Skip to content
Search

Latest Stories

Diageo chief expects push from British prime minister for business expansion   

BRITISH multinational alcoholic beverages company chief has urged the newly elected prime minister Boris Johnson to better support the British beverages exporters.

Diageo’s chief executive Ivan Menezes asked the UK prime minister to ensure that the drink businesses can continue to trade as freely as possible in and around the globe.


The boss of the Johnnie Walker, Smirnoff, and Guinness maker was quoted by the Telegraph: The prime minister should also start “reducing the UK’s huge taxes on spirits on Scotch and gin where we have some of the highest taxes in the world.”

Menezes recalled the fact that Johnson had worked for Scotch around the globe earlier and the businesses urge him to continue to do so.

London head-quartered company is confident that it will continue to grow despite upcoming Brexit hurdles and prefer a deal to a no-deal Brexit.

Menezes has clearly stated that they are in favour of a deal.

Meanwhile, Diageo’s pre-tax profit jumped 13.2 per cent to £4.2 billion during the first half of the year. Total sales climbed 4.7 per cent to £19.3bn.

After recently completing a £3bn share buyback programme, the company said it would return a further £4.5bn to shareholders by 2022.

Diageo has performed well in recent years with strong sales growth of its brands. The company is expected to move on its growth track further.

The producer of Smirnoff, Guinness, and other products is also facing hurdles in the form of tariffs on some of its products by the US administration as part of the persisting trade war with the EU.

However, the company is confident that it could deal with any trade volatility in the future.

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

UK EU Steel producers

Steelmakers fear new trade barriers could disrupt long-established UK-EU supply chains

iStock

UK and EU edge towards steel trade clash as tariff-free quotas shrink

  • EU plans to cut tariff-free steel imports by 47 per cent from July 1.
  • UK and EU steel producers warn of significant disruption to cross-Channel trade.
  • Hopes for a joint UK-EU strategy on Chinese steel are fading.

The UK and the European Union are facing growing tensions over steel trade, with both sides preparing to tighten import restrictions from July 1 in a move designed to shield domestic producers from Chinese competition.

Business secretary Peter Kyle is expected to raise concerns with European trade commissioner Maroš Šefčovič in Brussels as the UK steel industry warns that planned changes to the EU's safeguard system could significantly restrict British exports. The dispute comes at a sensitive moment for UK-EU trade relations, with manufacturers on both sides warning that new quotas risk damaging one of Europe's most interconnected industrial sectors.

Keep ReadingShow less