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Coles reveals its yearly earnings, warns of high prices

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Australian supermarket giant Coles announces a jump in annual profit but sends a major inflation warning

According to the company’s report, Coles has achieved a $1.05 billion net profit for the 2021-22 financial year, an increase of 4.3 per cent from the previous year.

But the chief executive Steven Cain says some shoppers have switched to buying cheaper products since interest rates began rising in May.

“As examples, we are beginning to see our customers buying significantly more $1 Coles pasta,” Mr Cain said.

He further added, “$1 coffee at its Coles Express stores has never been more popular.”

Other changes in consumer behaviour include moving from fresh to canned vegetables, and from beef to cheaper meats like pork, lamb, and chicken.

Coles states that inflation will continually force the cost of goods to increase.

“We have seen further cost price inflation in produce due to recent flooding, in bakery due to wheat commodity prices, and in packaged groceries due to various supply chain cost increases,” Coles said in a report.

And continued “consistent with our suppliers and customers, we are also seeing inflationary pressures impacting our own cost base. ”

The message delivered by Coles shows that higher prices will put pressure on Australian customers.  

And this may mean, the supermarket price-cutting era has passed. 

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What is causing the crypto market crash?

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Crypto Braced For $300 Million Game-Changer As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin, ethereum and other major cryptocurrencies are still struggling despite a wave of bullish announcements (and an eye-popping bitcoin price prediction).

The bitcoin price has again crashed under $20,000 per bitcoin, dragged lower by the Fed’s decision to keep interest rates near zero until 2023.

While the US government’s $300 million investment into bitcoin mining is a game-changer, it remains to be seen if it will be enough to boost the cryptocurrency market.

The current cryptocurrency market crash can be attributed to a few key factors.

Firstly, the US government’s announcement of a $300 million investment into bitcoin mining is a game-changer.

This investment will likely increase the hashrate and drive up demand for GPUs, which will in turn push up prices. Secondly, the Fed’s decision to keep interest rates near zero until 2023 is also weighing on the market.

This decision makes it less attractive for investors to put their money into cryptocurrencies. Lastly, there are concerns that the recent bull run was driven by speculation and that the market is now cooling off.

Will the $300 million investment be enough to boost the market?

It remains to be seen if the $300 million investment from the US government will be enough to boost the cryptocurrency market.

While this investment is definitely a positive development, it may not be enough to offset the bearishness in the market caused by other factors such as the Fed’s decision to keep interest rates near zero. Only time will tell how much of an impact this investment will have on the market.

In the meantime,crypto investors should brace for more volatility in the markets.

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Top 5 destinations for “revenge travel” in 2023

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1. Greece


Greece is a beautiful country that is rich in history and culture.

The country is home to some of the most famous historical sites in the world, such as the Parthenon and the Acropolis.

Greece is also known for its stunning beaches, crystal-clear waters, and delicious food.

2. Italy


Italy is another popular tourist destination that is known for its rich history and culture.

The country is home to many famous historical sites, such as the Colosseum and the Vatican City.

Italy is also known for its delicious food, stunning scenery, and friendly people.

3. Spain


Spain is a diverse country that offers something for everyone.

The country is home to beautiful beaches, stunning mountain ranges, vibrant cities, and friendly people.

Spain is also known for its delicious food and wine.

4. France


France is a popular tourist destination that is known for its stunning scenery, delicious food, and rich history and culture.

The country is home to many famous historical sites, such as the Eiffel Tower and the Louvre Museum.

France is also known for its beautiful countryside and friendly people.

5. United Kingdom


The United Kingdom is a popular tourist destination that offers a unique blend of history and culture.

The country is home to many famous historical sites, such as Stonehenge and Westminster Abbey.

The United Kingdom is also known for its stunning scenery, friendly people, and delicious food

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Wall Street smashed by months of volatility

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Wall Street neared bear market territory on Friday as stocks fell sharply to end the week with the Dow down more than 800 points.

The sell-off was driven by fears of a deeper recession, as data showed that manufacturing activity contracted for the fourth straight month.

The Dow is now down 20% from its peak in February, and if it falls below 19,000 it will officially enter bear market territory.

While some analysts believe that the market is overreacting to the latest data, others say that the sell-off is justified given the deteriorating economic conditions.

It remains to be seen whether the market can recover from this latest setback, but one thing is clear: Wall Street is in for a volatile ride in the weeks and months ahead.

The Dow was down more than 800 points, or 3.2%, at 24,608. The S&P 500 was down 3% at 2,754, and the Nasdaq Composite was down 2.8% at 7,433.

All three indexes are now down more than 20% from their all-time highs set in late September. The sell-off was driven by fears of a deeper recession as the yield on the 10-year Treasury fell below 1.6%.

The market has been deeply volatile in recent weeks on fears that the coronavirus outbreak will lead to a slowdown in global economic growth. Friday’s sell-off suggests that those fears are still very much present.

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