LJ HOOKER ESTABLISHES $100 MILLION REAL ESTATE STARTUP FUND

LJ HOOKER ESTABLISHES $100 MILLION REAL ESTATE STARTUP FUND

LJ Hooker has committed $100 million to establish a real estate startup incubator, the LJX-Lab. The digital research and development vehicle will foster innovation through identifying, incubating and commercialising home-grown 'proptech'.

It will also introduce new global best practices and technology to local markets to enri...

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CHINA INVESTMENT FLOWS COULD SLOW AFTER REGULATION CHANGED

CHINA INVESTMENT FLOWS COULD SLOW AFTER REGULATION CHANGED

CHINESE companies seeking outbound projects and Australian companies looking to secure Chinese outbound investment need to be aware of changes in the rules applying to foreign exchange remittances as these could impact their deal structures and timing, according to foreign investment experts from MinterEllison. Partners Chris Carr and Bi Che...

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BUDDY UP FOR COVER WITH NEW INSURANCE MODEL

BUDDY UP FOR COVER WITH NEW INSURANCE MODEL

A GERMAN peer-to-peer insurance platform is heading to Australia in a bid to make the industry more 'friendly'. Friendsurance, established in 2010, aims to make the process of finding an insurer more simple and affordable. Friendsurance Australia will be supported by the company's head office in Berlin, while Ellerston Cap...

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CASH CONVERTERS FORCED TO REPAY $11M ON LOANS

CASH CONVERTERS FORCED TO REPAY $11M ON LOANS

THE corporate watchdog has forced pay-day lender Cash Converters International (ASX:CCV) to repay borrowers $11 million after finding the company had failed to adequately assess the ability to repay loans. Cash Converters has been issued with an enforceable undertaking to refund consumers $10.8 million on about 118,000 loan contracts. It ...

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ARMINIUS MAKES ITS MOVE TO RETAIL INVESTORS

ARMINIUS MAKES ITS MOVE TO RETAIL INVESTORS

WITH a view to tapping the $600 billion self-managed superannuation fund (SMSF) market, Brisbane-based Arminius Capital has launched flagship funds for retail investors. Arminius Managing Director Marcel von Pfyffer announced the launch of the Global Macro Multi Asset (GMMA) and Executive Money Market Account (EMMA) funds, which the compa...

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RETAILERS TIPPED TO LOSE ON GRAND FINAL FRIDAY

RETAILERS TIPPED TO LOSE ON GRAND FINAL FRIDAY

AS the AFL grand final reaches fever pitch it won't be cause for celebration for many Victorian businesses, according to the Australian Retailers Association (ARA). The Victorian Government added Grand Final Friday as a public holiday last year to recognise the sporting event. ARA executive director Russell Zimmerman says many ret...

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ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

TWO directors of failed Gold Coast funds manager LM Investment Management (LMIM) have been spared further proceedings by the corporate watchdog after it dropped a civil action against them. However, the Australian Securities and Investments Commission is still pursuing the matter against three others, including former CEO Peter Drake (pic...

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CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

INDUSTRIAL and Commercial Bank of China (ICBC) has opened its second Australian branch in Brisbane to support international trade. ICBC already operates an international branch in Sydney, while building on the financial institution's representative office in Brisbane. Acting Premier and Treasurer Curtis Pitt says the move demonstr...

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SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER and Gordon (ASX:SGH) plans to sue the UK company behind the acquisition that triggered the law firm's ASX downfall. The Melbourne-based law firm plans to bring claims against Watchstone Group Plc, formerly known as Quindell Plc, for the $1.3 billion purchase of its professional services division last year. In a statement to...

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SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

AN APPRENTICE floor layer has been back-paid almost $25,000 by a western Sydney business, following an investigation by the Fair Work Ombudsman. Pampost Pty Ltd, trading as Bass Floor Company in Guildford West, paid the full-time adult apprentice at junior rates over two years. The company also kept tool allowances in a fund for emplo...

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SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

FOLLOWING a rocky end to the financial year, the employment market has once again a boost as ANZ economists reveal a jump in the number of job listings posted nationally in August. Job advertisements bounced a solid 1.8 per cent to more than 160,000, despite a steep drop recorded for the previous month of July. While this slump may ha...

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AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

THE European banking crisis remains a ticking time bomb and Australians need a reality check if they are to cope with another global financial crisis, according to former Commonwealth Bank CEO David Murray (pictured). The seasoned corporate executive, who chaired the federal government's inquiry into the banking system in 2014, has al...

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TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the broader economy. Figures from Tourism Research Australia show there was a record 7.2 million international visitors in the 12 months to June 30, up 10 per cent on the previous year. The level of spending grew at a faster r...

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FORECASTER SEES THREE MORE YEARS OF PAIN

FORECASTER SEES THREE MORE YEARS OF PAIN

IF YOU thought the last couple of years were tough then get used to it, says BIS Shrapnel. The economic forecaster is tipping Australia's economic growth to weaken each year over the next three years, buffeted by a stubbornly high dollar and continued structural change in the economy. BIS Shrapnel's Long Term Forecasts: 2016-2...

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SURFSTITCH SHARES HALVED AS LOSS HITS $155M

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares more than halved on news that its annual loss has blown out to $154.7 million. The FY16 result by the Gold Coast-based company, a former subsidiary of Billabong (ASX:BBG), has been impacted by $99.3 million in goodwill impairm...

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RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY Health Care (ASX: RHC) shares were given a tonic today as the company reported a 16.8 per cent surge in net profit to $481.4 million. The latest result was aided by a suite of acquisitions and expansions across the private hospital operator's international portfolio. This led to an 11.6 per cent increase in EBIT (earnings b...

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BRISBANE BRIDGES ASIA WITH SRI LANKA

BRISBANE BRIDGES ASIA WITH SRI LANKA

THREE Brisbane companies just invested more than $150,000 dollars in Sri Lanka. In a business 'matchmaking' event, more than 25 Sri Lankan tech businesses pitched Australian delegates for investment at a business event held by the Sri Lanka and Australia Chamber of Commerce (SLACC) earlier this year. SLACC President Kalum De S...

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CEO RESIGNS AS CARDNO POSTS LOSS

CEO RESIGNS AS CARDNO POSTS LOSS

CARDNO (ASX: CDD) is still in the red this year, with the company posting a $176 million net loss earlier today. While this current figure improves on last year's $245 million full year loss, it once again reflects heavy industry pressure and poor performance across numerous markets, particularly the American resource sectors. The...

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SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER Chef (ASX: SIV) dished out a net profit after tax of $22.4 million for the financial year, delivering a new CEO with the news.  The result includes a one-off after tax break cost of $1 million arising from the early redemption of $30 million of loan notes on 14 September 2015. The Brisbane-based equipment funding company d...

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MARKET CONDITIONS FLICK THE SWITCH ON ERM

MARKET CONDITIONS FLICK THE SWITCH ON ERM

LIGHTS are dim for ERM Power (ASX: EPW) today as the electricity provider posted a $30 million drop in profit, with its overall FY16 performance plugged to industry volatility. Despite a revenue increase of 19 per cent to $2.7 billion overall, the Brisbane company saw a sharp 46 per cent fall in statutory net profit from $65.9 million in ...

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