Check Out more news from the Anheuser-Busch front.

The company, which owns half of Mexico’s Groupo Modelo, said Modelo’s chief executive Carlos Fernandez resigned from Anheuser’s board, even as the American beer company tries to thwart an unsolicited takeover bid from Belgian-Brazilian brewer InBev NV.

Modelo is an important player here — it has been approached by Anheuser about a possible combination, according to the Wall Street Journal, while Reuters’ sources, who are familiar with the situation, have said that InBev also courted the Mexican company.

Separately, Anheuser also said that it will acquire the remaining 50 percent stake of the Crown Beers India Ltd joint venture from partner Crown International.

Crown International and Anheuser formed the Crown Beers India venture last year to distribute Budweiser and Armstrong, a beer developed specifically for India, throughout southern and western India.

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InBev: US Anheuser breweries to stay after merger

EU raids detergent firms on suspicion of price fixing

Retail companies mull tactics ahead of holidays

Trying to hide price hikes with trends, fabrics

Clothing makers see fashion in color, detail

(Photo: Reuters)

A restaurant in Manhattan’s Wall Street area is reacting to the financial sector’s agony by slashing prices to lure bankers and traders who have been reining in their spending after steep losses.

Marcus Olson, chef and manager of the “Bull Run” which serves contemporary American cuisine in New York’s financial district, says in the last week and a half the restaurant has cut the price of a steak by $2 to $7.

“This restaurant goes up and down like the stock market,” said Olson. “And especially with this Bear Stearns news last week, we’re really feeling it.”

Since the financial market’s woes began last year, sales are down about 30 percent, he said.

Apart from cutting prices Olson said he has introduced a happy hour, since financiers in the current environment need all the happiness they can get.