• From the New York Times:
"Beyond Meat has lost some of its sizzle.
"Its stock has slumped nearly 83 percent in the past year. Sales, which the company had expected to rise as much as 33 percent this year, are now likely to show only minor growth. McDonald’s concluded a pilot of the McPlant burger — made with a Beyond Meat patty — this year with no plans to put it on the menu permanently.
"In late October, the company said it was laying off 200 people, or 19 percent of its work force. And four top executives have departed in recent months, including the chief financial officer, the chief supply chain officer and the chief operating officer, whom Beyond Meat had suspended after his arrest on allegations that he bit another man’s nose in a parking garage altercation.
"What investors and others are debating now is whether Beyond Meat’s struggles are specific to the company or a harbinger of deeper issues in the plant-based meat industry … Some say the slowdown in sales is a product of food inflation, as consumers trade pricier plant-based meat for less-expensive animal meat. But others wonder if the companies have simply reached the maximum number of consumers willing to try or repeatedly purchase faux burgers and sausages."
• In the UK, the Nottingham Post reports that "Tesco has announced a new way to help colleagues in the UK with unexpected or large expenses by offering them access to a low cost advance on their pay. The UK grocer has introduced a new colleague benefit that will enable around 280,000 colleagues to get up to 25% of their contractual pay early.
"The advance, which costs just a single set fee of £1.49 per advance to financial employee benefits partner Salary Finance, is to help colleagues avoid having to take on expensive debt with high interest payments, such as pay day loans. Colleagues will be able to apply online for an agreed percentage of their earned pay following a simple process and the money will be paid to them within 24 hours and can often arrive within minutes. The amount will be automatically repaid at the next pay day, and they will be allowed to take one advance per pay period."
The Post says that "Tesco successfully trialled Pay Advance with more than 6,000 colleagues working at large and convenience stores in Liverpool over the past year, with 51% saying they used an advance to deal with an unexpected expense. A figure of 77% of colleagues said the new benefit made them feel more positively about Tesco as an employer. The average size of the advance was £99."