News

France is splashing out €200 million to destroy surplus wine

Published

2 years ago

September 5, 2023

The French government is allocating a substantial €200 million to address a pressing issue in the wine industry: an oversupply of wine and a shortage of consumers.

This predicament is not a simple one; it’s a blend of multiple challenges. Craft beer has enticed wine enthusiasts away from their traditional choice, vineyards are grappling with excessive production, and rising living costs have added to the woes of winemakers.

Agriculture Minister Marc Fesneau said that these measures aim to prevent the wine market from turning sour and to help vintners rekindle their passion.

To comprehend the origins of this issue, we must revisit the mid-2000s when Europe faced what was termed a “wine lake.” It was akin to a wine deluge, brought about by the European Union’s generous subsidies, resulting in a surplus of wine.

Fast forward to the present, and the EU continues to allocate a substantial 1.06 billion euros annually to support the wine industry. However, changing consumer preferences, with more people opting for beer and alternative beverages, coupled with the impact of Covid-19 shutting down bars and restaurants worldwide, has severely affected wine sales.

European Commission data paints a bleak picture of declining wine consumption, with drops observed in Italy (down 7%), Spain (down 10%), France (down 15%), Germany (down 22%), and Portugal (down a staggering 34%).

In response, France is embracing innovation, encouraging the wine industry to adapt to this ever-evolving landscape or even consider diversifying into products like olives. It’s a call for French winemakers to sip, swirl, and navigate these changing times.

News

Iran live updates: Airlines face disruptions that surpass previous Middle East conflicts

Published

11 hours ago

March 3, 2026

Ahron Young

What’s happening in the Middle East?

Trump says U.S. strikes could last four to five weeks and described the operation as the last best chance to act, while Secretary of State Marco Rubio warns the hardest hits are yet to come
Six U.S. service members have been killed, additional American forces are being deployed to the region, and the White House says nine Iranian naval ships have been destroyed
Iran says it sees no limit to its right to self defence and will not negotiate, as missile and drone attacks continue across Israel, Lebanon and Gulf states
More than 500 Iranians have been killed in U.S. and Israeli strikes, with further deaths reported in Lebanon, Israel and the UAE
Shipping, aviation and energy markets have been severely disrupted, more than 11,000 flights have been cancelled, Gulf stock markets have closed temporarily, and oil and gas prices have surged amid Strait of Hormuz fears

News

Oil prices surge amid rising Middle East conflict risks

Crude oil surges 7% amid fears of Middle East conflict; Strait of Hormuz disruptions may push Brent over $100.

Published

12 hours ago

March 3, 2026

Harvey Vargas

Crude oil surges 7% amid fears of Middle East conflict; Strait of Hormuz disruptions may push Brent over $100.

Crude oil prices spiked dramatically as investors react to the growing risk of a wider conflict in the Middle East. U.S. crude surged 7.2 percent, trading near $71.84 a barrel, signalling heightened concern across energy markets.

The Strait of Hormuz, a critical shipping chokepoint, has come under intense scrutiny. Rising war-risk insurance premiums and suspended tanker traffic are already slowing the movement of oil, creating ripple effects in global supply chains.

JPMorgan has warned that prolonged disruptions over three weeks could force Gulf producers to reduce output, potentially pushing Brent crude prices to between $100 and $120 a barrel. Markets are closely watching for developments that could reshape global energy pricing.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

News

Trump warns of last opportunity to hit Iran as conflict escalates

Trump declares final chance to strike Iran, aiming to dismantle missile systems and prevent nuclear weapons amid U.S. troop losses.

Published

12 hours ago

March 3, 2026

Harvey Vargas

Trump declares final chance to strike Iran, aiming to dismantle missile systems and prevent nuclear weapons amid U.S. troop losses.

President Trump has declared this is the final opportunity to strike Iran as conflict intensifies across the Middle East, outlining four key military objectives including dismantling Iran’s missile capabilities and targeting its navy.

The U.S. says its mission is to prevent Iran from acquiring a nuclear weapon and to halt its alleged support for terrorist groups abroad, signalling a potentially prolonged campaign in the region.

Four U.S. troops have already been killed, with officials warning further casualties are possible as operations continue.

#Trump #Iran #MiddleEast

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker