Word: valley
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...seems counterintuitive, what with France, Italy, Spain and Australia suffering wine gluts over the past few years and the E.U. contemplating yanking out vines. Even California's Central Valley has seen 100,000 acres culled in the past five years. But the premium end of that market--wines costing $25 a bottle and up--is on a tear, with sales growth averaging more than 30% over the past three years. Bill Stevens, wine-division manager at Silicon Valley Bank, expects pricey wine to continue to grow at a double-digit pace, with grape shortages in all premium areas except Merlot...
...vineyard business, purchasing at least three vineyards, all focusing on upscale grapes. Chief executive David Brain believes demographics will drive that sector for the next 10 to 15 years, and he expects average annual returns of about 10%. The demand has pushed the price per acre in Napa Valley's premium vineyards to between $200,000 and $300,000, up from between $125,000 and $180,000 in 2002, according to Tony Correia, president of Correia-Xavier Inc., a property appraiser in Fresno, Calif. Flush boomers are fueling demand, but their kids are guzzling wine at twice the rate...
...Stevens. "Do you get two tons to the acre, or do you get five tons to the acre?" Competitive risk comes via foreign wine sales, which are gaining market share. They accounted for 29.4% of the U.S. wine sales in 2006, up from 27% in 2005, according to Silicon Valley Bank, although much of these gains were in cheaper wines...
...after two straight losses to Franklin D. Roosevelt, the Republicans turned to someone who was barely in their party. Utility executive Wendell Willkie had been a delegate to the 1924 Democratic Convention. But he criticized F.D.R.'s Tennessee Valley Authority as being a power grab by the Federal Government, and key Republicans, including TIME co-founder Henry Luce, thought he would be a fresh face for the GOP. Willkie had changed his party registration in 1939, but not all party regulars appreciated the interloper; Willkie's supposedly grass-roots campaign, quipped Washington hostess Alice Roosevelt Longworth, had sprung from...
Long grown in the fertile Bekaa, cultivation of the cannabis sativa plant peaked during Lebanon's 1975-1990 civil war when the northern half of the valley was carpeted in hashish and opium poppies, turning simple farmers into multi-millionaire drug barons. In the early 1990s, the Lebanese government and the United Nations Development Program launched an initiative to replace drug crops with legitimate alternatives. The UNDP estimated some $300 million was required for rural development of the Bekaa. Lebanon was removed from the U.S. government's list of major drug producing countries...