Italian farmers begin harvesting grapes early due to a heatwave, and undisclosed Australian vineyards have been confirmed to be infected by Grapevine Pinot Gris Virus. Brewers Association’s mid-year report reveals a growth in production and in the number of craft breweries in the United States, and Diageo’s CEO and CFO take pay cuts for missing financial targets. This is the news we’re thinking about here at SevenFifty Daily.

August 10, 2017
1. The Drinks Business

"Lucifer" heatwave impacts Italian grape harvest

A summer heatwave, dubbed Lucifer, has swept through Europe, causing temperatures as high as 47 degrees fahrenheit. As a result, farmers such as those in Lombardy and Franciacorta started their harvests two weeks early. According to Italian farmers association Coldiretti, Italy’s 2017 harvest is expected to decline by 10 to 15% in comparison to previous years.

2. Beverage Daily

Craft beer segment shows steady 5% growth with 2,739 more breweries

According to the Brewers Association mid-year 2017 growth report, the U.S. craft beer market saw a 5% increase of volume production for the first six months of 2017. Furthermore, their report reveals that at the end of June, there were 5,562 operating breweries, with 2,739 breweries still in the works.

3. The Drinks Business

Pinot Gris virus detected in Australia

Grapevine Pinot Gris Virus (GPGV) was discovered in undisclosed Australian vineyards. GPGV attacks Pinot Gris vines causing delayed bud burst, leaf distortion, and yield loss, and can be spread via infected propagation material and possibly by bud and blister mite.

4. The Spirits Business

Diageo CEO and CFO have salaries cut after missing financial goals

Diageo CEO Ivan Menezes had a 35% pay cut, while CFO Kathy Mikells had a 50% pay cut, as a result of missing long-term targets. According to The Spirits Business, one incentive was a 6-11% growth in compound earnings per share, and they missed their goal as growth only amounted to 3%.