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Anheuser-Busch InBev cancels Hong Kong IPO

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

Anheuser-Busch InBev, the world's largest beer brewer, canceled the $9 billion-plus Hong Kong IPO of its Asia-Pacific business, due to weak investor demand.

Why it matters: It was supposed to have been the year's largest global IPO, but instead became the year's largest global IPO flop. It's also a caution against breathless headlines about "oversubscribed" floats before they actually price. Now, it will be harder for InBev to reduce its $100 billion debt-load, and is likely to slow planned expansion in The Philippines, Thailand, and Vietnam.

Go deeper: Boston Beer Co. and Dogfish Head sign $300 million merger

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Axios
20 mins ago - Politics & Policy

Cuomo: "I am not going to resign"

New York Gov. Andrew Cuomo apologized Wednesday for acting in a way that made women feel "uncomfortable," but insisted that he has "never touched anyone inappropriately" and said he will not resign.

Driving the news: Cuomo reiterated in his first public appearance since sexual harassment allegations surfaced that he will fully cooperate with a team of independent investigators appointed by New York Attorney General Letitia James, but suggested that demands for his resignation from were simply "politics."

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
41 mins ago - Economy & Business

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.

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Bryan Walsh, author of Future
47 mins ago - Technology

AI is industrializing

Illustration: Sarah Grillo/Axios

Artificial intelligence is becoming a true industry, with all the pluses and minuses that entails, according to a sweeping new report.

Why it matters: AI is now in nearly every area of business, with the pandemic pushing even more investment in drug design and medicine. But as the technology matures, challenges around ethics and diversity grow.

Go deeper (3 min. read)Arrow