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☆ TSX hits 5-week low as Fed's hawkish stance fuels recession worries
▼ + stars: | 2022-12-15 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 291.02 points, or 1.5%, at 19,600.63, its lowest closing level since Nov. 9. Hopes that the U.S. central bank would soften its stance had helped lift equity markets off their lows from October. Higher interest rates reduce the value to investors of the future cash flows that companies in that sector are expected to produce. Reporting by Fergal Smith; additional reporting by Shashwat Chauhan in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ TSX futures steady as oil prices recover, Fed worries cap gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Futures for Canada's resources-heavy main stock index rose on Thursday as oil prices recouped early losses, while a sharp drop in gold kept gains in check after hawkish Federal Reserve commentary. Futures on the S&P/TSX index were up 0.1% at 6:34 a.m. ET (1134 GMT), while their U.S. peers fell after the Fed on Wednesday raised interest rates as expected but said it would keep hiking them further. Fed Chair Jerome Powell on Wednesday said interest rate hikes would persist next year even as the U.S. economy faces the threat of a recession, sparking a selloff on Wall Street and also knocking down Canada shares (.GSPTSE). In a bright spot, oil prices steadied after early declines as the dollar firmed, while likely increases in interest rates by central banks also heightened demand concerns.

☆ Is Patagonia the end game for profits in a world of climate change?
▼ + stars: | 2022-11-20 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +5 min

As far back as 1985, Patagonia deployed portions of its profits to the environment, via an "Earth tax." "The Patagonia model is a little more sophisticated." It often is very attractive from a corporate tax perspective, too, which has been noted of both the Ikea and Patagonia business models. One hundred percent of Patagonia profits are now committed to its new non-profit Holdfast Collective — which owns all of the company's non-voting stock (98% of the total stock). "What people fail to understand about Patagonia, both the past and the future, is that we are unapologetically a for-profit business, and we are extremely competitive," Ryan Gellert said.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

☆ Budweiser Flows Freely, But There Are Sputters Ahead
▼ + stars: | 2022-10-27 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Having forged a reputation as a deal maker, the world’s biggest brewer is doing a better job with the brands it already owns. It has less control over rising interest rates and a restless top shareholder, however. Anheuser-Busch InBev the brewing giant behind Budweiser and Stella Artois, said Thursday that sales for the three months through September increased by 12.1% versus the comparable period of 2021. The company’s main rivals also reported healthy numbers this week: Carlsberg grew sales by 11.6%, while Heineken managed 19.8%. Although most of the brewers’ growth came from raising prices to make up for cost inflation, all three also sold more beer than a year ago.

☆ AB InBev raises 2022 outlook as beer sales accelerate
▼ + stars: | 2022-10-27 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies Q3 core profit up 6.5% vs market consensus 5.2%AB InBev says beer market resilientHeineken, Carlsberg voice concerns over European consumersBRUSSELS, Oct 27 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, reported higher-than-expected quarterly earnings on Thursday as beer sales accelerated, and raised its 2022 outlook to the top-end of its previous forecast range. Third-quarter core profit - earnings before interest, tax, depreciation and amortisation - rose 6.5% on a like-for-like basis to $5.31 billion, above the 5.2% climb forecast by analysts in a company-compiled poll. The company said it now expects its core profit to rise by between 6% and 8%. EUROPEAN CONSUMER PINCHAB InBev's largest rivals, far more reliant on Europe, gave a more cautious view of the beer market. For it and Heineken, Europe represented at least 50% of their third-quarter business, against less than 15% for AB InBev.

☆ Carlsberg lifts 2022 profit outlook; shares trim losses
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, Oct 26 (Reuters) - Danish brewer Carlsberg (CARLb.CO) on Wednesday reported third-quarter sales broadly in line with expectations and lifted its profit forecast for the year despite weakening consumer sentiment. Sales in Asia grew 19% in the period, with volumes up 10%, but the firm cautioned that the outlook remained uncertain. Carlsberg's shares were down 2.5% at 1222 GMT, recouping much of its losses in early trading on the weak Heineken outlook. It also increased its share buy-back programme for the fourth quarter to 1.5 billion crowns from 1 billion crowns in the third quarter. The firm, which released the numbers one day earlier than planned, does not provide earnings in its third-quarter trading statements.

An employee carries Bira beer cans to deliver them to a customer at a liquor store in Mumbai, India March 23, 2018. Started in 2015, Bira is one of India's most popular craft beer makers. It competes with international brands such as Carlsberg (CARLb.CO) as well as Heineken-owned (HEIN.AS) United Breweries (UBBW.NS) in India's estimated $5 billion beer market. Kirin owns a stake in New York's Brooklyn Brewery, and its subsidiary owns U.S.-based craft beer makers New Belgium Brewing and Bell's Brewery. With five breweries in India, Bira says its beer is available in 500 towns and cities in 15 countries.

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