BABY BUNTING BUOYED BY CLICKS AND BRICKS PERFORMANCE

BABY BUNTING BUOYED BY CLICKS AND BRICKS PERFORMANCE

BABY Bunting has grown sales 18.1 per cent to $135.1 million in the first half of FY17, sweetened by the opening of its 40th store nationwide and strong performance through its online channels. The baby goods retailer (ASX:BBN) posted a pro forma net profit after tax (NPAT) of $5.7 million for the 27-week period ending 1 January 2017, up ...

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SLATER AND GORDON SLUMPS ANOTHER 24% ON ASX ON DEBT FEARS AND DISAPPOINTING PERFORMANCE

SLATER AND GORDON SLUMPS ANOTHER 24% ON ASX ON DEBT FEARS AND DISAPPOINTING PERFORMANCE

SLATER and Gordon (ASX:SGH) is at the mercy of its bankers as it seeks to recapitalise its debt, which is worth more than the entire company.

In a trading update released today, Slater and Gordon says its troubled UK business is recovering more slowly than expected and may be subject to a further write down.

Meanwhile, revenue at its Austr...

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JB HI-FI MAKES RECORD SALES IN FIRST HALF FY17

JB HI-FI MAKES RECORD SALES IN FIRST HALF FY17

JB HI-FI has delivered record sales and earnings for the half year to 31 December, in what group CEO, Richard Murray (pictured), says has rounded out a strong 12 months for the company in Australia.

Total sales are up 23.6% on the prior corresponding period (pcp) to $2.6 billion, underlying EBIT is up 30.9% to $180.8 million, underlying NPAT ...

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AUSTRALIA'S TALLEST TOWER APPROVED FOR SOUTHBANK

AUSTRALIA'S TALLEST TOWER APPROVED FOR SOUTHBANK

CROWN Resorts (ASX:CWN) and joint venture partner Schiavello Group have received planning approval to develop the $2 billion, 90-storey Queensbridge Hotel Tower at Melbourne's Southbank, which will be known as One Queensbridge.

At 323 metres tall, the six-star hotel, designed by London-based Wilkinson Eyre, will be Australia's tallest...

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FASHION RETAILER BUCKS THE TREND

FASHION RETAILER BUCKS THE TREND

MELBOURNE fast fashion retailer Premier Investments (ASX: PMV) has bucked the flagging retail sales trend and is expecting record first half sales.

The company owns Richmond headquartered The Just Group, which holds brands including Smiggle, Peter Alexander, Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. It also has a 25.7 per cent ...

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BROO BUYS MILDURA BREWERY FOR $1 MILLION

BROO BUYS MILDURA BREWERY FOR $1 MILLION

BROO Limited (ASX: BEE) will acquire Victoria's Mildura Brewery for $1 million. The Mildura Brewery, located in the former Astor Theatre, is a locally operated beer production and brewery pub business in Mildura, Victoria, which has been in operation since December 2004. The Mildura Brewery was one of the first craft breweries and contr...

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BHP'S IRON ORE OUTPUT AT RECORD HIGH, COPPER PRODUCTION DROPS

BHP'S IRON ORE OUTPUT AT RECORD HIGH, COPPER PRODUCTION DROPS

DESPITE a fall in BHP's copper output, the company announced today record production of 118 million tonnes of iron ore for the last six months of 2016, up four per cent from the previous year.

"We have performed well during a period of higher prices, with record iron ore volume achieved in Western Australia Iron Ore," says chief...

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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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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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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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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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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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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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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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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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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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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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BUNNINGS BOSS JOHN GILLAM QUITS WESFARMERS

BUNNINGS BOSS JOHN GILLAM QUITS WESFARMERS

THE man behind Bunnings' home improvement domination has resigned from his role in charge of the retailer.

John Gillam (pictured) says it is the right time to "pass on the leadership baton" at Bunnings, where he has held the role of CEO and managing director for 12 years.

It comes six months after Wesfarmers (ASX: WES)...

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BMW BOOKED BY ASIC IN RECORD $77 MILLION COMPENSATION SCHEME

BMW BOOKED BY ASIC IN RECORD $77 MILLION COMPENSATION SCHEME

LUXURY vehicle brand BMW has agreed to pay its dues following a five-year string of lending failures which resulted in hardship for consumers. ASIC accepted an enforceable undertaking from BMW Finance, which will see the car dealer implement Australia's largest consumer credit remediation program to the tune of $77 million. The re...

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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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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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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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