Korean liquor giants, including Hite Jinro and Lotte Chilsung Beverage, are set to reduce the wholesale prices of their soju brands beginning next year.

Lebanese winery IXSIR is continuing to produce quality wines with the August to September harvest season approaching, despite challenges brought on by Lebanon’s ongoing economic crisis.

Diageo reported that first-half net sales increased 15.8% to £8 billion as the on-trade rebounded and off-trade demand remained strong.

Central banks are coming under increasing pressure to hike interest rates after inflation soared across the globe.

Boston Beer Company saw its share price plummet by almost 10% yesterday after weak demand for hard seltzer forced it to pull its earnings guidance.

Pernod Ricard’s share price increased 2% this morning after the firm raised its profit growth estimate following “greater than expected business dynamism”.

Despite a strong peso, consumers are prepared to pay the price for quality Chilean wine. Christian Davis reports

UK: The Chancellor has added another 41p to a bottle of spirits and 11p to a bottle of wine in the latest Budget.

China: Diageo has been given the go-ahead to make an offer for the remaining shares of ShuiJingFang. The maximum offer stands at GBP630m.

Asahi Group has reached an agreement to acquire Australsian-based drinks operator, Flavoured Beverages Group.

The Australian wine market faces tough challenges ahead because of a growing reliance on discounting, according to Wine Intelligence.

Paul Henry, outgoing general manager, market development for the Australian Wine and Brandy Corporation (AWBC), has accused retailers of being only interested in “volume and price” and described retailer consolidation and price compression as direct threats to proprietary brands.

The introduction of a minimum price for alcohol in Britain could see retailers and manufacturers reap £700m in extra revenue.

US: Diageo has launched two new flavours for its Smirnoff vodka brand – mango and peach.

Members of Romanian Winegrowers are to undergo a benchmarking initiative, designed to identify a ‘Hero Selection’ of wines.