The world is drinking less wine, and decades-old vines are being torn up

News Snapshot:

There's too much wine in the world. That might not seem like much of a problem to those who enjoy a good drop, but take a drive through Australia's inland grape-growing regions and you'll quickly see how a global wine glut has created a crisis. Excavators are ploughing through vines, some decades old and laden with fruit, as growers attempt to unburden themselves. When Riverina grape grower Bruno Altin explains that farmers here have been receiving prices that amount to about 15 cents per bottle of red wine, you get a sense why. "The label's worth more than that, the...