BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian federal prosecutors to settle the $47.5 billion civil lawsuit brought after the Samarco dam disaster, which occurred on 5 November 2015.

The failure of the dam, which is owned by Samarco, a joint venture between Vale and BHP Bill...

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CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal in Australia.

The company's co-founder, Greg Roebuck, who has been MD and CEO of Carsales since 2002, announced his retirement yesterday,  the same day global auto-industry powerhouse Cox Automotive completed its merger...

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CSL'S PROFIT UPGRADE CAUSES SHARES TO SOAR

CSL'S PROFIT UPGRADE CAUSES SHARES TO SOAR

HEALTHCARE giant CSL Limited's (ASX: CSL) share price climbed 12.5 per cent after the company almost doubled its net profit guidance for FY17.

In August last year, the company foreshadowed that its FY17 net profit was expected to grow by around 11 per cent at a constant currency compared to the previous financial year.

But the r...

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DATA#3 TRADES AT 12-MONTH HIGH AS PROFIT GROWS

DATA#3 TRADES AT 12-MONTH HIGH AS PROFIT GROWS

DATA#3 expects net profit before tax to rise 30 per cent in the first half of FY17, meeting its guidance for the period.

The Brisbane-based business (ASX: DTL) expects to report $8 million NPBT, up from $6.1 million the previous corresponding period.

The number is consistent with the first half projection from the Data#3 AGM in...

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CRITICS CALL FOR MORE INDEPENDENT DIRECTORS ON BLUE SKY BOARD

CRITICS CALL FOR MORE INDEPENDENT DIRECTORS ON BLUE SKY BOARD

BLUE Sky Alternative Investments (ASX: BLA) has defended its governance and valuation processes in response to several critical reports from analysts that have emerged in the media recently.

Concerns have been raised about the company's lack of independent directors on its seven-member board, where only the chairman is independent, and th...

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BEGA PAYS $460 MILLION FOR VEGEMITE TO BRING THE ICONIC BRAND BACK UNDER AUSTRALIAN OWNERSHIP

BEGA PAYS $460 MILLION FOR VEGEMITE TO BRING THE ICONIC BRAND BACK UNDER AUSTRALIAN OWNERSHIP

VEGEMITE is back under Australian ownership after Bega Cheese (ASX: BGA) agreed to buy Mondelez International's Australia and New Zealand grocery and cheese business for $460 million.

The business includes brands such as Vegemite, ZoOSh and Bonox and KRAFT-branded products such as peanut butter, processed cheese slices, mayonnaise, parmes...

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WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected coal output in the second quarter of FY17.

The company's resources business is now expecting earnings before interest and tax of around $135 - $140 million for the first half of FY17.

This new forecast greatly exceeds the...

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SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year results in late February.

In an update released to the ASX this morning, the Brisbane-based company says it will achieve a statutory net profit before tax of $141.4 million for the 12 months to 31 December 2016, an increase of 17 per...

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SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigation into Wong's share trading activity in October 2016.

The board of Sirtex decided to terminate Wong's contract effective immediately last Friday after reviewing a report from legal advisers Watson Mangioni.

The com...

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SANTA DELIVERS KOGAN A GIFT

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retailer today proved to power through the competitive Christmas trading period, outperforming in both November and December.

The Melbourne company ended the quarter with $26.5 million in cash.

The uplift means the company has alr...

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BELEAGUERED SURFSTITCH FACES FURTHER LEGAL WRANGLE OVER INTELLECTUAL PROPERTY

BELEAGUERED SURFSTITCH FACES FURTHER LEGAL WRANGLE OVER INTELLECTUAL PROPERTY

SURFSTITCH has severed ties with Streamline, the IT services company owned by its estranged co-founder Justin Cameron as the two businesses prepare for a fight over intellectual property.

It is a sign of the bitter fight between Cameron (pictured) and the online surf retail business that he co-founded alongside Lex Pedersen, who remains a dir...

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UNION WILL APPEAL FWA DECISION TO TERMINATE LOY YANG ENTERPRISE BARGAINING AGREEMENT

UNION WILL APPEAL FWA DECISION TO TERMINATE LOY YANG ENTERPRISE BARGAINING AGREEMENT

THE long-running dispute between AGL Energy Limited and its workers at the Loy Yang A Power Station in south eastern Victoria has come to a head after the Fair Work Commission (FWA) agreed to terminate the workers' enterprise bargaining agreement.

The decision comes after 18 months of bitter negotiations that included a withdrawn ind...

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LAURA MCBAIN DUMPED AS BELLAMY'S CEO AS ITS PROBLEMS ARE LAID BARE

LAURA MCBAIN DUMPED AS BELLAMY'S CEO AS ITS PROBLEMS ARE LAID BARE

BELLAMY'S Organic has terminated the contract of its chief executive officer Laura McBain in response to the fallout from its sales plunge, which will halve the company's earnings in FY17 compared to the previous year.

McBain's departure was revealed as part of the Tasmanian company's keenly anticipated market update today, wh...

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ANZ OFFLOADS UDC FINANCE BUSINESS FOR $NZ660

ANZ OFFLOADS UDC FINANCE BUSINESS FOR $NZ660

ANZ Bank has agreed to sell UDC, an asset finance business in New Zealand, for $NZ660 million (~$A625 million), marking its second asset sale in as little as two weeks. 

The UDC deal follows the sale last week of ANZ's 20 per cent stake in Shanghai Rural Commercial Bank to COSCO for $1.8 billion.

The Bank says the sale of UDC Fina...

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ASIC LAYS CHARGES AGAINST FORMER LEIGHTON HOLDINGS EXECUTIVE PETER GREGG

ASIC LAYS CHARGES AGAINST FORMER LEIGHTON HOLDINGS EXECUTIVE PETER GREGG

PETER GREGG has been charged with violating the Corporations Act by ASIC in relation to his time as chief financial officer of Leighton Holdings (now CIMIC Group).

Gregg, who is currently managing director of ASX-listed Primary Health Care (ASX: PRY), denies the accusations, the company said today in a statement.

The Primary Health Care bo...

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CANADA A JEWEL IN THE ROUGH FOR MICHAEL HILL

CANADA A JEWEL IN THE ROUGH FOR MICHAEL HILL

MICHAEL HILL has reported a 5.7 per cent increase in store sales for the six months to 31 December driven by its expansion, but same-store growth was sluggish or negative in every market but Canada.

Total sales of AU$328 million were achieved across four countries: Australia, New Zealand, Canada and the United States.

Growth was led...

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$6 MILLION BLOW TO ARDENT LEISURE SINCE DREAMWORLD REOPENING

$6 MILLION BLOW TO ARDENT LEISURE SINCE DREAMWORLD REOPENING

ARDENT Leisure's (ASX: AAD) revenue has taken a $6 million hit since the reopening of Dreamworld and Whitewater World on December 10, six weeks after four died while on Dreamworld's Thunder River Rapids Ride.

The company reported a 63 per cent revenue drop for the period 10 December to 31 December compared to the corresponding period ...

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HILLS HOIST MOVING HOUSE IN THE WAKE OF MASTERS COLLAPSE

HILLS HOIST MOVING HOUSE IN THE WAKE OF MASTERS COLLAPSE

HILLS Limited (ASX: HIL), creator of the classic Aussie Hills Hoist clothesline, has decided to hang up its hat on homewares, deeming the sector no longer financially viable to pursue. AMES Australasia, the company responsible for brands including Cyclone, Nylex and Northcote Pottery, has now taken over the Hills home living business and ...

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TST PARTNERS PURSUES BACKDOOR LISTING AHEAD OF GROWTH DRIVE

TST PARTNERS PURSUES BACKDOOR LISTING AHEAD OF GROWTH DRIVE

THE impending listing of TST Partners Group, a Melbourne based financial and legal services company via a reverse takeover of an unnamed ASX-listed company in early 2017, will mark the first entity on the ASX which offers multi-disciplinary professional services.

TST Partners, backed by Shanghai based private equity firm Jingyi Group, has ent...

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EML SEALS DEAL ON ONE OF ITS 'MOST IMPORTANT AGREEMENTS' TO DATE

EML SEALS DEAL ON ONE OF ITS 'MOST IMPORTANT AGREEMENTS' TO DATE

EML Payments (ASX: EML) has finalised a major multi-year agreement to provide new salary packaging prepaid cards to Melbourne's McMillan Shakespeare Limited (ASX: MMS) and its clients. EML managing director Tom Cregan says the deal is a landmark, with his company set to replace McMillan Shakespeare's existing prepaid cards by July...

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