Word: shakeout
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...courtyard, surrounded by clucking hens, and struggles for words to describe his predicament. "It's never happened before," he says, gripping a wrench. "This year's a complete catastrophe." The contrasting fortunes of both men are two sides of the same story: a long-awaited - and long-overdue - shakeout in the cosseted world of French winemaking. France is the superpower of the wine world, the largest producer and, measured by per capita consumption, the heaviest drinker. But for more than a decade, it has been sleepwalking as globalization transformed the business, bringing with it new markets, new consumers...
...contrasting fortunes of both men are two sides of the same story: a long-overdue shakeout in the cosseted world of French winemaking. France is the superpower of wine, the largest producer and heaviest drinker. But for more than a decade, it has sleepwalked as globalization transformed the business, bringing with it new markets and new competitors. Producers from Australia, New Zealand, California, South Africa, Chile and elsewhere have launched massive--and often brilliantly executed--campaigns to promote their wines across the planet. They have ramped up production and introduced a new generation of consumers to inexpensive, fruity wines with...
...shakeout is a case study in globalization's impact. The best place to see it is in Bordeaux, the biggest French fine-wine region and perhaps the most prestigious. The place is suddenly rife with division: between winemakers and the merchants who traditionally sold their vintages; the top-name châteaux that enjoy worldwide fame--and that are making money faster than you can say premier grand cru classé--and the 9,000 others, about 500 of whom are estimated to be in dire straits; traditionalists and reformers."We thought we were the king of carrots. We just didn...
...with so many hoteliers vying over the same territory, an industry shakeout may be inevitable. "A lot of the newcomers are going in because the head office says, 'You have to be in China,'" says Wong. But there's a risk that this will lead to overbuilding and that many rooms will go empty in secondary cities. Even in primary markets like Beijing, Shanghai, Shenzhen and Guangzhou, demand may not keep pace with supply. "It's already difficult to get a good location in the gateway cities," says Wong. "Some of the new grand palaces will be pulled...
...Falling sales prices and higher manufacturing costs could mean a shakeout is inevitable in the next several years, says Anthony Wilkinson, chief of power and gas research at CLSA in Hong Kong. Because it's difficult at this stage to pick winners and losers, those who still like the industry's long-term outlook may want to buy the stocks of several to spread their risk. Solar-cell stocks are having their day in the sun right now. But in the highly cyclical silicon-chip industry?even this promising new corner of it?night surely follows...