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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 Navy has modified their SEAL ethos and creed to remove “man” and “brotherhood” to include gender-neutral language, according to military officials. In response, President Donald Trump tweeted he would “overturn” the changes."The previous versions of the SEAL Ethos and SWCC Creed were written prior to the law allowing women to serve as operators in Naval Special Warfare," Lt. Cmdr. Matthew Stroup, a spokesman for Naval Special Warfare Command, told Military.com.The changes were first reported by the American Military News on Monday. Thursday afternoon, President Trump responded on Twitter to a Conservative outlet who had tweeted a link to the story saying “I will be overturning this ridiculous order immediately!” 733

The Mid-American Conference announced on Saturday that it would be canceling the fall season for all sports due to COVID-19 concerns. They become the first league competing at college football's Division I level to cancel their fall season over Covid-19 concerns. The Council of Presidents unanimously voted to cancel the fall season, citing the health and safety of the student athletes, coaches and communities as its top priority.With the MAC’s 12 schools facing a significant financial burden by trying to maintain costly coronavirus protocols, the conference’s university presidents made the decision to explore a spring season for football.MAC schools rely heavily on revenue from playing road games against power conference teams. Most of the power conference football games were canceled when other conferences went to exclusively or mostly in-conference games. Without the out-of-conference games, the strain of trying to implement all that it would take to keep players and staff safe during a pandemic became too much.Football isn't the only sport being canceled. All fall sports in the MAC, including men's and women's cross country, field hockey, men's soccer, women's soccer and women's volleyball, will not be played this season.Kent State University sent a message to its student's athletes regarding the MAC's decision to cancel fall sports this season, stating that all student athletes who receive a scholarship will get to keep it and that the school is reaching out to the NCAA to request an additional year of eligibility for those who would like it.Nine of 13 conferences at Division I’s second-tier of football, the Championship Subdivision, have already postponed their fall football seasons, with an eye toward making them up in the spring.The MAC has not announced a decision for winter sports at this time.The conference is working to plan for the 2021 spring semester and said it will continue to consult with its Medical Advisory Panel and will monitor COVID-19 developments as it makes its decision. 2038

The mayor of Compton, California, has told the Los Angeles Times that she is launching a pilot program with a local non-profit that will give 800 residents a "guaranteed income" over the next two years.Compton Mayor Aja Brown told the Times that a non-profit called the Compton Pledge would select 800 low-income residents and distribute a "guaranteed income" to them for the next two years.According to the Times, the participants will be selected from a "pre-verified" list of low-income families in the area. Over the span of two years, the Compton Pledge plans to provide the families with "at least a few hundred dollars on a recurring basis" without any strings attached. The program will also provide families with financial guidance and track their spending and well-being throughout the process.While the Compton Pledge has not said where it is getting its funding or how much participants would receive, The Los Angeles Times reports that the program hopes to include a "representative sample" of the city's racial makeup in its participants.Once considered a fringe concept, the idea of a "universal basic income" has gained traction among left-wing politicians in recent years. Such a policy would provide all Americans with a monthly stipend which recipients would be free to spend as they see fit. Businessman Andrew Yang ran for the 2020 Democratic presidential nomination based on the idea.The concept gained further traction amid the COVID-19 pandemic when lawmakers agreed to provide most Americans with a ,200 check as the government shut down businesses to prevent the spread of the virus.While critics of a universal basic income claim such a policy would lead to high unemployment numbers and lead to spending on non-essential goods, some studies have shown that's not always the case. A similar program being conducted in Stockton, California, shows that recipients of basic income funds were mostly spent on food, clothes, and utility bills. 1975

The IRS clarified on Friday that companies will be obligated not to take Social Security taxes from paychecks starting next week running through the end of the year.Nearly all Americans are taxed 6.2% per check to go toward Social Security. For now, barring any action from Congress, most Americans will see larger paychecks through the end of the year. The guidance is based on an executive order signed earlier this month by President Trump in hopes of stimulating the economy.Related: What a payroll tax deferral may mean for your paycheck and taxesThe Social Security tax deferment is applicable to workers who make up to ,000 on a bi-weekly basis. Those making more than ,000 every two weeks will continue to have their Social Security taxes withheld from checks.The deferment is not an actual tax cut, and because the deferment was done via executive order rather than an act of Congress, the taxes will need paid back by April 30, 2021.The White House has said they would like to see the elimination of the Social Security payroll tax be made permanent in an effort to lower the tax burden. Opponents say that eliminating the tax on Americans would make Social Security insolvent.Stephen Goss, the chief actuary for the Social Security Administration, told the US Senate this week that a hypothetical bill that would make the tax deferment permanent would cause Social Security to no longer be able to make payments to beneficiaries by the middle of 2023.For employees making ,000 a year, the elimination of Social Security taxes would result in an extra per paycheck every two weeks. Assuming the employee has eight paychecks left in 2020, that would result in 2 in taxes deferred in 2020, which would be repaid in 2021. For employees making ,000 per year, those figures would be doubled. 1821