Read the latest Corona Capital daily column by Breakingviews columnists, from BT’s dividends to AB InBev’s debt promises
- GSK sells down in IndiaTAKING A BTING. Chief executives abhor cutting dividends – even if it’s obviously sensible. Especially so in Britain, where income-obsessed fund managers focus myopically on payouts even if they bleed a company of cash to invest. BT’s Philip Jansen has resisted those pressures, announcing on Thursday that he would suspend the final dividend for the financial year that ended in March, and for the current one. Shares took a hit.
DOSE OF REALITY. GlaxoSmithKline isn’t waiting around to see how well Indian consumers hold up. The British pharmaceutical giant is cashing out of Hindustan Unilever, which produces everything from deodorant to soup. It’s selling a 5.7% stake, pocketed as partial payment for the sale of its malted-drink brand Horlicks in 2018.
BAD BUD. The world’s biggest brewer Anheuser-Busch InBev suffered a 5.8% decline in revenue to $11 billion in the first quarter from a year earlier. More drinking at home failed to make up for bars and restaurants closing in many of its top markets. The next quarter will be more painful for the Corona and Budweiser brewer. April volumes fell about 32% – much more than the 9% slide in the first quarter.
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