares dive 24 per cent amid driver shortage and supply chain problems
Shares in AO World plunged this morning after the online electrical retailer reported an operating loss of £11m in the six months to 30 September 2021, as a shortage of drivers and global supply chain issues stalled growth in the UK.
The disappointing results come a year after the UK-based company recorded an operating profit of £16m for the same period.
Electrolux receives EIB loan to increase energy efficiency of appliances
Electrolux has signed a €250 million loan with the European Investment Bank (EIB) to support research, development and innovation (RDI) on more energy-efficient household appliances.
Electrolux will use the financing to boost its research and development in the areas of energy efficiency and digitalization. The financing signed is the fourth EIB operation with Electrolux and comes after a similar facility signed in 2015, which also highlights the need for continued innovation in areas such as energy efficiency in the face of climate change.
“We have ambitious targets to become climate neutral and we appreciate the ongoing support from the EIB to help us achieve this. From how we source our materials, to coming up with innovations that allow both ourselves as a business and anyone who buys our products to have as low an impact on the planet as possible is central to us,” says Jonas Samuelson, CEO of Electrolux.
85% of total CO2 emissions in the life cycle of white goods are produced during the use of the products, highlighting the need for sustainability by supporting the development of products with improved environmental performance, such as appliances with reduced water and energy consumption. Electrolux will also study solutions to minimize plastic waste from its products and promote their recycling
Haier Germany
In the period of three years, #Haier Germany has climbed to the top of industry rankings. This revitalization was inspired by #HaierAttitude powered by the #Rendanheyi model, making Haier the fast-growing brand in Germany.
Midea big plans
Seven months into his new role as the chief financial officer of Midea Group, 39-year-old Jeremy Choy is starting to feel at home in Foshan, a city neighbouring Guangzhou in southern Guangdong province.
With multiple new Midea office towers being visibly constructed behind him, Choy told the South China Morning Post in a video chat on October 29 that the appliance giant is ready to be taken seriously as a technology company, competing head-to-head with the likes of General Electric, Siemens, Philips and Xiaomi.
“Many people still regard Midea as merely a home appliance company, but if you look at our broad product portfolio in smart homes, building technology, robots and industrial technology, we are in fact a technology company,” he said.
Before moving to mainland China from his native home of Hong Kong, Choy was head of Asia technology mergers and acquisitions for HSBC. Before that, he worked for Goldman Sachs and JP Morgan. He joined Midea in April, shortly after the appliance brand saw its market capitalisation soar past 700 billion yuan (US$109 billion).
Arcelik EBRD finance
Today Arçelik signed a deal with EBRD to finance their sustainability and R&D projects. In line with their ambitious objectives, this move will help Arçelik achieve their efficiency targets and further strengthen the climate strategy.
Employees at Glen Dimplex to go on three-day strike demanding better pay
Glen Dimplex UK Ltd in Portadown has been served with notice of strike action after 96 percent of workforce voted for action in a strike ballot over Living Wage concerns.
Glen Dimplex UK Ltd in Portadown has been served with notice of strike action after 96 percent of workforce voted for action in a strike ballot over Living Wage concerns.
The first three-day strike action is due to commence with workforce pickets forming at 6am Wednesday, November 10 until Friday, November 12 at 3pm.
Unite the union has warned of the likelihood that initial strike action will escalate to all out strike if management do not provide a Living Wage to its workforce.
It’s now more than seven months since workers submitted their Living Wage pay claim and after much delay the latest offer is for a below-inflation 3.25 percent increase this year with a 4 percent increase the next.
Unite say this below-inflation pay offer means workers will actually suffer a further, real-terms pay cut. It falls far short of the 11 percent workforce pay claim.
Glen Dimplex is a hugely successful company, commanding more than 70 percent of the home heating market in the UK.
The company is ramping up investment and introducing new lines to take advantage of the surge in demand for its highly energy efficient products.
China’s home appliance industry sees hike in revenue
China’s home appliance industry saw jump in revenues, but profits came down slightly during the first three quarters, according to the latest data from the Ministry of Industries and Information Technology.
The revenues hit 1.25 trillion yuan (around $195.34 billion), up 20.3 per cent on a year-on-year basis during the period.
The profits totalled 82.22 billion yuan, down 1.8 per cent on a year-on-year basis, the ministry said.
China’s output of refrigerators rose 2.1 per cent on a year-on-year basis to 66.2 million units during the nine months period, while production of washing machines reached 62.83 million units, up 17.3 per cent from a year ago.
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