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IG Research – The long and the short of it

When in doubt buy risk assets has been the message we have been provided with once again.One can extend this too Bitcoin too, as the wall of money continues to pour into the space and although price has pulled back a touch from the overnight high of 9975, it feels as though there is a…

Nearly 175 mn US shoppers hit stores over holiday

The 2017 US holiday shopping season remains on track to produce solid growth after more than half the US population made purchases over the Thanksgiving weekend, the National Retail Federation said Tuesday.NRF officials cited strong US economic data, good weather and an enterprising approach by retailers to discounting both in store and online as factors…

2,500 job losses as UK cigarette supplier collapses

Britain’s biggest cigarette wholesaler, Palmer & Harvey (P&H), collapsed into administration on Tuesday, with around 2,500 staff facing redundancy, its administrator PwC announced.The 90-year-old company, which also provides alcohol, groceries and frozen food to 90,000 retail accounts – including Britain’s largest supermarket chain, Tesco – failed in attempts to secure a buyer.The firm, which employs…

More Crown pokies tampering allegations

Poker machines at Melbourne’s Crown Casino were tampered with to limit betting options, a fresh whistleblower alleges. The man, who went to the ABC with his allegations, is the fourth person to make such claims after federal independent MP Andrew Wilkie aired allegations by three others in parliament in October. Victorian Gamining Minister Marlene Kairouz…

Mayne Pharma expects “soft” H1 to improve

Drugs manufacturer Mayne Pharma is still feeling the impact of tough competition and lower prices in the generic drugs market in the US, but expects the release of new drugs and restructuring initiatives will boost the company’s financial performance. Chief executive Scott Richards says the company’s first half is expected to be “soft” but that…

Telstra, banks and miners weigh on market

The share market ended a day of fluctuating fortunes slightly weaker, amid falls for the heavyweight banks, miners and telcos. The benchmark S&P/ASX200 stock index dropped 4.5 points, or 0.1 per cent, to 5,984.3 points. A lack of momentum is making it difficult for the market to leave the 6,000 point level behind, Macquarie Private…

Big dollar jackpots boost Tatts’ quarter

Tatts Group’s first quarter net profit has jumped almost 15 per cent, boosted by a string of bigger-than-usual multi-million dollar lottery jackpots. The gambling group’s post-tax net profit from continuing operations for the three months to September 30 was $67.2 million – up 14.8 per cent on the same time last year, while revenue grew…

Confidence slips, but outlook is festive

Consumer confidence eased in the past week but the ongoing improvement in labour market conditions may yet spell good news for retailers over the holiday season. The latest ANZ-Roy Morgan Consumer Confidence Index showed a 1.2 per cent slip to 115 in the week to November 26 on doubts about the current and future state…

BHP expects to deliver $2.2b in cost cuts

BHP Billiton expects to lower costs in its Australian mining operations by a further 10 per cent and has forecast the division will deliver $US1.6 billion ($A2.2 billion) in productivity gains over the next two years. At an investor briefing in Adelaide on Tuesday, BHP Minerals Australia president Mike Henry said the company had reduced…

NBN technology terrific, minister insists

Despite technical problems, the federal government is heralding the connection of the national broadband network via pay-TV cables as terrific technology. NBN Co has announced it will temporarily suspend rollout of the hybrid coaxial-fibre (HFC) network, warning of six to nine-month delays. ‘There’s no problem that’s been identified that can’t be fixed. They will be…