WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 years ago as it faces intense competition from Woolworths and German chain Aldi.

Wesfarmers revealed Coles' earnings plunged 13.5 per cent to $1.61 billion which is the first earnings decline since it acquired the business in...

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TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increased net profit result of $269.1 million for FY17. The company reported EBITS growth across all its domestic and international markets with Asia and the Americas its star earners, amassing $150 million (up 47 per cent) and $189 ...

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SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by $450,000 as the company reported nearly $1 billion in writedowns and one-off costs.

Worner's bonuses have been cut to zero with his 2016 salary dropping from $3.19 million to $2.74 million with other Seven West Media execut...

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JB HI-FI POSTS STRONG PROFIT RESULT BUT MISSES MARKET EXPECTATIONS

JB HI-FI POSTS STRONG PROFIT RESULT BUT MISSES MARKET EXPECTATIONS

HOME entertainment and electronics retailer JB Hi-Fi (ASX: JBH) has boosted its full year net profit by 13.3 per cent to $172.4 million, thanks to sales of big screen televisions, smartphones and drones.

Total sales rose 42.3 per cent to $5.63 billion for the 12 months to June 30 following November's acquisition of white goods specialist ...

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TELSTRA ANSWERS CALLS FROM VITA GROUP WITH NEW EXPANSION DEAL

TELSTRA ANSWERS CALLS FROM VITA GROUP WITH NEW EXPANSION DEAL

Vita Group (ASX: VTG), has settled negotiations with Telstra (ASX: TLS) after signing a new remuneration and commercial agreement. The agreement gives approval for the Vita to operate an additional five Telstra branded retail stores on top of the existing 105 it already manages, which is intended to provide long-term benefits for both com...

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BABY BUNTING RECORDS STRONG FINANCIAL YEAR RESULTS

BABY BUNTING RECORDS STRONG FINANCIAL YEAR RESULTS

BABY supplies retailer, Baby Bunting (ASX: BBN), had a strong year by anyone's standards, but right now its shares are on a sharp nosedive. The group's 2017 full year results saw the Victorian based company's profits grow by 47 per cent to $12.2 million, with total sales reaching $278 million for the year. The group's ...

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A WEAK MARKET IN ASIA FAILS TO DAMPEN REA GROUP 2017 RESULTS

A WEAK MARKET IN ASIA FAILS TO DAMPEN REA GROUP 2017 RESULTS

REA GROUP (ASX: REA) has reported a strong net profit of $228.3 million for the year ending 30 June 2017 despite weaker conditions in the Asian market. Financial highlights for the Melbourne-based property group include strong revenue growth of 16 per cent to $671.2 million, and an earnings increase of 16 per cent to $380.9 million. T...

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NO BONUSES FOR CEO IAN NAREV AND COMMBANK EXECS IN WAKE OF MONEY LAUNDERING SCANDAL

NO BONUSES FOR CEO IAN NAREV AND COMMBANK EXECS IN WAKE OF MONEY LAUNDERING SCANDAL

BONUSES for Commonwealth Bank CEO Ian Narev and senior executives have been cut to zero in the wake of the money laundering scandal that hit the bank last week.

As the Commonwealth Bank (ASX: CBA) moves into overdrive to repair its reputational damage, company chair Catherine Livingstone said the board had full confidence in Narev.

However...

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THE FLYING SELFIE CAMERA THAT'S ABOUT TO HIT AUSTRALIAN STORES

THE FLYING SELFIE CAMERA THAT'S ABOUT TO HIT AUSTRALIAN STORES

THE evolution of the humble self-portrait has undergone a rapid transformation, first with the rise of the smart phone and then the addition of the selfie stick. It's an obsession that shows no sign of waning, and now selfie-taking is about to take on a new evolution in the form of the AirSelfie. The AirSelfie is a portable, pocke...

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MANTRA GROUP PICKS UP LUXURY HOTEL CHAIN FOR $52.5M AS DOMESTIC EXPANSION CONTINUES

MANTRA GROUP PICKS UP LUXURY HOTEL CHAIN FOR $52.5M AS DOMESTIC EXPANSION CONTINUES

Mantra Group (ASX: MTR) has acquired the Art Series Hotel Group in a deal worth $52.5 million as it further extends the chain across Australia.

The acquisition of the seven-hotel portfolio of the group is also a move into the luxury accommodation sector and will add more than 1,000 rooms in Melbourne, Brisbane and Adelaide to Mantra's rap...

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AUSTRALIAN MEDICINAL CANNABIS GROUP LAUNCHES ANIMAL HEALTH PRODUCT IN SWITZERLAND

AUSTRALIAN MEDICINAL CANNABIS GROUP LAUNCHES ANIMAL HEALTH PRODUCT IN SWITZERLAND

CRESO Pharma Limited (ASX: CPH) will launch its original hemp-based animal feed products in Switzerland. The Australian based Creso has signed an exclusive commercialisation agreement with Virbac Switzerland to distribute its hemp-based complementary feed products for pets in Switzerland and Liechtenstein. Virbac, the seventh largest ...

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A BIG GAP SOON TO BE LEFT IN AUSTRALIAN RETAIL

A BIG GAP SOON TO BE LEFT IN AUSTRALIAN RETAIL

Come 31 January, 2018, all Gap stores in Australia will be shut down for good. OrotonGroup (ASX: ORL), who manages the Gap franchise business in Australia, has entered into a binding agreement with Gap Inc to close all Australian Gap stores within the next six months. OrotonGroup has faced its fair share of problems this year, when in...

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CROWN'S BIG YEAR IMPACTED BY LOW TURNOUTS OF HIGH ROLLERS

CROWN'S BIG YEAR IMPACTED BY LOW TURNOUTS OF HIGH ROLLERS

CROWN Resorts Limited (ASX: CWN) have reported a big FY17, with net profit up 96.7 per cent to $1,866.1 million. A final dividend of 30 cents per share has been declared, with the total full year dividend being 60 cents per share. The Melbourne based gambling and hotel group generated $2,824.9 million in its Australian resorts, which ...

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TABCORP POSTS A $20.8 MILLION FULL-YEAR LOSS

TABCORP POSTS A $20.8 MILLION FULL-YEAR LOSS

TABCORP Holdings (ASX: TAH) has posted a $20.8 million full-year net loss, a result heavily impacted by its pending merger with Tatts Group (ASX:TTS) and its business dealings in the UK. Although the gambling group generated a total $2.23 billion in revenue, its overall loss comes in stark contrast to its previous $169.7 million profit. ...

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COMMBANK FACES MASSIVE FINES FOR BREACH OF ANTI-MONEY LAUNDERING AND TERRORISM FINANCING LAWS

COMMBANK FACES MASSIVE FINES FOR BREACH OF ANTI-MONEY LAUNDERING AND TERRORISM FINANCING LAWS

THE Commonwealth Bank engaged in 'serious' and systemic breaches of anti-money laundering and terrorism financing laws and could face massive criminal penalties.

The Australian Transactions Reports and Analysis Centre (AUSTRAC) launched proceedings in the Federal Court alleging Commonwealth Bank failed to comply with the laws on more ...

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PIONEERING AUSTRALIAN WINE MAKING ITS WAY TO CHINA

PIONEERING AUSTRALIAN WINE MAKING ITS WAY TO CHINA

DAWINE Limited (ASX: DW8) will soon be exporting one of Australia's most famous wines into China, tapping into a $520 million market. Dawine has confirmed it received the exclusive rights to sell Vasse Felix Winery wines on its Tmall online store, via Vasse Felix's existing distribution channels in China. Vasse Felix was estab...

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ISENTIA KILLS OFF KING CONTENT AND ISSUES ANOTHER PROFIT WARNING

ISENTIA KILLS OFF KING CONTENT AND ISSUES ANOTHER PROFIT WARNING

MEDIA monitoring group iSentia (ASX: ISD) has issued a negative profit warning and has written off the value of its troubled content marketing business, King Content.

iSentia says full year guidance is now expected to be $155.1 million which is well down from its earlier estimates of $162 million, while underlying EBITDA is expected to b...

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AUSTRALIA'S NBL PULLS OFF MAJOR DEAL WITH NORTH AMERICA'S NBA TO PLAY IN THE US

AUSTRALIA'S NBL PULLS OFF MAJOR DEAL WITH NORTH AMERICA'S NBA TO PLAY IN THE US

The National Basketball Association (NBA) and the National Basketball League (NBL) today announced that the Brisbane Bullets, Sydney Kings and Melbourne United will take part in the 2017 NBA preseason in October, marking the first time that NBL teams will travel to the US to play against NBA teams.

The NBA is the world's premier basketbal...

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TREASURY WINES HITS BACK AT 'MISLEADING' DOWNGRADE, REAFFIRMS CHINA GROWTH STORY

TREASURY WINES HITS BACK AT 'MISLEADING' DOWNGRADE, REAFFIRMS CHINA GROWTH STORY

TREASURY Wine Estates (ASX: TWE) has reaffirmed earnings guidance for the second half of the 2017 financial year and hit back at an analyst's "misleading" downgrade of its stock because of "unrealistic" growth in the Chinese market.

Treasury says its forecast revenue of $1.37 billion and NPAT of $136.2 million remains ...

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FACTS MATTER IN TAX REFORM DEBATE

FACTS MATTER IN TAX REFORM DEBATE

Politicians can have differing opinions in the company tax debate, but they shouldn't mislead the public about the facts," Business Council chief executive Jennifer Westacott said after Opposition Leader Bill Shorten today repeated his patently untrue claim that company tax reductions 'impede growth'. The Opposition Leade...

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BILLABONG SHARES WIPE OUT AFTER TERMINATION OF OMNI-CHANNEL DEAL

BILLABONG SHARES WIPE OUT AFTER TERMINATION OF OMNI-CHANNEL DEAL

SURFWEAR and lifestyle retailer Billabong (ASX: BBG) has suffered a share price fall of more than seven per cent after it cancelled an omni-channel solution provider agreement which will result in a $11.7 million impairment in FY17.

The company says it's committed to rolling out its own omni-channel solution and it has also confirmed that...

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IF YOU CAN SURVIVE AND BE RESILIENT, YOU CAN ACHIEVE GREAT THINGS: BRISBANE BRONCOS CEO PAUL WHITE

IF YOU CAN SURVIVE AND BE RESILIENT, YOU CAN ACHIEVE GREAT THINGS: BRISBANE BRONCOS CEO PAUL WHITE

HE'S been the CEO of one of Australia's most iconic sports brands for seven years and under Paul White's tenure, the Brisbane Broncos (ASX: BBL) have broken records for revenue, membership, sponsorship and attendances.

His standing in the game is unquestioned and rugby league legend and Penrith boss Phil Gould calls White &qu...

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MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT Limited (ASX: MP1) has seen its share price rise by almost two per cent following the announcement of strong results for the June 2017 quarter. The group, who delivers internet connectivity solutions to businesses, saw their revenue for the June quarter increase by 18 per cent compared to the previous quarter to $3.47 million. ...

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WEBJET SHARES DIVE AFTER DISPUTE WITH ACCOUNTANTS

WEBJET SHARES DIVE AFTER DISPUTE WITH ACCOUNTANTS

SHARES in travel site Webjet Limited (ASX: WEB) have dropped over seven per cent after the company announced it was quarrelling with its accounting firm BDO. Webjet announced to the ASX this morning that it is involved in a "disagreement" with auditor BDO regarding the treatment of transactions associated with Webjet's agree...

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AUSTRALIAN CANNABIS COMPANY BREAKS INTO LUCRATIVE CANADIAN MARKET

AUSTRALIAN CANNABIS COMPANY BREAKS INTO LUCRATIVE CANADIAN MARKET

MEDICINAL cannabis company Creso Pharma (ASX: CPH) has broken into the North American market with the acquisition of Canadian cannabis production company Mernova Medicinal in exchange for $10.2 million worth of cash and equity.

Creso's deal means it will be the only Australian cannabis company with direct access to the world's largest...

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ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces cost pressures from a complex mix of legal proceedings, an ASIC investigation and separate class actions.

Surfstitch says it is considering selling its media assets along with other assets as it weighs up the "cost and disr...

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HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million and in less than six years Brett Boulton's company has multiplied that more than tenfold.

Bold Living, a privately owned residential building company, was founded in 2010 with starting capital of just $500,000 and now it b...

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SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neighbour: SkyCity. SkyCity Entertainment today announced it will commit to a $330 million expansion of the Adelaide Casino, revamping the Festival Plaza precinct. The expansion will include a boutique hotel, signature restaura...

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NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

DATA centre operator NEXTDC (ASX: NXT) has started a bidding war with 360 Capital Group to take over Asia Pacific Data Centre (ASX: AJD) after it launched a fully funded $1.85 a share cash offer for the company. The takeover bid trumps the offer made by 360 Capital to acquire all the securities in APDC for $1.80 per share. NEXTDC CEO ...

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THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

THE AUSTRALIAN STARTUP THAT TAPPED IBM WATSON FOR ITS TECH-DRIVEN VOD SERVICE

VIDEO on demand technology startup Oovvuu has teamed up with IBM to launch a news platform powered by its AI product, Watson, which is designed to connect viewers to the most relevant video and news content.

The US multinational technology company is in Australia and staging its Watson Summit Australia events in Sydney and Melbourne to s...

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