This crackdown has caused a bit of a headache.

When governments try to crackdown on corruption and bribery it is normally good news for the “good people” and bad news for the “bad people”.

ShuiJingFangUnfortunately for Diageo, the world’s largest spirits maker, they haven’t done anything wrong but have been caught up in an anticorruption drive in China.

Diageo make the world-famous Johnnie Walker whiskey and Smirnoff vodka but they also make the Chinese spirit “Baijiu”. To most people outside of China, Baijiu is unknown but for people in China it’s extremely well known and is considered to be an expensive luxurious drink.

Chinese president Xi Jinping has led an anticorruption drive which has seen businesses reducing the level of luxurious gifts that they give out. Expensive watches, fine food and expensive cigars were all commonly gifted by companies to encourage business and win favours.

The Baijiu drink was also commonly bought by companies to give away as gifts but following the anticorruption clampdown sales have collapsed in the last year.

Diageo owns nearly 40% of Shui Jing Fang, the Chinese company that manufactures Baijiu and the sales of Shui Jing Fang fell by nearly 80%. As a result, Diageo has written down the value of the investment in Shui Jing Fang by £264 million.

Would you accept this money?

Now this is an unusual one. It involves an accountant that wouldn't accept money… Baverstocks Accountants is a small firm of accountants in the UK[..]
Pass the biscuits...
Does your weight affect the amount of money you earn? That’s an interesting question and researchers from the universities of Strathclyde in Glasgow and Potsdam[..]
#problemswithreturns
It’s common knowledge that high street shops are struggling. A number of household names have gone (or are going!) out of business and one of[..]
You're fired...
How many CEOs of top global companies were replaced last year? Well, the answer may surprise you and what also may surprise you is the[..]
On your bike...
If you drive to work, one of the nice things is to have a parking place. There’s nothing worse than being on time for work[..]