Word: majorities
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Dates: during 2000-2009
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Hong Kong may be better known for its char siu bao than its chardonnay, but the wealthy city is making a surprising bid to become one of the world's most important markets for fine wines. Last weekend marked another milestone: In the second of its two major wine auctions held this year in Hong Kong, Sotheby's on Oct. 3 and 4 sold $7.9 million worth of vintage wines, taking the house's total wines sales in Hong Kong to $14.3 million in 2009 - eclipsing its sales totals of $10.5 million in New York and $8 million in London...
...fact, Hong Kong, a former British colony that has long been a major Asian trading and financial hub, has for several years aspired to become Asia's premier wine hub. Hong Kong collectors already own 17% of the world's stock of fine wines. But most of that stash - the largest in the world on a per capita basis - has been stored abroad because the city charged an onerous duty on imported wines that at one point reached as high as 80%. Then, two years ago, the market really began to flourish when the government scrapped all wine and spirits...
...There's a major commercial prize at stake. Hong Kong would like to become a wine center for Asia. With half the world's population, Asia accounts for only 7% of total wine consumption, so the market has plenty of room to grow. With zero tariffs and world-class logistics, Hong Kong hopes to become the main entrepot for Asia's wine trade and headquarters for the region's wine experts and merchants...
...system of government, is not in a strong position to become sommelier to its big brother. Authorities in Beijing subject wine imports, including those from Hong Kong, to a 48% tax, and allow Chinese customs officials to seize three bottles from every shipment for "testing" - a major barrier to importing high-priced wines where bottles can be worth thousands of dollars. A Hong Kong industry group is trying to convince Bejing to allow wine imported to Hong Kong to pass into China duty free and without going through Chinese customs...
...operational, and U.S. officials have agreed with that assessment). That, a senior Administration official told reporters this week, was when the White House decided that knowledge of the Qum facility would be a useful card to put on the table when Iran finally agreed to talk to the six major powers (the U.S., China, Russia, U.K., France and Germany). If the Iranians failed to come to the talks, Obama would reveal the secret facility in his speech to the U.N. General Assembly in September. (Read "Iran's Nuclear Program: Why We Know So Little...