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Tuesday, 2 August 2016

Heineken sales in Africa, Russia and Middle East slow on the back of low oil prices, declining tourism

Heineken NV reported sales growth at a rate below expectations due to declining oil prices and tourism across the Middle East, Africa, and Russia. Chief Executive Officer Jean-Francois van Boxmeer told Bloomberg that the region — which accounts for one-sixth of the Dutch brewery’s revenue — may consequently face cuts in investment and jobs. “Things are difficult, with less tourists visiting Burundi, the Democratic Republic of the Congo and Egypt,” he said. Reuters also has coverage, saying the world’s third-largest brewer noted “its African markets were unlikely to recover in the near term.”

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