The world’s biggest spirits-maker has warned that it is struggling to shift its high-end whiskies in Latin America and the Caribbean (The Times £). Drinks group Diageo has warned that growth in operating profits will slow in the six months to the end of December on the back of a deepening sales slump in Scotch whisky in Latin America and the Caribbean, sending its shares down 12% (Financial Times £). The Guinness to Johnnie Walker drinks maker Diageo has issued a profit warning as a result of cash-strapped customers in Latin America and the Caribbean consuming less alcohol and seeking cheaper brands (The Guardian). Diageo shares suffered the biggest fall for nearly 40 years after it warned tumbling sales of Scotch whisky in Latin America and the Caribbean will hit profits (Daily Mail). Diageo’s shares have plunged after the Johnnie Walker and Guinness owner warned of a major slowdown in sales and warned over profits (Telegraph £).
The FT’s Lex column writes: “One of Lex’s top tips for rookie bosses: markets should not be encouraged to question your credibility early on. On Friday, Debra Crew, in charge only since June, had to admit that drinks group Diageo had an inventory problem in its fastest-growing region. Worse, she was not quite sure why. Its share price sank quicker than a cocktail cherry, down 15%.” (Financial Times £)
Britain’s biggest retailers will be slapped with a £400 million increase in business rates next year as Jeremy Hunt looks to prioritise corporate tax reliefs that promote investment. (The Times £)
The boss of Co-op is calling on the government to take more action to tackle retail crime amid a warning it has reached record levels as criminal gangs are operating “exempt from consequences” (The Guardian).
Police are failing to show up in three out of four cases where shop workers have detained criminals who were looting from stores (Telegraph £).
Retail giants are urging police forces across the UK to offer more protection to workers as concerns about their safety grow. (BBC)
Britain’s farming union has accused the country’s only sugar processor of trying to short change sugar beet growers, weeks after global prices for the commodity surged to a 12-year high. (Financial Times £)
The boss of Majestic Wine has vowed to double down on Britain’s high streets as he revealed plans to open dozens of new stores. (Telegraph £)
The World Health Organisation wants government action over escalating baby formula prices that are “exploiting” British families. (Sky News)
More than 80 million chickens died before reaching slaughter weight in the UK last year, with mortality rates the highest for at least a decade, reveal official figures. (The Guardian)
One of the main architects of Marks and Spencer’s turnaround has credited its efforts to break the “vicious circle” of sticking with ageing customers for helping to revive the UK high street stalwart’s fortunes. Chair Archie Norman told the Financial Times that the department store and grocery chain had previously focused too much on its older clientele and not enough on shoppers of all ages who want to look stylish. (Financial Times £)
Where once M&S was seen as a purveyor of clothes that were at best inoffensive or else labelled – in a somewhat sexist manner – “frumpy”, now it is appealing to women who have one eye on Vogue and another on value. (The Guardian)
Inflation is poised for a “seismic drop” to its lowest level in two years, figures are expected to show next week. (The Times £)
The billionaire owners of Asda have signed a multimillion-pound deal with Tesla to launch ultra-fast charging outlets for electric vehicles (EVs) across their petrol station empire. (Telegraph £)
Patrick Coveney, chief executive of the transport catering group SSP, is the fiercely competitive type. Coveney’s competitive streak is also to be found in his ambition to get SSP into the FTSE 100 by driving progressively stronger earnings over the next three to five years. (The Times £)
Writing on The Grocer’s story about Booths removing self-checkouts, Yvonne Roberts in The Observer writes: “A research study should surely be conducted into post-traumatic self-checkout syndrome and to investigate how many potentially life-shortening diseases such regular encounters incur. Now, finally, Booths, a family-run, upmarket, northern supermarket chain, has announced it is reversing this dehumanising trend.” (The Guardian)
The woman whose social media post alerted the world to the demise of the Caramac bar says she stockpiled 20 boxes after hearing rumours months ago. Paula Swan uses the caramel bars to make eclairs and doughnuts in her Pastel bakery in Newtongrange, Midlothian. (BBC)
The food industry says it is running out of time to prepare for new EU rules to cut carbon emissions from the supply chains of several key commodities, accusing Brussels of issuing proposals that lack detail and will fail to stop deforestation. (The Financial Times £)
A new law in Colombia making it one of the first countries in the world to explicitly tax ultra-processed food has been hailed by campaigners and health experts who say it could set an example for other countries. (The Guardian)