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The water energy nexus refers to the close relationship between the two resources.
This link has been thrown into sharp relief over recent months, especially in Europe.
In an interview with CNBC last week, the CEO of Snam spoke about why it was important to value water.

This image, from August 2022, shows a stretch of the Rhine in Germany, which plays a key role in the transportation of goods such as coal.
Christoph Reichwein | Picture Alliance | Getty Images

The link between energy production and water is of crucial importance and we need to value the latter resource far more going forward, according to the CEO of a leading gas infrastructure firm.
The comments from Snam CEO Stefano Venier come at a time when the interconnection between water and energy security has been thrown into sharp relief following a period of high temperatures and significant drought in Europe.

“For a long time, water was considered [as being] for free, as something that is fully available in any quantity,” Venier told CNBC’s Steve Sedgwick at the Ambrosetti Forum in Italy.
“Now, we are discovering that with climate change … water can become scarce,” Venier, who was speaking at the end of last week, added.
“And we have to regain the perception of importance, and the value [that] … the water has, also, with respect to … energy production.”
Expanding on his point, Venier noted how “we have discovered that without water, enough water, we cannot produce the energy we need, or we can’t ship the fuels for filling the power plants.”
With water levels of some major European rivers dropping in recent months, there have been concerns about how this will affect the supply of energy sources such as coal, a fossil fuel.

Earlier in August, for example, Uniper — via the transparency platform of the European Energy Exchange — said there “may be irregular operation” at two of its hard-fired coal plants, Datteln 4 and Staudinger 5.
This was, it reported, “due to a limitation of coal volumes on site caused by the low water levels of the Rhine river.”
The water energy nexus
Venier’s remarks speak to broader discussions around the water energy nexus, a phrase referring to the close links between water and energy.
With major economies around the world laying out plans to eventually move away from fossil fuels in favor of renewables, we are likely to see more discussions on this topic, in particular the relationship between energy, water and the climate
As the International Energy Agency puts it: “Energy supply depends on water. Water supply depends on energy.”
“The interdependency of water and energy is set to intensify in the coming years, with significant implications for both energy and water security,” it adds.
“Each resource faces rising demands and constraints in many regions because of economic and population growth and climate change.”
This connection has been highlighted over recent months, especially in Europe.
Earlier this summer, for example, a Swiss nuclear power plant lowered its output in order to prevent the river that cools it from hitting temperature levels dangerous to marine life.
At the time, the Swiss Broadcasting Corporation’s international unit, citing the country’s public broadcaster SRF, said the Beznau nuclear power plant had “temporarily scaled back operations” to stop the temperature of the River Aare from rising “to levels that are dangerous for fish.” These restrictions have since been lifted.
Elsewhere, government ministers in Norway, which is heavily reliant on hydropower domestically, have talked about restricting exports due to lower reservoir levels, according to Reuters.

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All the above is taking place at a time when many major European economies are attempting to find new sources of energy following Russia’s unprovoked invasion of Ukraine.
Back at the Ambrosetti Forum, Snam’s Venier was asked about European energy security, and whether we would see Italy, and Europe more generally, tap gas resources from other parts of the world.
“It’s the direction that the government has set, the EU has set through … REPowerEU and what we are implementing at Snam,” he said.
“In the last couple of months, we have bought two floating vessels to re-gas the LNG,” he added. “Those two vessels will be placed in operation — one next year and the second in 2024.”
This would, Venier said, “open, of course … new markets like West Africa or other parts of the world that can supply the gas.” More

The U.K. faces a historic cost-of-living crisis due to a persistent upward spiral in energy bills, which has driven inflation to double figures and is expected to worsen into next year.
Fish and chip shop owners told CNBC that they are fearing for their future as the rising costs of fish and energy squeeze margins.

SKEGNESS, England – Aug. 30, 2022: Salt’s fish and chip shop in Skegness, Lincolnshire. Manager Liam Parker told CNBC the family business is looking to cut costs through the winter as soaring energy and fish prices weigh on small businesses.
Elliot Smith/CNBC

SKEGNESS, England — Traditional British fish and chip shops are facing an “extinction event” as prices for energy and fish skyrocket, the industry’s official body and shop owners have warned.
The U.K. faces a historic cost-of-living crisis due to a persistent upward spiral in energy bills, which has driven inflation to double figures and is expected to worsen into next year, hammering consumers and small businesses.

Meanwhile, the prices of fish, potatoes and oil have soared in light of Russia’s invasion of Ukraine and a subsequent suite of international sanctions. Russia is one of the world’s largest seafood producers, and is a key supplier of white fish to many countries.
“It’s starting to cripple us a little bit — the [school summer] holiday finishes next week and people will be concentrating on energy prices themselves, so I think this winter is going to be hard,” David Wilkinson, owner of The Blue Fin restaurant in Skegness, Lincolnshire, told CNBC last week, adding that the business had already seen a 60% increase in its energy bills this year.
“Most people are talking about just a few days a week opening up, because it’s so quiet here. I think a lot are going to go to the wall unless we get some help from the government.”
David and his partner Eileen Beckford have run the restaurant in the center of the east coast seaside town, a traditional domestic summer vacation destination for many Brits, for seven years.

SKEGNESS, England – August 30, 2022: David Wilkinson (R) and partner Eileen Beckford (L), owners of the The Blue Fin in Skegness, Lincolnshire, are worried about the future as rising fish and energy prices hammer traditional British fish and chip shops.
Elliot Smith/CNBC

“I used to have the restaurant open upstairs and downstairs, plenty of staff — can’t do it now, we just have to put it on trays, charge the same price, save money on costs, which helps relieve the cost a little bit. It’s a fine margin now, that’s for sure,” he said. The Blue Fin is also struggling to find staff as the country’s labor market remains extremely tight.

Prior to the pandemic, he used to pay £70 ($81.16) for 3 stone (42 lbs) of fish, but that has now reached £270, with much of his fish coming from Russia. The U.K. government has implemented an additional 35% tariff on seafood imports from Russia as part of its punitive measures following the war in Ukraine, and Wilkinson’s suppliers have informed him that this is likely to hit even harder through the winter.
Many fish and chip shops are instead turning to Scandinavia, and representatives from the National Federation of Fish Friers (NFFF) recently traveled to Norway to attempt to mitigate the problem of soaring prices.
A key issue faced by the industry is the extent to which fish and chip shops can pass cost increases onto consumers before they begin to lose business, with fish and chips having long been considered an affordable treat, especially in traditionally working class areas of the country.
‘We are scared’
Liam Parker, manager of Salt’s Fish and Chip Shop at the opposite end of the town, has seen energy prices double while it opened for extended trading hours during the summer, and the business is looking to conserve energy as much as possible throughout the winter.
“In the winter, Skegness goes from really busy to a bit of a ghost town. We’ll be keeping an eye on everything and not overdoing it,” he told CNBC last week.
“Obviously hours shorten a little bit, but we look to try and earn as much money as we can in the summer just to get us through the winter.”

The family-owned business has been forced to increase its fish prices twice this year due to wholesale prices rising by around £20 per box, Parker estimated. Suppliers have cited greater travel requirements and rising fuel costs to collect fish as key drivers of price increases.
“We’re hoping at the minute, but don’t get me wrong, as owners, we are scared. We have had conversations between the whole family, what we’re reading, and we’re uncertain what the future is going to hold,” Parker said.
The business has been contacting suppliers to try to lock in prices for a year or more, but the uncertainty of the macroeconomic and geopolitical outlook means many are not willing to enter into such conversations, he added.
‘Extinction event’
Andrew Crook, president of the U.K.’s National Federation of Fish Friers and owner of the Skippers of Euxton restaurant in Chorley, Lancashire, told CNBC on Monday that this was potentially the worst crisis the industry has ever faced.
The price of fish and chips at Skippers has risen by £1.60 since the beginning of the year, but Crook said the price he pays for fish has now doubled. He suggested the outlook is “very scary indeed” as the impact of the 35% tariff on Russian imports is yet to feed through fully into prices being charged by suppliers.
Meanwhile, a drought in the U.K. has hampered the growing of crops, which Crook anticipates will further drive up potato prices, and the price of sunflower oil, used by many fish and chip shops, has doubled, though has begun to level off as supply shortages ease.
“It’s a very bleak picture, but we’re resilient, we’ve got a great product and I’m sure the industry will get through it. It might bring quite a few people down along the way — I’m pretty sure it will,” Crook said. 
“I don’t think it’s just fish and chip shops that are affected, although we do have some unique pressures because of the conflict our reliance on some of the products that come out of Russia and Ukraine, so we are probably taking the brunt of it, but I think this really is an extinction event for small business without the government stepping in.”

SKEGNESS, England – Aug. 30, 2022: High Street in Skegness, Lincolnshire, colloquially known as Chip Pan Alley.
Elliot Smith/CNBC

The NFFF has been lobbying the British government to reform its tax system for small businesses, with VAT (value added tax) — a levy on goods and services at each stage of the supply chain — returning to 20% from April after a relief package during the Covid-19 pandemic.
“We’ve always had quite a tight margin because fish is expensive, and we’ve always had quite a low sale price, but we work on volume. We’ve always felt the pain of VAT – I think now the rest of hospitality are all saying the same thing,” Crook said. 
“Now is the time. We need a brave government that is going to take these difficult decisions and recognize it as an investment in the future, because we do provide great jobs.”
Commercial energy customers do not enjoy the same freedoms as households to switch to a new provider during the contract term, he explained. The NFFF is also calling for a review of the energy supply system to offer greater reward for businesses investing in staff and environmentally friendly operating practices.
“Small businesses are the biggest employer in the country. We were always known as a nation of shopkeepers — I don’t know what we are now, to be honest,” Crook said.

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Shares of Digital World Acquisition fell after the company ended its meeting and sought votes to delay a merger with Trump Media and Technology Group.
DWAC has previously warned that a failure to extend the deal with the Truth Social-owner could result in liquidation of the SPAC.
The stock is significantly off its highs as the companies face federal investigations into possible securities violations, and as Trump faces his own probes.
Digital World also submitted a securities filing Tuesday that highlighted one of Trump’s recent “Truths” on his Truth Social platform that cast more doubt on the SPAC deal.

Digital World Acquisition Corp. adjourned its shareholder meeting after two minutes on Tuesday and said it will continue counting votes on whether to delay a merger with former President Donald Trump’s media company.
Shares of DWAC closed down around 11%. The special shareholders meeting was adjourned until noon ET on Thursday.

The special purpose acquisition company had a Thursday deadline to take Trump’s media company and its Truth Social platform public. The SPAC has previously warned that a failure to extend the merger deadline could force DWAC to liquidate. 
Adding to the intrigue, Digital World also submitted a securities filing Tuesday that highlighted one of Trump’s recent “Truths” on his Truth Social platform, which cast more doubt on the SPAC deal.

The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year.
Leon Neal | Getty Images

“In any event, I don’t need financing, ‘I’m really rich!'” Trump posted on Saturday. “Private company anyone???”
DWAC’s shares plunged Tuesday after Reuters reported earlier Tuesday that it failed to get enough shareholder votes to extend the deadline for its merger with Trump Media and Technology Group. The merger would give Trump’s company a cash infusion. Trump created Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot. 
Trump Media denied reports of financial strife that surfaced at the end of August. Trump Media and Technology Group told CNBC in a statement that Truth Social is continuing to grow and is bolstered by the recent addition of advertising to the platform.

“TMTG will continue cooperating with all stakeholders in connection with its planned merger, and hopes the SEC staff will expeditiously conclude its review free from political interference,” a spokesperson from the company wrote to CNBC.
DWAC warned investors that Trump’s volatile popularity could be a risk to the deal. The former president is also currently the subject of various investigations, including a probe into the removal of sensitive documents from the White House. Both DWAC and Trump Media are also under federal investigation for possible securities violations. 
DWAC needed 65% of shareholders to approve the extension. CEO Patrick Orlando says he controls 20% of shares through his ARC Investments but that many of the SPAC’s shareholders are retail investors.
Orlando has been on a media campaign and posting on Truth Social to drum up enough votes for the extension. DWAC is still trading above its liquidation price, which would pay out around $10 per share. There could be hope in “built in” extensions that Orlando has previously alluded to. Such an extension would require sponsors to add more cash to the company’s trust.

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Dr. Ashish Jha, White House Covid response coordinator, said people who were recently infected can wait a few months before getting an omicron booster.
CDC guidance says waiting three months after infection to get another Covid shot can result in a stronger immune response.
Studies have shown people who caught Covid after vaccination have substantial protection against the virus, though immunity wanes over time.

People walk by a Covid-19 testing site at Times Square on May 12, 2022 in New York City.
Liao Pan | China News Service | Getty Images

People who recently caught Covid can wait a few months to get a new omicron booster, White House Covid response coordinator Dr. Ashish Jha said on Tuesday.
Studies have found people who caught Covid after vaccination have substantial protection against the virus, though the data is based on omicron variants that are no longer circulating in the U.S. and immunity wanes over time.

“If you’ve had a recent infection or were recently vaccinated, it’s reasonable to wait a few months,” Jha told reporters during a new conference Tuesday.
Jha said everyone else age 12 or older should get a booster shot as soon as they can, particularly the elderly, people with serious medical conditions and those with weak immune systems.

The Centers for Disease Control and Prevention last week cleared boosters that target the dominant omicron BA.5 subvariant. People ages 12 and up are eligible for the new shot at least two months after completing their primary two-dose series or their most recent booster with the old vaccines.
People who are vaccinated and recently caught Covid can wait three months to get their next shot, according to guidance from the CDC. Studies have shown that waiting a few months after an infection to get boosted can result in a stronger immune response from the shot, according to the CDC.
Jha told reporters in July that breakthrough infections in people who are vaccinated have become more common since the omicron BA.5 variant became the dominant form of Covid over the summer. Omicron BA.5 is the most contagious and immune-evasive form of the virus yet, Jha said at the time.

It’s unclear how long people are protected after recovering from a BA.5 infection, Jha said in July. The CDC previously thought that infection provided about 90 days of protection, though it’s become more common for people to get reinfected before then, Jha said.
Data from Moderna’s clinical trial of omicron BA.1 shots showed that people with a previous infection who received the booster had the strongest immune response. This means people who were previously infected and get an omicron booster might have longer protection against Covid, according to a presentation from last week’s CDC committee meeting on the shots.
People who received three shots with the original vaccines and then caught Covid had more than 70% protection against infection from the omicron BA.1 and BA.2 variants, according to a study published in the New England Journal of Medicine by Weill Cornell Medicine in Qatar. People who received two doses and caught Covid had more than 50% protection against infection.
But the study might not translate well to the U.S. because Qatar’s population is much younger with only 9% of its residents age 50 or older, compared with more than a third of all Americans. Omicron BA.1 and BA.2 also are no longer circulating in the U.S. However, the now-dominant BA.5 variant is very similar to those earlier ones.
HHS Secretary Xavier Becerra said on Tuesday that public health officials are particularly focused on making sure people ages 50 and older get boosted this month.
The CDC cleared a fourth dose of the old vaccines in March for this age group. A fourth dose was about 56% effective at preventing hospitalization from omicron BA.5 four months after receiving the shot, according to CDC data.
U.S. health officials believe the new boosters will provide stronger and more durable protection against Covid because the shots target the omicron BA.5 variant, whereas the old vaccines were developed against the original strain of the virus that emerged in Wuhan, China, in 2019.

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Bed Bath & Beyond named an interim chief financial officer after the former CFO, Gustavo Arnal, died by suicide Friday.
The home goods retailer is also looking for a new permanent CEO and recently eliminated several other executive jobs.

Bed Bath & Beyond on Tuesday said it tapped its chief accounting officer, Laura Crossen, as interim finance chief after CFO Gustavo Arnal died Friday.
Crossen, who took over the role as of Monday, will also continue as the company’s chief accounting officer, Bed Bath & Beyond said in a regulatory filing.

Arnal’s death was ruled a suicide by New York City’s medical examiner this weekend. Police said he fell to his death Friday from a skyscraper in downtown Manhattan.
Shares of Bed Bath & Beyond closed at $7.04, down about 18%, as investors weighed the struggling retailer’s path forward. The company is looking for a new CEO after its board ousted Mark Tritton in June. It said last week it would eliminate the jobs of chief operating officer and chief stores officer.
Sue Gove, a Bed Bath board member, has stepped in as interim CEO. She is founder of a retail consulting firm and has served in executive roles, including chief operating officer of jewelry company Zale.
The home goods retailer is trying to turn around slowing sales and regain market share that it has lost to competitors. As it prepares for the holiday season, Bed Bath & Beyond announced last week that it had secured more than $500 million in additional funding and laid out a plan to manage costs, including layoffs and the closure of about 150 stores.
Bed Bath’s challenges are being compounded by a shift away from popular pandemic categories, such as home goods, as people spend on services like dining out and traveling again. Other retailers, including Walmart and Kohl’s, have also seen a pullback in discretionary categories as people spend more on food and necessities because of inflation.

Bed Bath’s same-store sales have continued to decline in recent months. Last week, the company said same-store sales fell 26% for the three-month period ended Aug. 27.
If you are having suicidal thoughts, contact the Suicide & Crisis Lifeline at 988 for support and assistance from a trained counselor.
Correction: This story has been updated to correct the spelling of Laura Crossen’s name.

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The value of the U.S. dollar is at its highest in roughly two decades relative to the euro.
That means Americans are getting discounts on hotels, car rentals and other purchases when they travel to Europe.
Here’s how you can take advantage of the favorable euro-dollar exchange rate.

Mathieu Young/Getty Images

Americans traveling to Europe can do so a bit more cheaply these days than in recent years.
The U.S. dollar is trading at its highest level in roughly two decades relative to the euro — meaning travelers can buy more overseas.

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That means Americans are effectively getting a discount on hotels, car rentals, tours, and other goods and services denominated in euros. And it’s not just the euro — the dollar’s value is at its strongest in years relative to many other foreign currencies, too, according to travel experts.
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It’s unclear how long the good times will last. Some may wonder: Should I act now to lock in a favorable exchange rate?
“I’d pull the trigger now,” Aiden Freeborn, senior editor at travel site The Broke Backpacker, told CNBC.
“You could hedge and wait to see if things improve, but that could backfire,” he added. “Don’t be too greedy; accept the fact this is a very strong position.”

Here’s what to know and how to take advantage.

Americans are getting a 16% discount

Luis Alvarez | Digitalvision | Getty Images

Just how much of a discount are travelers getting right now? Let’s look at the euro as an example.
The euro is the official currency for 19 of the 27 European Union members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
The euro has been falling in value relative to the U.S. dollar for more than a year. It hit parity with the U.S. dollar on July 13 — the first time since 2002 — meaning the two currencies had a 1:1 exchange rate.
Since then, the euro has dropped further. One U.S. dollar bought nearly 1.01 euros as of the market close Monday. Americans are getting a roughly 16% discount from a year ago.
“The exchange rate right now is ridiculous,” Charlie Leocha, chairman of Travelers United, an advocacy group, has told CNBC. “It makes everything in Europe that used to be expensive not that expensive.”

But the dollar’s strength is broader than just the euro.
For example, the Nominal Broad U.S. Dollar Index gauges the dollar’s appreciation relative to currencies of the U.S.’ main trading partners, like the Canadian dollar, British pound, Mexican peso and Japanese yen in addition to the euro. It’s up more than 8% in the last year.
Further, since July, the index has hovered near its highest point dating to at least 1973, according to Andrew Hunter, senior U.S. economist at Capital Economics. There’s one exception: the period from March to May 2020, when international travel was largely inaccessible due to the Covid-19 pandemic.
“I think the big picture is, now is probably a good time to go abroad,” Hunter said. “Now is a good time to buy foreign currency, basically.”

Why the U.S. dollar is stronger

Matteo Colombo | Moment | Getty Images

The strength of the dollar is attributable to a few factors, Hunter said.
Perhaps the most consequential is the U.S. Federal Reserve’s campaign to raise interest rates. The central bank has been more aggressive than others around the world in increasing borrowing costs; the dynamic creates an incentive for international investors to keep funds in dollar-based assets since they can generally earn a higher return, Hunter said.
Recently, soaring natural gas prices have contributed to an “increasingly bleak” economic outlook in Europe, Hunter said. Meanwhile, natural gas prices have been broadly stable in the U.S., where the main trend is instead the continued sharp fall in gasoline prices, he added.
Earlier this year, surging oil prices had hurt growth prospects for some developed countries (especially in Europe) relative to the U.S. And economic uncertainty (due to factors like inflation and recession fears and the war in Ukraine) has led investors to flock to safe haven assets like the U.S. dollar.

“Further gains in the dollar if they materialize are still likely to be relatively small compared to the rise we’ve already seen,” Hunter said. “But there’s maybe a bit more scope for further dollar appreciation now than we previously thought.”
Of course, currency moves are notoriously difficult to predict, he said.
The European Central Bank also increased interest rates in July, for the first time in 11 years. So far, that doesn’t seem to have impacted the strength of the U.S. dollar relative to the euro, Freeborn said.
“But it does signal that the ECB is now taking action,” he said. “As such it may only be a matter of time before the euro starts to rise against the dollar — so now really is the time to travel.”

Pay in advance to lock in low exchange rates

Getty Images

Of course, this isn’t all to say Americans will necessarily reap financial rewards the world over.
But tourists planning or considering a trip to a country where the dollar is historically strong can lock in that favorable exchange rate by booking a hotel, rental car or other service today instead of deferring the cost, according to travel experts.
This is especially worthwhile for those with a trip at least three months away, Leocha said.
“You can pay in advance, and sometimes you get a discount for paying in advance — so you get a discount and the low exchange rate,” he said.

Be aware: In some cases, you may owe an additional foreign transaction fee for a credit card purchase overseas. Some travel cards eliminate these fees, though, which generally amount to 3% of the purchase price, Leocha said.
Fees may depend on where the company you’re transacting with is based. There isn’t a foreign transaction fee if the purchase is through a third-party U.S. entity like Expedia, but there often is one if booked directly through a foreign entity like the actual hotel, Leocha said.

When to convert cash for a trip abroad

Travelers can also convert cash ahead of a trip but should generally only do so if the trip is several months away, according to travel experts.
That’s because providers like banks typically offer less generous exchange rates — meaning a customer may be better served by waiting until arriving at their destination country and making purchases with a credit card, especially if it doesn’t carry a foreign transaction fee.
While abroad, merchants may offer travelers the choice of making a purchase “with or without conversion” or according to some similarly worded prompt. Travelers should decline that conversion offer — meaning they should opt to do the transaction in the destination currency instead of convert that price into dollars —in order to get the best exchange rate, experts said.
Travelers who’d prefer to convert to cash can hedge their exchange rate bets by converting half their estimated expenditure now and waiting until later (or their arrival) to covert the rest, Freeborn said.
Correction: The Nominal Broad U.S. Dollar Index is up more than 8% in the last year. An earlier version misstated the percentage.

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Procter & Gamble (PG) has long been prized by investors for its ability to raise prices and retain customers — even in a weakening economy. But two new reports call into question the consumer giant’s so-called recession-resistant qualities — at a time of slowing economic growth but also decades-high inflation. Analysts at Well Fargo said in a research note Tuesday there’s a growing debate on whether P & G can meet its fiscal year 2023 targets amid slower consumer demand. According to a Wall Street Journal article Sunday, consumers are trading down premium detergents for cheaper brands. P & G has been able to maintain momentum as one of the top consumer brands so far. But as consumers tighten their budgets and shift their preferences to less-expensive alternatives, it’s important to consider how this dynamic could impact Procter & Gamble’s long-term growth prospects. What the reports say Wells Fargo said the answer whether P & G will meet fiscal 2023 targets appears to be “yes,” but analysts there are trimming full-year earnings-per-share estimates by 2 cents to $5.88. When reporting its latest quarter, P & G said back in July that it expected EPS for 2023 to be $5.93 on organic sales growth in the range of 3% to 5%. Analysts see slower growth in the short-term when comparing P & G to peers — but since we’re still in the beginning of the fiscal year, they maintain longer term growth. “PG growth is slowing on significant comps but two-/three-year stack trends are still strong” the Wells Fargo note said. In its fiscal year 2022 shareholder letter , Procter & Gamble said it was able to deliver strong performance in difficult operating conditions: “Organic sales growth of 7% continues our strong top-line momentum, which is up 13% on a two-year stack (across fiscal years 2021 and 2022) and up 19% on a three-year stack (across fiscal years 2020, 2021 and 2022).” In recent quarters, P & G had organic sales growth of 10% in its fiscal third quarter and 7% in its fourth quarter. Wells Fargo estimates organic sales growth of 5% in Q1. The Journal article also highlights that while less-expensive detergent brands are gaining some traction, some consumers may not be willing to trade down because of their concerns of lower quality. In some cases, according to the report, consumers are switching over to more expensive detergent pods. We think this shows that P & G’s products have an edge compared to its competitors. Bottom line With a slowdown in retail, we own Procter & Gamble for its recession-resistant qualities. While demand is decreasing in the overall economy, consumers are still going to spend on things like detergent, toothpaste and shampoo even as prices in the economy rise. However, Wells Fargo’s fiscal 2023 EPS trim and the Wall Street Journal report about slowing sales of premium laundry detergent versus flat-to-growing sales of cheaper alternatives are not what we like to see. A couple of things to consider: We think what could provide support to P & G are a decline in its commodity costs and any future weakness in the recently strong dollar. As a multinational in price-sensitive categories, P & G is always vulnerable to foreign exchange fluctuations, and the cost of making and shipping goods has been higher for most companies. We currently have P & G rated a 1 , meaning we see it as a buying opportunity at current prices. However, P & G is scheduled to speak at a Barclay’s conference on Thursday. We’ll be listening closely to what management has to say about recent trends and future expectations before making our next move for the Club. The consumer goods giant specializes in household products, consumer goods and personal care items with notable brands including Tide, Crest, CoverGirl, Pampers and Secret. P & G’s brand superiority creates consumer loyalty. These products are on the higher quality-end in its categories, allowing the company to sell its products at higher price points and supporting supports its gross margin expansion. For example , in its baby products, P & G has developed offerings at different price tiers to accommodate customers who might be seeking more affordable options. The company’s portfolio of Baby Care products supported high single-digit organic sales growth globally in fiscal 2022 in P & G’s Baby Care category, according to the company. This offering allows the retailer to adapt to changing consumer needs. (Jim Cramer’s Charitable Trust is long PG. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Tide, a laundry detergent owned by the Procter & Gamble company, is seen on a store shelf on October 20, 2020 in Miami, Florida.
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Lowe’s chief marketing officer Marisa Thalberg has left the retailer as part of a broader reorganization, the company said Tuesday.
The home improvement retailer cut Thalberg’s role and moved its marketing team under Bill Boltz, executive vice president of merchandising.
Thalberg oversaw several high-profile campaigns, including TV commercials on ESPN during the NFL Draft.

Marisa Thalberg, executive vice president and chief brand and marketing officer.
Source: Marisa Thalberg

Lowe’s chief marketing officer Marisa Thalberg has left the retailer as part of a broader reorganization, the company said Tuesday.
The home improvement retailer cut her role and moved its marketing team under Bill Boltz, executive vice president of merchandising. Thalberg previously reported directly to CEO Marvin Ellison.

Thalberg’s departure is part of a growing wave of leadership changes in the retail industry. Gap, GameStop and Bed Bath & Beyond are among the other retailers who have lost C-suite executives. Such shakeups have gained steam as stimulus check-fueled spending wanes and some consumers pull back on discretionary purchases because of inflation. For some companies, particularly major pandemic beneficiaries such as Peloton, it has meant a sudden and dramatic drop in sales.
Lowe’s, too, has seen a slowdown. Its same-store sales have declined in the past two quarters. The company said it now expects total and comparable sales for the year toward the bottom of its outlook range. It had forecast sales of $97 billion to $99 billion and comparable sales to be down 1% to up 1%.
Thalberg stepped into the role in February 2020, a month before the pandemic began and fueled a surge of home improvement spending. She oversaw several high-profile campaigns, including TV commercials on ESPN during the NFL Draft, and an expanded effort to capitalize on the holiday season.
Prior to joining Lowe’s, she was Taco Bell’s global chief brand officer and worked for Estee Lauder, Unilever Cosmetics International and Revlon.
Lowe’s tapped the advertising executive to woo customers as the retailer overhauled its broader business and went more head-to-head with larger rival Home Depot. Led by Ellison, who joined Lowe’s in 2018, the home improvement retailer has relaunched its website, debuted a new loyalty program to chase home professionals’ dollars and expanded its merchandise mix to include exercise equipment, pet supplies and more home decor.

It wanted to refresh its image, too, and tapped Thalberg to oversee that. At the time of her hire, Ellison said Lowe’s hired her to put a more modern spin on Lowe’s marketing approach, such as personalizing messages on social media for customers instead of relying on traditional channels such as TV and radio.
Thalberg could not be immediately reached for comment.
Lowe’s said Thalberg’s departure is one of several companywide changes that took effect Friday. It said all changes are meant “to improve alignment across the business and position Lowe’s for success.”
Its business that caters to home professionals, such as electricians and contractors, will now be under store operations. Tony Hurst, a senior vice president who oversees Lowe’s pro business, will now report to Joe McFarland, Lowe’s executive vice president of stores. He previously reported directly to Ellison.
Its online team, which previously was under Boltz’s leadership, will now be under the technology team instead of the merchandising team. Mike Shady, senior vice president of online, will report directly to Lowe’s chief digital and information officer Seemantini Godbole.
Lowe’s CMO role has not been filled. Instead, Lowe’s has promoted Jen Wilson as senior vice president of enterprise brand and marketing, and she will report to Boltz.
Shares of Lowe’s are down about 25% so far this year, closing Tuesday at $192.96.

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