Chinese government approves wine investment fund (China)
Posted by Daily Wine News | Filed under Wine Reviews
The Chinese government has approved the first-ever Chinese investment fund specialising in wine. The Dinghong Fund (Dinghong means ‘In Red’) plans to invest in €110m on wine over a five-year period starting this year, according to a representative from Bordeaux negociant Vintex & les Vignobles Grégoire, which will manage the fund’s wine buying. Wine purchasing will be spread out over a five-year period, with about €22m invested per year, reports Decanter.
Sav at the heart of our industry (NZ)
Posted by Daily Wine News | Filed under Wine Reviews
The success of the New Zealand wine industry is based solely on one variety, Sauvignon Blanc. Sure, plenty of other varieties are grown in New Zealand and our winemakers have developed a huge reputation worldwide for the quality of most varieties they turn their hand to, but without Sauvignon Blanc, the world wouldn’t know about our Rieslings, Pinot Noirs, Chardonnays, Syrahs, Merlots, sparkling wines or the many other wine styles produced here, writes Neil Hodgson in the Nelson Mail.
Debt load requires equity options (NZ)
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The New Zealand Wine Company, one of New Zealand’s big winemakers, has agreed with its bankers that it needs to narrow down a list of options to raise the equity required to pay down debt and strengthen its balance sheet. The company signalled to shareholders yesterday at its annual meeting that options, including a discounted rights issue to existing shareholders and/or the introduction of a strong cornerstone shareholder, were being considered. Another equity-raising option is the merger of interests with another wine company, reports Business Day.
Party over as wine profits plummet (NZ)
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Export wine prices have slumped to a new low as the industry struggles to cope with changes wrought by a massive increase in supply of Marlborough Sauvignon Blanc. Latest Overseas Merchandise Trade figures show that wine exports have more than doubled in the past four years. That includes 47 million litres exported in the three months to September, a 114% increase on the same period in 2007. Although that has pushed the total value of New Zealand’s wine exports up past the $1 billion mark, it has been accompanied by a sharp slide in the average price per litre, reports Sunday Star Times.
Vale’s Bushing King crowned
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McLaren Vale’s Steve Pannell has been crowned the 2011 Bushing King as the region’s best winemaker. Mr Pannell, the name behind label SC Pannell, received the accolade for his 2010 SC Pannell Tempranillo Touriga at a luncheon at Old Tatachilla on Friday. The wine won Best Red Blend and Best Small Producer at last week’s Cartesian McLaren Vale Wine Show, reports Southern Times Messenger.
New books details wine region’s diversity
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A new book on the diversity of Limestone Coast viticulture is expected to be an important tool for grape growers, winemakers and the wider population. It details the landscape features unique to each region, including geology, soil and reference to climatic conditions. Sue Bell from the Limestone Coast Grape and Wine Council says the scientific data can now be found in a single place, reports ABC News.
Wine growers avoid first disease outbreak
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Winegrape growers in the north-west of Victoria have narrowly avoided their first disease outbreak of the season. Recent heavy rain and high temperatures were the perfect recipe for downy mildew, which, along with botrytis, decimated grape crops in the region last season, reports ABC Rural.
Treasury Wines is going more upmarket in exports
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Treasury Wine Estates will inherit the mantle of Australia’s biggest locally owned alcohol company in December, when shareholders in former stablemate Foster’s are expected to approve a $12.3 billion takeover by British-South African beverage giant SABMiller. TWE managing director David Dearie, who has led the company since it was demerged from Foster’s in May, says he’s not taking the mantle lightly, reports The Australian.
GM a no go zone for wine
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Wine producers say they aren’t interested in growing genetically modified vines despite the development of GM varieties resistant to common funguses. An Adelaide scientist has developed genetically modified grape vines that are resistant to powdery and downy mildew. The funguses caused millions of dollars in damage to vines last summer. But spokesperson for the WA wine industry association, John Griffiths, says consumers aren’t interested in buying GM wines, reports ABC Rural.
Chinese buy their favourite Bordeaux by the vineyard (China)
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The Chinese are developing a new taste for French wines these days. And in addition to buying them by the bottle or the case, the Chinese have also started buying the vineyards where their favourite Bordeaux vintages are produced. Chateau Latour-Laguens was the first estate in Bordeaux to be bought by Chinese investors three years ago, but at least five others are now also Chinese-owned, reports BBC News.