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.

Guinness owner, Diageo, has warned that the weakness of the euro and emerging market currencies, against sterling, could reduce annual profits by £150m (just over €200m) this year.

Shares in Diageo — owner of Guinness and Smirnoff vodka — fell yesterday after it said the Securities and Exchange Commission is looking into its distribution practices in the US, adding to its woes as frustrated investors question the performance of the distiller’s chief executive officer.

Diageo, the world’s largest spirits maker, has reported a drop in quarterly sales, despite an improvement in north America, after being hurt by challenges in several emerging markets.

Net sales of Guinness in Ireland grew by 1% year-on-year in the six months to the end of December, marking the iconic stout’s first sales increase in six years.

Global drinks giant Diageo has confirmed the disposal of iconic Irish whiskey brand Bushmills as part of a $400m (€320m) deal to strengthen its presence in the global tequila market.

The world’s largest spirits company Diageo reported a fall in sales of 1.5% for the first quarter of the year on the back of currency devaluations and weakened demand in China.

The world’s biggest stout brewery has opened at St James’s Gate.

The world’s biggest stout brewery was officially opened at St James’s Gate in Dublin today.

The maker of Smirnoff and Guinness warned conditions in emerging markets were “more challenging” following slower growth in its Christmas quarter.

Drinks giant Diageo has announced a net growth in sales of 5% for the year to end June but said its Irish operations continued to be challenging with Guinness sales here down 5%.

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

Guinness owner Diageo reshuffled its management yesterday, with a company insider becoming the boss of the world’s biggest spirits firm, suggesting there will be no major change in strategy.

Long-serving Diageo chief executive Paul Walsh is calling time on 13 years in charge of the drinks giant.

Diageo announced today that it has entered into an agreement to acquire Rosenblum Cellars.

Drinks group Diageo today said it was buying US wine group Chalone for about $260m (€194.4m).