Diageo, the world’s biggest spirits group whose brands include Smirnoff vodka and Johnnie Walker whisky, said it is reviewing its global supply and procurement operation with the aim of reducing costs by £60m annually.
The group said that the operation would be refocused to enhance alignment between global supply and its 21 key markets, with responsibility for local operations to be transferred to the markets and regional structures reduced. Costs associated with the restructure are estimated to be around £100m, with the £60m per annum savings expected to be achieved within three years.
Diageo added that the move is a “consequence of [its] increasing presence in new faster growth markets”, with a target of generating nearly half of its total revenue from these markets close to being reached.
The “sad truth” of banking is that many jobs will be automated in the future, Deutsche Bank's chief executive said yesterday. Despite this, a recent survey found that 98% of European workers are optimistic about the changes automation will bring to their workplace.
India's gross domestic product (GDP) growth failed to meet expectations in Q2 as it slumped to 5.7%. However, India's IT industry is thriving. It contributes roughly 10% to the country's GDP and makes up about 25% of exports.
From music festivals to motor racing, events and festivals are an integral part of the move to a cashless society, reports SIX Payment Services.
The US Federal Deposit Insurance Corporation is suing nine European banks for allegedly contributing to the collapse of 39 US banks that had a collective value of more than $440bn (€375.6bn).