Brisbane Articles

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to repay a total of $615 million, banned from holding management positions and individually fined between $90,000 and $650,000.

The Supreme Court of Queensland found that Craig White, Michael Christodolou, David Anderson, Guy Hu...

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SURFSTITCH BATTLING FOR SURVIVAL

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it was hit by a $100 million shareholder class action.

SurfStitch expects the suspension of trade to last until its full-year results at the end of August, to allow it to potentially settle the law suit and continue to carry out its...

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STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, financial maturity and a flair for networking to name a few.

However, one business commentator believes that the real substance of a successful entrepreneur boils down to having a high level of emotional intelligence.

Chris Goli...

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SLATER AND GORDON TAKES SPOTLESS TO COURT

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal Court against the cleaning and catering provider.

Slater and Gordon is set to act on behalf of disgruntled shareholders who is accusing Spotless of sweeping its financials under the rug.

Mathew Chuk, senior associate with...

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TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashion label today announced it has been placed in voluntary administration. Austradia Pty Ltd, trading as the Australian arm of the UK-based Topshop and Topman brands, has enlisted the services of administrators Ferrier Hodgson as...

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SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to buy its generic medicines.

More than 30 per cent of Sigma's share price was wiped off in trade on Wednesday with the company announcing to the market that the move could cost them between $5 million and $10 million a year.
...

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REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale funding costs and make it harder for them to compete against the so-called Big Four.

Standard & Poor's lowered the credit rating of 23 Australian institutions this week, excluding the big four banks, and this prompted the ...

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THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

SIMON Griffiths is using toilet paper to save the world.

In 2012, on the back of an IndieGoGo crowdfunding campaign, Griffiths sat on a toilet in a warehouse and refused to move until Who Gives A Crap raised enough pre-orders of environmentally friendly toilet paper to start production.

In 50 hours, the team reached its target by raising $...

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TECHNOLOGYONE OUTSTRIPS PROFIT EXPECTATIONS AS R&D SKYROCKETS

TECHNOLOGYONE OUTSTRIPS PROFIT EXPECTATIONS AS R&D SKYROCKETS

TECHNOLOGYONE (ASX: TNE) has surpassed market expectations to achieve a half-year profit after tax of $8.1 million, up 10 per cent on its previous result.

The Brisbane-based enterprise software company also posted an increased revenue of $113.9 million for the period, up 13 per cent on HY16.

Aside from brass tacks profit, TechnologyOne has...

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SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close its US office as it expects its full-year loss to double. SurfStitch on Monday announced that weak apparel and footwear sales in its key markets, particularly in the UK, will drag it deeper into the red than the $5 million-$6.5...

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COMMUNITY LAWYERS ON FUNDING CRISIS: BUDGET WAS A DECENT START, BUT MORE NEEDS TO BE DONE

COMMUNITY LAWYERS ON FUNDING CRISIS: BUDGET WAS A DECENT START, BUT MORE NEEDS TO BE DONE

While the Federal Budget may have reversed its initial plans to cut funding from community legal services nationwide, peak groups are saying more needs to be done to end the current justice funding crisis.

Organisations including the National Association of Community Legal Centres (NACLC) and the National Family Violence Prevention Legal...

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AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trading halt today to announce that it had successfully raised $12 million in a share placement with new institutional investors.

The placement received strong interest from both domestic and global companies, as cornerstone invest...

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APN AND oOh!media MERGER CALLED OFF, CEO 'AMAZED' AT ACCC'S DECISION

APN AND oOh!media MERGER CALLED OFF, CEO 'AMAZED' AT ACCC'S DECISION

THE PROPOSED $1.6 billion merger between Australia's two largest advertising groups, APN (ASX: APO) and oOh!media (ASX: OML) has been called off this morning, amid concerns the agreement would wash out competition in the out-of-home advertising industry.

The ACCC outlined its position earlier in the month that the merger would create...

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ANALYSTS FORECAST A GRIM CHOICE FOR OROTON: SELL UP OR QUIT THE ASX

ANALYSTS FORECAST A GRIM CHOICE FOR OROTON: SELL UP OR QUIT THE ASX

FOLLOWING a warning to the market and a subsequent trading halt earlier in the week which has shaved more than $11 million from Oroton's (ASX: ORL) market value, analysts say the company's choices have essentially boiled down to two: sell its brands to an overseas buyer or quit the ASX altogether. Citi analysts are saying the comp...

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PERFECT STORM HITS VIRGIN AS COMPANY POSTS WEAKEST QUARTER IN HISTORY

PERFECT STORM HITS VIRGIN AS COMPANY POSTS WEAKEST QUARTER IN HISTORY

OFF THE back one of the most severe weather events to hit Queensland in the past decade, Virgin Australia (ASX: VAH) has posted its weakest quarterly result to date. Virgin has reported a statutory loss of $69 million for 3Q17, which amounts to a total statutory loss of $90.6 million for the nine months to 31 March 2017. In a release ...

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CQU SETTLES ON SIGNIFICANT BRISBANE CAMPUS UPGRADE

CQU SETTLES ON SIGNIFICANT BRISBANE CAMPUS UPGRADE

CENTRAL Queensland University (CQU) has called 160 Ann Street home for the past six years, and off the back of its latest lease agreement it will continue to do so for the next 15. The deal to expand CQU's lease was negotiated by JLL manager of property and asset management Wayne Barnes, which included additional floors amounting to a...

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OROTON'S SHARE PRICE IN FREE FALL AFTER 'UNACCEPTABLE' PROFIT DOWNGRADE

OROTON'S SHARE PRICE IN FREE FALL AFTER 'UNACCEPTABLE' PROFIT DOWNGRADE

SHARES in fashion retailer Oroton (ASX: ORL) have plunged more than 20 per cent in today's trade after announcing its full year earnings will be down around $10 million on the previous year.

Oroton released its update before the market opened on Wednesday after requesting a trading halt on Monday ahead of the announcement, which interim C...

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MEGAPORT'S GLOBAL EXPANSION CONTINUES WITH ALIBABA CLOUD DEAL IN CHINA

MEGAPORT'S GLOBAL EXPANSION CONTINUES WITH ALIBABA CLOUD DEAL IN CHINA

MEGAPORT Limited (ASX: MP1), a Brisbane-based interconnectivity provider, has entered into a partnership with Chinese tech giant Alibaba which will provide its customers with direct access to Alibaba Cloud.

The deal will connect users of Megaport's platform to Alibaba's Cloud Express Connect, a high speed and secure network connection...

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OFFICEWORKS IPO WRITTEN OFF BY WESFARMERS DUE TO CHALLENGING RETAIL MARKET

OFFICEWORKS IPO WRITTEN OFF BY WESFARMERS DUE TO CHALLENGING RETAIL MARKET

RUMOURS surrounding the Officeworks IPO have proven to be true, as Wesfarmers confirmed this morning that its office supplies subsidiary will not float on the ASX.

In mid-February, Wesfarmers announced that it would be undertaking a strategic review of Officeworks and investigating its potential for an IPO.

However, in the face of a...

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CONTROVERSIAL BANK LEVY SHOULD BE APPLIED TO OTHER BIG BUSINESSES, BOURIS SAYS

CONTROVERSIAL BANK LEVY SHOULD BE APPLIED TO OTHER BIG BUSINESSES, BOURIS SAYS

THE BANK LEVY imposed on the so-called 'Big Five' should be extended to include all government-licenced companies with a turnover of $1 billion or more, according to Yellow Brick Road executive chairman Mark Bouris.

Speaking at the launch of 2017 Gold Coast Queensland Small Business Week, Bouris also says the money raised should be us...

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TIDE TURNS TO TV AS QLD FILM MAKERS SECURE FIRST EVER AUSTRALIAN NETFLIX ORIGINAL

TIDE TURNS TO TV AS QLD FILM MAKERS SECURE FIRST EVER AUSTRALIAN NETFLIX ORIGINAL

BRISBANE and Gold Coast film makers are abuzz with today's announcement that its studios will soon play host to the first Netflix Original TV series wholly created in Australia.

Tidelands, written and developed by Brisbane-based production house Hoodlum, is expected to cement the south-east corner's reputation for high quality TV show...

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NEW PARISIAN GEM ADDED TO FLIGHT CENTRE'S EUROPEAN OFFERING

NEW PARISIAN GEM ADDED TO FLIGHT CENTRE'S EUROPEAN OFFERING

FLIGHT Centre (ASX: FLT) has added the Paris-based 3Mundi travel and technology business to its portfolio, marking the latest in a string of overseas acquisitions for the Brisbane travel company within the past year.

The deal will see Flight Centre take over a minority interest (25 per cent) in 3Mundi with an option to increase its holding to...

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40 YEARS OF PILLOW TALK: HOW IT SURVIVED IN A TOUGH RETAIL ENVIRONMENT

40 YEARS OF PILLOW TALK: HOW IT SURVIVED IN A TOUGH RETAIL ENVIRONMENT

It started as a tiny startup with five employees to become the "Bunnings" of the bedding industry, and Heath Goddard's bedding business may still be racking up milestones after 40 years, but he still isn't getting carried away.

"It's all rather irrelevant to me. I very rarely take a photograph of anything I've e...

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BRISBANE PROGRAM HELPING TO 'UN-FAIL' LOCAL STARTUPS

BRISBANE PROGRAM HELPING TO 'UN-FAIL' LOCAL STARTUPS

BEING an entrepreneur is risky business. That's why Advance Queensland is supporting a new 12-week training initiative designed to give startups a little more certainty in the challenging market. The Startup Onramp program, founded by business mentor Colin Kinner (pictured) and run out of Brisbane's River City Labs, is aimed at re...

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BIS SAYS INFRASTRUCTURE BUDGET BOOST IS WELCOME, BUT LIKELY UNSUSTAINABLE

BIS SAYS INFRASTRUCTURE BUDGET BOOST IS WELCOME, BUT LIKELY UNSUSTAINABLE

ANALYSTS say that the public infrastructure and construction industry has emerged among the clear winners from last Tuesday's budget, as BIS Oxford Economics forecasts imminent major growth across the sector. Funds allocated from the 2017 Federal Budget will help drive an estimated 30 per cent growth for the industry, which is already...

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WHY IT'S BEST TO AVOID LEARNING FROM YOUR MISTAKES: MARK SOWERBY EXCLUSIVE INTERVIEW PART 2

WHY IT'S BEST TO AVOID LEARNING FROM YOUR MISTAKES: MARK SOWERBY EXCLUSIVE INTERVIEW PART 2

In part one of Business News Australia's exclusive interview with Queensland's Chief Entrepreneur, Mark Sowerby (pictured) told us about the 'tsunami' of talent coming through and what to do, and what not to do, when trying to get venture capital. Now the founder and former MD of Blue Sky Alternative Investments (ASX: BLA)...

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DOMINO'S DELIVERS THE ROBOTIC GOODS

DOMINO'S DELIVERS THE ROBOTIC GOODS

IN MARCH, Domino's Pizza (ASX: DMP) announced it was on a mission to create a fleet of ground-based robots that would autonomously deliver its pizza's around Europe. This week, the company has announced that these robots, created in partnership with Starship Technologies, have officially taken off in Hamburg, Germany. The new ...

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QLD'S CHIEF ENTREPRENEUR ON CURRENT 'TSUNAMI' OF TALENT: MARK SOWERBY EXCLUSIVE INTERVIEW PART 1

QLD'S CHIEF ENTREPRENEUR ON CURRENT 'TSUNAMI' OF TALENT: MARK SOWERBY EXCLUSIVE INTERVIEW PART 1

HE SPENT a decade conceiving and building Blue Sky Alternative Investments (ASX: BLA) into an ASX top 300 company and when Mark Sowerby stood down as managing director in August 2016, he was looking to spend more time with his growing family after years of long hours away from home.

But he'd barely packed his cardboard box and said h...

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AACO STEPS UP OPERATIONS ON MIXED FY17 RESULTS

AACO STEPS UP OPERATIONS ON MIXED FY17 RESULTS

THE Australian Agricultural Company (AACo) has harvested a mixed crop of FY17 results, increasing net profit by five percent to $71.5 million despite an 11 per cent revenue drop to $383 million.

Although the company's meat sale margin dropped by more than 10 per cent, on the other hand its operating EBITDA margin tripled to hit $45 millio...

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VITA GROUP FORECASTS RECORD FULL YEAR PROFITS, BUT EXPANSION PUT ON HOLD

VITA GROUP FORECASTS RECORD FULL YEAR PROFITS, BUT EXPANSION PUT ON HOLD

VITA Group (ASX: VTG), which operates Telstra-branded retail outlets, has forecast a record full year underlying EBITDA for 2017 of between $63 million and $66 million despite a "challenging" second half. The profit forecast compares to underlying EBITDA in FY16 of $62 million, and was issued just a month after rumours that Tels...

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