The Northern Territory news Sat 16 Apr 2022
The Northern Territory news; NewspaperNT
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
Copyright. Made available by the publisher under licence.
News Corp Australia
Saturday April 16 2022 BUSINESS 53 V1 - NTNE01Z01MA A bitcoin ATM in the US. chocolate lover not a happy bunny as food inflation hits THE price of chocolate is on the march higher along with mortgage rates, clothing, food and the general cost of living. The Firetrail Chocolate Index, prepared by funds manager Firetrail Investments, has revealed a 32 per cent leap since the start of January in the cost of the core ingredients that are used to make chocolate, such as milk and cocoa. Anthony Doyle, head of investment strategy, Firetrail Investments S3 Global Opportunities Fund, said food inflation was creeping into the chocolate market as well to match the price hikes seen in other categories such as meat, seafood and packaged groceries. With all the talk about rising commodity prices and food inflation, spare a thought for the Easter bunny this year, Mr Doyle said. Class IV milk, which is used to produce butter and milk powder, has risen by 67 per cent to around $US25 per hundredweight. Class IV milk prices are now at record highs. Raw sugar has risen from $US15.75 to $US20.31 per pound, while the price of cocoa has risen from $US2472 per metric ton to $US2667. He said prices of milk, raw sugar and cocoa like many other commodities had ratcheted higher following a pull back of supply during the past two years of the pandemic. With economies reopening, demand has shifted higher for many commodities, resulting in higher prices. Industry experts predict almost $9bn could be spent in Australia over the Easter holiday, with food retailers forecast to rake in as much as $1.5bn in sales from chocolate Easter eggs, bunnies and hot cross buns. Coles was expecting to sell more than 15 million chocolate Easter eggs and eight million Easter bunnies this Easter, as a survey conducted by the retailer showed that almost 80 per cent of families were planning to buy eggs and bunnies as presents over the holidays. r e ta i l ELI GREENBLAT The core ingredients used to make chocolate have seen a 32 per cent leap this year. world markets ASX 200 1.1% NZX 50 8.8% S&P500 7.8% FTSE100 3.1% Nikkei 5.6% shanghai 11.3% YEAR TO DATE sites and bookmakers allowing cryptocurrencies to be used, despite these services being outlawed in the US. Some existing industry operators say they are concerned that the use of cryptocurrencies in online gaming would facilitate money laundering and the avoidance of other regulations. Despite the Australian ban, one of the worlds largest cryptocurrency betting sites has continued to operate out of Melbourne. Stake.com which is owned by Melbourne company Easygo says it is a cryptocurrency-friendly THE nations key online gambling regulator is considering allowing the use of cryptocurrencies in betting a significant departure from international practice. The Northern Territory Racing Commission, which licenses the countrys largest online bookmakers including Sportsbet, Neds and Tabcorp, is expected to make its final decision within months. The move from the NTRC comes more than four years after it pursued Neds after the company announced plans to allow the use of bitcoin in gambling in February 2018. At the time, the commission sent a cease and desist email to all betting platforms within hours of Neds announcement. In a statement, the NTRC confirmed that it was considering the issues to be addressed to allow betting in cryptocurrency and would be in a better position to advise on progress in the near future. There has been a boom in the number of online gaming Regulator considers allowing crypto bets online casino which provides sports betting and unique casino games from the biggest providers in the industry. The company widely represented in the sports industry last year became the main sponsor for English Premier League team Watford in a deal believed to be worth 5m ($9m). Stake.com is also the main betting partner of the UFC, allowing customers to stream and bet on fights. Since its launch in 2017, it has grown to be worth $1bn, The Age reported in December. To bypass local regulations, Stake.com has banned its platform from use in Australia and the US. We have stringent control systems in place to ensure compliance, including blocking users from Australia, a Stake.com spokesman said. A spokesman from Entain, which owns Neds, said the group had no immediate plans to integrate cryptocurrency into its betting platforms. Sportsbet and Tabcorp are similarly monitoring cryptocurrency in the gambling industry. g a m b l i n g Joseph Lam AMP is moving away from a spin-off of its private markets unit with talks advancing to offload the bulk of the local real estate operations to investment house Dexus, and its offshore infrastructure unit to Apollo Global Management or DigitalBridge Group. The move marks a shift away from AMPs original plans for a demerger which would have left its funds unit, now rebranded as Collimate Capital, with about $44bn in assets under management. Both AMP and Dexus declined to comment. The property group is believed to be in prime position after a series of earlier bidders fell away. On the international side, DigitalBridge and Apollo are the final bidders vying for AMPs global infrastructure equity division and that will also reach a conclusion in coming weeks. While a spin-off of Collimate Capital on the ASX is becoming increasingly unlikely, it has yet to be ruled out by AMPs board, according to sources. AMP spin-off is no done deal BEN WILMOT JOYCE MOULLAKIS Lady Justice Australias women with the power to put criminals in their place. P O D C A S T E P I S O D E 6 : E S C A P E R O U T E L I S T E N N O W A T L A D Y J U S T I C E P O D C A S T . C O M . A U O R V I A T H E N T N E W S A P P