Diageo slashes dividend and vows to address Guinness shortage in London

Drinks maker reduces sales and profit forecast for second time in four months amid weak demand in US and China Diageo has slashed its dividend and cut its annual sales and profit forecast for the second time in four months, as the maker of Guinness warned of capacity constraints affecting drinkers of “the black stuff” in London pubs.The world’s largest spirits maker – which owns brands including Smirnoff vodka, Johnnie Walker whisky and Don Julio tequila – lost more than £5bn of its market value on Wednesday as it reported weak demand in the US and China in the first results released under the new chief executive, Sir Dave Lewis. Continue reading...