The world’s oldest charity wine auction, held on behalf of a medieval hospital in the Burgundy region of France, raised a record 6.3 million euros (US$8.5 million), boosted by bidding from China.
China-based businesswoman Yan Hong Cao paid 131,000 euros for the “president’s barrel,” containing 456 liters of Meursault-Genevrieres Premier Cru, Cuvee Philippe le Bon, at the 153rd edition of the Hospices de Beaune auction.
The annual event, held in collaboration with Christie’s International, sells barrels of Burgundy’s latest vintage from vineyards owned by the hospital, founded in 1443.
This year’s vintage is problematic. For the second straight year, vineyards in Burgundy were pounded by hailstorms in the summer, dramatically reducing yields for some winemakers.
The total production of the region was forecast to be 126 million liters, about 20 percent down on a typical year, according to data released this month by the Burgundy Wine Board.
“It is a tricky vintage,” said Paul Hammond, a part-director at the London-based merchants IG Wines, in an interview. “Because of the low yields, pricing will be high and the market will take it, even though the quality isn’t as good as 2012. The risk is that people will become disenchanted with Burgundy, as they have with First-Growth Bordeaux.”
This year’s difficult growing season produced a smaller-than-usual auction of 443 barrels, divided between 333 red and 110 white. All of them sold. The total, which includes fees, beat the record of 5.9 million euros achieved last year from a sale of 516 barrels.
This was the first time a Chinese bidder had bought the president’s barrel since Christie’s had become involved in the sale in 2005.
Christie’s had courted Asian bidders with tastings in Singapore, Hong Kong and Beijing.
Bidders from Asia bought 9.5 percent of the auction, the London-based auction house said.
Last year their purchases represented 12 percent of its value.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees