Maybe our old view of the PM as out of touch is no longer safe. I am seeing him in a new light

It's been a while since City traders have had an excuse to crack open the tequila. But yesterday that all changed. Well, almost. Not because there's a reason to be cheerful about the markets – far from it, it was a particularly nervy day after Monday's falls, with a sudden sell-off after lunch requiring some fancy footwork by the Square Mile's practitioners. No, it was about Diageo, which was said to be close to knocking back a stake in Jose Cuervo, a $3bn (£1.9bn) business which, as any hellraiser will tell you, is the world's biggest tequila brand.

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

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.