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After donating $8 billion, Steve and Connie Ballmer create three regional philanthropies so people closest to the work can decide how the money is spent

2

U.S. Treasury is paying $3 billion a day in interest on national debt, says the CBO—having spent $10 billion to prop up the currency of its top lender

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Google cofounder Sergey Brin has now spent $100 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses
RetailBeer

Coronavirus takes out Corona beer

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
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April 3, 2020, 11:26 AM ET
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Corona beer has taken its share of unfair knocks as the COVID-19 coronavirus pandemic has spread worldwide. Now it’s at risk of becoming a victim of the virus.

Grupo Modelo, the maker of the beer and a subsidiary of Anheuser-Busch InBev, announced it was halting production and marketing of Corona after the Mexican government ordered all nonessential businesses to close.

The shutdown also impacts the production of Modelo and Pacifico beers.

Mexico has ordered nonessential companies to remain closed until April 30 as it tries to curb the virus’s spread. Grupo Modelo is working with the government to be qualified as essential and says it is proceeding with a plan to “guarantee the supply of beer” worldwide. It does not expect shortages in the short term.

Corona has been the subject of plenty of jokes since the outbreak began, but sales of the beer were actually on the rise as of late February, according to Bart Watson, chief economist of the Brewers Association.

While plenty of people are enjoying adult beverages as they stay at home, the outbreak has not been good for beer sales so far. Several brewers have been forced to close plants, and craft breweries and craft beer bars, which rely on foot traffic, have seen massive sales shortfalls.

More must-read retail coverage from Fortune:

—Which stores are open—and closed—during the coronavirus pandemic in the U.S.?
—How re-commerce players like Poshmark and eBay are adapting to the coronavirus
—How Nike is overcoming the coronavirus impact on its China business
—It may be a while before many of America’s stores open again
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: The greatest designs of modern times

Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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