News Snapshot:
SINGAPORE: In May, major Australian winemaker Penfolds announced the impending release of its first Chinese-made wine . “China has always been an important market for us,” said Tim Ford, CEO of Penfolds' parent company, Treasury Wine Estates. Having cultivated a strong following for Penfolds among the mainland’s wine consumers, producing locally in China is a “natural next step”, Ford noted. It is also one of the few ways for an Australian winemaker to maintain a presence in the Chinese market today, in the wake of steep tariffs that have almost entirely halted Australian wine exports to China. The measures are...