Melbourne Articles

REDBUBBLE TO MISS IPO FORECASTS

REDBUBBLE TO MISS IPO FORECASTS

REDBUBBLE, the online marketplace for independent artists, will miss a series of forecasts set out in its IPO in its first-half results due late next month.

In unaudited market guidance released today, the company (ASX: RBL) says it will miss forecasts on gross transaction value, revenue, margins, profit, and operations expenditure.

Gross ...

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BLUESCOPE CONTINUES STRONG RUN WITH GUIDANCE UPGRADE

BLUESCOPE CONTINUES STRONG RUN WITH GUIDANCE UPGRADE

BLUESCOPE Steel (ASX: BSL) is trading up 7.51 per cent at $11.16 per share after upgrading its half-year guidance this morning.

The company expects its underlying earnings before interest and taxt (EBIT) for the six months ended 31 December 2016 to be around $600 million, compared with prior guidance of $510 million.

The company puts this ...

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SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

FIERCE rivals Slater & Gordon (ASX: SGH) and Maurice Blackburn have secured funding for class actions against Bellamy's Organic (ASX: BAL) today.

Slater & Gordon will be funded by IMF Bentham (ASX: IMF), while Maurice Blackburn is working with the newly launched Investor Claim Partner (ICP). Both are investigating a case on b...

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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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BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains made at the end of 2016, according to the latest SENSIS research.

In December, the SENSIS Business Index was seven points up on the previous year at +46 - a six-year high - and the chief executive officer, John Allan, says exp...

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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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CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institute Index of Consumer Sentiment, despite low interest rates and rising equity prices in the lead up to the New Year. The index rose by just 0.1% in January, from 97.3 in December to 97.4, failing to make up for the 3.9 per cent ...

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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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RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whether the operators have the proven expertise and experience to genuinely help budding entrepreneurs.

Jock Fairweather (pictured), director of co-working space Little Tokyo Two and accelerator program Thunder Lizards, claims t...

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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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SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses are leading the way following strong sales performances during December, particularly in the hospitality sector.

Chief executive of Tyro, an independent EFTPOS banking institution, Gerd Schenkel, says that based on customer ...

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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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PACKER'S BACK AS CROWN BOARD RESHUFFLES

PACKER'S BACK AS CROWN BOARD RESHUFFLES

A BOARD shuffle for Crown Resorts Limited (ASX: CWN) will see James Packer return as director, with John Alexander assuming the executive chairman role as Robert Rankin steps down. In addition to stepping down from his chairmanship at Crown, Rankin will also vacate his position as CEO of Consolidated Press Holdings, Crown's major shar...

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KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, says the latest Hays Quarterly Report for January-March 2017, making them among the most in-demand in the labour market.

Hays Australia and New Zealand managing director, Nick Deligiannis, says employers are looking to add value...

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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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FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be underrepresented as tech entrepreneurs, and that is something the Springboard Accelerator Bootcamp is aiming to change.

Springboard is an entrepreneur accelerator for women that was founded in the United States 16 years ago and ...

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VALVE BLOWS STEAM FOLLOWING $3 MILLION FINE

VALVE BLOWS STEAM FOLLOWING $3 MILLION FINE

THE Federal Court has ordered Valve Corporation to pay a $3 million penalty for breaching Australian Consumer Law for misleading its customers about its refund policy. In March last year the Court found Valve made false or misleading representations to consumers through its popular platform Steam, an online gaming hub which has attracted ...

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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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WHY AUSTRALIA SHOULD GIVE UP USING EUROPEAN NAMES FOR ITS FOOD PRODUCTS

WHY AUSTRALIA SHOULD GIVE UP USING EUROPEAN NAMES FOR ITS FOOD PRODUCTS

IS IT worth finding new names for cheeses such as Feta, Brie, Camembert, Parmesan and Stilton to gain an advantage in trade negotiations? Bond University Professor William Van Caenegem believes it could be, and, once the confusion over cheeses settles, there could be some big benefits for the country's agriculture industry. Caeneg...

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FRESH PROBES HIT SLATER AND GORDON AS ASIC INVESTIGATES RECORDS

FRESH PROBES HIT SLATER AND GORDON AS ASIC INVESTIGATES RECORDS

THE Australian Securities and Investment Commission (ASIC) has served Slater and Gordon with two notices to produce documents, relating to an investigation into the accuracy of the embattled firm's records. ASIC is seeking to determine whether Slater and Gordon deliberately falsified or manipulated documents over the course of almost ...

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OREANA WINS GOLDEN PUNT WITH ASCOT DEVELOPMENT

OREANA WINS GOLDEN PUNT WITH ASCOT DEVELOPMENT

THE OREANA Property Group has bought the last slice of ISPT's Pakenham Racecourse development in Melbourne for $7 million, following a heated expressions of interest campaign. Oreana secured the 25.48 hectare Ascot Central site in the sale, a development consisting of 475 residential lots. Ascot Central forms a primary hub for the...

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ACCC TO DRIVE A WEDGE IN AIRLINE PARTNERSHIP

ACCC TO DRIVE A WEDGE IN AIRLINE PARTNERSHIP

A MAJOR pending partnership between national airlines is under fire, as the Australian Competition and Consumer Commission (ACCC) proposes to deny its authorisation. The partnership in question, between Virgin Australia Airlines, Virgin Australia Regional Airlines (VARA) and Alliance Aviation Services (ASX: AQZ), proposes to give the airl...

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NUROFEN FALSE ADVERTISING FINE INCREASED TO RECORD AMOUNT

NUROFEN FALSE ADVERTISING FINE INCREASED TO RECORD AMOUNT

RECKITT Benkiser has been slogged an extra $4.3 million by the Federal Court for misleading advertising of its Nurofen Specific Pain products after an Australian Competition and Consumer Commission (ACCC) appeal against the penalty was upheld.

The UK-based company must now pay a revised penalty of $6 million - the highest recorded for mislead...

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CROWN SELLS MORE MELCO SHARES

CROWN SELLS MORE MELCO SHARES

CROWN has sold an additional $300 million of its holding in Melco, bringing net proceeds from its exit from the Macau casino business to $1.9 billion.

The company announced a change of strategic direction yesterday by effectively pulling out of Macau and also cancelling its plans for the Alon project in Las Vegas.

Today it announced a furt...

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SLATER AND GORDON INVESTIGATES CLASS ACTION AGAINST BELLAMY'S

SLATER AND GORDON INVESTIGATES CLASS ACTION AGAINST BELLAMY'S

SLATER and Gordon and litigation funder IMF Bentham Limited are one of three teams investigating a claim against Bellamy's Australia (ASX:BAL) on behalf of investors who acquired shares in the company between 14 April 2016 and 9 December 2016.

Maurice Blackburn and ALA Lawyers are also investigating the circumstances behind Bellamy...

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SIMON SINEK TO TOUR AUSTRALIA IN MARCH

SIMON SINEK TO TOUR AUSTRALIA IN MARCH

LEADERSHIP guru Simon Sinek (pictured) will be the headline speaker at the Start With Why Leadership Forum in March 2017.

Business News Australia readers have the chance to take up a special ticket offer for the forum, hosted by the Growth Faculty, which has a run of dates across Australia and New Zealand.

Sinek's book is a cont...

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CROWN SELLS MACAU CASINO STAKE AND HALTS VEGAS PLANS

CROWN SELLS MACAU CASINO STAKE AND HALTS VEGAS PLANS

CROWN Resorts Limited (ASX: CWN) entered a trading halt today as it announced the sale of a $1.6 billion stake in its Macau casinos and a decision not to proceed with the Alon project in Las Vegas.

The company has also cancelled the planned demerger of its international investments. However, it will continue with the proposed IPO of a 49...

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