Treasury Wine Estates posted first-half profit that beat analyst estimates as rising Asian sales and cost-cutting limited negative currency movements
Treasury Wine Estates Ltd. (TWE), Australia’s largest winemaker, posted first-half profit that beat analyst estimates as rising Asian sales and cost-cutting limited negative currency movements. The shares surged. Net income rose 31 percent to A$52 million ($53...
CEDC proposes bond-equity swap to reduce debt – considers pre-packaged bankruptcy as back-up plan
Central European Distribution Corp. (CEDC), the Polish vodka distiller rescued by Russian billionaire Roustam Tariko last year, proposed swapping bonds for equity to cut its debt by more than $750 million. The company, which made a deal in December to get as much as...
Beer lovers in class-action suit against Anheuser-Busch for watering down brews
Beer lovers across the U.S. have accused Anheuser-Busch of watering down its Budweiser, Michelob and other brands, in class-action suits seeking millions in damages. The suits, filed in Pennsylvania, California and other states, claim consumers have been cheated out...
AB InBev, U.S. Modelo Suit talks said leading to accord
Anheuser-Busch InBev NV (ABI) and U.S. Justice Department negotiations are heading toward an accord that will give the brewer antitrust approval to buy Grupo Modelo SAB, three people familiar with the matter said. The discussions center on AB InBev’s revised proposal...
State tax competition: Massachusetts alcohol tax cut hurt bottom line at New Hampshire state-owned liquor stores
Revenue from state-owned liquor stores has trailed expectations the last couple of years, in part because Massachusetts eliminated its 6.25 percent sales tax on alcohol in 2011, according to the New Hampshire Liquor Commission’s chief financial officer. “We hoped it...
Privatization battle in Pennsylvania: lessons learned from Washington privatization
A year ago, if Tom Dieker wanted to pick up a bottle of Stolichnaya vodka, he had to drive to one of the small state stores near his suburban Seattle home. Now, almost eight months after Washington state sold off those stores, chances are he can find it at his local...
Champagne in China seen failing to match Cognac cachet
As global champagne consumption goes flat, makers of bubbly are turning to China to make up the difference. After all, cognac has become a huge hit there, and the country now accounts for 22 percent of worldwide shipments, up from 5 percent in 2000. “We think China...
Scotch-whiskey makers see the European Union and its single market as vital – have no desire to leave
The dandy has been striding out ever since he first graced a bottle of Johnnie Walker in 1908, becoming the world’s favourite Scotch whisky. Having made his name along the trading routes of the British empire, Johnnie Walker might be expected to support the...
US public interest groups call for standardized labels with alcohol content and calorie information on alcoholic beverages
US public interest groups - Center for Science in the Public Interest, Consumer Federation of America, National Consumers League and Shape Up America! - have proposed Treasury Department to finalize the rules for standardizing the alcoholic beverages labels with...