In Brief: Carlsberg still confident of Russian growth
DANISH brewer Carlsberg is confident of a return to growth in Russia after regulations to curb alcohol abuse dented third-quarter results, although western European markets may not pick up for a year or two.
Posting a 4.7pc drop in quarterly operating profit yesterday, the world's fourth-biggest brewer, whose brands include Baltika, Tuborg and Kronenbourg, said there was no reason yet to expect a return to growth in western Europe.
"There is nothing for us that indicates that consumers and the macro economies (in western Europe) will be much better in the short term, or in the next year or two," chief executive Jorgen Buhl Rasmussen said. But he was certain there would be growth again in Russia. "It is a question of when. This market certainly has growth potential," he said.
PIANO MAKER PLEYEL SHUTS ITS FACTORY DOORS
PLEYEL, the world-famous French piano maker that crafted instruments for Ravel, Stravinsky and Chopin, has closed its factory doors, squeezed by high costs and competition from China.
While an existing stock of finished pianos will allow it to keep selling in the near future, it is looking at "alternate solutions" to continue production, Pleyel said, without elaborating.
The French Confederation of Arts and Crafts paid tribute to Pleyel's "rare and detailed know-how that today is at risk of disappearing".
Founded in 1807 by Ignaz Pleyel, the company was a renowned supplier of pianos to European courts.
Pleyel produced up to 3,000 pianos per year in its heyday, but output trickled to about 20 in recent years as it focused on high-end instruments costing up to €200,000.