Australian wine exports grow with demand from China
Australia’s wine exports have grown to $2.1 billion annually, and the average price paid for wine grapes has grown by 14 per cent to $526 per tonne. This has been attributed to massive surge in demand from China according to wine critic James Halliday in a recent interview with ABC news.
He said: "It's all being pulled by enormous demand from China. It takes more than 50 per cent of our highest-priced wines, and that's where we really want to be."
"In the 12 months to June 30, Australian wine exports to China increased in value by 50 per cent [to $419 million]. Over the same period of time the US increased by 9 per cent.
"China is starting to make some good-quality wine right up north, with a lot of Australian and French input ... but it is still, and is likely to be, a slow-growing industry.
"France has 40 percent of the market coming in [to China]. Australia is in second place with 20 percent of all of the wine coming in."
The increase in demand has already led to a 6 percent growth in the tonnes of grapes that were crushed for wine in Australia last year – around 1.8 million tonnes.
"There was a period of time where we were worried about wine ending up in warehouses in the middle of nowhere, pooling, and there was going to be lots and lots of tears shed," Halliday added.
Business Chief Legend: Ho Ching, CEO of Temasek
Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.
Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.
Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.
Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.
As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.
It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.
But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.
As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.
So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.