Melbourne Articles

QUADRANT GETS THE GREEN LIGHT TO LIFT ITS GYM GAME

QUADRANT GETS THE GREEN LIGHT TO LIFT ITS GYM GAME

QUADRANT Fund 5 is free to flex its muscles further in the gym market, after Australia's competition watchdog announced today that it wouldn't oppose the company's acquisition of the Fitness First Asia Pacific Group. As the owner of the Goodlife Health Clubs network and lead franchisor of Jetts Fitness, Quadrant set the market...

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SLATER AND GORDON STILL CHASING PORTION OF LOST UK MONEY

SLATER AND GORDON STILL CHASING PORTION OF LOST UK MONEY

THE £50 million that Slater and Gordon (ASX:SGH) is trying to claw back from the disastrous deal with Watchstone Group last year remains in escrow, the company announced today.

A determination on who gets the amount, worth AU$83.43, hinges on the result of a legal claim made by Slater and Gordon.

Slater and Gordon posted a full-year ...

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JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Guys. The takeover brings together two of Australia's largest electronics retailers and accelerates JB Hi-Fi's move into the whitegoods market. Announced in September, the deal will see JB Hi-Fi's network increas...

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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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ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in misleading or deceptive conduct between the dates of November 2014 and October 2015.

The Australian Competition and Consumer Commission (ACCC) will tell the Federal Court that Meriton attempted to rig the feedback on its Trip Adv...

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SURVEY PREDICTS THE BULK OF SANTA'S BILLIONS FOR KIDS

SURVEY PREDICTS THE BULK OF SANTA'S BILLIONS FOR KIDS

AUSTRALIA is set to splurge more than $48 billion in retail stores this Christmas, with electronic product makers and big name brands expected to pocket the lion's share when it comes to gifts for children. According to the Roy Morgan's Young Australian Survey, kids are chasing nothing but the best in 2016, with products from...

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RIO SACKS EXECUTIVES OVER SIMANDOU PAYMENT

RIO SACKS EXECUTIVES OVER SIMANDOU PAYMENT

RIO Tinto (ASX: RIO) has sacked two executives implicated in a "payment" scandal related to the Simandou iron ore project in Guinea.

Energy and minerals chief executive Alan Davies (pictured) and legal and regulatory affairs group executive Debra Valentine have had their contracts terminated, the company announced today.

T...

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ACCC FIRES WARNING SHOT TO IVF PROVIDERS

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC) over widespread misleading advertising techniques. In general, the ACCC expressed concern over the use of technical medical terms in advertising which can confuse the ordinary person, as well as selective reporting of birth ...

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BIG W CEO QUITS AFTER 11 MONTHS

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount chain store owned by Woolworths Group. David Walker, who previously led the now dismantled Woolworths' home improvement businesses, will replace McDonald in the interim. McDonald first joined BIG W in January this year...

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DIVERSE CITY CAREERS JOINS FORCES WITH FEMECONOMY

DIVERSE CITY CAREERS JOINS FORCES WITH FEMECONOMY

DIVERSE City Careers (DCC) has added a consumer activism element to its growing network of partners to advance gender equality. The jobsite for women has teamed up with shopping for equality website Femeconomy to offer approved brands a 10 per cent discount on DCC's services. "DCC identifies and collaborates with partners who...

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CHINA RELEASES ONE DETAINED CROWN CASINO EMPLOYEE

CHINA RELEASES ONE DETAINED CROWN CASINO EMPLOYEE

ONE of the 18 Crown Resorts (ASX: CWN) employees detained in China over suspected gambling related crimes has been released on bail, the company has confirmed. Crown did not identify the employee, but The Australian newspaper reported that Jenny Jiang, a Chinese national who worked as an executive assistant for the company, was released o...

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RESTAURATEURS TO FEAST ON CHRISTMAS SPENDING SPLURGE

RESTAURATEURS TO FEAST ON CHRISTMAS SPENDING SPLURGE

RETAILERS are expecting Christmas sales to rise to $48.1 billion this year, a 2.3 per cent increase on 2015, according to the Australian Retailers Association (ARA) and Roy Morgan Research. ARA executive director, Russell Zimmerman, says sales have been trending upwards, which gives retailers confidence that there will be robust sales over t...

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MARKET FINDS POSITIVES IN TRUMP ELECTION

MARKET FINDS POSITIVES IN TRUMP ELECTION

THE ASX has had its best day in five years in the wake of Donald Trump's election as the United States President.

Investors are seeing the positives of Trump's planned tax cuts, infrastructure spending, cuts to green energy subsidies, and his plan for tariffs on Chinese goods and more aggressive approach to international trade.

Min...

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MILLENNIAL STEREOTYPES SMASHED IN NEW REPORT

MILLENNIAL STEREOTYPES SMASHED IN NEW REPORT

MEET the millennials: they can't hold down a job, flee from financial responsibility and choose fun over stability - or so the world would have you believe. But a new report by CBRE reveals the stereotype may be a far cry from reality, with results showing the generation shares the same long-term lifestyle priorities as its older counterpart...

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DICK SMITH WARNS OF ALDI DANGER

DICK SMITH WARNS OF ALDI DANGER

DICK Smith has warned that ALDI will send either Coles or Woolworths out of business unless the two Australian companies undergo a radical overhaul and reduce local staff.

The day after Woolworths announced it would not renew its contrct with SPC Ardmona to supply private-label tinned tomatoes, Smith (pictured) launched his tirade.

"D...

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WEBJET TAKES $26 MILLION PROFIT ON ZUJI SALE AND REINVESTS IN STARTUP

WEBJET TAKES $26 MILLION PROFIT ON ZUJI SALE AND REINVESTS IN STARTUP

WEBJET has sold its online travel agent business Zuji to a Hong Kong based travel technology group for $56 million.

That is a $26 million gain on the business' value since 2013, when Webjet (ASX: WEB) bought the company from Travelocity for $30 million.

Of the sale, managing director John Guscic says, "Since acquiring Zuji in Marc...

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MELBOURNE CBD OFFICE SELLS FOR $80 MILLION

MELBOURNE CBD OFFICE SELLS FOR $80 MILLION

A MAJOR office space in Melbourne's CBD has been snapped up by a private Chinese investor for an estimated $80 million.

The sale, by an unlisted property trust associated with Melbourne businessmen Ron Lazarovits and Max Fremder, was negotiated on the vendor's behalf by Colliers International and Teska Carson.

The 10-level office b...

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INCITEC PIVOT POSITIONS FOR MINING REBOUND

INCITEC PIVOT POSITIONS FOR MINING REBOUND

SUBDUED mining and agriculture sectors have hit chemical manufacturer Incitec Pivot's full year profit by $271 million.

Net profit after tax was $128 million, down 68 per cent on the previous year, the company (ASX: IPL) reported today. EBIT was $428 million, down $148 million.

In a year where the company faced cyclical issues, IPL man...

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BUSINESSES URGED TO TAKE ASIA OPPORTUNITY

BUSINESSES URGED TO TAKE ASIA OPPORTUNITY

AUSTRALIAN businesses could gain $138 billion in revenue by acting on expansion plans into Asia, says the latest ANZ Opportunity Asia report.

The report, based on a survey of 1,000 Australian businesses, shows that those who acted on expansion plans into Asia found it easier than expected, and reaped increased revenue.

ANZ group executive,...

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COMPETITION DRIVES LOWER PRICES IN SHIPPING

COMPETITION DRIVES LOWER PRICES IN SHIPPING

STEVEDORING prices in Australia have dropped to their lowest level in 17 years, according to the Australia Competition and Consumer Commission's (ACCC) 2015-16 Container Stevedoring Monitoring Report.

A period of increased competition and investment infrastructure has resulted the lowest prices since monitoring commenced in 1998-99, says ...

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INVESTOR OUTRAGE RESULTS IN 'FIRST STRIKE' FOR SLATER AND GORDON

INVESTOR OUTRAGE RESULTS IN 'FIRST STRIKE' FOR SLATER AND GORDON

SHAREHOLDERS of besieged law firm Slater & Gordon issued a further sign of their discontent at the company's Annual General Meeting held last Friday in Melbourne, when more than 43 per cent voted against the company's remuneration report.

As a result, the firm, which is currently subject to a class action from its own shareho...

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WHY DAILY JOCKS IS THE PERFECT E-COMMERCE PACKAGE

WHY DAILY JOCKS IS THE PERFECT E-COMMERCE PACKAGE

WHAT started as an underwear blog has become a multi-million dollar business for Melbourne entrepreneur Nicholas Egonidis.

In its fourth year, Daily Jocks ships around 9,000 pieces of underwear each month, with 6,000 of those to subscribers to its monthly underwear service. That equates to a revenue of around AUD$3 million annually.

...

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ANZ LOOKING TO OFFLOAD WEALTH BUSINESS AS PROFITS SLIDE

ANZ LOOKING TO OFFLOAD WEALTH BUSINESS AS PROFITS SLIDE

ANZ bank's full-year cash profit slumped by 18 per cent to a five year low of $5.9 billion as it considers exiting its poor performing wealth business in Australia.

The bank was hit hard by one-off after tax charges to the sum of more than $1 billion related to changes in accounting practices and the bank's IT platforms. Removing the ...

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INTECQ PURCHASE ADDS RISK TO TAB-TATTS MERGER

INTECQ PURCHASE ADDS RISK TO TAB-TATTS MERGER

TABCORP has taken a gamble with its acquisition of gaming services provider Intecq (ASX: ITQ), as it will have implications for the company's proposed $11.3 billion merger with Tatts Group

In a statement today, the Australian Competition and Consumer Commission (ACCC) says it has no objection to the $115 million Inteq deal. The w...

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MURRAY SAYS JB HI-FI GROWING TO PLAN

MURRAY SAYS JB HI-FI GROWING TO PLAN

JB Hi-Fi (ASX: JBH) is on track to achieve $4.25 billion in sales for FY17, says CEO Richard Murray.

Speaking at the company's AGM today, Murray (pictured) says the retailer has met guidance for the first quarter, with sales up 12.4 per cent and comparable sales up 8.3 per cent.

In FY16, the group achieved sales of $3.95 billion, with ...

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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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YOUTH DISSATISFIED WITH SERVICE, INTERNET TO BLAME

YOUTH DISSATISFIED WITH SERVICE, INTERNET TO BLAME

A NEW study has found that many younger Australians are unhappy with the state of modern customer service, with researchers arguing that internet is the cause. The Customer Service Institute of Australia (CSIA) reveals that young childless couples have the highest levels of dissatisfaction when it comes to the customer service they receiv...

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FOREIGN INVESTORS MAKE 'SEISMIC SHIFT' TO RETAIL

FOREIGN INVESTORS MAKE 'SEISMIC SHIFT' TO RETAIL

AN offshore buyer has snatched up 19th Hole Shopping Centre in Woodend, acquiring the 18,201sqm site for almost $18million.

The neighbourhood shopping centre was listed for sale for the first time in 50 years by Colliers International selling agents Tom Noonan and Tim McIntosh.  The pair fielded more than 150 enquiries from local, syndic...

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HOW THE 'MAGNIFICENT SEVEN' CAN INCREASE YOUR PRODUCTIVITY

HOW THE 'MAGNIFICENT SEVEN' CAN INCREASE YOUR PRODUCTIVITY

WHEN reviewing the financial performance of a business, the primary measure I look at is return on capital employed (ROCE) - not only a measure of the profitability of a business but also the efficiency with which its capital is employed.

In Laymen's terms, ROCE works out how much bang for your buck you're getting out of the time...

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REDBUBBLE'S SCALEUP GATHERS PACE

REDBUBBLE'S SCALEUP GATHERS PACE

REDBUBBLE'S (ASX:RBL) post IPO scale-up is progressing strongly, says CEO Martin Hoskings, as the company recorded 35.8 per cent growth in gross profit to $10.5 million in the first quarter of FY17.

In results released to the ASX today, the Melbourne-based online marketplace recorded revenue of $28.9 million, up 25.6 per cent on the previ...

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