BMW BOOKED BY ASIC IN RECORD $77 MILLION COMPENSATION SCHEME

BMW BOOKED BY ASIC IN RECORD $77 MILLION COMPENSATION SCHEME

LUXURY vehicle brand BMW has agreed to pay its dues following a five-year string of lending failures which resulted in hardship for consumers. ASIC accepted an enforceable undertaking from BMW Finance, which will see the car dealer implement Australia's largest consumer credit remediation program to the tune of $77 million. The re...

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NEW TERRYWHITE CHEMMART BRAND ROLLS OUT

NEW TERRYWHITE CHEMMART BRAND ROLLS OUT

TERRY White and Chemmart will covert the 500-store network of the merged group to the new brand TerryWhite Chemmart.

The first rebranded store has opened at Glenferrie Road, Hawthorn; it is expected to take until the end of 2017 to convert the entire chain.

Terry White CEO, Anthony White, says, "Both brands have a strong heritage and ...

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HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, saying it would be 'crazy' and a 'joke' if the business was able to list.

Typical to form, the website will attempt the feat on September 8 in controversial circumstances: the company has no managing director a...

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GLADSTONE PRODUCES FIRST GAS BUT COSTS SANTOS $1 BILLION

GLADSTONE PRODUCES FIRST GAS BUT COSTS SANTOS $1 BILLION

SANTOS' (ASX: STO) Gladstone liquid natural gas plant has cost the company US$1.05 billion, just months after it made its first shipment of gas.

The energy company reported its first-half results today, announcing a $1.1 billion net loss, largely led by the GLNG write-off, but also affected by low oil and gas prices, which pushed the...

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BENDIGO BANK PROFIT DOWN AMID TOUGH COMPETITION AND LOW INTEREST RATES

BENDIGO BANK PROFIT DOWN AMID TOUGH COMPETITION AND LOW INTEREST RATES

BENDIGO and Adelaide Bank (ASX:BEN) made a statutory profit of $415.6 million for the 12 months to 30 June, 2016, down 2 per cent on the previous year, it announced today. The bank was able to deliver a half on half increase of one basis point on its net interest margin, to 2.17 per cent and underlying cash earnings were $439.3 million, u...

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NEW BOSS AT ASX

NEW BOSS AT ASX

DOMINIC Stevens (pictured) is the new Managing Director and CEO of ASX.

Stevens, who joined the ASX (ASX:ASX) as an independent non-executive director in December 2013, begins his new role today.

He replaces Elmer Funke, who stepped down from the role in March after being subject to bribery allegations stemming from his time in char...

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RESTRUCTURE TO COST WOOLWORTHS $1 BILLION

RESTRUCTURE TO COST WOOLWORTHS $1 BILLION

WOOLWORTHS (ASX:WOW) will take a $959 million impairment in FY16 as the company undertakes a restructure and closes underperforming and unprofitable stores.

CEO Brad Banducci, who has been in the role since February, outlined his plan to restructure the business in a statement this morning. It includes cutting 500 jobs from the support office...

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WINGS CLIPPED AS EAGLE BOYS ENTERS ADMINISTRATION

WINGS CLIPPED AS EAGLE BOYS ENTERS ADMINISTRATION

THE Eagle Boys Australian Head Franchisor has entered into voluntary administration, with SV Partners called in to run the Brisbane head office on Thursday.

The 120 remaining franchisees will continue to trade as potential buyers are sought, and SV Partners investigate a restructure of the company.

"The Eagle Boys management team is l...

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PRINCE MIXES PHILANTHROPY WITH BUSINESS AT ZAMBRERO

PRINCE MIXES PHILANTHROPY WITH BUSINESS AT ZAMBRERO

SOMETIMES, after building a successful business and making millions, entrepreneurs will turn their thoughts to philanthropy. Zambrero founder Sam Prince took a different approach. He intertwined the commercial focus of his Mexican restaurant chain with the philanthropic goals of his social enterprise, Plate 4 Plate, right from the beginning, in ...

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E-CIGARETTE MAKERS HEAD TO COURT OVER 'NO TOXIC CHEMICALS' CLAIMS

E-CIGARETTE MAKERS HEAD TO COURT OVER 'NO TOXIC CHEMICALS' CLAIMS

TWO e-cigarette makers are heading to court after allegedly making misleading representations that their products did not contain any toxic chemicals. The Australian Competition and Consumer Commission (ACCC) has commenced separate proceedings in the federal court against Social-Lites Pty Ltd and Elusion New Zealand Limited, claiming both...

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AUSSIE HOTEL CHAINS TAKING ADVANTAGE OF VULNERABLE WORKERS

AUSSIE HOTEL CHAINS TAKING ADVANTAGE OF VULNERABLE WORKERS

THREE of Australia's major hotel chains have been caught short-changing staff to the tune of $57,000. The Fair Work Ombudsman released the findings of its Inquiry into the procurement of housekeeping services by Starwood Hotels and Resorts Worldwide Inc, The Accor Group and Oaks Hotels & Resorts Ltd. It was found that dozens o...

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7-ELEVEN SACKS WAGE PANEL FOR INTERNAL INVESTIGATION

7-ELEVEN SACKS WAGE PANEL FOR INTERNAL INVESTIGATION

7-ELEVEN has dismissed an independent wage panel set to investigate the underpayment of its workers, a decision which has caused concern with the Fair Work Ombudsman. The Fels Wages Panel, which was looking into recovering the lawful entitlements of 7-Eleven workers, has been sacked and will be replaced by an internal unit. While the ...

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EUREKA ADDS ADELAIDE SITE TO PORTFOLIO

EUREKA ADDS ADELAIDE SITE TO PORTFOLIO

EUREKA Group Holdings (ASX:EGH) continues to make good on its buy and build strategy, snapping up its ninth acquisition this financial year. The retirement village operator has agreed to acquire Amber Lodge, a support care residence in Morphettville, Adelaide. Amber Lodge, a 54-room village to be known as Eureka Amber Lodge, was purch...

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THOMAS FARMS CRANKS UP HEAT IN THE KITCHEN

THOMAS FARMS CRANKS UP HEAT IN THE KITCHEN

WHEN friends Bruce Lennon and Simon Dennis approached Thomas Foods International CEO Darren Thomas two years ago with ideas for an online distribution deal, nobody expected them to transform into a booming national venture. Thomas Farms Kitchen (TFK) was born from the trio's desire to stake their claim in the online market for ready-t...

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BRW TO SHUT DOWN

BRW TO SHUT DOWN

FAIRFAX Media (ASX: FXJ) is shutting down its BRW website, less than three years after the closure of the print magazine.

Launched in 1981 and known for its lists - Rich 200, Young Rich and Fast 100 - BRW will no longer exist as its own dedicated platform and will be integrated into the Australian Financial Review's new Leadership section...

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BESTON UPBEAT DESPITE PROFIT DRAG FROM IPO

BESTON UPBEAT DESPITE PROFIT DRAG FROM IPO

BESTON Global Food Company (ASX: BFC) has posted an underlying net profit of $1.7 million, although the bottom-line result slumped to a $1.1 million loss due to capital raising and IPO costs. The Adelaide-based company, which listed last August following a $100 million capital raising, remained upbeat as it delivered its maiden earnings r...

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MINER'S REBIRTH AS ALCIDION COMPLETE

MINER'S REBIRTH AS ALCIDION COMPLETE

THE transformation of Naracoota Resources into Australia's newest health technology company, Alcidion (ASX:ALC), is complete with shares in the new-look company resuming trading for the first time since December. Shares in the Adelaide-based company rose as high as 21 per cent to 6.8c today, before settling just above the previous clo...

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MANUFACTURER RAISES ITS GLASS IN SOUTH AUSTRALIA

MANUFACTURER RAISES ITS GLASS IN SOUTH AUSTRALIA

PACKAGING company Orora (ASX: ORA) today announced a grand plan to bottle up the South Australian market, quite literally. Having committed to invest $42 million in additional glass bottle forming lines in its Gawler facility, the Western Australian-based company plans to increase its output by 60 million bottles per annum and create 25 n...

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ACCODEX MERGER STARTS A NEW CRUSADE

ACCODEX MERGER STARTS A NEW CRUSADE

WHY don't you join me in a crusade against the industry? This was Chris Hooper's question to Michael Macolino almost six months ago, when their prominent Adelaide companies were still testing the waters of a merger. Now the duo have announced their businesses, accounting powerhouse Accodex Partners and cloud-tech specialist Cl...

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SALES SURGE HELPS ELLEX DOUBLE PROFIT

SALES SURGE HELPS ELLEX DOUBLE PROFIT

ELLEX Medical Lasers (ASX: ELX) has more than doubled annual net profit for FY15, with the result buoyed by a 15 per cent surge in sales. The Adelaide-based ophthalmology and surgical laser specialists announced a bottom-line profit of $1.68 million, up 113 per cent on a year earlier, as revenue lifted to $62.6 million. Ellex CEO Tom ...

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ALCIDION 'LISTING' TO TAKE ON $40B GLOBAL HEALTH MARKET

ALCIDION 'LISTING' TO TAKE ON $40B GLOBAL HEALTH MARKET

SOUTH Australian-based medical IT group Alcidion is about to herald a new future for Naracoota Resources (ASX: NRR) through a $12.4 million share deal that is effectively a reverse takeover of the struggling Perth minerals explorer. Naracoota has announced it has entered into a binding term sheet to acquire Alcidion for $12.4 million in s...

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TEACHING THE BOSS TO UNLOCK GROWTH POTENTIAL

TEACHING THE BOSS TO UNLOCK GROWTH POTENTIAL

THE University of South Australia is hoping to unlock the growth potential of small-to-medium businesses around the country through a new development program sponsored by ANZ Bank. Companies generating $5 million to $50 million are those with the most to benefit from the curriculum which seeks to teach CEOs how to manage business growth i...

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COLLINS FOODS BRAND REVAMP FAILS TO SIZZLE

COLLINS FOODS BRAND REVAMP FAILS TO SIZZLE

COLLINS Foods Limited (ASX:CKF) has posted a $10.4 million loss, after its brand revitalisation of Sizzler restaurants fizzled. The food retailer has labelled the chain as "non-core to strategic growth" after booking a $37.5 million impairment charge. The writedown has pushed Collins Foods in the red for the year ending Marc...

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DOWNTURN HITS FLIGHT CENTRE PROFIT

DOWNTURN HITS FLIGHT CENTRE PROFIT

SAVVY holidaymakers turning to online competitors have slugged Flight Centre (ASX:FLT) with the travel retailer downgrading its profit guidance. Underlying profit before tax is forecast to be between $355 million and $365 million in FY15, down from its earlier target of $360 million to $390 million. Earnings are also expected to fall short ...

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MERCHANT'S $98M SPLURGE OF THE DECADE NOW WORTH JUST $70M

MERCHANT'S $98M SPLURGE OF THE DECADE NOW WORTH JUST $70M

A DECADE ago, Billabong founder Gordon Merchant (pictured) sold almost a third of his stake in the surfwear giant for a cool $200 million, but ever since then he has been an avid buyer of the stock. This week, Merchant's interest in Billabong topped 100 million shares after the reclusive company director splashed out a little over $1 ...

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THE OTHER MISSING 96% ON THE ASX

THE OTHER MISSING 96% ON THE ASX

THERE is a 'brain drain' afflicting the Australian economy, and while inroads have been made with our startup ecosystem, StartupAUS says the government still has a lot to answer for. The journey to a knowledge economy is taking longer than it should for Australia according to the peak industry advocacy body in its second annual Cr...

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