Pernod Ricard SA has agreed to buy a majority stake in Codigo 1530 Tequila, a premium spirits brand backed by country-music star George Strait, in the distiller's latest move to boost its exposure to high-end booze in the U.S.
The French company said late Monday it would pay an undisclosed sum to acquire a majority stake in Codigo, which produces a range of ultrapremium and prestige tequilas.
Roche 3Q Sales Dragged by Lower Demand for Covid-19 Products; Backs 2022 View
Roche Holding AG on Tuesday reported lower sales for the third quarter as demand for Covid-19-related products dwindled, and backed its outlook for 2022.
The Swiss pharma major posted sales of 14.74 billion Swiss francs ($14.80 billion) for the quarter, down from CHF15.97 billion in the same period of 2021. According to FactSet, the consensus forecast was for sales of CHF15.17 billion.
Swiss Re Expects to Miss 2022 Targets as Hurricane Ian Claims Lead to 3Q Net Loss
Reinsurer Swiss Re AG said Tuesday that it is unlikely to meet financial targets for the year after the impact of Hurricane Ian in the U.S. resulted in a probable net loss of some $500 million for the third quarter.
The hurricane--which devastated parts of Florida and other nearby states and killed dozens of people earlier this fall--resulted in estimated claims of around $1.3 billion, hitting the net result for the quarter, according to preliminary results, Swiss Re said.
BT Group Updates FY 2023 Revenue Guidance on Eurosport JV
BT Group PLC said Tuesday that it expects lower revenue for fiscal 2023 on a pro-forma basis due to the formation of its Sports Joint Venture between BT Sport and Eurosport UK.
The British telecommunications group said the completion of the joint venture with Eurosport owner Warner Bros. Discovery Inc. on Sept. 1 will reduce its revenue for the year ending March by 300 million pounds to 350 million pounds ($340.8 million and $397.6 million).
EU Proposal to Call Lithium Toxic May Affect Refining Projects
A European Union proposal to regulate the production and use of lithium is drawing concern that it could inhibit the development of supply chains for battery metals outside of Asia and create obstacles to the bloc's climate and energy goals.
The European Commission, the EU's executive arm, is reviewing the toxicity of lithium salts-a key material in the production of batteries-and their potential to affect fertility in women. In September 2021, the European Chemical Agency's risk assessment committee said three lithium salts-lithium carbonate, lithium chloride and lithium hydroxide-should be labeled as reproductive toxins after a study found that they could be potentially toxic to pregnant women and the development of fetuses.
European Union New Car Sales Rose in September for Second Straight Month
Passenger-car registrations across the European Union rose in September, marking the second consecutive month of growth in 2022, the European Automobile Manufacturers Association, or ACEA, said.
New-car registrations--a reflection of sales--increased 9.6% on year to 787,870 vehicles in September, the ACEA said Tuesday. However, the increase was largely driven by the low base of comparison from the year-earlier period, when production was hit by the semiconductor shortage.
BP Buys Renewable Natural-Gas Company in $4.1 Billion Deal
BP PLC said it had agreed to buy U.S. biogas producer Archaea Energy Inc. for $3.3 billion plus debt in a bet on growing demand from customers for renewable fuel.
The British oil major said Monday that the acquisition of Houston-based Archaea-its biggest deal since its 2018 acquisition of U.S. shale assets-would expand the company's clean-energy portfolio. BP, like other big oil companies, is shifting more resources into lower-carbon energy, even as it continues with its core business of producing oil and gas.
GLOBAL NEWS
RBA Can Still Keep Pace With Hikes By Global Peers If Required, Says Deputy Governor
SYDNEY-The Reserve Bank of Australia slowed the rate at which it has been raising interest rates earlier this month, but it could still outpace its global central bank peers over coming months if conditions warrant, RBA Deputy Gov. Michele Bullock said Tuesday.
"The Reserve Bank Board is making monetary policy decisions 11 times a year so it is regularly discussing the evidence on the economy and has more flexibility on the size and timing of rate increases," Ms. Bullock said in a speech to a finance industry conference.
Xi's Contradictory Vision for China
Chinese leader Xi Jinping's big moment is finally here. But as he prepares to begin a third term at the pinnacle of Chinese power, he risks squandering China's chance to become the world's top economy in pursuit of an ill-advised bid for self-reliance. That could be a historic mistake.
Mr. Xi can point to some major achievements. For one, China's income per capita reached more than $12,550 in 2021-about double the level in 2012 when he took the helm, and at the very edge of high-income status according to the World Bank's definition. Few would argue that China isn't now a "moderately prosperous society," a longtime aspiration enshrined in decades of Communist Party documents. China's environmental problems remain daunting, but the country has made steady progress.
Kyiv Hit by Drone Attacks as Russia Targets Infrastructure
KYIV, Ukraine-Russia launched a fresh wave of Iranian-made drones to attack central Kyiv in the early hours of Monday, Ukrainian officials said, as Moscow presses a campaign targeting Ukraine's energy infrastructure before the onset of winter.
Rescue workers pulled 18 people from the rubble of a residential building that was damaged by a strike in the central Shevchenkivskyi district, said Kyiv's mayor, Vitali Klitschko.
Pentagon in Talks on Ukraine Starlink Funding, but Elon Musk Says Request 'Withdrawn'
The Pentagon and SpaceX have held discussions about funding for the company's Starlink internet service in Ukraine, a senior military official said Monday, but Elon Musk indicated that SpaceX is no longer seeking that support.
In a tweet, Mr. Musk said SpaceX, the space travel-and-satellite company he founded, had "already withdrawn its request" for funds for the service. The Ukrainian military has been using Starlink connections during its campaign against Russian forces who invaded the country earlier this year, with officials describing the service as a crucial part of their war effort.
Iran's Response to Protests Draws EU Sanctions Targeting Authorities
The European Union imposed the bloc's broadest sanctions package against Iran in almost a decade over authorities' crackdown on protesters, the latest sign of a chill in the relationship between European capitals and Tehran.
At a meeting in Luxembourg on Monday, EU foreign ministers placed a travel ban and asset freeze on 11 people and four entities-including Iran's morality police and the Iranian Law Enforcement Forces, which is tasked with suppressing internal dissent-over Tehran's harsh response against protests that have entered their second month.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
10-18-22 0555ET
