Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="6355394" type="COMPANY" weightage="80" keywordseo="United-Spirits">United Spirits</keyword>, the country's largest liquor company and the maker of McDowell's No 1 and <keyword id="2871626" type="UNKNOWN" weightage="80" keywordseo="Royal-Challenge-whisky">Royal Challenge whisky</keyword>, reported a net loss of Rs 1799.3 crore during the January-March quarter. Exceptional items, including provision for loans and advances to <keyword id="169273" type="COMPANY" weightage="80" keywordseo="Whyte-Mackay">Whyte &amp; Mackay</keyword> debt, was at Rs 1755 crore. 
	 

	Total income rose nearly 6% to Rs 2,051.3 crore in the fourth quarter from Rs 1,943 crore last year. Staff costs increased 45.3% to Rs 212.3 crore including Rs 34 crore towards provisions for its employee incentive scheme. United Spirits is now controlled by <keyword id="227706" type="COMPANY" weightage="80" keywordseo="Diageo-Plc">Diageo Plc</keyword>. It managed to reduce its operating loss during the fourth quarter to Rs 11.9 crore from Rs 927 crore in the corresponding quarter last year. 
	 

	Gross margins improved by 480 basis points partly helped by 1% decline in advertising and promotion spends at Rs 196 crore. United Spirits’ profits are down for the quarter due to provisions for loans at Rs 184.85 crore while loss on sale of shares of a subsidiary was Rs 10.85 crore. Provision for a loan to a related party amounted to Rs 995.46 crore and profit on sale of <keyword id="130726" type="UNKNOWN" weightage="80" keywordseo="manufacturing-unit">manufacturing unit</keyword> was Rs 35.65 crore. 
	(Image: Indiatimes)

United Spirits in low spirits! The firm posts loss at Rs 1,799 crore

New Delhi, Jan 14 () Regulator Sebi has barred Nishat Shailesh Gupte, a former official of Diageo Plc, from the capital markets for seven years for indulging in insider trading activity in United Spirits.
 Besides, Sebi has directed three persons related to Gupte -- Poonam Haresh Jashnani, Haresh Parmanand Jashnani and Varun Haresh Jashnani -- to disgorge unlawful gains totalling over Rs 1 crore made by them, along with interest, in the insider trading case.
 Sebi said Gupte, who was the Global Business Development Manager (M&amp;A) of Diageo, was in possession of unpublished price sensitive information (UPSI) relating to the open offer for acquisition of shares of United Spirits Ltd (USL) by Relay BV together with Diageo Plc as the person acting in concert (PAC). 
 Gupte was part of the core team which represented Diageo/PAC in the transaction to consolidate shareholding of the acquirer in USL and was guiding the team since the beginning of the transaction lifecycle.
 Further, the regulator said Poonam, Haresh and Varun also indulged in insider trading activity in USL based on the information passed by Gupte.
 Gupte is the son-in-law of Poonam and Haresh, and brother-in-law of Varun.
 "Considering the close family relationship amongst Nishat, Haresh, Varun and Poonam, it can reasonably be concluded that it was Nishat who had communicated the UPSI to them," Sebi said in an order dated January 10.
 Based on trading while in possession of UPSI, Poonam, Varun and Haresh have made ill-gotten gains, it added.
 By indulging in such activities, these persons violated Sebi's PIT (Prohibition of Insider Trading) regulations.
 Accordingly, the Securities an Exchange Board of India (Sebi) barred Gupte from the capital markets for a period of seven years. Besides, he has been restrained from associating himself with any listed public company.
 Further, Poonam, Haresh and Varun have been asked to disgorge wrongful gains of about Rs 45.44 lakh, Rs 29.24 lakh and Rs 26.18 lakh respectively along with 12 per cent interest per annum. They need to pay the amount within 45 days.
 In case they fail to pay the wrongful gains along with interest as directed, Sebi will initiate recovery proceedings. SP
RVK

Sebi bans former Diageo official for 7 yrs in insider trading case

<keyword id="6361490" type="CITY" weightage="100" keywordseo="diageo">Diageo</keyword> Plc, a British multinational alcoholic beverages company, has expressed confidence of retaining a majority stake in United Spirits Limited (<keyword id="136068" type="COMPANY" weightage="100" keywordseo="USL">USL</keyword>) even if it loses the legal battle pertaining to the purchase of shares of USL from United Breweries Holdings Ltd (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). 
 
Last year, the Supreme Court had ordered status quo to be maintained in the case. The next hearing is scheduled to take place on April 21. Moreover, the Karnataka High Court, which had admitted six petitions against UBHL, will hear the case on February 26. 
 
“…Averse results for Diageo in the proceedings referred to above could, absent leave or relief in other proceedings, ultimately result in Diageo losing title to the 10,141,437 USL shares acquired from UBHL. Diageo believes it would remain in control of USL and be able to consolidate USL as a subsidiary regardless of the outcome of this litigation,” the London-headquartered company said. 
 
“There can be no certainty as to the outcome of the existing or any further related legal proceedings or the timeframe within which they would be concluded,” it added. 
 
Diageo had acquired a stake of 14.98% in USL for Rs 3,130 crore in July 2013. On July 2, 2014, it bought more shares and increased its stake to 54.78%. 
Image: Indiatimes

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

<ul><li><keyword id="8681398" type="General" weightage="20" keywordseo="urban-company" source="Orion">Urban Company</keyword> has appointed four independent directors.</li><li>The company reportedly plans to go public by the end of 2022 or mid-2023.</li><li>The company has raised close to half a billion dollars to date.</li></ul><keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> — the founder and chief executive officer (CEO) of restaurant aggregator business <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> — has joined the board of Urban Company as an independent director. Mckinsey’s former partner Ireena Vittal, Helion cofounder Ashish Gupta and Shyamal Mukherjee, PricewaterhouseCoopers (PwC) India’s former chairperson and senior partner, have joined the Urban Company’s board as independent directors. “We are humbled to have esteemed industry leaders join our board as independent directors, as we step into our next phase of growth. They bring in a lot of experience and industry expertise that will guide us in our company building journey. We look forward to their mentorship in the years to come,” Abhiraj Singh Bhal, cofounder and CEO of Urban Company, said in a statement, Last June, Bhal in an<a href="https://economictimes.indiatimes.com/tech/startups/urban-company-joins-ipo-rush-after-latest-255-million-fundraise/articleshow/83165352.cms"> interview</a> with The Economic Times had mentioned that Urban Company plans to go public by the end of 2022 or middle of 2023. Founded by Abhiraj Bhal, Raghav Chandra and Khaitan in 2014, Urban Company has its offerings spread across the home and beauty segment in India, Dubai, Australia, Singapore and Saudi Arabia. The company has raised close to half a billion dollars to date, from investors like Tiger Global, Vy Capital, Steadview Capital and others. Urban Company’s board will now comprise three executive directors, three non-executive directors and four independent directors. Indian Institute of Management (IIM), Calcutta graduate Vittal — who was a partner at Mckinsey &amp; Co for 16 years — serves as an independent board member of several companies such as Compass Plc, Diageo Plc, Godrej Consumer Products Limited, HDFC Limited, Wipro Ltd. Gupta is a cofounder of venture capital firm Helion and serves as independent board director for organizations like InfoEdge, Hindustan Unilever, Pubmatic, Simplilearn and Gupshup. He had previously cofounded Tavant Technologies and Junglee, and has been associated with brands like Oracle, IBM research and Woodside Fund. He has also been an investor in Daksh (IBM), Infoedge, MakeMyTrip, MuSigma, Upwork, Redbus and Flipkart. Zomato’s Goyal is also on the board of Unacademy and Magicpin. He founded the food delivery firm in 2008 and took the company public last year. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/adani-power-crosses-1-lakh-crore-market-cap-to-become-the-sixth-adani-group-company-to-enter-the-special-club/articleshow/91064314.cms">Adani Power crosses ₹1 lakh crore market cap to become the sixth Adani Group Company to enter the special club</a> <a href="https://www.businessinsider.in/business/telecom/news/5g-in-india-who-what-when-why-and-how-much/articleshow/91004188.cms">5G in India – who, what, when, why and how much?</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-100-richest-people-in-the-world-some-interesting-facts/articleshow/91069161.cms">Top 100 richest people in the world: Some interesting facts</a>

Zomato’s Deepinder Goyal joins Urban Company's board

Good morning, readers. Hallam Bullock here, reporting from London. It was a move the White House <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-joe-biden-white-house-opec-production-cuts-2022-10">went down to the wire to avoid</a>. With Europe in the icy grip of an <a href="https://www.businessinsider.com/energy-crisis-europe-france-jackets-school-children-heating-cold-report-2022-10">energy crisis</a>, grappling with inflation, and trying to stave off economic instability, OPEC+'s decision to <a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10">slash oil production</a> could have big consequences for the global economy. Let's break it down.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10"></a> 1. OPEC+ agreed to cut production. The move would be a "total disaster," the White House said in a <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-joe-biden-white-house-opec-production-cuts-2022-10">last-ditch effort to dissuade OPEC+</a>, adding that it could be seen as a "hostile act." But the group — which includes Saudi Arabia, the United Arab Emirates, and Russia — agreed Wednesday to slash daily oil production by 2 million barrels, in a bid to send crude prices higher. In the immediate wake of the decision, it appears to have worked. West Texas Intermediate crude advanced by 1.3% to $87.65 per barrel, while Brent crude, the international benchmark, rose 1.6% to $93.28.As a result, the US could now see gasoline prices pushed higher just weeks before the midterm elections. Meanwhile, Russian President Vladimir Putin, who has been accused of <a href="https://www.businessinsider.com/sabotage-of-pipelines-were-a-warning-shot-from-putin-experts-2022-10">weaponizing energy</a> against countries opposing his invasion of Ukraine, will likely continue to reap revenue. The White House was not impressed. US President Joe Biden reportedly said he was "disappointed" by the move and called OPEC+ "<a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10">shortsighted</a>." The US fears the decision has political as well as economic implications. "It's clear that Opec+ is aligning with Russia with today's announcement," White House spokesperson Karin Jean-Pierre said. Such an alliance would undermine western governments' attempts to hamper Russia's war efforts in Ukraine, and mark a significant moment in Saudi Arabia's 75-year energy relationship with the US, <a href="https://www.ft.com/content/64d35a40-5144-44f6-afca-c8b88c9d0ad5">the Financial Times reports</a>. But OPEC+ defended their decision, saying it was in response to "uncertainty that surrounds the global economic and oil market outlooks." At a news conference after the meeting, the Saudi energy minister added: "<a href="https://www.nytimes.com/2022/10/05/business/opec-russia-oil-output.html">We would rather be pre-emptive than be sorry</a>," the New York Times reports.Ahead of the meeting, the EU moved closer to approving a <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-russian-sanctions-oil-prices-high-cap-eu-2022-10">plan to cap the price of Russian oil</a>. The 27-country bloc agreed to begin penning legislation for the price cap, but formal approval will only come once the G7 has fully worked out how it would function. The US Treasury Department found the program could choke off <a href="https://www.ft.com/content/5f102e4e-e92b-482c-adb9-86d66c919673">tens of billions of dollars in annual revenue</a> for Moscow.Russia, however, has warned that a price cap would backfire. The country's deputy prime minister, Alexander Novak, said the EU's plan could lead to Russia temporarily cutting oil production further — a move that would see crude prices rise, and gasoline follow. As per the Wall Street Journal, the Biden administration is also looking at <a href="https://www.wsj.com/articles/u-s-plans-to-ease-venezuela-sanctions-enabling-chevron-to-pump-oil-11665005719">scaling down sanctions on Venezuela</a>, as a possible means to allow Chevron to resume pumping oil to help fill the gap left by OPEC+'s supply cut. The details are reportedly still under discussion, but it could reopen US and European markets to oil exports from Venezuela, which was once a major oil producer pumping more than 3.2 million barrels a day during the 1990s. <a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10">Read the full story.</a> What will the fallout from the decision be? Let me know at <a href="mailto:hbullock@insider.com">hbullock@insider.com</a> or tweet <a href="https://newsletter.businessinsider.com/click/633c004691242de2570c7af6/aHR0cHM6Ly90d2l0dGVyLmNvbS9oYWxsYW1fYnVsbG9jaz9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PU9wZW5pbmdfYmVsbA/62667762063d6b9bef0cffb3B061038fe">@hallam_bullock</a>In other news:<a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-takeover-short-seller-hindenburg-research-activist-investor-2022-10"></a><div type="image" title="Elon Musk in front of Twitter birds." height="600" width="800" msid="94680887" hostid="261"></div>2. US stock futures fall early Thursday, as investors mull whether OPEC+'s production cut will further weaken economic growth. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves.</a>3. Earnings on deck: Diageo plc, Levi's, and Ted Baker plc, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>4. Goldman Sachs named stocks that are set for strong sales growth in 2023. Even as the Federal Reserve's interest rate hikes threaten to send markets to new lows, <a href="https://www.businessinsider.com/investing-stocks-to-buy-fed-rates-inflation-recession-goldman-sachs-2022-10">these 21 stocks are expected to grow revenue by double-digit percentage points next year</a>. 5. With Elon Musk's Twitter takeover back on, Hindenburg Research is dumping all its shares in the company. Musk proposed restarting talks to buy the social media titan Monday, by Tuesday, Hindenburg had tweeted: "We have closed our long position in Twitter" — <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-takeover-short-seller-hindenburg-research-activist-investor-2022-10">here's why</a>. Meanwhile, billionaire investor Carl Icahn scored a $250 million gain by <a href="https://markets.businessinsider.com/news/stocks/carl-icahn-twitter-tech-stock-gain-elon-musk-tesla-takeover-2022-10">calling Musk's bluff</a>.6. There's good reason to think that the two-day surge in stocks this week wasn't just another bear market rally, according to Fundstrat's Tom Lee. Lee says the stock market's back-to-back rally on Monday and Tuesday could be the start of a broader uptrend rather than a dead-cat bounce. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-two-day-surge-not-another-bear-rally-2022-10">Find out why.</a> 7. Jeremy Siegel says he's disturbed by groupthink going on at the Fed. No Fed members have opposed Jerome Powell's hawkish moves, and that risks another policy error, according to the Wharton professor. "<a href="https://markets.businessinsider.com/news/bonds/jeremy-siegel-inflation-fed-powell-group-think-hawkish-monetary-policy-2022-10">Honestly it disturbs me that everyone is on board with the same speaking points</a>."8. A 28-year-old former stock trader shared her top investing advice."If you're looking for returns today, tomorrow, or in less than a year, you are setting yourself up for unrealistic expectations," Lauren Simmons told Insider. Instead, <a href="https://www.businessinsider.com/former-stock-trader-lauren-simmons-investing-advice-invest-long-term-2022-10">here's what she thinks you should do. </a>9. Ethereum will be the "primary on-ramp into crypto." That's according to Joshua Lim, a former trading executive at Genesis Global Trading, who says bitcoin's investment case is weaker than ever. <a href="https://www.businessinsider.com/crypto-ethereum-to-be-primary-on-ramp-galaxy-trading-exec-2022-10">Here are his three reasons for why ethereum's future looks bright.</a> <a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10"></a><div type="image" title="Brent crude price, October 6, 2022" height="1122" width="1360" msid="94680888" hostid="261"></div>10. Oil prices extended a wining streak on OPEC+'s decision. Oil also found strength from the US Energy Information Administration's report showing weekly crude stockpiles fell by 1.4 billion barrels, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-rise-after-opec-says-it-will-cut-production-2022-10">confounding expectations for an inventory increase</a>.Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Hallam Bullock in London. (Feedback or tips? Email <a href="mailto:hbullock@insider.com" target="_blank" rel="noopener">hbullock@insider.com</a> or tweet <a href="https://newsletter.businessinsider.com/click/633c02660cd630ee5504387d/aHR0cHM6Ly90d2l0dGVyLmNvbS9oYWxsYW1fYnVsbG9jaz9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PU9wZW5pbmdfYmVsbA/62667762063d6b9bef0cffb3C1dd62de8" target="_blank" rel="noopener">@hallam_bullock</a>). Edited by Max Adams (<a href="https://newsletter.businessinsider.com/click/633aad94f0dab73d8009f517/aHR0cHM6Ly90d2l0dGVyLmNvbS9tYXhyYWRhbXM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3B1e060713" target="_blank" rel="noopener">@maxradams</a>) in New York.

Everything you want to know as OPEC+ agrees to cut oil production

<ul class="summary-list"><li><keyword id="6359860" type="UNKNOWN" weightage="60" keywordseo="Beer">Beer</keyword> is expiring in untapped kegs around the country and <keyword id="99292" type="ORGANIZATION" weightage="60" keywordseo="breweries">breweries</keyword> are taking the hit after ramping up <keyword id="22637" type="COMPANY" weightage="60" keywordseo="production">production</keyword> for <keyword id="6385705" type="UNKNOWN" weightage="60" keywordseo="events">events</keyword> in March that proved to be a bust because of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> outbreak, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">according to a recent report</a>.</li><li>Dealing with millions of gallons of unopened beer, worth nearly $1 billion, is proving to be a headache for companies as environmental and logistical concerns prove costly.</li><li>Other industries, such as oil and farming, are also feeling the negative effects of excess supply during the pandemic.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The beer <keyword id="6354887" type="UNKNOWN" weightage="60" keywordseo="Industry">industry</keyword> is dealing with an unusual problem — there is too much beer and it's starting to expire, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">according to a report by The Wall Street Journal</a>.Millions of gallons of beer was produced in March in preparation for St. Patrick's Day and "March Madness" basketball tournament, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">according to the Journal</a>, but now that beer is going to waste as it sits undrunk in kegs around the country at places such as concert and sporting venues, as well as restaurants and bars.The 10 million gallons of unused beer could translate into a $1 billion loss for the industry, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">the report said</a>, and leaves producers struggling to dispose of the stale suds as they begin the process of retrieving the kegs.As breweries embark on the process of collecting kegs, several challenges appeared, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">according to the Journal</a>, including difficulty retrieving full kegs (which are more costly to transport than empty ones) and the disposal of the <keyword id="6698811" type="UNKNOWN" weightage="60" keywordseo="Surplus">surplus</keyword> supply, which cannot simply be dumped down drains because it risks offsetting waterways' pH levels and creating unwanted bacteria. Brewers such as MicroStar Logistics LLC, the U.S.'s largest keg-logistics company, plan to dilute the beer with defoamer in order to safely get rid of it, <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">The Wall Street Journal said in the report</a>.The disposal of beer doesn't just have logistic considerations, but financial ones too. The unsold bulk of inventory means someone gets hit with economic losses. Budweiser brewer Anheuser Busch InBev SA, Guinness maker Diageo PLC, and Modelo owner Constellation Brands Inc. are <a href="https://www.wsj.com/articles/a-new-problem-is-brewing-in-the-beer-industry-one-million-kegs-are-going-stale-11587733224?campaign_id=4&amp;emc=edit_dk_20200427&amp;instance_id=17975&amp;nl=dealbook&amp;regi_id=84097998&amp;segment_id=26048&amp;te=1&amp;user_id=d8b50a44d56b5015c083cfbca06fc5c40a44d56b5015c083cfbca06fc5c4">a few of the brewers who choose to share the cost</a> of the undrunk beer with their distributors to prevent already suffering bars and restaurants form incurring the loss.Other industries have also been upended amid the pandemic, including <a href="https://www.businessinsider.com/gas-prices-plummeted-in-every-state-amid-coronavirus-2020-4">oil,</a> <a href="https://www.businessinsider.com/food-destroyed-farms-amid-covid-19-struggling-families-go-hungry-2020-4">produce</a>, <a href="https://www.businessinsider.com/cruise-ships-still-at-sea-as-coronavirus-cancels-new-sailings-2020-3">cruises,</a> and <a href="https://www.businessinsider.com/coronavirus-photos-airplanes-grounded-parked-runways-satellite-2020-3">flights</a>.Read the original article on <a href="https://www.businessinsider.com/millions-gallons-expired-beer-may-cost-booze-industry-1-billion-2020-4">Business Insider</a>

Millions of gallons of expired beer could end up costing the booze industry $1 billion

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">XeroxKathryn Mikells.</div></div></div>Xerox <keyword id="53346" type="POSITION" weightage="100" keywordseo="CFO">CFO</keyword> Kathryn Mikells is stepping down. The company announced on Monday that Mikells will be leaving to pursue another opportunity at Diageo PLC.Diageo is known in North America for its popular adult beverages, which include Johnnie Walker whiskey, Smirnoff vodka, Captain Morgan's Spiced Rum, Guinness, and various other alcoholic drinks.She will be replacing CFO Deirdre Mahlan, who will become the president of Diageo's North American business.Mikells has served as Xerox's CFO since May 2013. Previously she was the CFO of United Airlines from 2008 to 2010.In a press release, Diageo CEO Ivan Menezes said, "Kathryn has the experience of working with teams to drive disciplined performance management, which will contribute to the achievement of our performance ambition.""We are starting to see the benefits of the changes we have put in place, and I am confident we are uniquely positioned to take advantage of this growth sector," he said.Mahlan will step down from Diageo's board when Mikells takes over on November 9. Mahlan will return to America where she will focus on reviving the company's North American business. Mikells will be based in the company's London office. "I am excited to join the Diageo team," Mikells said. "This is a unique opportunity to work for a company with leading consumer brands, unparalleled global reach, and the marketing and innovation agility to drive performance locally. Diageo has a clear and compelling strategy, and I am looking forward to working with Ivan and the team to deliver it." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-extravagant-vacations-in-world-2015-9">The most expensive and extravagant vacations in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvMzRndzpNrgBqxHb0FavvEnwVT1v50q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Xerox CFO Kathryn Mikells is stepping down to take another job

Vijay Mallya's Rs 515-crore 'golden parachute' to exit United Spirits faces an extensive scrutiny by markets regulator <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>, which has begun looking into possible violations of corporate governance and other norms because of this deal. 
 
SEBI is looking into the role of United Spirits and its main promoter UK-based Diageo Plc, as also that of Mallya and his group firms that are or have been shareholders in India's leading liquor maker, a senior official said. 
 
SEBI is scrutinising intricacies of the deal and may soon seek further details from USL, Diageo, Mallya and others. Besides, the regulator is also looking into the trading data for USL shares to check whether there have been any violation of insider trading norms or other irregularities. 
 
He further said that the Corporate Affairs Ministry and other agencies may also join in as the the deal, struck yesterday between Mallya and Diageo, has raised "serious doubts" about whether the corporate governance norms have been followed in "letter and spirit" in this matter. 
 A new scrutiny has been launched even as an earlier probe is continuing against Mallya and his <keyword id="7229" type="CITY" weightage="100" keywordseo="UB-Group">UB Group</keyword>, as also others, with regard to alleged financial irregularities at United Spirits Ltd (USL) relating to loans advanced to UB firms including for long-defunct <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. 
 
Besides, various UB Group firms are already facing probes by Sebi relating to listing rule violations, while Corporate Affairs Ministry is also looking into alleged violations of certain provisions of the Companies Act. The role of previous auditors is also under the scanner. 
 
The Corporate Affairs Ministry may also look at the fresh developments that have taken place because of Mallya deciding to quit as Chairman and Non-Executive Director at USL after Diageo agreeing to pay $75 million (over Rs 515 crore) and to absolve him of all liabilities with regard to alleged financial regularities in the past. 
 
Also under the scanner are financial transactions entered into by USL, Mallya and various UB Group firms with entities abroad, including those before Diageo buying into the company. Some of these deals relate to various sporting ventures floated by Mallya including for cricket and Formula One race. Recently, also he ventured into Caribbean Premier League. 
 Mallya, who has been known for his flamboyance and used to be referred to as '<keyword id="1019762" type="UNKNOWN" weightage="20" keywordseo="King-of-Good-Times">King of Good Times</keyword>' before his empire ran into troubles beginning with collapse of Kingfisher AirlinesBSE 3.03 %, managed a good deal yesterday to end a year-long boardroom battle at USL, wherein he had sold controlling stake to Diageo in a multi-billion dollar deal. 
 
Such an exit arrangement is commonly known in the business parlance as golden parachute' or 'sweetheart deal'. 
 
Mallya, who along with his group firms is fighting 'wilful defaulter' tags given by various lenders in relation to loans taken by long-defunct Kingfisher Airlines, said he would now "spend more time in England" closer to his children. 
 
Image credit: Indiatimes

Vijay Mallya's Rs 515-crore deal to exit United Spirits faces SEBI scrutiny

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
This year, the biennial Ryder Cupgolf tournament took place at Gleneagles Hotel in Scotland. It was the first time since 1973 that the Cup took place in Scotland, and only the second time in history. 
Now, Diageo plc, the beverage company that owns Glenagles has but the resort on the market, <a href="http://www.golf.com/courses-and-travel/diageo-puts-ryder-cup-host-gleneagles-sale#">asking $400 million</a> for the facility.
No place could be more suited for high pressure golf than the courses at Gleneagles. The grounds, as well as the other hotel facilities, are held to the highest standards of perfection. The entire grounds are quite remarkable.

Gleneagles, the luxury resort that just hosted the Ryder Cup, is up for sale for $300 million

Michael Jensen, CEO of Carlsberg India, has termed India as the most difficult market in the world, and you can’t blame him for that, since Jensen has personally experienced how politics can make business run on its fingers, making investors vary of future projects. 
 It was three years ago that <keyword id="6388010" type="ORGANIZATION" weightage="100" keywordseo="Bihar-CM">Bihar CM</keyword> <a href="http://www.businessinsider.in/Nitish-Kumars-government-imposes-13-5-tax-on-luxury-items-including-samosa-and-kachori/articleshow/50563854.cms">Nitish Kumar</a> had wooed Carlsberg to invest in the state, thus convincing it to set up a $25 million plant near Patna in 2014. However, after he was <a href="http://www.businessinsider.in/Nitish-Kumar-takes-oath-as-Bihar-CM/articleshow/49858253.cms">re-elected </a>last year, he went on to ban liquor in the state, which led to the company’s revenues falling and forcing it to consider pulling out, since there was no backup plan for this unexpected move. 
 
"It was a sizeable market and investment but they decided to do prohibition in 12 hours," Jensen told ET. 
 
Other than Carlsberg, Diageo Plc, United Breweries and Molson Coors are also worried about the ban since they have been running more than 70 distilleries and breweries in Bihar for over a decade now, which is an ideal market for these liquor companies, offering an abundance of raw materials (barley and wheat) and cheap labour. 
 
In Bihar, sale of alcohol has been banned since March this year, fulfilling the <a href="http://www.businessinsider.in/Banned-Alcohol-in-Bihar-to-be-banned-April-2016-onwards-CM-Nitish-Kumar-announces/articleshow/49934345.cms">promise </a>that Kumar made during his election campaign. 
 
Also read: <a href="http://www.businessinsider.in/Bihar-women-to-get-35-reservation-in-government-jobs/articleshow/50665360.cms">Bihar women to get 35% reservation in government jobs </a> 
 
"Our medium-term intent is actually (to) exit the state of Bihar from all manufacturing and related activities," United Spirits CEO Anand Kripalu was quoted saying in an investor call. "It is about just over 1% of our total business in terms of revenue and probably something similar in terms of profit right. So we believe, while it is an important state in terms of its contribution, it is not that material to our total business." 
 
The industry is, however, maintaining some hopes since sector lobby groups have challenged the ban in the Patna High court. 
 
"We are fighting against the unjust ruling to ban all liquor instead of just country and illegal liquor," said All India Brewers Association Director General Shobhan Roy. "Our breweries are running full capacity and we have claimed about 400 crore compensation for existing inventories and machinery." 
 
<a href="http://s3.india.com/wp-content/uploads/2014/06/nitish-kumar-3.jpg">Image source</a>

You Searched For "Diageo Plc" and got 11 results

United Spirits in low spirits! The firm posts loss at Rs 1,799 crore

BI India Bureau

Sebi bans former Diageo official for 7 yrs in insider trading case

PTI

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

BI India Bureau

Zomato’s Deepinder Goyal joins Urban Company's board

Kritti Bhalla

Everything you want to know as OPEC+ agrees to cut oil production

Hallam Bullock

Millions of gallons of expired beer could end up costing the booze industry $1 billion

Jessica Snouwaert

Xerox CFO Kathryn Mikells is stepping down to take another job

James Kosur

Vijay Mallya's Rs 515-crore deal to exit United Spirits faces SEBI scrutiny

BI India Bureau

Gleneagles, the luxury resort that just hosted the Ryder Cup, is up for sale for $300 million

Christian Storm

Nitish Kumar wooed Carlsberg to set up a plant in Bihar, and then banned liquor in the state

BI India Bureau

Almost 200 top business leaders signed a letter calling for Britain to stay in the EU

Oscar Williams-Grut

Popular Keywords

Buying Guides