Bottles of French Moet & Chandon champagne are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd WiegmannOPEC OF FIZZ. Champagne grape producers have agreed to cut production – or rather the volume of grapes they harvest – by just over a fifth on last year.
Compare this to Brazil. Two of Economy Minister Paulo Guedes’s special secretaries resigned last week, after complaining about the slowness of economic reforms. Guedes isn’t planning to resign, sources told Reuters, but then again, he’d also cause more chaos than Morneau if he did. The exit of the market-friendly economist would probably send Brazil’s currency, the real, above 5.9 to the dollar – the level it last touched in May when investors seriously fretted about his exit.
TRIAL RUN. CanSino Biologics is the first to win patent approval from Beijing for its Covid-19 vaccine, according to state media – a small but symbolic milestone in the race to cure the disease. The intellectual property will be valueless if the vaccine flunks late-stage trials, which haven’t started yet, but the Hong Kong-listed shares of the pharmaceutical giant popped on the news, and are up around 270% year-to-date. The Tianjin-based company, now worth $3.
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