This year has been very much a tale of two worlds for the brewers among us. The lingering economic malaise has served to emphasise the difference between western markets and those in the developing world.

Last week, then, proved a tough one for Molson Coors, which is anchored to the mature beer markets of North America and UK. Things were particularly uncomfortable at Molson Coors' and SABMiller's joint-venture in the US, MillerCoors, which operates as a number two to Anheuser-Busch InBev.

A little worryingly, MillerCoors is running out of leg-room on cost synergies, and unemployment among its key beer drinkers - young males - shows little sign of falling significantly. Last week, MillerCoors reported declines on all fronts, from volumes to net sales to profits. As our deputy editor Chris Mercer asked, what are the chances that MillerCoors will reveal a fresh cost savings plan to allay market concerns?

A-B InBev is next up this week. Brazil and the US will be the key countries to look out for. Although A-B InBev has struggled in the US amid declines for mainstream beer, it is more profitable per glass of beer than MillerCoors. In Europe, Carlsberg is also due to report its nine-month and third-quarter figures. All eyes will be on Russia, which, surely, can't have got much worse. Can it?

The big soft drinks story last week saw PepsiCo divest its Chinese bottling operations to Tingyi Holding. The move, which will turn up the heat on PepsiCo's biggest rival, The Coca-Cola Co, in China, has – predictably – been called a win-win by both PepsiCo and Tingyi. With Tingyi holding one of the best distribution networks in the country, as well as now having the opportunity to enlarge its product mix, it's clear that the 'win-win' cliché applies here because it's probably true.

Finally, don't forget that I'm heading to New York next week, to cover Diageo's North American investor conference. If you're based in or around the city and you'd like to meet up, drop me a line.

Until next time...

Olly Wehring
Managing Editor
Web: http://www.just-drinks.com
Email: editor@just-drinks.com
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