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Heineken shares fall 8% after first-half profit miss [Video]

Heineken shares opened nearly 7% lower on Monday, after the brewing giant’s first-half profit growth came in weaker than analysts had expected.

The company’s stock was trading down 7.9% at 12:18 p.m. London time.

Operating profit showed organic growth of 12.5%, below a company-compiled consensus forecast of 13.2%.

Beer sales, which were expected to grow at 3.4%, rose by just 2.1%.

Heineken tumbled to a net loss of 95 million euro ($103 million), primarily on the back of a non-cash impairment of 874 million euro on its investment in Chinese brewing firm CR Beer. Heineken said the write-down was the result of the decline in CR Beer’s share price amid concerns about consumer demand in China, rather than over the Chinese company’s operational performance.

“We are quite pleased with a solid performance in the first half,” Heineken CEO Dolf van den Brink told CNBC’s “Squawk Box Europe” on Monday, describing volume …

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How China Is Rewiring Its Faltering Economy [Video]

Xi Jinping has a plan to fix his country’s faltering economy and offset the pain caused by the property crisis. The goal is to move up the value chain. Out with dirty, low-end manufacturing and in with new industries like solar and electric vehicles. The problem, however, is Chinese consumers aren’t spending. Also, Beijing faces a tense trade and geopolitical landscape with the US and Europe.00:00 Introduction 01:05 China’s growth story 01:54 Solar firm GCL 02:50 Hi-tech sectors04:05 Tariffs and weak consumption07:09 Model of success If you want to read more on China’s “great rewiring,” click here: https://trib.al/25srtVZFor more on Xi Jinping’s plans for the Chinese economy, click here: https://trib.al/4zPyDoh Sign up here for the Next China newsletter to get Bloomberg’s weekly dispatches from Beijing: https://trib.al/kX4Zyws--------Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginalsBloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.