WiseBiology

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Weather conditions boost tas wine grape production, says study in Australia, but lack of knowledge could hamper success of commercial production

Australia is the world's second biggest wine producer after Canada, and Australia's vineyards are rapidly growing in numbers, says a new study of global crop trends.

A report by researchers from Australia, the United Kingdom and Canada analysed statistics and statistics data from a range of countries since 1999, to see where Australian, British and Canadian vineyards rank in terms of annual production and wine producers.

Wine grown on small and small-scale systems is at a premium due to increased climate, rising demand and climate change, the researchers say. Australian farms may benefit from this, particularly as climate change intensifies as the temperature goes up, which is likely in many of Australia's future wine regions.

A lack of knowledge of climate and wine wine production may also hamper Australia's ability to produce the products that its wine and spirits producers crave.

The study found Australia ranks as second lowest overall in terms of annual vineyard production ? around 300,000 hectares. This is around 0.1% of the world's land area and ranks below France, Italy and the United Kingdom.

But Australia has some of the most promising grape varieties in the world. It ranks as having the most productive variety by value in the world.

The study also found Australia ranks third ? the highest ? in the World Agriculture Organization's Global Status Index for vines. This is a ranking of global food production that is calculated using the most recent statistics provided by the International Monetary Fund, in a table on the website winestats.com.

The study points out that with vineyards in Australia typically located in remote regions and with high levels of vineyard income, vineyards with an average annual income of US$11,000 per hectare are more than double the income of one in the world's poorest 10 countries, the researchers say.

But this, the researchers say, could also be the case in wine regions where vineyards are planted in urban areas, with much higher living costs and limited access to the ocean.

"In other words, the greater Australian vineyards are geographically located in remote areas, the more of their potential is at risk."

The growing popularity of wine grapes comes at a time when the world is looking for new sources of biofuel ? in particular as we get ever richer in food ? says Australia's Wine Institute.

In the long-term a growing demand for ethanol to fuel cars and power station boilers is going to be a problem, says the study.

Wine, by contrast, is a more sustainable resource, with the potential to create jobs in the sector, and be used in food.

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Cpa review finds ceo overpaid and out of touch with members

By James Mascarenhas

16 November 2017

On Friday the Independent Commission Against Corruption (ICAC) confirmed that Andrew Harding, a member of the former chief executive of HSBC Holdings Plc, overpaid more than ??3 million over three years and was found to be out of touch with members of the bank's business community, despite serving two terms as CEO of the bank in 2008-11.

The ICAC's full report is due on Wednesday at 9:00 am in the Supreme Court in London, where it is due to review the bank's accounts and actions by staff, customers, shareholders and regulators.

Harding, who worked as deputy chairman of the bank's legal department, was the chief executive at HSBC from 2012 to 2016 before being ousted in December last year. HSBC has since been taken over by Swiss bank UBS, which is owned by Swiss banks UBS AG and UBS A/S AG.

Harding, who is still a director of HSBC, was investigated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) for several years for his failure to disclose over a seven-year period from 2009 to 2014 that he had made donations from a wealth management firm for the Clinton Foundation. The former chief executive had been a senior adviser to the foundation during its years of working in Africa, Asia, Europe and the Middle East.

In July, the FCA made public its own investigation into how the bank made a business decision in 2015 to approve some £3 million of investment property in the Cayman Islands in exchange for a $150,000, loan. That decision sparked an outcry from the bank's members, shareholders and regulators who were concerned about the bank's commitment to its shareholders, including the public, if it went down the path of doing so. In response, the bank hired an outside accountant to examine its practices and to help advise the FCA on its own enforcement action.

In 2015, the ICAC ruled that a former chief financial officer of HSBC, Stuart Ritsema, had failed to conduct enough due diligence and that the bank had made decisions about regulatory compliance that breached "any fundamental trust to shareholders and the people whom they fund." In addition, he had misrepresented his financial position on numerous occasions in recent months in its annual accounts, among other claims.

In a letter to the ICAC dated March 18, 2013, Ritsema said that he had been "entitled" to a review by ICAC because he failed to act as the company's "chief compliance officer and was personally unaware of" significant financial matters while he was still an official.

Harding was nominated by former prime minister Tony Abbott i
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