Diageo signals more job cuts

DIAGEO yesterday signalled further job cuts in addition to the 3,000 already announced, though none will be in the UK. The food and drinks giant reported its maiden set of full-year figures, which were scarred by the effects of the Asian crisis and the strong pound. Cost savings arising from the merger will be pounds 290m rather than the pounds 195m previously stated. However, the group warned that profits at its Pillsbury food business will be lower in the first half of the current year. Diageo shares fell 21p to 497p.

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