Rate-sensitive sectors including consumer stocks dragged the local sharemarket lower,despite a US equities rebound overnight following its steep sell-off.
Treasury Wines is upping its bet on the high-end market for wine with a deal to buy the fastest-growing luxury wine brand in the US.
The Australian wine industry has received its clearest signal yet that it is one step closer to resuming regular trade with what was once its largest market.
The university’s new research centre is bankrolled by the International Centre for Responsible Gambling,funded by some of Las Vegas’ biggest casino operators.
Treasury Wine Estates took a profit hit despite raising prices for several of its brands as demand for budget wines such as 19 Crimes and Wolf Blass faltered.
Treasury Wine Estates will close its Karadoc winery – used to make budget wines – and instead focus on its premium and luxury brands,putting 60 jobs on the line.
The Australian sharemarket was dragged down by miners and banks on Thursday as stocks tumbled worldwide on worries about the global economy.
The American rapper did initially help the 19 Crimes label,but Treasury Wines took a hit on Thursday on the back of a slump in sales of its budget brands.
The chief executive of the $10 billion Penfolds owner will visit China in March as he presses on with the company’s US and Asian market growth strategy.
The rumblings of a global recession may be getting louder but the boss of Treasury Wines Estate remains bullish about the company’s prospects.
Penfolds managing director,Tom King,is confident the made-in-China range will be a hit despite the slowdown in the country’s economy.