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Heineken beer sales lower than expected on Asia weakness

BRUSSELS (Reuters) – Heineken (OTC:HEINY), the world’s second-largest brewer, on Wednesday reported a steeper than expected decline in third-quarter beer sales after COVID-19 restrictions depressed volumes across Asia.

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Heineken beer sales lower than expected on Asia weakness
© Reuters. Cans of Heineken non-alcoholic beer are seen on display at a sampling event at Pier 17 in New York City’s Seaport District, New York, U.S., July 15, 2021. REUTERS/Joyce Philippe

BRUSSELS (Reuters) – Heineken (OTC:), the world’s second-largest brewer, on Wednesday reported a steeper than expected decline in third-quarter beer sales after COVID-19 restrictions depressed volumes across Asia.

The Dutch brewing giant said it sold 5.1% less beer on a like-for-like basis than a year earlier, with Asia-Pacific sales down 37.4%.

The maker of Europe’s top-selling beer, Heineken, along with Tiger and Sol lagers, retained its forecast that full-year results would be below those of pre-pandemic 2019.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Nuro, 7-Eleven launch California autonomous delivery service with safety drivers

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Nuro, 7-Eleven launch California autonomous delivery service with safety drivers
© Reuters. FILE PHOTO: A man uses a mobile phone outside a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai

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SAN FRANCISCO (Reuters) – Self-driving tech startup Nuro said on Wednesday it was rolling out California’s first commercial autonomous delivery service in partnership with 7-Eleven, a convenience store operator.

Nuro and rivals such as Waymo are launching or planning to launch autonomous delivery services with regulatory approval in the United States, though the services are limited or not in the form of driverless vehicles.

The service will start with Toyota Priuses converted into autonomous vehicles and include a safety driver to monitor the technology, Nuro said.

“The Priuses are the first step in Nuro’s multi-phase approach to introducing commercial autonomous delivery to select service areas,” Nuro said in a statement, adding that the company and 7-Eleven will make the joint decision to introduce Nuro’s R2 driverless vehicles “as soon as possible.”

The service will be available to customers in Mountain View where Nuro is headquartered. It is already delivering Domino’s Pizza (NYSE:) products in Houston, Texas, using its Prius and R2 vehicles, Nuro said.

7-Eleven is a unit of Japan’s Seven & I Holdings Co.

Nuro was the first autonomous vehicle startup to get a permit to use automated vehicles for business from the California Department of Motor Vehicles last year in December. Two other companies, Cruise and Waymo, received their permits in September.

Nuro said earlier this month that it raised $600 million and brought on Alphabet (NASDAQ:) Inc’s Google as an investor.

Alphabet’s self-driving unit Waymo will deliver groceries ordered from one of the Safeway stores in San Francisco, using its automated vehicles, Tekedra Mawakana, co-CEO of Waymo, told a Forbes event on Tuesday.

Waymo said the service will start in early 2022 and will be available to select Waymo and Safeway employees before being introduced to more customers.

Waymo, which plans to use Jaguar I-PACES automated vehicles with safety drivers, said this marks the first autonomous grocery delivery experience in San Francisco.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Union Pacific cuts 2021 volume, operating ratio growth forecast

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Union Pacific cuts 2021 volume, operating ratio growth forecast
© Reuters. FILE PHOTO: A Union Pacific rail car is parked at a Burlington Northern Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren

(Reuters) – Union Pacific Corp (NYSE:) cut its full-year forecast for volume and operating ratio growth on Wednesday, as supply chain logjams pressure the U.S. railroad operator’s volumes.

The Nebraska-based company, in a regulatory filing, said it expects 2021 volumes to grow about 4% from around 5% growth it had forecast in October. It had expected a volume growth of about 7% earlier in the year.

Union Pacific’s intermodal and automotive shipments, which are key revenue drivers, have been hit by supply chain problems, such as logjams at ports, truck driver and chip shortages.

Operating ratio, a key profitability metric, is expected to rise about 150 basis points, down from the 175 points Union Pacific had forecast earlier.

Shares of Union Pacific, which operates in 23 states and connects East Coast ports to key terminals like Chicago, pared gains to trade about flat in the afternoon session.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Italy in talks with EU to delay MPS privatisation beyond 2023 – sources

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Italy in talks with EU to delay MPS privatisation beyond 2023 - sources
© Reuters.

By Giuseppe Fonte

ROME (Reuters) – Italy’s Treasury is discussing with European Union authorities the possibility of extending by more than two years a 2021 deadline to cut Rome’s 64% stake in ailing bank Monte dei Paschi di Siena (MPS), two sources told Reuters.

Under the terms of a 5.4 billion euro ($6.12 billion) state bailout agreed with Brussels in 2017, Italy was supposed to have a deal in place by the end of this year to re-privatise MPS, but this has not proved possible.

Talks to sell the Tuscan lender to the country’s No.2 bank UniCredit collapsed in October, leaving the Treasury chasing alternative options.

Rome expects to win Brussels’ approval for a lengthy extension of the deadline to return MPS to private hands. This will give the government time to boost the bank’s profitability and attract new investors, the sources said, asking not to be named because of the sensitivity of the matter.

The extension being sought will be “more than two years,” one of the sources said. This was confirmed by a second source familiar with the matter.

Shares in MPS jumped almost 17% on Wednesday, with traders saying the Treasury-led restructuring could make the lender more appealing for a potential partner.

In a further boost on Wednesday, ratings agency Fitch removed a negative rating watch on the bank.

Both sources said the Treasury would make every effort to keep the new deadline confidential, in order to avoid the risk that potential buyers wait until it is looming to table an offer when the government is under pressure.

However, the extension will largely cover the timeline of MPS’ new industrial plan ending in 2025, provided the EU competition authorities authorise it.

The Treasury firstly needs to address the bank’s capital requirements, which MPS has put at 2.5 billion euros.

Reuters reported in October that the cash call could total 3.5 billion – to cover layoff costs and other expenses – or more than 3.5 times the bank’s current market value.

Rome will also implement some of the measures that were offered to UniCredit as part of a stand-alone solution for MPS, the sources said.

The plan will clear the bank of its residual problem debts, which will go to state-owned bad loan manager AMCO, while state agency Fintecna will take on risks from MPS’ pending lawsuits.

($1 = 0.8839 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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