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☆ China lifts tariffs on Australian wine, ends three-year freeze in trade
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +3 min

China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers. "We welcome this outcome, which comes at a critical time for the Australian wine industry," the Australian government said in a statement. "Since 2020, China's duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market. When the tariffs on Australian wine were levied in 2021, Canberra urged the WTO to arbitrate in the dispute. "Today's announcement is a significant positive not only for Treasury Wine Estates, but also for the Australian wine industry and wine consumers in China," CEO Tim Ford said in a statement.

Persons: Australia's, Tim Ford Organizations: World Trade Organisation, WTO, Wine, Treasury Wine Estates Locations: Chirnside Park, Victoria, Australia, China, Canberra, Beijing

☆ Morning Bid: Yield curve control morphs
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

It will keep buying bonds, but time will tell whether and how tenaciously it will impede yields rising beyond 1%. After touching an almost 10-year low in morning trade, Japanese government bond futures rallied following the announcement. For the meantime the sense that some sort of anchor remains also spread some cheer to Treasury trade, sparking a brief rally. Falls in Hong Kong and Shanghai led MSCI's broadest index of Asia-Pacific shares outside Japan 0.9% lower (.MIAPJ0000PUS). Meanwhile, outside of markets, Hamas said its militants fired anti-tank missiles at Israel's invading forces in Gaza early on Tuesday as the conflict intensified.

Persons: Tom Westbrook, DAOU, Christopher Cushing Organizations: REUTERS, Staff, Bank of Japan, Nikkei, Treasury, Bond, Federal Reserve, U.S . Treasury Department, Samsung Electronics, Brookfield consortium, Treasury Wine Estates, Anheuser, Busch Inbev, Bouygues, BASF, BP, Pfizer, Caterpillar, Thomson Locations: Frankfurt, Germany, U.S, Europe, Asia, Falls, Hong Kong, Shanghai, Pacific, Japan, Australia, Gaza

☆ Californian Vineyard Founded by Lebanese Migrants Sells for Up to $1 Billion
▼ + stars: | 2023-10-30 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

Treasury Wine Estates, an Australia-based producer, will buy California-based DAOU Vineyards. Photo: David Gray/REUTERSSYDNEY—A Californian vineyard set up by two Lebanese migrants who got their first break making wines in a garage in rural San Diego has been acquired by Australia’s Treasury Wine Estates, one of the world’s largest vintners. DAOU Vineyards, owned by Georges and Daniel Daou, has agreed to be bought by Treasury Wine Estates for up to $1 billion in a move the Australian company said provides it with scale to potentially launch a luxury wine division covering the Americas. Treasury is among major producers seeking to generate more revenue from premium wines, which can sell for hundreds of dollars per bottle, as data suggest consumers are buying less bulk wine.

Persons: David Gray, Georges, Daniel Daou Organizations: Wine Estates, REUTERS SYDNEY, Australia’s Treasury Wine Estates, Treasury Wine Estates, Treasury Locations: Australia, California, San Diego, DAOU, Americas

☆ Australia's Treasury Wine to buy US-based DAOU Vineyards for $900 mln
▼ + stars: | 2023-10-30 | by ( Roushni Nair | ) www.reuters.com time to read: +3 min

Bottles of Penfolds Grange, made by Australian wine maker Penfolds and owned by Australia's Treasury Wine Estates, sit on a shelf for sale at a wine shop in central Sydney, Australia, August 4, 2014. The wine producer has been resetting its strategy in an attempt to diversify outside of China, which used to contribute a third of its profits, after Beijing imposed tariffs on Australian wine in 2021 when Canberra called for an inquiry into the origins of COVID-19. The winemaker's combined premium and luxury portfolios delivered double-digit gross profit growth in fiscal 2023, according to its annual report. Including cost synergies of more than $20 million, the acquisition is expected to be mid to high-single-digit earnings per share (EPS) accretive in fiscal 2025, the first year of Treasury owning DAOU. Treasury said it would also issue A$157 million of new shares to the existing owners of DAOU.

Persons: David Gray, Penfolds Grange, Frank Family, Phillip Kimber, Roushni Nair, Shailesh Kuber, Krishna Chandra Eluri, Jamie Freed Organizations: Australia's Treasury Wine Estates, REUTERS, China Deal, Wine Estates, Treasury, P Capital, Thomson Locations: Australian, Sydney, Australia, China, Beijing, Canberra, Americas, Bengaluru

☆ Australia's Treasury Wine surges on hopes of China revival
▼ + stars: | 2023-10-23 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

SummaryCompanies China agrees to expedited review of wine import tariffsTreasury Wine gets set to rebuild China businessTreasury shares jump 5%Oct 23 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) said on Monday it is well placed to rebuild its business in China, sending its shares up more than 5%, should Beijing's tariffs on Australian wine be removed as signalled by the two countries on the weekend. "Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," Treasury Wine, the world's biggest standalone winemaker, said in a statement. Treasury Wine used to make one-third of its profit in China but lost most of that business when Beijing imposed tariffs on Australian wine in 2021, after Canberra called for an inquiry into the origins of COVID-19. "If the tariffs are removed, we see this as a significant positive for the Australian wine export industry and specifically Treasury Wine," Goldman Sachs analysts said in a research note. Measures for reviving its China business would include shifting a portion of Penfolds Luxury from other markets back to China and rebuilding distribution for the Penfolds Australian entry-level luxury portfolios, the company said.

Persons: Treasury Wine, Goldman Sachs, Archishma Iyer, Lisa Shumaker, Diane Craft, Sonali Paul Organizations: Treasury Wine, Treasury, Wine Estates, Sunday China, Thomson Locations: China, Beijing, Canberra, Bengaluru

☆ Australia's Treasury Wine looks to rebuild China business after tariff review
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) said on Monday it is well placed to rebuild its business in China, should tariffs by China of the country's wine be removed, as signalled by the Australian government on Sunday. The Australian government, which is currently rebuilding its economic ties with Asia's largest economy, had said that an expedited review of tariffs on Australian wine into China will commence and is expected to take up to five months. "Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," the company said in a statement. Some of the measures for Treasury Wine to build its China business include a re-allocation of a portion of Penfolds Luxury from other global markets back to China and to re-build its distribution for the Penfolds Australian entry-level luxury portfolios. The world's biggest standalone winemaker used to derive a third of its profits from China, before anti-dumping and subsidy tariffs of up to 212% were imposed on Australian wine in late 2020.

Persons: Archishma Iyer, Lisa Shumaker, Diane Craft Organizations: Wine Estates, Treasury Wine, Treasury, Thomson Locations: China, California, Australia, Bengaluru

Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSYDNEY, Aug 18 (Reuters) - Australia's wine industry faces severe oversupply problems that will need years to resolve, experts say, pointing to Chinese tariffs, high production and export bottlenecks during the COVID-19 pandemic. The recent removal of tariffs on Australian barley has fed hopes for an early easing of the five-year tariffs China imposed on Australian wine in 2021. Australian wine exports declined a tenth in value to A$1.87 billion and 1% in volume to 621 million litres in the year ended June, Wine Australia’s Export Report said in July. "All we can say is next time you go to buy a bottle of wine, make sure it's Australian," McLean said.

Persons: Florence, Pia Piggott, Lee McLean, McLean, Piggott, Praveen Menon, Clarence Fernandez Organizations: REUTERS, Rights, Rabobank, China, Labor, Wine Estates, Thomson Locations: Beijing, China, Australia, Britain, Europe, United States, Asia

☆ Treasury Wine Estates profit falls on lower US sales
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray/File PhotoAug 15 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) reported a 3.3% fall in annual profit on Tuesday, mainly hurt by a decline in wine sales in the United States. A decline in shipment of premium products and low availability of luxury wines pressured sales at the Treasury America segment, the largest contributor to the winemaker's revenue. The company reported a net profit after tax of A$254.5 million for the year ended June 30, compared with A$263.2 million a year earlier. Reporting by Nausheen Thusoo and John Biju in Bengaluru; Editing by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, John Mullen, Paul Rayner, Nausheen Thusoo, John Biju, Shinjini Ganguli, Shounak Organizations: Treasury Wine Estates, REUTERS, Wine Estates, Treasury America, Thomson Locations: Grange, Sydney, Australia, United States, Melbourne, Bengaluru

☆ Barley talks may be 'first step' toward better trade ties with China. Australia hopes wine is next
▼ + stars: | 2023-04-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

"Barley is the first step in a long process of stabilizing our trading relationship with China," Farrell said Friday, after the two economic giants agreed this week to work toward removing tariffs on Australian barley. Since China's 2020 tariffs on barley, Australia has been essentially blocked from exports to that market worth about $620 million ($916 million Australian dollars) in 2018-19. Don Farrell Minister for Trade and TourismWhen asked about a timeline on a complete resolution to the barley tariffs, the Australian trade minister said he was looking at "the next three to four months." While the future of Australian barley returning to China again is still not confirmed, Farrell is hoping wine could be next on the list. In March 2021, China introduced a crushing five-year tariff of up to 218% on Australian wine.

☆ Explainer: How strained China-Australia relations hit trade in coal, barley, beef and wine
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +4 min

Jan 6 (Reuters) - China is resuming coal trade with Australia after a three-year halt following strained relations between the two countries over wider issues. Aside from coal, exports of barley, beef, cotton, wine, lobsters and grapes were all hit with restrictions of varying degrees during 2020. China issued verbal instructions to buyers to avoid Australian goods such as coal and cotton, and imposed anti-dumping tariffs on barley and wine. The barley trade with the world's biggest beer maker had previously amounted to between A$1.5 billion ($1.01 billion) and A$2 billion a year. Winemakers in South Africa have seen demand boom, while barley exports from France, Canada, Argentina and Ukraine to China also surged.

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