But the tipple won’t go to their heads: it will be the alcohol-free version of the popular Mexican brand Corona.

The breakthrough sponsorship deal, inked by Belgian-Brazilian beer giant AB InBev, is just the latest sign of the fizzing market for zero-alcohol brews.

“All brewers are moving towards alcohol-free or low-alcohol beverages,” Krishan Maudgal, director of the Belgian Brewers Association, told AFP.

That’s the case even in Belgium, where the centuries-old brewing heritage is recognised by UNESCO and the alcohol percentage in beers made by Trappist monks can reach double digits.

“Twenty or 30 years ago it was more a case of increasing the alcohol content, but now we’ve reversed the trend and are lowering it,” Maudgal said.

Against a backdrop of declining beer consumption — down by 40 percent in 20 years in Belgium — he says producers are “listening to the market” and adapting to drinking habits that have become more responsible.

“Among consumers there is a trend in favour of moderation and well-being, this trend is happening everywhere,” said Andres Penate, one of the vice presidents of AB InBev, the world’s largest brewer.

“It’s more towards drinking better, drinking less, not about not drinking,” he said.

As proof, the brewer — which also makes Stella Artois, Budweiser and Leffe — will double production of its Corona Cero beer at its Belgian plant this year compared to last.

– Big business –

Zero-alcohol beer has been around for decades, but was long derided as a watery version of the real thing.

But as the market has grown, brewers have upped their game and spent big on making their products more palatable.

According to drinks market analyst IWSR, the market for non-alcoholic or low-alcohol drinks, including wine, cider and spirits, is now worth over $13 billion worldwide.

Beer is by far the most popular product among “alcohol-free” fans.

In Europe alone, non-alcoholic beer is worth $3 billion a year, and sales are growing steadily, with Spain and Germany leading the way.

In France, “consumer interest in non-alcoholic beers has been growing for five to ten years, and this is now a fundamental trend”, said Magali Filhue, from the country’s brewers’ association.

Sales now represent around five percent of the beers sold in French supermarkets.

While that percentage remains low, the market is growing steadily.

That’s a bright spot for global brewing giants that have been struggling in recent years.

The Covid pandemic, an energy crisis and inflation have strained the sector, with sales dropping off as consumer spending power has declined.

Last year, AB InBev’s net profit slid by six percent amid a drop in beer sales volumes, particularly in the United States.

Meanwhile, number two Heineken of the Netherlands this week reported a “difficult and uncertain” outlook for 2024.

The post Olympic deal shows bubbling market for zero-alcohol beers appeared first on Digital Journal.

Moody’s maintained France’s sovereign rating at “Aa2” with a stable outlook. Fitch, which downgraded its rating for France last year, left it unchanged at “AA-” with a stable outlook.

France’s public deficit widened to 5.5 percent of GDP in 2023, overshooting the government’s 4.9 percent target. And with the debt stock equal to 110.6 percent of GDP, France has the third highest debt ratio in the European Union after Greece and Italy.

The government has set a target of bringing debt below 3.0 percent of GDP by 2027. But both agencies cast doubts.

Moody’s said it was “unlikely” that France will hit its deficit target of 2.9 percent in 2027. “Progress in sustainably reducing the budget deficit and government debt is limited,” it said in a commentary.

The agency predicted that debt could reach “almost 115 percent of GDP by 2027”.

“France’s interest burden will gradually rise and could double over the next decade if the debt level does not materially decline,” it added.

Fitch said “it will be difficult to achieve this target as deficit narrowing measures remain largely unspecified, France has only met the 3 percent deficit criterion in four out of the last 20 years.” 

French Finance Minister Bruno Le Maire said in a statement that the agencies’ decisions should “encourage us to redouble our determination to restore our public finances and meet the objective” of getting debt below 3.0 percent in 2027.

“We will keep to our strategy based on growth and full employment, structural reforms and the reduction of public spending,” he added.

France lost its triple-A rating in 2012, though double-A still implies only a minimal chance of a default.

“France’s ratings are supported by its wealthy and diversified economy with supportive demographic trends,” Moody’s said.

“Structural reforms have started to address credit challenges such as high unemployment and weakening competitiveness.”

The post Rating agencies doubt France’s target to cut massive debt appeared first on Digital Journal.

On 26^th April,2024, the GMB union filed legal proceedings against Amazon in response to what it considers to be the company’s latest anti-union drive. The trade union claims Amazon has engaged in widespread attempts to coerce staff to cancel their trade union membership. The GMB has campaigned for a long time to secure recognition rights.

Legally, this type of behaviour is known as an ‘Inducement Claim’, encouraging individual Amazon workers to formally lodge a claim against their own employer for encouraging them to pass up their trade union and collective bargaining rights.

The challenge comes days after GMB won a formal recognition ballot at the company, a process, imposed by the UK Conservative government (the Trade Union Act of 2016), that requires the union to prove they have met a threshold of sufficient numbers of GMB members in the company’s fulfilment centre.

Union recognition would mean Amazon would be required, by law, to sit down with GMB on matters relating to pay, hours, and holidays. If this succeeds, this would be first time this has been achieved anywhere in the world outside of the U.S.

In terms of the legal action the GMB has instigated against Amazon, the claims include Amazon has:

• Pressurised staff to leave the union. Allegedly, company bosses have erected QR codes in Amazon fulfilment centres which generate an email to the union’s membership department requesting that membership is cancelled.
• Forced workers to attend hour-long anti-union seminars. These are apparently led by senior company managers, these briefings forced workers to listen to anti-union messages on work time.
• Displayed anti-union messages throughout Amazon workplaces, including on billboards and screens.

Commenting on the union’s actions, Amanda Gearing, GMB Senior Organiser has said: “This is a company out of control. Amazon is a multi-billion-pound corporation, doing everything in its power to stop minimum wage workers from forming a union.”

Gearing adds: “Their latest American-style anti-union campaign proves they will stop at nothing to beat the rules that every other employer in the UK is expected to follow. It’s desperate measures and goes someway to show why Amazon workers as so determined to win the union recognition they deserve”.

The post Amazon to face legal challenge after workers’ rights revelations appeared first on Digital Journal.

Representatives for the United Auto Workers and Daimler Truck have been in talks over a new contract to replace the one that expires at midnight Friday night for workers who build long-haul trucks and buses.

The UAW, led by President Shawn Fain, has vowed to strike at Daimler’s sites, comprised of four industrial sites in North Carolina and one each in Tennessee and Georgia, if key demands are not met.

In a webcast earlier this week, Fain hit out at Chairman Martin Daum over lofty executive pay and for steering extra cash to shareholder payouts instead of adequately compensating workers.

“In the new UAW, we don’t take concessions. We raise standards for everyone and we fight for what we deserve,” Fain said. “And we’re not afraid to strike to get it.”

The UAW won a landmark unionization drive at Volkswagen’s Tennessee factory a week ago, adding to momentum after simultaneous strikes of Detroit’s “Big Three” carmakers resulted in wage gains.

Jon Greene, a forklift driver at Daimler Truck’s Cleveland, North Carolina manufacturing plant, characterized achieving a livable wage increase in light of inflation as a priority, along with job security and standardizing pay throughout the six facilities.

“Nobody wants to strike, but we are prepared to if necessary,” Greene, who has worked at the company for 22 years and is a UAW vice president, said in a phone interview.

A Daimler spokeswoman said that the company is “currently engaged in good faith” negotiations “that will benefit all parties and allow Daimler Truck North America to continue delivering the products that enable our customers to keep the world moving.”

In December 2021, Daimler Truck was spun off from Mercedes-Benz, which retains about a 30 percent stake in the truck company.

The UAW is hoping to add a Mercedes-Benz car plant in Alabama to its network when workers vote next month in a unionization election in the first referendum after the VW win in Tennessee.

The post Daimler Truck braces for possible strike in 3 southern US states appeared first on Digital Journal.

Not only does it cater to convenience, but it significantly enhances productivity and comfort.

Daniel Ufland, co-founder of Flitch, has explained to Digital Journal about the effective strategies that enhance productivity, comfort, and wellness in your home office. 

With this, Ufland offers tips to transform your home office into a haven of efficiency and inspiration. These tips focus on optimising various aspects of your workspace to ensure it supports your work habits while promoting overall well-being.

Ergonomic Setup

Chair and Desk: Invest in an adjustable ergonomic chair that supports the natural curve of your spine. Ensure that your desk height allows your arms to rest comfortably at a 90-degree angle to avoid shoulder strain.

Ufland advises: “Adjust your chair and desk to promote a posture that prevents slouching and encourages sitting upright.”

Monitor Height: Position your monitor so the top of the screen is at eye level to avoid neck strain.

“Using a monitor stand or adjustable arm can help maintain proper neck posture and prevent fatigue,” Ufland adds.

Optimal Lighting

Layered Lighting: Combine general, task, and accent lighting to create a well-lit workspace. General lighting provides overall illumination, task lighting focuses on your work area, and accent lighting adds aesthetic appeal.

Positioning: Place your desk near a window to maximise your exposure to natural light during the day.

Clutter-Free Environment

Effective Storage Solutions: Use drawers, filing cabinets, and desktop organisers to keep necessary items within reach but out of sight.

Ufland says “Having a place for everything minimises distractions and streamlines your workflow.”

Digital Organization: Keep digital clutter at bay by regularly organising files, deleting unnecessary emails, and clearing your desktop.

Technology Investments

Quality Hardware: Upgrade to high-speed internet, a reliable computer, and efficient printing and scanning devices.

Productivity Tools: Invest in software that aids your work, such as project management apps, time-tracking tools, and collaborative platforms.

Personal Touches

Decor: Incorporate elements that reflect your personal style and inspire creativity, such as inspirational quotes, a favourite piece of art, or family photos.

Plants: Adding greenery can improve air quality and boost mood.

Sound Management

Noise Reduction: If you’re in a noisy area, consider soundproofing options or use a white noise machine to mask disruptive sounds.

Headphones: Noise-cancelling headphones can be invaluable for high-concentration tasks.

Regular Revamps

Layout Changes: Periodically reevaluate the layout of your home office to keep the space fresh and stimulating.

Upgrade as Needed: Replace or upgrade equipment and furniture that no longer meets your needs or starts to show wear.

The post Feng shui for remote working: Optimising the home office appeared first on Digital Journal.

ExxonMobil, which had targeted the second quarter to complete a $60 billion takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago period.

Similar results from Chevron showed how the petroleum sector, while off its peak, remains highly profitable, enabling billions of dollars in shareholder payouts.

While commodity prices for liquid hydrocarbons rose slightly and ExxonMobil continued to score impressive volumes from Guyana, those benefits were more than offset by a 32 percent drop in natural gas prices.

The company’s energy products business also experienced a big drop in earnings on weaker refining profit margins despite reporting record first-quarter refining throughout.

Revenues dipped four percent to $83.1 billion.

Exxon Mobil Chairman & CEO Darren Woods said he challenged the Chevron-Hess deal over Guyana because it ‘diminishes an element of value to ExxonMobil’ – Copyright AFP/File Mark Felix

In a conference call with analysts, ExxonMobil Chief Executive Darren Woods expressed confidence in closing the Pioneer transaction in the second quarter, describing “constructive” work with US regulators reviewing the deal for competitiveness concerns.

“As we’ve said all along, we’re very confident that there are no antitrust issues,” Woods said.

– Speedbump for Chevron deal –

Rival oil giant Chevron reported profits of $5.6 billion, down 16 percent on revenues of $48.7 billion, down four percent.

The earnings fall was due to lower refinery margins and natural gas prices, partly offset by increased production in the United States, Chevron said.

While ExxonMobil’s Pioneer deal appears on the cusp of closing, Chevron’s proposed $53 billion takeover of Hess hit a speedbump following a challenge from ExxonMobil.

At issue is Hess’s 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the Chevron’s takeover. The issue became public in late February after Chevron announced the acquisition in October.

ExxonMobil, which holds 45 percent of Stabroek, has argued that Chevron-Hess transaction ignores a provision in the venture that gives it “pre-emption rights” and “diminishes an element of value due ExxonMobil,” said Woods, adding that the company filed for arbitration on the matter.

Chevron Executive Mike Wirth told CNBC that a third-quarter hearing of the arbitration and a fourth-quarter resolution “would be appropriate.”

While Chevron is “very confident” of Hess’ position in the arbitration, Wirth said that Chevron could exit the transaction if Hess’ arbitration over Guyana is unsuccessful.

Both oil giants continued to steer extra cash to shareholders, with ExxonMobil paying out $6.8 billion in dividends and stock repurchases during the quarter and Chevron allocating $6.0 billion.

Shares of ExxonMobil fell 3.8 percent in mid-morning trading, while Chevron dropped 0.7 percent.

The post US oil giants’ profits dip as Exxon deal nears finish line appeared first on Digital Journal.

The hotter print is likely to cement the view that inflation, while down sharply since 2022, remains a challenge, and could keep the Federal Reserve on pause as it seeks to battle rising prices.

It also complicates US president Joe Biden’s reelection message as he seeks to convince still-skeptical consumers that the economy is heading in the right direction ahead of November’s vote.

The personal consumption expenditures (PCE) price index rose at an annual rate of 2.7 percent in March, up 0.2 percentage points from a month earlier, the Commerce Department said in a statement.

This was above the median forecast of 2.6 percent in a survey of economists conducted by Dow Jones Newswires and The Wall Street Journal.

Much of the overall annual rise came from the services sector, which increased at an annual rate of 4.0 percent. 

Among the more volatile items, energy prices rose by 2.6 percent from a year ago, while food prices were up 1.5 percent.

“While inflation has fallen more than 60 percent from its peak, today’s report reinforces the importance of our ongoing work to bring costs down,” White House national economic advisor Lael Brainard said in a statement.  

– ‘Core’ inflation remains elevated –

On a monthly basis, PCE inflation rose by 0.3 percent, in line with the figure from February, the Commerce Department said.

The closely watched “core” measure of inflation, which strips out food and energy costs, rose at an annual rate of 2.8 percent in March, unchanged from a month earlier.

The March data reaffirm the concern among economists that inflation is proving to be more stubborn than previously thought — complicating the Federal Reserve’s fight to bring it down firmly to its long-term target of two percent through interest rate hikes.  

For much of last year, its policy appeared to be working: Inflation came down sharply, even as economic growth and the labor market continued to show signs of resilience. 

But three months of higher inflation data since the start of the year suggest that fight is not over yet.

“The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Fed Chair Jerome Powell told an event in Washington earlier this month. 

– Personal savings dwindling –

As recently as December, futures traders were expecting interest rate cuts to come as early as March, according to data from CME Group. 

They now assign a probability of more than 60 percent that the first of the Fed’s three expected cuts this year will arrive by mid-September.

“At next week’s May FOMC meeting, we think the Fed will take a wait-and-see approach to cuts while giving policy more time to work,” Bank of America wrote in a note to clients on Friday, referring to the Fed’s next rate-setting Federal Open Market Committee meeting next week. 

“The hot inflation readings through March should write off any rate cuts in the first half of 2024,” Nationwide senior economist Ben Ayers wrote in an investor note after the PCE data were published. 

“Given the momentum for the economy and prices, we don’t expect the Fed to strongly consider easing monetary policy until its September meeting at the earliest,” he continued, adding that there was a risk that economic resilience could delay cuts until 2025. 

The data published Friday also show that personal income accelerated last month, rising by 0.5 percent in March from a month earlier, the Commerce Department said. 

In a sign that consumers are dipping further into their savings to fund their spending habits, personal savings as a percentage of disposable income fell to 3.2 percent in March from 3.6 percent in February.

The post US Fed’s favored inflation measure accelerates, dimming rate cut hopes appeared first on Digital Journal.

The company joins Facebook, TikTok, X, YouTube in a list of 23 “very large online platforms”, which have more than 45 million monthly active users in the European Union.

From the end of August, four months after the designation, Shein will have to apply the tougher rules under the Digital Services Act (DSA), one of the EU’s landmark new laws against online platforms.

These include implementing measures to “protect consumers from purchasing unsafe or illegal goods, with particular focus on preventing the sale and distribution of products that could be harmful to minors”, the European Commission said.

Shein has said it has around 108 million monthly active users in the 27-nation EU. 

Reacting to the announcement, Shein said it would comply with the rules.

“We share the commission’s ambition to ensure consumers in the EU can shop online with peace of mind, and we are committed to playing our part,” said Leonard Lin, global head of public affairs at Shein.

Beyond the EU, Shein has faced fierce criticism with a long litany of accusations from alleged exploitation of its factory workers with low pay to promoting hyperconsumerism to causing damage to the environment.

Brussels has flexed its legal muscle against the world’s biggest digital platforms, launching investigations against TikTok, X and Chinese retailer AliExpress.

Another Chinese shopping app, Temu, is expected to be added to the EU’s list after announcing in April that it has around 75 million monthly active users after entering the EU market a year ago.

Under the DSA, the platforms must assess the specific risks posed to Europeans’ rights and safety by the content they publish — or the products on sale in the case of online marketplaces like Amazon and Shein — and to submit a report to regulators.

They must also provide, at their own expense, an external audit once a year to verify they comply with the rules.

The largest platforms are also subject to increased transparency, with the obligation to provide access to their data to researchers approved by Brussels. 

– Taking on Chinese tech –

The EU has taken tougher action against Chinese companies in recent months.

Popular video sharing app TikTok, owned by China’s ByteDance, has faced intense scrutiny in the EU — and beyond. 

While it faces a ban in the United States, TikTok is the subject of two investigations by the European Commission over alleged harm to minors.

On Wednesday, TikTok suspended its reward programme on its spinoff Lite app after the commission started a probe into its possible addictive features.

Brussels has also not shied away from wielding its trade weapons against China despite angering Beijing, which accuses the EU of protectionism.

On Wednesday, the EU announced a probe into China’s medical device market as Brussels takes on Beijing over green tech subsidies suspected of undermining fair competition.

That follows other investigations in the past few months into Chinese wind turbine suppliers, solar panel manufacturers, trains and electric car subsidies.

The post EU toughens safety rules on Chinese fashion retailer Shein appeared first on Digital Journal.

The cash bid comes after Thoma Bravo expressed takeover interest two years ago.

“Darktrace is at the very cutting edge of cybersecurity technology, and we have long been admirers of its platform and capability in artificial intelligence,” Thoma Bravo partner Andrew Almeida said in a statement.

“The pace of innovation in cybersecurity is accelerating in response to cyber threats that are simultaneously complex, global and sophisticated.”

Darktrace chief executive Poppy Gustafsson said the group’s “technology has never been more relevant in a world increasingly threatened by AI-powered cyberattacks”.

Darktrace, headquartered in the university city of Cambridge close to London, floated on the London stock market in 2021.

The cash deal announced Friday is worth $7.75 dollars per Darktrace share — a 44 percent premium on the group’s average share price in the last three months, according to Thoma Bravo.

Following the announcement, the share price surged 18 percent to 612 pence ($7.7).

Created in 2013, Darktrace employs more than 2,300 people around the world.

“The proposed acquisition will provide Darktrace access to a strong financial partner in Thoma Bravo, with deep software sector expertise, who can enhance the company’s position as a best-in-class cyber AI business headquartered in the UK,” Darktrace chair Gordon Hurst said in the statement.

The pair hope to complete the deal in the second half of the year thanks to shareholder and regulatory approval.

Almeida noted that Thoma Bravo has invested “exclusively in software for over twenty years” which would allow it to bring “operational expertise and deep experience of cybersecurity in supporting Darktrace’s growth”.

Prior to Friday’s announcement, shares in Darktrace has bounced back strongly after the company was cleared by independent auditors EY of having irregularities in its accounts.

Explaining its decision to go private, Darktrace said its “operating and financial achievements have not been reflected commensurately in its valuation with shares trading at a significant discount to its global peer group”.

– Takeover boom – 

The bid comes at the end of a week in which the London stock market has been gripped by takeover activity, helping the top-tier FTSE 100 index to record highs.

British mining giant Anglo American on Friday rejected a blockbuster $38.8-billion takeover bid from Australian rival BHP, slamming it as “highly unattractive” and “opportunistic”.

A battle to buy UK music rights owner Hipgnosis Songs Fund meanwhile took a fresh twist after US rival Concord increased its takeover offer, slightly beating a bid by Blackstone. 

Concord on Wednesday offered $1.5 billion for Hipgnosis, whose catalogue includes Justin Bieber, Shakira and Neil Young.

This is more than its original $1.4 billion offer that preceded a higher bid from US asset manager Blackstone.

The post Cybersecurity firm Darktrace accepts $5 bn takeover appeared first on Digital Journal.

However, the mood was clouded by fresh worries about the economic outlook after worse-than-expected US data combined with a forecast-topping print on core inflation that fanned speculation the country could top into stagflation.

Investors were awaiting the release later in the day of the Federal Reserve’s preferred gauge of inflation, personal consumption expenditures (PCE) index, hoping for an idea about its plans for interest rates ahead of next week’s policy meeting.

Asian investors have enjoyed a largely upbeat week as a healthy earnings season has been seen to justify some of the big gains across equities in recent months, which have offset fading hopes for Fed rate cuts.

The rally has been helped by blockbuster reports from heavyweights Microsoft and Alphabet, which topped estimates, while the latter also announced its first dividend. Social media company Snap also provided a bullish revenue projection.

All three soared in after-hours trade, helping push up US futures.

The results helped temper concerns sparked by news that Facebook-parent Meta expected to spend more this year than had been anticipated owing to investment in artificial intelligence.

Tech firms across Asia rode the coattails of the earnings, with Hong Kong-listed Meituan, Japan’s Advantest and Samsung in Seoul all well up.

And the region’s markets benefited.

Hong Kong piled on more than two percent, while there were also gains in Tokyo, Seoul, Taipei and Manila.

However, Sydney, Singapore, Wellington, Mumbai, Jakarta and Bangkok fell.

London rose to another record high, while Paris and Frankfurt also advanced.

Wall Street’s three main indexes had earlier ended deep in the red — though off initial lows — following news that the US economy grew far less than expected in the first quarter while consumer spending was short of estimates.

At the same time, an index of core prices came in much hotter than forecast — sparking fears the United States could be heading for a period of stagnant growth and spiking inflation.

“This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting,” Chris Zaccarelli, of Independent Advisor Alliance, said.

“The Fed wants to see inflation start coming down in a persistent manner, but the market wants to see economic growth and corporate profits increasing.”

All eyes are on the PCE reading, which comes after three straight months of above-forecast consumer price index figures that — along with warnings from monetary policymakers — dented expectations for how many cuts the bank will make this year.

Investors were keeping a close eye on Tokyo after the yen sank further after the Bank of Japan held interest rates after raising them for the first time in 17 years last month.

The unit hit 156.82 to the dollar Friday afternoon, fuelling fresh speculation of an intervention after several officials lined up in recent weeks to warn they were ready to step in to support the unit.

– Key figures around 0810 GMT – 

Tokyo – Nikkei 225: UP 0.8 percent at 37,934.76 (close)

Hong Kong – Hang Seng Index: UP 2.1 percent at 17,651.15 (close)

Shanghai – Composite: UP UP 1.2 percent at 3,088.64 (close)

London – FTSE 100: UP 0.6 percent at 8,125.66

Dollar/yen: UP at 156.72 yen from 155.64 yen on Thursday

Euro/dollar: UP at $1.0734 from $1.0733

Pound/dollar: DOWN at $1.2511 from $1.2514

Euro/pound: UP at 85.78 pence from 85.74 pence

West Texas Intermediate: UP 0.6 percent at $84.03 per barrel 

Brent North Sea Crude: UP 0.5 percent at $89.45 per barrel

New York – Dow: DOWN 1.0 percent at 38,085.80 (close)

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