Business News Australia reports on business news, trends, and profiles for Adelaide business owners, executives and entrepreneurs.

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and spending under control. 

The confused rationales for the tax are risible, and the knee-jerk approach to whacking job-creating businesses with ever higher taxes demonstrates how bereft we are becoming of good leadership.

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BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play two high profile games in Melbourne and the Gold Coast next month.

China will play NBL clubs Melbourne United and the Brisbane Bullets on July 16 and 18 respectively, as something of a preview to the start of the NBL 2017-18 sea...

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ADELAIDE APARTMENT BREAKS OFF-THE-PLAN RECORD WITH $3M SALE

ADELAIDE APARTMENT BREAKS OFF-THE-PLAN RECORD WITH $3M SALE

AN apartment in 'The Adelaidean' residential development in Adelaide has sold for more than $3 million, which is a record off-the-plan purchase in the South Australian capital.

The apartment, designed by Brown Falconer, is the amalgamation of two apartments on sub-penthouse level 34 in 'The Adelaidean' building on Frome Street...

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DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, according to the latest National Visitor Survey (NVS).

Spending by Australians rose by $3.7 billion which is an increase of six per cent compared to the 2015-16 period.

The record level of domestic travel spending is in line wi...

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THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers and a trio of doctors has landed a $500,000 investment for a 10 per cent stake in their new business.

Their aim is to take CancerAid and turn it into a global enterprise and they now have a chance to achieve that after secur...

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IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one of the major shareholder class actions it has been backing since February.

Pending the court's approval, IMF announced it will withdraw its funding of William Roberts Lawyers' class action against Spotless Group (ASX: SP...

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WAGERING GIANTS TABCORP AND TATTS GIVEN GREEN LIGHT FOR $11B MERGER

WAGERING GIANTS TABCORP AND TATTS GIVEN GREEN LIGHT FOR $11B MERGER

THE Competition Tribunal has approved Tabcorp's (ASX: TAH) $11bn takeover bid for Tatts (ASX: TTS) on the condition that it must divest its Odyssey gaming business in Queensland.

The announcement was made this morning after weeks of hearings and was delivered by Federal Court judge John Middleton.

Tabcorp applied to the tribunal for ap...

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MEET THE GUYS BRINGING NATURALLY SUGAR-FREE SOFT DRINK TO A DOMINO'S NEAR YOU

MEET THE GUYS BRINGING NATURALLY SUGAR-FREE SOFT DRINK TO A DOMINO'S NEAR YOU

WHEN Troy Douglas and Drew Bilbe began their beverage company six years ago, with naturally sugar free products at its core, they probably didn't expect one of Australia's biggest fast food companies to come knocking at their door.

The guys who founded Nexba have partnered with Domino's (ASX: SMP), Australia's first publicly l...

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SHARK ANDREW BANKS ON WHY AUSTRALIAN STARTUPS NEED TO GET A BIT OF AMERICAN ATTITUDE

SHARK ANDREW BANKS ON WHY AUSTRALIAN STARTUPS NEED TO GET A BIT OF AMERICAN ATTITUDE

HE'S a former thespian who borrowed $5,000 on two credit cards to get his first business off the ground in Sydney's Woolloomooloo, and went on to establish two of the world's biggest recruitment companies employing thousands of people.

Now based in the exclusive suburb of Beverly Hills in Los Angeles, Andrew Banks is well placed t...

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BUBS AUSTRALIA BOOSTS CHINESE PRESENCE, SHARES SURGE MORE THAN 13 PER CENT

BUBS AUSTRALIA BOOSTS CHINESE PRESENCE, SHARES SURGE MORE THAN 13 PER CENT

BUBS Australia Limited (ASX: BUB) has expanded its footprint in China after signing a strategic partnership with NetEase Kaola.com which will give it access to up to 15 million potential new customers

The infant formula and organic baby food producer will sell its range on Kaola's cross-border e-commerce platform and the announcement sent...

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SPOTLESS SHARES HOLD FIRM IN FACE OF ACCELERATED TAKEOVER BID BY DOWNER EDI

SPOTLESS SHARES HOLD FIRM IN FACE OF ACCELERATED TAKEOVER BID BY DOWNER EDI

ENGINEERING and maintenance firm Downer EDI (ASX: DOW) has waived all remaining outstanding defeating conditions to its takeover offer of facilities service provider Spotless Group (ASX: SPO).

The takeover offer of Spotless is now unconditional, despite not having reached the 50 per cent acceptance hurdle announced last week, and it also intr...

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CLASS ACTION TO BE LAUNCHED AGAINST MCMILLAN SHAKESPEARE OVER 'WORTHLESS' VEHICLE WARRANTIES

CLASS ACTION TO BE LAUNCHED AGAINST MCMILLAN SHAKESPEARE OVER 'WORTHLESS' VEHICLE WARRANTIES

AN $80 million class action will be launched against McMillan Shakespeare Group (ASX: MMS) over claims it issued "worthless" warranties to tens of thousands of customers who bought used cars and trucks from the company.

Global litigation funder Vannin Capital has engaged leading law firm Quinn Emanuel Urquhart and Sullivan to file t...

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RICHARDS LOOKING FOR SCALEUP POTENTIAL IN NEXT SHARK TANK CLASS

RICHARDS LOOKING FOR SCALEUP POTENTIAL IN NEXT SHARK TANK CLASS

DR GLEN Richards (pictured) is circling the waters for his next big investment as season three of Shark Tank goes to air.

Founder of pet care powerhouse, Greencross, and one of the show's five big-time business "sharks", Richards says he'll be looking for innovative products or services with the potential to take the gl...

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AFTERPAY CEO ON THE UPS AND DOWNS OF STARTING UP AND WHY YOU NEED TO 'RUN THROUGH WALLS'

AFTERPAY CEO ON THE UPS AND DOWNS OF STARTING UP AND WHY YOU NEED TO 'RUN THROUGH WALLS'

WHILE at University, Nick Molnar was the biggest seller of jewellery on eBay in Australia. No easy feat, considering the site is the most popular online shopping destination in the country, with jewellery being one of the biggest sellers.

Molnar, now 27, runs one of Australia's fastest growing businesses and was named one of Forbes' 3...

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CHINESE DEMAND DRIVES A2 MILK COMPANY REVENUE UP NEARLY $20 MILLION

CHINESE DEMAND DRIVES A2 MILK COMPANY REVENUE UP NEARLY $20 MILLION

THE a2 Milk Company (ASX: A2M) has upgraded its full year outlook on revenue to approximately $517 million for the 2017 financial year thanks to a steep increase in Chinese demand.

The increase in forecast revenue of almost $19 million is driven by high levels of Chinese demand for the popular a2 Platinum infant formula.

To meet demand a2 ...

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DOWNER RAMPS UP HOSTILE TAKEOVER OF SPOTLESS, TAKING A 30 PER CENT STAKE IN ITS TARGET

DOWNER RAMPS UP HOSTILE TAKEOVER OF SPOTLESS, TAKING A 30 PER CENT STAKE IN ITS TARGET

ENGINEERING and maintenance firm Downer EDI (ASX: DOW) has lifted its interest in takeover target Spotless Group (ASX: SPO) to nearly 30 per cent as Spotless tells its shareholders yet again to reject Downer's offer.

Downer ramped up its hostile takeover bid on Thursday and says it now has an interest of around 29.6 per cent in facilities...

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SLATER AND GORDON TAKES AIM AT QUINDELL AS SECOND CLASS ACTION LOOMS

SLATER AND GORDON TAKES AIM AT QUINDELL AS SECOND CLASS ACTION LOOMS

SLATER and Gordon (ASX: SGH) has filed a lawsuit against UK-based Watchstone Group concerning the ill-fated sale of its subsidiary Quindell in 2015, a transaction which ended up wiping more than $1 billion from SGH's total market value.

The Melbourne-based firm is suing Watchstone in the High Court of England and Wales, alleging that the ...

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SHARK TANK'S NAOMI SIMSON REVEALS THE FIRST QUESTION SHE ASKS OF STARTUP ENTREPRENEURS

SHARK TANK'S NAOMI SIMSON REVEALS THE FIRST QUESTION SHE ASKS OF STARTUP ENTREPRENEURS

SHE'S a keen investor and supporter of the startup community in Australia and RedBalloon founder Naomi Simson remains passionate, and very direct, when it comes to identifying business talent and providing advice.

Is it the business idea itself that gives someone the impetus for success, or is it a tech innovation or disruptive conce...

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BELLAMY'S TRANSFORMATION BEGINS WITH FIRST ROUND OF CAPITAL RAISING

BELLAMY'S TRANSFORMATION BEGINS WITH FIRST ROUND OF CAPITAL RAISING

INFANT milk formula supplier Bellamy's (ASX: BAL) has generated $14.3 million from the institutional component of its capital raising, as it begins a major overhaul of its operations.

Bellamy's says there has been a 96 per cent take-up rate for the initial stage of the 5-for-38 entitlement offer which closed yesterday, with the retail...

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BILLIONAIRES LACHLAN MURDOCH AND BRUCE GORDON JOIN FORCES AS FUTURE OF TEN REMAINS IN DOUBT

BILLIONAIRES LACHLAN MURDOCH AND BRUCE GORDON JOIN FORCES AS FUTURE OF TEN REMAINS IN DOUBT

BILLIONAIRES Lachlan Murdoch and Bruce Gordon have joined forces and merged their holdings in the Ten Network (ASX: TEN) in a move that could rescue the struggling broadcaster and place it under their control.

Bruce Gordon's investment vehicle Birketu, which holds 15 per cent of shares, announced it would merge its holdings with Lachlan M...

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NETWORK TEN GOES INTO ADMINISTRATION AFTER BILLIONAIRES BAIL ON FUNDING LOAN

NETWORK TEN GOES INTO ADMINISTRATION AFTER BILLIONAIRES BAIL ON FUNDING LOAN

BREAKING: Network Ten has announced it will go into voluntary administration after failing to secure a key loan from its three billionaire investors Lachlan Murdoch, James Packer and Bruce Gordon. Shares in Ten Network Holdings (ASX: TEN) were placed in a trading halt on Tuesday for up to 48 hours after the company confirmed it had receiv...

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CAR RENTAL COMPARISON COMPANY DOES DEAL WITH TIGERAIR AUSTRALIA

CAR RENTAL COMPARISON COMPANY DOES DEAL WITH TIGERAIR AUSTRALIA

VROOMVROOVROOM has linked up with Tigerair Australia to provide deals for its customers at the airline's 13 main airport destinations around the country.

The deal between the online car rental comparison company and the low-cost carrier will allow customers to book their airfare and car rental together on the Tigerair Australia website in...

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RETAIL INDUSTRY SLOWED BY RISING HOUSE PRICES AND LOW WAGES GROWTH ALONG WITH AMAZON, ANALYST SAYS

RETAIL INDUSTRY SLOWED BY RISING HOUSE PRICES AND LOW WAGES GROWTH ALONG WITH AMAZON, ANALYST SAYS

THE FIRST quarter of 2017 has been one of the worst in recent memory for the retail industry with inflation adjusted growth of just 1.2 per cent, as shoppers continue their reluctance to open their wallets.

A report compiled by financial analyst group Deloitte Access Economics confirms the difficulties faced by retailers in Australia and conf...

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SUPER RETAIL GROUP FAREWELLS WRIGHT IN MANAGEMENT RESHUFFLE

SUPER RETAIL GROUP FAREWELLS WRIGHT IN MANAGEMENT RESHUFFLE

SPORTS, auto and camping retailer Super Retail Group (ASX: SUL) has announced that long-time director and chairman Robert Wright will be stepping down from the board.

For the past eight years, Wright has steered Super Retail Group through a significant period of growth which included the acquisition of retail chains including Rebel Sport and ...

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ARRESTED CROWN EMPLOYEES CHARGED WITH 'GAMBLING PROMOTION' OFFENCES IN CHINA

ARRESTED CROWN EMPLOYEES CHARGED WITH 'GAMBLING PROMOTION' OFFENCES IN CHINA

CROWN Resorts Limited (ASX: CWN) has confirmed that 15 employees arrested in police raids across four Chinese cities last October have been charged with gambling promotion offences.

Crown today announced that all its employees currently detained in China as well as those released on bail have been charged but they will not be facing more...

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TEN NETWORK SHARES GO INTO TRADING HALT AS IT FACES POSSIBLE VOLUNTARY ADMINISTRATION

TEN NETWORK SHARES GO INTO TRADING HALT AS IT FACES POSSIBLE VOLUNTARY ADMINISTRATION

THE FUTURE of one of Australia's major commercial television networks is in serious doubt after its billionaire investors pull the pin on funding an extended $250 million loan to the broadcaster.

Shares in Ten Network Holdings (ASX: TEN) were placed in a trading halt this morning for up to 48 hours as the company confirmed it had received...

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DEBORAH THOMAS DEPARTS ARDENT FOR GOOD AS SIMON KELLY STEPS IN EARLY

DEBORAH THOMAS DEPARTS ARDENT FOR GOOD AS SIMON KELLY STEPS IN EARLY

ARDENT Leisure (ASX: AAD) has confirmed that former CEO Deborah Thomas (pictured) will be leaving the company for good, just weeks after she was removed from top job to assume other roles on the board. In late April, a leadership shakeup saw Thomas step down into the roles of chief customer officer (group) and chief operating officer (Aus...

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SLATER & GORDON FACES THIRD MAJOR LEGAL CLAIM ARISING FROM ITS BILLION DOLLAR FALL FROM GRACE

SLATER & GORDON FACES THIRD MAJOR LEGAL CLAIM ARISING FROM ITS BILLION DOLLAR FALL FROM GRACE

EMBATTLED law firm Slater and Gordon (ASX: SGH) is facing another legal battle with one of its shareholders announcing it will commence proceedings alleging the company produced misleading full year results for three years in a row.

Slater and Gordon, already facing the potential for two class actions from disgruntled shareholders, confirmed ...

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HARDWARE GIANT BUNNINGS SHUNS ONLINE SHOPPING, PINS HOPES ON CUSTOMERS BEING 'HANDS ON'

HARDWARE GIANT BUNNINGS SHUNS ONLINE SHOPPING, PINS HOPES ON CUSTOMERS BEING 'HANDS ON'

BUNNINGS has no plans to launch a fully transactional e-commerce site in Australia despite the looming threat of US retail giant Amazon entering the market Down Under.

Amazon is expected to offer hardware products through its pure-play e-tail platform but Bunnings is pinning its future on the loyalty of its shoppers who prefer to be "han...

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INTERNATIONAL TOURISTS SPEND BIG IN AUSTRALIA WITH CHINA LEADING THE WAY

INTERNATIONAL TOURISTS SPEND BIG IN AUSTRALIA WITH CHINA LEADING THE WAY

INTERNATIONAL visitors to Australia spent a record $39.8 billion for the year ending March 2017 which is $1.9 billion more than the previous year.

The five per cent increase in expenditure from international tourists was pushed by an almost 10 per cent increase in visitors, with 7.7 million tourists spending a combined 262 million nights in t...

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