The Times | 11/14/2008 12:00:00 AM
SABMiller brews up first-half profit rise but cuts investment programme
Nov 14 --SABMiller, the global brewer behind Grolsch and Peroni Nastro Azzurro, will cut its capital expenditure by about $500 million (£342 million) next year as it responds to the impact of the consumer spending downturn on many of its biggest markets.
Graham Mackay, chief executive, said that the worst-perfoming countries had been those where the ready availability of consumer credit had created a “speculative bubble” that had started to burst. “The issue is the countries where people were living beyond their means,” he said.
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