Australian Winemaker Faces a Hangover

One of the world's biggest vintners has been left with a hangover after poor U.S. sales forced it to destroy thousands of gallons of wine. Treasury Wine Estates Ltd., whose brands range from the mass-market Beringer through to $1,000-a-bottle Penfolds Grange, said Monday that it would book a 160 million-Australian-dollar (US$145 million) charge against its U.S. business in the year ended June 30, 2013. (WSJ)