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Problems for Heineken in its first quarter arrived like a bunching of buses. Bad weather, inflation and tax hikes were all blamed for the fact that beer sales volumes fell in all markets except Asia over the first three months. For anyone who had given the Dutch brewer the benefit of the doubt that its exposure to a stuttering Europe could be offset by growth in emerging markets, now is the time for a reality check. Shares fell 6 per cent on Wednesday.