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The price of wine is going up.Global wine production slumped to its lowest level in 60 years in 2017, according to data from the International Organisation of Vine and Wine.The most recent harvest produced 25 billion liters of wine, a decrease from 26.7 billion in 2016 and 27.6 billion in 2015. The decline was driven by weak harvests in key markets including Europe and South Africa.The shortage has caused the wholesale price of basic wine in Italy to skyrocket 74% over the previous year, according to the European Commission. Prices are up 45% in Spain and over 10% in France.Analysts said that producers, dealers and retailers will absorb some of the price hikes, but consumers will end up paying more -- especially for cheaper bottles."The wine companies that are targeting very low prices ... will be hit the worst, because their margins are very low," said Stephen Rannekleiv, a global beverages strategist at Rabobank. "When prices go up, it puts a lot of strain on them."Reduced supply will also hurt quality."There will be, in some cases, lower quality wines getting blended into slightly higher value products, so everyone kind of goes down a tier in quality," said Rannekleiv.Producers were hardest hit in Europe, where heavy hailstorms and harsh frosts damaged vineyards in early 2017 before a summer drought took its toll. The continent accounts for 65% of global wine production, and 57% of consumption.European production dropped 15% in 2017. Production fell 21% in Italy, 18% in France and 15% in Spain, according to the Commission.Other regions had problems, too.Wildfires destroyed or tainted some of the harvest in California, and drought harmed vineyards in South Africa. Warm weather can cause grapes to ripen early and be smaller in size.Rannekleiv said the result was a global harvest that was even worse than analysts had feared. The pain could spread to other industries.Rannekleiv said the slump in production means there will be less wine to divert for use in other products. Brandy and vinegar makers could be hurt, for example. 2067
The main actors from “The Princess Bride” are reuniting virtually this month, and not everyone is happy about the reason why.The cast, including Cary Elwes, Robin Wright, Carol Kane, Chris Sarandon, Mandy Pantinkin, Wallace Shawn, Billy Crystal, and Rob Reiner, will be doing a script read of the 1987 film followed by a Q&A. It’s part of a fundraiser for the Wisconsin Democrats.“Anything you donate will be used to ensure that Trump loses Wisconsin, and thereby the White House,” the event sign-up page reads.Texas Republican, and “The Princess Bride” fan, Senator Ted Cruz fired back at the actors. Following a tweet from Elwes promoting the event, he responded with one of his own.“Do you hear that Fezzik? That is the sound of ultimate suffering. My heart made that sound when the six-fingered man killed my father. Every Princess Bride fan who wants to see that perfect movie preserved from Hollywood politics makes it now.” 942
The other shoe has dropped for struggling sneaker company Under Armour.Under Armour reported quarterly sales Tuesday that fell nearly 5% from a year ago, missing forecasts badly. The company also lowered its outlook for the year again.That news sent the company's two classes of stock down more than 15% Tuesday. They had already lost nearly half their value for the year ahead of the earnings report. (Under Armour's UAA shares have voting rights while the UA shares do not.)CEO Kevin Plank said in the earnings release that the biggest problem is lower demand for its shoes and athletic apparel in its home market of the United States.The Baltimore-based company has been growing internationally, with sales surging in Europe, Latin America and Asia during the quarter.But those markets are still relatively tiny for Under Armour. Revenue in North America makes up more than three-quarters of its overall sales -- and those sales plunged 12% in the third quarter.It's a stunning fall from grace for Under Armour, which not that long ago was gaining market share at the expense of Nike and Adidas.The company signed Golden State Warriors star Steph Curry a few years ago, a move that seemed like a slam dunk success, since Curry has gone on to win multiple NBA MVP awards and two championships.But several iterations of the Curry shoes have routinely been mocked on social media for not looking cool. Even Curry's teammate Kevin Durant, who endorses Nike, poked fun at Under Armour earlier this year.Making matters worse, there have been reports of supply chain issues with the new Curry 4 line of sneakers. And Under Armour confirmed during its conference call with analysts Tuesday that it will delay some products to the fourth quarter.Under Armour also suffered from bad PR earlier this year after Plank agreed to join the White House's now defunct manufacturing council. Plank said in an interview with CNBC that "a pro-business president is something that is a real asset for the country."Curry told The Mercury News that he agreed with Plank -- but only "if you remove the 'et' from asset." Other professional athletes have been vocal about their disagreements with Trump as well.As such, Plank -- like many other CEOs -- has distanced himself from Trump lately.After Trump was reluctant to criticize neo-Nazis at a white supremacist rally, he then bashed Curry for not wanting to visit the White House and attacked athletes who protested the national anthem. Under Armour has come to the defense of its star endorsers.But that hasn't been enough to rejuvenate Under Armour's flagging sales or stock price.Meanwhile, Adidas has thrived in the past year while Under Armour and Nike have both struggled. Even Skechers has enjoyed a resurgence lately.So what can Under Armour do to get back on track? Neil Saunders, managing director of the research firm GlobalData Retail, wrote in a report that the company should continue to focus on expanding globally, which has been successful for Under Armour.But Saunders added that the company has to do more to court women as consumers, as Nike, Adidas and yoga apparel king Lululemon have successfully done."Under Armour is not so broken that it cannot be fixed. But the days of glory, when it would post double-digit uplifts in sales, are over. Now is the time to work out, slim down, and become more competitive," Saunders wrote. 3394
The J.M. Smucker Company is voluntarily recalling some of its Milo's Kitchen dog treats because they may contain elevated levels of beef thyroid hormone. 161
The lawyer representing Stormy Daniels, the porn star suing President Donald Trump, claimed Friday that she has faced physical threats."My client was physically threatened to stay silent about what she knew about Donald Trump," Michael Avenatti told CNN's Chris Cuomo on "New Day." He said more details would be forthcoming in Daniels' upcoming interview on CBS's "60 Minutes," which is scheduled to air later this month."She's going to be able to provide very specific details about what happened here," Avenatti said. He would not answer whether or not it was someone close to the President who threatened her. 620