French spirits maker Pernod Ricard said on Thursday it was suspending its remaining share buy back of up to 500 million euros ($541 million) and tightly managing costs in response to the coronavirus epidemic that has slashed third quarter sales by 14.5%. Pernod Ricard, which owns Mumm champagne, Absolut vodka and Martell cognac, reiterated its revised March guidance of an organic decline of around 20% in full year current operating profit as a result of the slump in business sparked by the crisis. "We are staying the strategic course while implementing a comprehensive action plan to mitigate costs and tightly manage cash," Chief Executive Alexandre Ricard said in a statement.

European stocks traded higher in early action on Thursday as policy makers discuss how and when the global economy can reopen, with data showing a slowing spread of the coronavirus pandemic.

Diageo, a global leader in beverage alcohol, announced that its brands have won a collective 79 medals for exceptional quality liquids at the 20th annual San Francisco World Spirits Competition.

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Diageo PLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

By Geoffrey Smith

More than £30 billion in company dividend cuts has left a huge hole in the pockets of U.K. investors in retirement and those who rely on it to top up their monthly income.

Diageo, the maker of Johnnie Walker whiskey and Tanqueray Gin, currently owns an about 56% stake in United Spirits after slowly building it up over several years. The company has started talks with investment bankers and consultants on a delisting offer, the CNBC TV-18 report https://www.cnbctv18.com/business/diageo-exploring-option-to-delist-united-spirits-5947471.htm said, citing sources familiar with the matter. United Spirits' shares were trading flat at 0825 GMT on India's National Stock Exchange on Monday.

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Anheuser-Busch's Budweiser in late April refreshed its funny, landmark 1999 "Whassup" commercial https://www.youtube.com/watch?v=eg5ZMkS8zfM featuring friends "Watching the game, having a Bud," with a new tagline for the coronavirus era, in which reruns of classic contests try to fill the void of no live sports, "Rewatching the game, having a Bud." "We're making sure we're in tune with the climate of where we are on this curve," Monica Rustgi, vice president of marketing at Budweiser, said in an interview. Advertising spending usually follows, Michael Roth, chief executive of advertising holding company Interpublic Group of Companies Inc, told Reuters.

Diageo Plc, the world's largest spirits maker, said on Thursday it would withdraw outlook on its sales and operating profit growth and suspend capital returns programme for the rest of the year in response to the coronavirus pandemic. "Given the global nature of the COVID-19 pandemic, and the uncertainty around the severity and duration of the impact across multiple markets, we are not in a position to accurately assess the impact of this on our future financial performance," the company said in a statement.

Just Eat Takeaway shares rallied on Thursday after reporting that orders have recovered in key European markets, following a brief dip when the coronavirus shutdowns first started.

The following are the top stories on the business pages of British newspapers. - British Prime Minister Boris Johnson has left intensive care after three nights and is in the "early stage of his recovery" from a coronavirus infection, according to a statement from Downing Street. - Diageo Plc, the world's largest spirits maker, on Thursday abandoned forecasts owing to the "significant impact" of the coronavirus crisis on its business and suspended its 4.5 billion pounds ($5.57 billion) share buyback programme.

Falling alcohol sales at a specialist Cotswold spirits firm have been replaced by "exceptional" sales of its new line in hand sanitisers.

Constellation Brands CEO Bill Newlands joins Yahoo Finance to discuss the state of the beer industry amidst the COVID-19 pandemic.

AB InBev (BUD) has withdrawn 2020 guidance, following the rising scale and magnitude of COVID-19, which led to shutdowns, social distancing, travel bans and other limitations in many countries.

Diageo (DEO) withdraws FY20 view, cuts expenses and suspends share repurchase plan in the wake of the uncertain COVID-19 impacts. Also, its top line remains soft due to lockdown in many countries.

The Johnnie Walker whisky maker is the latest company to pull its guidance as the closure of bars and restaurants around the world due to lockdowns imposed by governments hit its sales. Production facilities in many countries including India and in its key markets of Africa are closed, while in the United States - its biggest market - the closure of bars and restaurants in most states was impacting about 20% of its business there, the company said. Diageo also said it was seeing a small pickup in sales in retail stores in the United States and Europe in recent weeks, as more people drink at home.

With thousands of hospitality workers across the country currently facing unprecedented challenges, Diageo North America is introducing the TipsFromHome social program as an ongoing commitment to our friends in the hospitality industry by helping them get back to work at-home. An initial $500,000 pledge is being committed to kick off the movement, and Diageo North America and its brands will donate up to $500,000 more ($1 million in total donations) through the duration of the program. This pledge is on top of more than $2 million Diageo North America and its brands have donated to-date to North America organizations serving the hospitality industry, such as the USBG Foundation COVID-19 Relief Campaign of the Bartender Emergency Assistance Program. Diageo and its brands hope adults of legal age can join in raising a glass and a tip in honor of your local bartender that you miss seeing behind your favorite neighborhood bar.

The spirits business is faring better than most other alcohol lines, and Diageo is better positioned than most investors realize.

Diageo , the alcoholic beverage maker of Johnnie Walker whisky, Guinness beer and Captain Morgan rum, said it's halting its stock buyback program and suspending its financial guidance. Diageo said it will go ahead with its interim dividend due to be paid in April. In mainland China, Diageo said it's beginning to see a very slow return of on-trade consumption, while most bars are shut in the U.S. and in Europe, and on-trade accounts for 20% of U.S. sales and 50% of Europe business. In both regions it has seen some pick-up in the off-trade channel (retail stores) in recent weeks, although it is unclear whether this will be sustained.