Diageo returned to growth, reporting a profit gain above analysts’ estimates as improved demand for whiskey, tequila and vodka in the US offset declines in Brazil and China.

Guinness-owner Diageo is selling the majority of its wine business to one of the world's biggest publicly-listed winemakers, Australia's Treasury Wine Estates (TWE) for $552m.

Incoming Diageo CEO Ivan Menezes, the latest Indian-born businessman to head a global multinational, is likely to continue the strategy of his predecessor by focusing on growth in emerging markets, writes John Daly

Music group EMI could face a takeover move from a United States private equity group if it fails in its bid for the recorded music division of Time Warner, according to reports.

Drinks giant Diageo today said it saw some signs of an upturn in worldwide trading conditions as it reported annual underlying profits had risen by 6%.