Australia's Insignia agrees to $2.2 billion all-cash takeover by CC Capital
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Daily Mail
8 minutes ago
- Daily Mail
Cafe sparks outrage over insane price for a timeless favourite: 'Call the police'
An outraged customer has slammed a popular cafe chain for charging him $20.90 for a 'sad'-looking toastie. The man had visited a Coffee Club in Adelaide last week and ordered a Reuben toastie. The menu said it contained 'sliced pastrami, tangy sauerkraut, sliced pickled gherkins, whole egg mayo and a blend of melted mozzarella and cheddar'. However, the disappointed customer's photo showed a much less impressive sandwich. For almost $21, he received a stingy amount of pastrami and cheese, and just a 'spoon of sauerkraut and some mayo'. To top it off, the bread appeared to be hardly toasted. 'My wife and I rarely go out as we are striving to achieve some long-term goals but thought I'd share a bit of our outing this morning in pictures,' the man wrote on Reddit. He also shared a photo of his wife's ham, cheese and tomato toastie, which cost a whopping $15.90, and looked just as unappealing. 'What a time to be alive!' the customer joked. Social media users criticised the meal, with one describing it as 'the saddest-looking toastie I've ever seen'. 'Call the police, you got robbed,' one wrote. Another said: '$15 for a cheese toastie? Hold my thongs, I'm opening a café.' Other commenters described the toasties as 'bloody disgraceful', 'pathetic' and a 'huge rip-off'. Others urged the dissatisfied customer to consider local cafés over chains. 'You rarely go out, and you picked Coffee Club? Ah mate, you really need to be choosier,' one said. 'Chains and franchises (generally) are designed to be consistent and are traps for the masses,' another added. 'They're essentially money extractors, minimising their costs and maximising their profit.' A Coffee Club spokesman told Daily Mail the company was 'disappointed to hear of the experience'. 'It's not reflective of our standards or the service we expect our stores to provide to our valued customers,' he said.
Reuters
8 minutes ago
- Reuters
India's JSW Steel, Japan's JFE to invest $669 million to boost cold rolled grain-oriented electrical steel output
Aug 4 (Reuters) - India's JSW Steel ( opens new tab and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to 350,000 tons per annum, JSW Steel said on Monday. ($1 = 87.4070 Indian rupees)
Reuters
8 minutes ago
- Reuters
Shares get a lift in Asia as lower US rates are baked in
SYDNEY, Aug 4 (Reuters) - Share markets found some much needed support in Asia on Monday as the heightened prospect of lower borrowing costs helped soothe concerns about the U.S. economy, though the long-term credibility of U.S. policy remained in doubt. A buy-the-dip mentality led to a bounce in Wall Street and European stock futures, and allowed the dollar to stabilise after Friday's U.S. payrolls-induced retreat. Treasuries ran into some profit-taking after their huge gains, but fund futures still imply an 85% chance the Federal Reserve will cut rates in September and ease by 100 basis points or more by this time next year. The prospect of a shift in rates was the only silver lining to a dire payrolls report in which downward revisions left the three-month average of jobs growth at 35,000 from 231,000 at the start of the year. "The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months," said analysts at Goldman Sachs. "Taken together, the economic data confirm our view that the U.S. economy is growing at a below-potential pace." Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened the credibility of U.S. economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. Analysts assume the appointee will be loyal to Trump alone, though the president did grudgingly concede that Fed Chair Jerome Powell would probably see out his term. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," said Ray Attrill, head of FX research at NAB. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets have essentially already eased for the Fed, with two-year Treasury yields down almost 25 basis points on Friday in the biggest one-day drop since August last year. The drop in global yields seemed to help equities, with S&P 500 futures and Nasdaq futures both bouncing 0.4%. EUROSTOXX 50 futures gained 0.6%, while FTSE futures rose 0.5% and DAX futures 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab firmed 0.7%, aided by a 1.1% rally in South Korean (.KS11), opens new tab stocks. Japan's Nikkei (.N22%), opens new tab fell 1.4%, in part weighed by Friday's rebound in the yen, while Chinese blue chips were flat. Wall Street has taken comfort in an upbeat results season. About two-thirds of S&P 500 companies have reported, and 63% have beaten forecasts. Earnings growth is estimated at 9.8%, up from 5.8% at the start of July. Companies reporting this week include Disney (DIS.N), opens new tab, McDonald's (MCD.N), opens new tab, Caterpillar (CAT.N), opens new tab and some of the large pharmaceutical groups. The dismal U.S. jobs data did put a dent in the dollar's crown of exceptionalism, snuffing out what had been a promising rally for the currency. The dollar was a shade firmer at 147.79 yen , having shed an eye-watering 2.3% on Friday, while the euro held at $1.1574 after bouncing 1.5% on Friday. The dollar index was pinned at 98.801 , having tumbled from last week's top of 100.250. Sterling was restrained at $1.3281 as markets are 87% priced for the Bank of England to cut rates by a quarter point at a meeting on Thursday. The BoE board is expected to remain split on easing, while markets still favour two further cuts by the middle of next year. In commodity markets, gold was little changed at $3,357 an ounce , having climbed more than 2% on Friday. Oil prices extended their latest slide as OPEC+ agreed to another large rise in output for September, which completely reverses last year's cuts of 2.2 million barrels per day. Brent futures dropped 0.2% to $69.52 a barrel, while U.S. crude futures fell 0.1% to $67.24 per barrel.
