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

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 years ago as it faces intense competition from Woolworths and German chain Aldi.

Wesfarmers revealed Coles' earnings plunged 13.5 per cent to $1.61 billion which is the first earnings decline since it acquired the business in...

Read More...
ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like within the century. Research conducted by IKEA Australia in its People & Planet Positive Report shows that the headcount is likely to reach 70 million in the next hundred years, but only a fraction of the current population ...

Read More...
SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by $450,000 as the company reported nearly $1 billion in writedowns and one-off costs.

Worner's bonuses have been cut to zero with his 2016 salary dropping from $3.19 million to $2.74 million with other Seven West Media execut...

Read More...
HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Shark Tank's Janine Allis in as an equal business partner for $200,000.

The founders behind Be Fit Food, which has been doubling business month-on-month, created a prepackaged food business based around ketogenic diets, whic...

Read More...
AUSTRALIA'S LARGEST MARKETING CONFERENCE SET TO SHOWCASE INTERNATIONAL INDUSTRY LEADERS

AUSTRALIA'S LARGEST MARKETING CONFERENCE SET TO SHOWCASE INTERNATIONAL INDUSTRY LEADERS

THE ASSOCIATION for Data-driven Marketing and Advertising (ADMA) has announced the finalised list of speakers for its Global Forum.

The two-day conference will be held in Sydney on 24 and 25 August with the aim of bringing together global leaders and visionaries in industries ranging from marketing to space exploration.

CEO of ADMA ...

Read More...
JB HI-FI POSTS STRONG PROFIT RESULT BUT MISSES MARKET EXPECTATIONS

JB HI-FI POSTS STRONG PROFIT RESULT BUT MISSES MARKET EXPECTATIONS

HOME entertainment and electronics retailer JB Hi-Fi (ASX: JBH) has boosted its full year net profit by 13.3 per cent to $172.4 million, thanks to sales of big screen televisions, smartphones and drones.

Total sales rose 42.3 per cent to $5.63 billion for the 12 months to June 30 following November's acquisition of white goods specialist ...

Read More...
THE SOLAR POWERED DRONE THAT COULD FLY INDEFINITELY

THE SOLAR POWERED DRONE THAT COULD FLY INDEFINITELY

AN Australian company is in the process of developing a completely solar powered drone that might be capable of indefinite flight and has secured government funding for its revolutionary project. Praxis Aeronautics, based in Adelaide, has developed a prototype in which solar cells can be encapsulated into a composite material, such as the...

Read More...
RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

THE Australian building market is set to decline by 17 per cent over the next three years led by a collapse in residential starts, according to BIS Oxford Economics.

National building commencements peaked in 2015/16 at $107.3 billion, up by 22 per cent in real terms from the end of the resources investment boom in 2012-13, but is expected...

Read More...
SHARK TANK COUPLE GET HITCHED ON NATIONAL TV, AND SCORE INVESTMENT FROM JANINE ALLIS

SHARK TANK COUPLE GET HITCHED ON NATIONAL TV, AND SCORE INVESTMENT FROM JANINE ALLIS

THEY'RE a couple with the unusual shared 'interest' of having digestive issues, and Luke Lucas and Chrissy Glentis combined to convince Shark Tank's Janine Allis to invest in their specialist food business.

Their business, called Foddies, caters for the growing number of people who have food allergies, aversions and react...

Read More...
NO BONUSES FOR CEO IAN NAREV AND COMMBANK EXECS IN WAKE OF MONEY LAUNDERING SCANDAL

NO BONUSES FOR CEO IAN NAREV AND COMMBANK EXECS IN WAKE OF MONEY LAUNDERING SCANDAL

BONUSES for Commonwealth Bank CEO Ian Narev and senior executives have been cut to zero in the wake of the money laundering scandal that hit the bank last week.

As the Commonwealth Bank (ASX: CBA) moves into overdrive to repair its reputational damage, company chair Catherine Livingstone said the board had full confidence in Narev.

However...

Read More...
MANTRA GROUP PICKS UP LUXURY HOTEL CHAIN FOR $52.5M AS DOMESTIC EXPANSION CONTINUES

MANTRA GROUP PICKS UP LUXURY HOTEL CHAIN FOR $52.5M AS DOMESTIC EXPANSION CONTINUES

Mantra Group (ASX: MTR) has acquired the Art Series Hotel Group in a deal worth $52.5 million as it further extends the chain across Australia.

The acquisition of the seven-hotel portfolio of the group is also a move into the luxury accommodation sector and will add more than 1,000 rooms in Melbourne, Brisbane and Adelaide to Mantra's rap...

Read More...
AUSTRALIAN MEDICINAL CANNABIS GROUP LAUNCHES ANIMAL HEALTH PRODUCT IN SWITZERLAND

AUSTRALIAN MEDICINAL CANNABIS GROUP LAUNCHES ANIMAL HEALTH PRODUCT IN SWITZERLAND

CRESO Pharma Limited (ASX: CPH) will launch its original hemp-based animal feed products in Switzerland. The Australian based Creso has signed an exclusive commercialisation agreement with Virbac Switzerland to distribute its hemp-based complementary feed products for pets in Switzerland and Liechtenstein. Virbac, the seventh largest ...

Read More...
COMMBANK FACES MASSIVE FINES FOR BREACH OF ANTI-MONEY LAUNDERING AND TERRORISM FINANCING LAWS

COMMBANK FACES MASSIVE FINES FOR BREACH OF ANTI-MONEY LAUNDERING AND TERRORISM FINANCING LAWS

THE Commonwealth Bank engaged in 'serious' and systemic breaches of anti-money laundering and terrorism financing laws and could face massive criminal penalties.

The Australian Transactions Reports and Analysis Centre (AUSTRAC) launched proceedings in the Federal Court alleging Commonwealth Bank failed to comply with the laws on more ...

Read More...
PIONEERING AUSTRALIAN WINE MAKING ITS WAY TO CHINA

PIONEERING AUSTRALIAN WINE MAKING ITS WAY TO CHINA

DAWINE Limited (ASX: DW8) will soon be exporting one of Australia's most famous wines into China, tapping into a $520 million market. Dawine has confirmed it received the exclusive rights to sell Vasse Felix Winery wines on its Tmall online store, via Vasse Felix's existing distribution channels in China. Vasse Felix was estab...

Read More...
AUSTRALIA'S NBL PULLS OFF MAJOR DEAL WITH NORTH AMERICA'S NBA TO PLAY IN THE US

AUSTRALIA'S NBL PULLS OFF MAJOR DEAL WITH NORTH AMERICA'S NBA TO PLAY IN THE US

The National Basketball Association (NBA) and the National Basketball League (NBL) today announced that the Brisbane Bullets, Sydney Kings and Melbourne United will take part in the 2017 NBA preseason in October, marking the first time that NBL teams will travel to the US to play against NBA teams.

The NBA is the world's premier basketbal...

Read More...
FACTS MATTER IN TAX REFORM DEBATE

FACTS MATTER IN TAX REFORM DEBATE

Politicians can have differing opinions in the company tax debate, but they shouldn't mislead the public about the facts," Business Council chief executive Jennifer Westacott said after Opposition Leader Bill Shorten today repeated his patently untrue claim that company tax reductions 'impede growth'. The Opposition Leade...

Read More...
BILLABONG SHARES WIPE OUT AFTER TERMINATION OF OMNI-CHANNEL DEAL

BILLABONG SHARES WIPE OUT AFTER TERMINATION OF OMNI-CHANNEL DEAL

SURFWEAR and lifestyle retailer Billabong (ASX: BBG) has suffered a share price fall of more than seven per cent after it cancelled an omni-channel solution provider agreement which will result in a $11.7 million impairment in FY17.

The company says it's committed to rolling out its own omni-channel solution and it has also confirmed that...

Read More...
IF YOU CAN SURVIVE AND BE RESILIENT, YOU CAN ACHIEVE GREAT THINGS: BRISBANE BRONCOS CEO PAUL WHITE

IF YOU CAN SURVIVE AND BE RESILIENT, YOU CAN ACHIEVE GREAT THINGS: BRISBANE BRONCOS CEO PAUL WHITE

HE'S been the CEO of one of Australia's most iconic sports brands for seven years and under Paul White's tenure, the Brisbane Broncos (ASX: BBL) have broken records for revenue, membership, sponsorship and attendances.

His standing in the game is unquestioned and rugby league legend and Penrith boss Phil Gould calls White &qu...

Read More...
MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT Limited (ASX: MP1) has seen its share price rise by almost two per cent following the announcement of strong results for the June 2017 quarter. The group, who delivers internet connectivity solutions to businesses, saw their revenue for the June quarter increase by 18 per cent compared to the previous quarter to $3.47 million. ...

Read More...
WEBJET SHARES DIVE AFTER DISPUTE WITH ACCOUNTANTS

WEBJET SHARES DIVE AFTER DISPUTE WITH ACCOUNTANTS

SHARES in travel site Webjet Limited (ASX: WEB) have dropped over seven per cent after the company announced it was quarrelling with its accounting firm BDO. Webjet announced to the ASX this morning that it is involved in a "disagreement" with auditor BDO regarding the treatment of transactions associated with Webjet's agree...

Read More...
AUSTRALIAN CANNABIS COMPANY BREAKS INTO LUCRATIVE CANADIAN MARKET

AUSTRALIAN CANNABIS COMPANY BREAKS INTO LUCRATIVE CANADIAN MARKET

MEDICINAL cannabis company Creso Pharma (ASX: CPH) has broken into the North American market with the acquisition of Canadian cannabis production company Mernova Medicinal in exchange for $10.2 million worth of cash and equity.

Creso's deal means it will be the only Australian cannabis company with direct access to the world's largest...

Read More...
ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces cost pressures from a complex mix of legal proceedings, an ASIC investigation and separate class actions.

Surfstitch says it is considering selling its media assets along with other assets as it weighs up the "cost and disr...

Read More...
CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROCODILE farming is big business in Australia's top end, with the industry contributing over $100 million to the Northern Territory economy. The overall value of the industry in 2014/15 to the tourism, farming, and veterinary sectors was $107 million, and created 264 full-time jobs, according to an Ernst and Young report. These ne...

Read More...
HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million and in less than six years Brett Boulton's company has multiplied that more than tenfold.

Bold Living, a privately owned residential building company, was founded in 2010 with starting capital of just $500,000 and now it b...

Read More...
SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neighbour: SkyCity. SkyCity Entertainment today announced it will commit to a $330 million expansion of the Adelaide Casino, revamping the Festival Plaza precinct. The expansion will include a boutique hotel, signature restaura...

Read More...
NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

DATA centre operator NEXTDC (ASX: NXT) has started a bidding war with 360 Capital Group to take over Asia Pacific Data Centre (ASX: AJD) after it launched a fully funded $1.85 a share cash offer for the company. The takeover bid trumps the offer made by 360 Capital to acquire all the securities in APDC for $1.80 per share. NEXTDC CEO ...

Read More...
THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

VIDEO on demand technology startup Oovvuu has teamed up with IBM to launch a news platform powered by its AI product, Watson, which is designed to connect viewers to the most relevant video and news content.

The US multinational technology company is in Australia and staging its Watson Summit Australia events in Sydney and Melbourne to s...

Read More...
SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super Retail Group (ASX: SUL) today announced the company's Amart Sports stores will be converted into Rebel stores by 31 October 2017. The parent company says the transformation will allow the company to focus on a single brand....

Read More...
SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company's fall from grace. The Supreme Court of NSW granted leave to Bannister Law to file a class action against DSHE Holdings Ltd, formerly known as Dick Smith Holdings Ltd. As Dick Smith is in liquidation, leave had to be ...

Read More...
NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of words with property funds manager 360 Capital continues.

At the centre of the bitter dispute is the potential takeover of the $215 million Asia Pacific Data Centre Trust (APDC), which owns three data centres in Sydney, Melbourne...

Read More...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter