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Well, let's check in on some of the stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's start with Rio, tinto some movement on their share prices today. What's going on.
Their new CEO is essentially implementing a huge strategy overhaul. So this was announced early this morning. So Simon Trott, he joined in August as the CEO. He's announced his plans. Yeah, a total overhaul and a kind of a restructuring of Rio to boost it. So they're planning to raise up to ten billion dollars and they're going to reinvest that
into the business. They're going to raise that money by divesting some stakes, selling minority stakes, and a whole host of other measures, so a lot of cost saving measures to raise that money, reinvest that into the business, and then at the same time kind of pullback from non core ambitions, so things like lithium, So for example, they've only sad they're going to commit more capital to lithium when support when they say it's supported by markets and returns.
So essentially, this is a plan to slim down the business, make it more simple, and refocus on their core so copper and iron ore in particular. It adds to changes that the Trot's already done. So he's already implemented a few measures, so he's cut back on some stuff already since he's been there, and a few kind of non core units. But this is kind of his big entire
plan that he's laid out now. If you just taking a step back in terms of kind of the context of it, it comes as you know, Rio's face quite a lot of criticism over the last few year about becoming far too bloated and focusing on a host of
different things rather than its original core. And it also kind of echoes changes made by miners across the industry, So you know, there's a lot of attention now turning back to profitable assets copper in particular, and a lot of consolidation in the industry as it you know, struggles.
With new norms.
So yeah, so this is Trot's his news strategy that he's implemented, and I just want to end on a quote with him that I quite liked. He said, it's about focusing on what for us is the greatest opportunities if you try to have think and you get nothing done, which I thought was quite a good life lesson.
For everyone, a bit of philosophy. Along with the market share is down slightly this morning in trading and London at the moment, let's go to Phillips next, Louise. Their show is actually down significantly, down over seven percent.
Indeed.
Yeah, so this is the Amsterdam listed health tech company, so shares down this morning. They were the worst performer in the healthcare index of the stock six hundred. This is after a note by City Analysts. They're saying that both tariffs and China challenges or they're noting tariff and China challenges for twenty twenty six for the company. And this is their takeaways from City's own conference that has
been happening. So the analyss has said that Phillips itself cautioned that headwinds from taris next year will almost double. They're expecting the environment in China also to remain pretty muted next year. So as a result of that, the City Analysts is saying that they think that sales growth expectations for next year are probably too high, particularly given the company stress, you know, that they can't double their
growth rate again as they have done next year. So shares reacting, as you say, on the back of that, So falling into the red this morning.
Okay, So that's the news on Phillips. And finally, trust Pilot has gotten a badge review.
It has from a short seller, so short seller Grizzly Research. They've published a report this morning and essentially saying that they're short Trust Pilot. It's quite a damning report if you read through it. I won't go into kind of all the details, but you know, includes claims from them about things like fake reviews. I should say Bloomberg has gone to trust Pilot for four some comment on that. So they've published that Trust Polot. It's hitting their shows.
They were down almost nine percent this morning on the back of that short set of report.
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