Eight of Europe's biggest alcohol firms have united to launch new rules for their own advertising in an effort to head off tighter regulation.

Diageo, the drinks giant behind Guinness and Smirnoff, has promoted Ivan Menezes to chief operating officer, fuelling speculation that its chief executive Paul Walsh may be edging towards the end of his Diageo career.

Drinks giant Diageo today said sales in the UK were falling behind its continental neighbours - although Britons are still lapping up vodka and Baileys.

James Joyce will be spinning in his grave – Dublin's historic St James's Gate brewery, home of the author's famously beloved Guinness, is to start brewing fizzy foreign lagers like Budweiser and Carlsberg.

What's this I hear about the drinks boss Paul Walsh quitting?

The drinks giant Diageo hailed its performance in emerging markets yesterday after profits rose despite sales of Guinness falling again in Europe.

Takeover talk was on the cards for Bwin.party yesterday, as investors mulled over whether to take a gamble on the online gaming group after rumours emerged it could be in line for an approach from the US.

Drinks giant Diageo is to pay for 10,000 midwives to be trained in highlighting to pregnant women the dangers of drinking alcohol, it was announced today.

Diageo has agreed to buy out SABMiller's 20 per cent stake in its Kenyan unit for 19.5bn Kenyan shillings (£137m) through its East African Breweries unit.

Thousands of staff at the drinks manufacturer Diageo are concerned about their jobs following a warning from the company behind Guinness that it is planning a major restructuring.

The drinks giant Diageo is to acquire Turkey's biggest spirits company for £1.3bn, reinforcing its strategy of targeting fast-growing emerging markets. Diageo is buying Mey Icki from the private equity firms TPG Capital and Actera and said the deal would be earnings enhancing in the first year. Mey Icki, which has 70 per cent of the spirits market in Turkey, is the country's biggest maker of vodka through its Binboa and Istanblue brands.