Latest news with #TimFord
Mint
6 days ago
- Business
- Mint
Treasury Wine Warns on China Drinking Shift as Profits Rise
Treasury Wine Estates Ltd. is confident the Australian brand will keep growing in its key Chinese market, despite a shift in drinking habits sparked by a government directive banning alcohol from official banquets. Treasury, the vintner behind iconic label Penfolds, posted a 17% gain in full-year profits on Wednesday. While it's seen demand from China rebound following the removal of tariffs on Australian wine last year, it warned a directive from Beijing officials in May was already having an impact. China issued new guidance to officials to ban alcohol and tobacco from government banquets, as part of a broad crackdown on signs of extravagance in public life. That's expected to see some customers move away from large banquets toward smaller gatherings — a change which could weigh on sales in one of Treasury's biggest markets. Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen. The decision had impacted 'everyone in the market,' Penfolds Managing Director Tom King said on an investor call, adding that the brand was closely monitoring the depletion rate for July and August. A report in late July from industry group Wine Australia found that exports to China fell in the June quarter compared with a year earlier. That's after an initial surge sparked by the removal of heavy tariffs in May 2024 following a three-year spat with Canberra on trade policies. Treasury had only been back in the nation for about 12 months 'in a meaningful way,' the company's outgoing Chief Executive Officer Tim Ford said on the call. The company's rebuild in the important consumer market was still underway and 'there's still a lot of runway' to bolster sales, he added. Treasury's earnings rose to A$770 million in the year through June, broadly in line with market expectations. Shares gained as much as 5.6% in Sydney on Wednesday after the company also announced a A$200 million share buyback.
Vancouver Sun
6 days ago
- Sport
- Vancouver Sun
MLS referees to get ethics refresher in wake of Whitecaps fan complaints
Whatever Vancouver Whitecaps fans might think of Tim Ford's performance as referee on Saturday, the revelation that his family has a love of LAFC seems to be leading to change within the organization that oversees Major League Soccer's on-field officials. 'We are re-evaluating our processes about what constitutes a connection with a club,' Professional Referees' Organization spokesperson Chris Rivett said, succinctly, on Tuesday. After all the social media controversy that popped up after Saturday's 2-1 Whitecaps loss to the San Jose Earthquakes, a game filled with contentious calls by Ford, fans found a collection of posts on Instagram by Ford's wife that were taken as showing bias toward LAFC, and thus obviously against the Whitecaps, the argument ran. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. As part of PRO's game-by-game review process, the group's technical staff will speak with teams about issues they may have had with an official's performance and then do a review themselves. Those discussions with teams don't usually happen until 24 hours have passed, just to give everyone time to breathe. Then the feedback is collected and if it's deemed worth discussing, will be included in the post-match review that each official gets in the days following. Needless to say, Ford's assessment and application of the laws of the game will be, or may have already been, discussed with him. That is what you would hope from an organization that supervises what are supposed to be the best match officials in North American football. But it's clear from Rivett's acknowledgment that PRO recognizes their discussions this week need to also touch on ethics. Policy is an continuing discussion between PRO and its member officials. The officials meet as a group at least once a month to discuss policy and bigger issues in the game. One of the topics that will be coming up is, essentially, how to protect yourself from accusations of bias. Tim Ford, we can see from his wife's posts, is a proud father and a huge fan of football. It's inevitable that he will be attending matches in his hometown, especially with his kids. (PRO did review the posts in question, and insists they never found a photo of Ford in LAFC livery, or any other MLS club for that matter, and also noted that the photos are mostly old.) Rivett noted that some officials attend games to support their fellow officials — truly people cheering only for the refs. (I can attest to this being a real thing, just as a witness, to be clear.) But the truth is, there is no doubt that what one intends with one's post and how others might perceive those posts are very different things. This is the unfortunate reality we live in. If you're going to post on social media, someone, somewhere, is going to scrutinize them. Two decades ago, before we entered this hyperreality that can be so easily torqued beyond reason, officials might have been cautioned against having a beer at a match they might be attending on a non-official basis. That was really to protect yourself against the unscrupulous fan who might scream afterwards, 'I saw a ref getting drunk at the footy! He's corrupt!' Wild accusations have been levelled at people for less. That advice holds true today. As does not accepting gifts, no matter how innocuous they may seem. Not even a club pin, given as a thank you. The need to protect yourself against accusations of bias goes so much further now. You must be careful what you share with the broader world. That is surely a topic that will be shared with PRO's members. It may not be fair that an official's family has to police themselves on how they share their lives, but that, again, sadly, is the hyper reality we live in. One thing that PRO and MLS would be wise to consider on top of this ethics refresher: Look at how other footballing nations handle their assignments. In Germany, most officials are members of local clubs. Officials would never be assigned to do a game in their region, meaning that the closer you get to the top, the further you have to travel to blow your whistle — a Bavarian-based referee would almost certainly not be assigned to call a game in Bavaria. Only if both clubs were from Bavaria might they be assigned to call the game. This is to protect the official against any perception of locally driven bias. England and Italy have similar policies. This is to say, by living in Los Angeles, Ford should probably not be assigned games in Southern California, maybe not even the entirety of the state itself. In the end, Tim Ford made a series of calls that probably followed the letter of the law, but most of us know the laws in sport can generally be bent. His execution drew a mountain of criticism, some deserved. But his in-game execution is beside the point. The real point is that he should never have been in the position in the first place. The policy needs to be better. It needs to protect officials. pjohnston@
The Province
6 days ago
- Sport
- The Province
MLS referees to get ethics refresher in wake of Whitecaps fan complaints
Patrick Johnston: MLS and PRO should also think about the ethics of match assignments. Why are officials doing games in their hometown? Get the latest from Patrick Johnston straight to your inbox Referee Tim Ford (centre right) is followed by Vancouver Whitecaps players as he left the field after Los Angeles FC defeated the Caps during a game in November, 2023. Photo by DARRYL DYCK The Canadian Press / THE CANADIAN PRESS Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Whatever Vancouver Whitecaps fans might think of Tim Ford's performance as referee on Saturday, the revelation that his family has a love of LAFC seems to be leading to change within the organization that oversees Major League Soccer's on-field officials. This advertisement has not loaded yet, but your article continues below. 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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors 'We are re-evaluating our processes about what constitutes a connection with a club,' Professional Referees' Organization spokesperson Chris Rivett said, succinctly, on Tuesday. After all the social media controversy that popped up after Saturday's 2-1 Whitecaps loss to the San Jose Earthquakes, a game filled with contentious calls by Ford, fans found a collection of posts on Instagram by Ford's wife that were taken as showing bias toward LAFC, and thus obviously against the Whitecaps, the argument ran. As part of PRO's game-by-game review process, the group's technical staff will speak with teams about issues they may have had with an official's performance and then do a review themselves. Those discussions with teams don't usually happen until 24 hours have passed, just to give everyone time to breathe. Then the feedback is collected and if it's deemed worth discussing, will be included in the post-match review that each official gets in the days following. Needless to say, Ford's assessment and application of the laws of the game will be, or may have already been, discussed with him. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. That is what you would hope from an organization that supervises what are supposed to be the best match officials in North American football. But it's clear from Rivett's acknowledgment that PRO recognizes their discussions this week need to also touch on ethics. Policy is an continuing discussion between PRO and its member officials. The officials meet as a group at least once a month to discuss policy and bigger issues in the game. One of the topics that will be coming up is, essentially, how to protect yourself from accusations of bias. Tim Ford, we can see from his wife's posts, is a proud father and a huge fan of football. It's inevitable that he will be attending matches in his hometown, especially with his kids. (PRO did review the posts in question, and insists they never found a photo of Ford in LAFC livery, or any other MLS club for that matter, and also noted that the photos are mostly old.) This advertisement has not loaded yet, but your article continues below. Rivett noted that some officials attend games to support their fellow officials — truly people cheering only for the refs. (I can attest to this being a real thing, just as a witness, to be clear.) But the truth is, there is no doubt that what one intends with one's post and how others might perceive those posts are very different things. This is the unfortunate reality we live in. If you're going to post on social media, someone, somewhere, is going to scrutinize them. Two decades ago, before we entered this hyperreality that can be so easily torqued beyond reason, officials might have been cautioned against having a beer at a match they might be attending on a non-official basis. That was really to protect yourself against the unscrupulous fan who might scream afterwards, 'I saw a ref getting drunk at the footy! He's corrupt!' This advertisement has not loaded yet, but your article continues below. Wild accusations have been levelled at people for less. That advice holds true today. As does not accepting gifts, no matter how innocuous they may seem. Not even a club pin, given as a thank you. The need to protect yourself against accusations of bias goes so much further now. You must be careful what you share with the broader world. That is surely a topic that will be shared with PRO's members. It may not be fair that an official's family has to police themselves on how they share their lives, but that, again, sadly, is the hyper reality we live in. One thing that PRO and MLS would be wise to consider on top of this ethics refresher: Look at how other footballing nations handle their assignments. In Germany, most officials are members of local clubs. Officials would never be assigned to do a game in their region, meaning that the closer you get to the top, the further you have to travel to blow your whistle — a Bavarian-based referee would almost certainly not be assigned to call a game in Bavaria. Only if both clubs were from Bavaria might they be assigned to call the game. This is to protect the official against any perception of locally driven bias. This advertisement has not loaded yet, but your article continues below. England and Italy have similar policies. This is to say, by living in Los Angeles, Ford should probably not be assigned games in Southern California, maybe not even the entirety of the state itself. In the end, Tim Ford made a series of calls that probably followed the letter of the law, but most of us know the laws in sport can generally be bent. His execution drew a mountain of criticism, some deserved. But his in-game execution is beside the point. The real point is that he should never have been in the position in the first place. The policy needs to be better. It needs to protect officials. pjohnston@ Read More International Soccer News Baseball Baseball News
AU Financial Review
24-06-2025
- Business
- AU Financial Review
Penfolds owner won't compromise on price as earnings wobble
Treasury Wine Estates has no plans to cut prices for its flagship Penfolds range, saying demand for premium wines remains solid, while blaming a weaker profit outlook on the cost of additional staff hires to boost sales. Departing chief executive Tim Ford said the company would spend an extra $10 million to expand its sales force in China – the biggest market for Penfolds, which generates almost 60 per cent of Treasury Wine's profits.
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
ASX rises for seventh day in a row as banks, tech shares rally
The laggards Treasury Wine Estates, the maker of Penfolds wines, fell 5.2 per cent after it announced chief executive Tim Ford would step down later this year, ending a five-year stint in the role. He will be replaced by Sam Fischer, the chief executive of New Zealand drinks producer Lion. Loading Lendlease fell 1.6 per cent after the Australian property giant said it was in the late stages of inking a 50/50 joint venture with King Charles' property company The Crown Estate, in the United Kingdom. The $3.8 billion ASX-listed property developer responded to media speculation on Thursday saying it was in negotiations with the King's company over six projects that are part of its UK development portfolio. A slide in iron ore prices sent big miners lower. Fortescue fell 1.1 per cent while BHP slumped 0.7 per cent and Rio Tinto fell 0.4 per cent. The lowdown As investors await a potential interest rate cut next week, the Australian Bureau of Statistics on Thursday said the unemployment rate was unchanged at 4.1 per cent in April, while the number of employed people shot up by 89,000 in the month, beating the market's expectations. The number of unemployed people also increased by 6000 in the month. The Australian dollar strengthened slightly after the result, and was trading at US64.40¢ at 4.52pm AEST. Economists believe the strength of the labour market will be a key influence on how deeply the Reserve Bank cuts interest rates, with markets tipping a likely cut next week. Senior APAC economist for Capital Economics Abhijit Surya said the ABS data suggested the labour market remained 'very tight'. While he tipped a rate cut from the Reserve Bank of Australia (RBA) next week, the research house argues the central bank will only cut the cash rate to a low point of 3.6 per cent this cycle – which is higher than what most economists expect. 'With the labour market going from strength to strength, we're more convinced than ever that the RBA will be reluctant to cut rates aggressively,' Surya said. On Wall Street, a choppy day of trading ended with a mixed finish for stock indexes on Wednesday, as gains by several big technology stocks helped temper losses. Loading The S&P 500 edged up 0.1 per cent after wavering between small gains and losses much of the day. Most of the stocks in the index lost ground, but solid gains for several heavyweight technology companies such as Nvidia helped counter a decline in healthcare and other sectors. The Dow Jones slipped 0.2 per cent, while the Nasdaq composite rose 0.7 per cent. Super Micro Computer surged 15.7 per cent after signing a partnership agreement with Saudi Arabian data centre company DataVolt. Advanced Micro Devices gained 4.7 per cent after announcing a $US6 billion ($9.3 billion) stock buyback program. Nvidia rose 4.2 per cent and Google parent Alphabet added 3.7 per cent. Other big gainers included eToro Group, a retail trading platform for stocks and cryptocurrency. It rose 28.8 per cent in its first day of trading. The market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war. The market gained some more ground on Tuesday after the government reported that inflation unexpectedly cooled across the country in April. Additional updates on inflation and retail sales are expected on Thursday. The benchmark S&P 500 Index, which sits at the centre many 401(k) accounts, has erased all its losses since US President Donald Trump escalated his global trade war in early April. It has now also erased its losses for the year and is back to within 4.1 per cent of its all-time high set in February.
