ON THE SAUCE. Curbing binge drinking could be back on the agenda for richer countries. A report from the Organisation for Economic Co-operation and Development published on Wednesday found that around 44% of people across 11 major economies drank more often following the first wave of Covid-19, compared to just around a quarter of people who said they drank less often. The organisation reckons cheap alcohol is a major driver of consumption. That makes the “premiumisation” strategy of drinks companies like Diageo (DGE.L) and Pernod Ricard (PERP.PA) extra sound. Not only are posh tipples like Johnnie Walker whiskey or Lillet aperitif immune to the impact of governments setting minimum pricing, the distillers have environmental, social and governance goals to curb excessive drinking. Markets appear to approve – both are on a higher rating than before the pandemic. Pernod is now trading at 31 times earnings, according to Refinitiv, compared to around 25 times pre-Covid. As bars reopen, their valuations should remain vivacious. (By Dasha Afanasieva) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Oaktree puts Inter Milan into financial extra time read more Qantas squirms in its first-class seat read more Retail sales’ wild ride read more Ryanair’s legal win lacks victory lap read more London offices shrug off pandemic strain read more