THE chairman of Tesla yesterday hit back at reports that the electric car company was looking to replace Elon Musk.
Robyn Denholm posted on X, the social media site also owned by Mr Musk, to say there had been a media report erroneously claiming that the Tesla board had contacted recruitment firms to initiate a CEO search.
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But she wrote: “This is absolutely false.”
The post insisted that the board was confident in Mr Musk’s ability.
The tech billionaire has come under increasing pressure following Tesla’s plunging profits and a slump in sales linked to a consumer boycott over his role in President Donald Trump’s administration.
Mr Musk has shrugged off criticism that his attention was split but he said last week he would “significantly” scale back his time spent slashing jobs at the Department of Government Efficiency.
BIG MAC’S SOUR DIP
McDONALDS has suffered its biggest slump in sales since the height of the pandemic after tariff jitters caused Americans to cut back on Big Macs.
The fast food giant said it was navigating the “toughest of market conditions” and visits from low and middle income customers had slumped compared with last year.
Its like-for-like sales fell by 3.6 per cent in the three months to the end of March — the biggest since lockdowns.
NEW IKEA PACKS ‘EM IN
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DELIGHTED IKEA boss Jesper Brodin proudly welcomed hundreds of shoppers to the Swedish flatpack furniture giant’s new £450million Oxford Street store yesterday.
Just over half of its 6,000 products on display, including its popular Billy bookcase, can be taken away by shoppers, with bulkier items delivered.
The cafe, with its iconic meatballs and 85p hot dogs, is already being hailed as central London’s cheapest meal.
FACTORIES FALTER
BRITISH factories have been hit with the biggest slump in export orders in five years.
They suffered their seventh monthly decline in a row, and the plunge has been exacerbated by falling demand amid trade war fears.
As a result, business confidence is at its lowest in two and a half years. Manufacturing firms are now cutting jobs at the second-fastest rate since the pandemic.
The S&P purchasing managers index indicated that rising costs were triggering the need to slash staff.
BREKKIE BOOM AT THE INNS
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BREAKFAST has become the most important meal of the day for Premier Inn owner Whitbread after it served more than 20million to guests last year.
The budget hotel firm, which also runs Beefeater and Brewers Fayre restaurants, said an 11 per cent dip in food and drink sales due to closures had been offset by huge demand for its £10.99 morning feasts.
Shareholders are eligible for free brekkies and boss Dominic Paul further tried to please investors with a £250million share buyback.
The business posted a 19 per cent drop in profits to £368million on the back of a slip in UK bookings.
INTEREST rates could fall as low as 3.25 per cent this year, according to Morgan Stanley analysts.
The Bank of England is expected to cut rates next Thursday to 4.25 per cent.
But they could fall further if Trump’s tariffs weaken the global economy.
£100M DEBT AID
BANKING giant Lloys has put aside £100million more to cover bad debts as it braces for a worsening economy due to the US tariffs.
It spooked investors yesterday by making a slightly higher than expected £309million impairment charge.
The bank reported a slip in pre-tax profits to £1.5billion from £1.6billion due to the provision.
Matt Britzman, analyst at Hargreaves Lansdown, said the profit miss was “largely due to caution around the economy rather than any real issue with borrowers”.