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SAN MIGUEL CORP. SELLS BEER ASSETS TO DOMESTIC BREWERY SUBSIDIARY – SAN MIGUEL CORP. (SMC) ANNOUNCED IT WOULD SHED ITS ASSETS IN THE BEER BUSINESS (Philippines)

Posted by Gilmour Poincaree on January 28, 2009

Thursday, January 29, 2009

by Chino S. Leyco – Reporter

PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)

AFTER creating two new wholly owned subsidiaries, Southeast Asia’s largest food and beverage firm said on Wednesday that it is selling those units to San Miguel Brewery Inc. (SMB).

In its disclosure to the Philippine Stock Exchange, SMC said its board has approved the sale of domestic beer brands, related intellectual property rights and “know-how” to SMB for P32 billion.


The SMC board also told the local bourse that the land used in the beer operations would be sold to SMB for P6.8 billion. Another parcel would be sold to SMB Retirement Plan for P239 million.

Last year, SMC formed Brewery Properties Inc. and Iconic Beverages Inc. as part of its restructuring program. Earlier this month, Kirin Holdings Co. Ltd. said it entered into exclusive negotiations with SMC to buy a 43.25-percent stake in SMB. Kirin held 27 percent of SMC at end-December last year.

With its looming investment in SMB, Kirin said this will significantly contribute to the further growth of its alcohol business in Asia and Oceania.

SMB produces beer at five manufacturing facilities in the Philippines for sale in the local market.

Last year, SMC offered 5.75 percent of its shares in its domestic brewing business in an initial public offering. In the first nine months last year, the conglomerate’s profit rose on the back of non-recurring gains from SMB’s maiden share sale.

For the same nine-month period, SMB posted a 10-percent growth in revenues to P35.2 billion, resulting in a net income improvement of 23 percent to P7 billion year-on-year.

Besides carving out its beer operations, SMC has acquired a substantial stake in the Philippines’ largest electricity distributor, Manila Electric Co. (Meralco). The conglomerate also forged an option agreement with the Ashmore Group of UK for a 50.1 percent stake in Petron Corp. Besides the power sector, SMC is also eyeing the telecom industry, by signing a joint venture with Qatar Telecom QSC for a possible foray in to wireless broadband and mobile telecoms.

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PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)

Posted in ALCOHOLIC BEVERAGES, COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »

AUSTRALIA’S WINE INDUSTRY AT A CRISIS CROSSROAD

Posted by Gilmour Poincaree on January 21, 2009

19 Jan 2009 – 08:17 PM ET

Reuters

PUBLISHED BY ‘CNBC’ (USA)

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PUBLISHED BY ‘CNBC’ (USA)

Posted in AGRICULTURE, ALCOHOLIC BEVERAGES, AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »

AFTER PLANNED KIRIN SALE, SAN MIGUEL EYES MORE UTILITIES (Philippines)

Posted by Gilmour Poincaree on January 20, 2009

12:46:00 01/20/2009

Agence France-Presse

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

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PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in ALCOHOLIC BEVERAGES, BANKING SYSTEMS, BEVERAGES, COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »

ECONOMIC BLUES HIT SABMILLER (South Africa)

Posted by Gilmour Poincaree on January 17, 2009

16 January 2009

by Thabang Mokopanele

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in ALCOHOLIC BEVERAGES, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, SOUTH AFRICA, THE FLOW OF INVESTMENTS | Leave a Comment »

OHIO LIQUOR SALES REACH RECORD IN ’08 (USA)

Posted by Gilmour Poincaree on January 16, 2009

Thursday, January 15, 2009

Staff Report

PUBLISHED BY ‘DAYTON DAILY NEWS’ (USA)

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PUBLISHED BY ‘DAYTON DAILY NEWS’ (USA)

Posted in ALCOHOLIC BEVERAGES, BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

AUSTRALIAN BEER SALES RISE IN TOUGH ECONOMIC TIMES

Posted by Gilmour Poincaree on January 10, 2009

January 09, 2009

by Lema Samandar – Australian Associated Press

PUBLISHED BY ‘THE AUSTRALIAN’

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PUBLISHED BY ‘THE AUSTRALIAN’

Posted in ALCOHOLIC BEVERAGES, AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

CONSTELLATION BRANDS 3Q ADJUSTED PROFIT TOPS VIEW – CONSTELLATION BRANDS POSTS BETTER-THAN-EXPECTED 3Q PROFIT, BUT TRIMS TOP END OF 2009 FORECAST

Posted by Gilmour Poincaree on January 8, 2009

Fairport, N.Y., Jan. 7, 2009

Associated Press

PUBLISHED BY ‘CBS NEWS’ (USA)

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PUBLISHED BY ‘CBS NEWS’ (USA)

Posted in ALCOHOLIC BEVERAGES, BANKRUPTCIES - USA, BEVERAGES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

ICELAND INCREASES TARIFFS ON WINE, TOBACCO AND OIL

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008 – 11:59

PUBLISHED BY ‘ICELAND REVIEW’

Iceland’s Althingi parliament accepted new laws yesterday on increasing the tariffs on alcohol, tobacco, oil and automobiles by 12.5 percent as well as introducing a tax on driven kilometers and an excise tax on vehicles and fuel.

According to the budget bill, the aforementioned tariffs were going to increase by 11.5 percent next year, but now the increase is 12.5 percent and takes effect already today. The state treasury will as a consequence have an additional income of more than ISK 3.5 billion (USD 30 million, EUR 23 million) in 2009, Morgunbladid reports.

The State Alcohol and Tobacco Company of Iceland (ÁTVR) said the price of tobacco will increase immediately, but it will take some time before the price of alcoholic beverages increases.

Minister of Finance Árni M. Mathiesen said at Althingi yesterday that the state tariffs on these products had depreciated with the development of the consumer price index and that the current increase is meant to counter that development.

Minister for Foreign Affairs Ingibjörg Sólrún Gísladóttir explained that the purpose with the new laws is to protect those who have the lowest wages. Child benefits and interest relief will remain unchanged, she said, and personal exemption will increase by ISK 2,000 (USD 17.25, EUR 12.99) next year, Fréttabladid reports.

However, the tariffs will also influence indexation and increase loans. “It is obvious that this will go straight into our loans. It is a very controversial path to take because it will also have an impact on the highly indebted state treasury, no less than households. I doubt that the state treasury will benefit from this in the end,” President of the Confederation of Labor (ASÍ) Gylfi Arnbjörnsson told Morgunbladid.

Runólfur Ólafsson, managing director of the Icelandic Automobile Association (FÍB), is equally critical of the new laws; expenses for average-sized cars will increase by ISK 20,000 (USD 172, EUR 130) per year because of them.

The price of gasoline and diesel oil will also increase considerably, by ISK 7.70 and 6.40 (USD 0.07 and 0.06, EUR 0.05 and 0.04) per liter respectively, and Ólafsson said it is not good at all that the state is going to take advantage of the recent decrease in the price of fuel in such a way.

Arnbjörnsson told Fréttabladid that the government only plans to increase benefits to senior citizens and the disabled by 9.6 percent, but not in consistency with indexation. The benefits of these groups are indexed and should thus increase every month, he said.

“They are planning to take four billions [ISK 4 billion = USD 34 million, EUR 26 million] from the poorest people. It is so incredibly unjust that we cannot agree to it,” Arnbjörnsson said.

Minister for Social Affairs Jóhanna Sigurdardóttir said Arnbjörnsson is wrong in his assumptions.

“We added two billions to the social security system compared to what was estimated in the budget bill. Next year pension benefits will be higher than ever compared to the lowest salaries of ASÍ,” Sigurdardóttir explained.

Click here to read about other recent measures taken by the government.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ICELAND REVIEW’

Posted in ALCOHOLIC BEVERAGES, AUTOMOTIVE INDUSTRY, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, ICELAND, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, RECESSION, STATE TARIFFS, THE WORK MARKET, THE WORKERS, TOBACCO | Leave a Comment »