Australia Retail

Australia’s most valuable producer Treasury Wine Estates splashed out $1.6 billion to buy a premium Californian winemaker just one week after the Chinese government said it will lift its onerous wine tariffs.

Treasury Wine Estates bought family-owned DAOU Vineyards, created only 17 years ago by Lebanese born brothers Georges and Daniel Daou.

DAOU is reported to be the fastest growing premium wine brand in America.

The Daou’s are best known for their Cabernet Sauvignon Patrimony wines which Vivino says retails for around $437 a bottle.

It also shows a tendency for TWE to move deeper into the premium wine market, after its 19 Crimes label, with rapper Snoop Dogg as its face, saw declining sales in the past year or so.

A WA-based company harvesting methane-busting seaweed to reduce greenhouse emissions in cattle has been named one of the world’s best startups focused on climate change.   

Australian Wool Innovation has cast a global net and put up to $3 million on the table to find a way to remove weakened wool from sheep as it tries to find a “robust” alternative to traditional shearing. 

Endeavor Group’s majority shareholder Bruce Mathieson is calling for the resignation of Chairman Peter Hearl as the company’s performance continues to decline.

Endeavour is the owner of Dan Murphy’s and BWS while Bruce Mathieson is renowned as Australia’s pub king who has called for the company to head in a new direction with a reshuffling of its board members.

Sky News Business Editor Ross Greenwood says Endeavour’s joint venture with Woolworths has been a “big, big fight” since it was announced.

Mr Mathieson has wanted to bring in former Woolworths executive Bill Wavish onto the board as his representative but Endeavour has refused the request.

Over the past year, Endeavour’s share price has dropped 29.51 per cent.

Mr Greenwood says the group has its annual board meeting on Tuesday and it will be “very, very hot”.

Former Woolworths chief executive and retail legend Roger Corbett has also weighed in on the issue, claiming the Endeavour board has not done the job properly and should use the expertise of Mr Wavish and Mr Mathieson.

Shopping centre owner Vicinity Centres is doubling down on its exposure to the still booming luxury retail market and has snapped up a near-half stake in Chatswood Chase in Sydney for $307m and will pursue a major redevelopment.

Businesses could be “in a world of hurt” this Christmas if the RBA hikes interest rates and people spend less, according to The Motley Fool Chief Investment Officer Scott Phillips.

His remarks come after ABS data showed retail spending was up 0.9 per cent for the month in September.

Mr Phillips said the “simple reality” is there is nothing in recent data suggesting inflation is cooling down.

He pointed out that Christmas is “just around the corner” which is a critical time for businesses to make sales.

“If you don’t make the sales in Christmas, you don’t make the sales all year,” he told Sky News Australia.

Financial advisers say fintech apps track your spending, but they don’t necessarily change your behavior. WSJ reporter Imani Moise joins host J.R. Whalen to discuss why a spreadsheet may be more effective at helping people maintain a budget. Daisy Korpics/The Wall Street Journal

Retail sales hit a record in September as warmer weather saw consumers bring forward some purchases, but will it add to the case for an official interest rates rise? SBS Finance Editor Ricardo Gonçalves speaks with AMP Chief Economist Shane Oliver for more, along with Stuart Roberts from Stocks Down Under for the market reaction. Plus Rhayna Bosch finds out why Australia should impose EU style compensation policies for cancelled flights with Ellis Taylor from Cirium Aviation.

Robust retail sales data have failed to reassure investors on Monday with the Australian sharemarket following Wall Street’s poor lead to close below 6800 points.