Alcoholic Beverages/Drinks

Suntory Beverage & Food Exits Nonalcoholic Drinks Business in Indonesia

29Dec

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World

Suntory Beverage & Food Exits Nonalcoholic Drinks Business in Indonesia

Suntory Beverage & Food is exiting its nonalcoholic beverage business in Indonesia after 12 years of selling bottled tea, jelly drinks and other products in the Southeast Asian country.The Japanese company will transfer its 75% stake in Suntory Garuda Beverage to Garudafood, it said in a statement on Thursday. After the transfer, Suntory’s main focus in Indonesia will be the health-enrichment product category.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

BOJ Should Raise Interest Rates Before Next Summer, Suntory CEO Says

11Dec

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World

BOJ Should Raise Interest Rates Before Next Summer, Suntory CEO Says

TOKYO—Takeshi Niinami, chief executive of beverage maker Suntory Holdings and the head of a Japanese business lobby, called on the Bank of Japan to raise interest rates, saying it would help boost the Japanese economy’s productivity and competitiveness.If the Bank of Japan raises interest rates, “the Japanese business community would be ready—which means they should raise interest rates, both long and short,” Niinami said in an interview with The Wall Street Journal on Monday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

European Developers Are Wooing Wine Lovers With Their Own Hassle-Free Vineyards

6Dec

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World

European Developers Are Wooing Wine Lovers With Their Own Hassle-Free Vineyards

With careers in Northern California’s tech sector and a primary home on the eastern shore of San Francisco Bay, Clifton Lewis Lyles and his wife, Serene Lewis Lyles, have long spent their down time among the vineyards and wineries of Sonoma and Napa counties. Now in their early 50s, the two are getting ready for something new—their own bit of vineyard and their own private wine label, some 5,500 miles away in the Alentejo region of Portugal. The opportunity comes with their new vacation home: a two-bedroom, 2,500-square-foot villa, currently under construction, in L’and Vineyards, a luxury development about an hour’s drive from Lisbon. The 163-acre estate, with 15 acres of vineyards, lets its homeowners—spread across a total of about 80 units in the coming years—become de facto wine...

Remy Cointreau Posts a Drop in Sales, Earnings Due to US Headwinds

30Nov

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World

Remy Cointreau Posts a Drop in Sales, Earnings Due to US Headwinds

Updated Nov. 30, 2023 2:48 am ETRemy Cointreau posted a decline in sales and earnings for the first half of fiscal 2024 due to high inventories and rising interest rates in the U.S. market.The French distiller booked current operating profit of 169.1 million euros ($185.5 million) in the six months to Sept. 30, which was 43% lower on year organically. This reflected a decrease in sales that was partially offset by a reduction in overhead costs, the company said on Thursday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Guinness Maker’s Morning After Offers Little Reassurance

16Nov

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Money

Guinness Maker’s Morning After Offers Little Reassurance

Global liquor giant Diageo is reeling from the sudden death of its longtime chief executive in June followed by a profit warning last week that tanked the stock. But its real problem is more fundamental: the slow pace of sales in North America after an initial, post-Covid surge. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

10Nov

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World

Diageo Shares Tumble After Guidance Cut

Diageo shares had their worst one-day fall in more than three years after the liquor maker cut its guidance for both the short and medium term.Shares at 0822 GMT were down 306 pence, or 9.4%, to 2,940 pence.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Californian Vineyard Founded by Lebanese Migrants Sells for Up to $1 Billion

31Oct

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World

Californian Vineyard Founded by Lebanese Migrants Sells for Up to $1 Billion

Updated Oct. 30, 2023 10:43 pm ETSYDNEY—A Californian vineyard set up by two Lebanese migrants who got their first break making wines in a garage in rural San Diego has been acquired by Australia’s Treasury Wine Estates, one of the world’s largest vintners.DAOU Vineyards, owned by Georges and Daniel Daou, has agreed to be bought by Treasury Wine Estates for up to $1 billion in a move the Australian company said provides it with scale to potentially launch a luxury wine division covering the Americas. Treasury is among major producers seeking to generate more revenue from premium wines, which can sell for hundreds of dollars per bottle, as data suggest consumers are buying less bulk wine.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ...

Remy Cointreau Slashes Guidance After Sales Slump

27Oct

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World

Remy Cointreau Slashes Guidance After Sales Slump

Remy Cointreau cut its sales forecasts for fiscal 2024 after sales plunged in its second quarter as Americans drink less cognac.The Paris-based owner of Remy Martin cognac posted sales of 379.2 million euros ($400.6 million) for the three months to the end of September, down 17% in reported terms and 11% organically. Cognac sales fell to EUR261 million, down 24.5% on a reported basis and 18% organically.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Heineken Backs 2023 Views Despite Seeing Weakening Consumer Demand

25Oct

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World

Heineken Backs 2023 Views Despite Seeing Weakening Consumer Demand

Updated Oct. 25, 2023 2:41 am ETHeineken backed its full-year guidance after third-quarter revenue slightly missed market expectations, as the group focus on improving business performance amid a slowing consumer demand.The Dutch brewer said adjusted net revenue before exceptional items and amortization—one of its preferred metrics—rose to 8.015 billion euros ($8.49 billion) in the quarter from EUR7.79 billion last year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Australia, China Take Steps to Resolve Wine Dispute as Trade Row Cools

22Oct

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World

Australia, China Take Steps to Resolve Wine Dispute as Trade Row Cools

ADELAIDE, Australia—Australia will suspend a dispute with China before the World Trade Organization over antidumping duties on Australian wine after Beijing agreed to an expedited review of the measures, another sign of improving ties between the two countries.Beijing’s review of its duties on Australian wine imports is expected to take five months and Canberra will resume its dispute at the WTO if the duties aren’t removed at the end of the review, Australia’s Prime Minister Anthony Albanese said Sunday. Albanese also said he plans to meet with President Xi Jinping in China next month, the first visit to China by an Australian prime minister since 2016.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8