Diageo, the world’s largest distilled drinks maker by sales, posted weaker- than-expected earnings yesterday, hurt by a slowdown in China and volatility in other emerging markets.

Diageo chief executive Paul Walsh’s salary more than doubled last year to £11.2m (€13.9m), after an 88% rise in the drinks company’s shares over the last three years boosted his rewards from long-term incentive schemes.

US President Barack Obama’s endorsement of the “black stuff” failed to deliver a lift to Guinness in Ireland as sales fell 6% this year.