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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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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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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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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BHP WORKERS CHARGED OVER SAMARCO DISASTER

BHP WORKERS CHARGED OVER SAMARCO DISASTER

ONE Australian is among 22 people charged by Brazilian authorities in relation to the burst dam at the Samarco iron ore mine, which caused the death of 19 people.

Brazilian prosecutors have claimed that executives at mine, which was owned by BHP Billiton (ASX: BHP) and Vale, knew that the dam was in danger of breaking, though the compani...

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TATTS SHARES SURGE ON $11B TABCORP MERGER BID

TATTS SHARES SURGE ON $11B TABCORP MERGER BID

INVESTORS have welcomed news of a proposed $11.3 billion merger between Tabcorp Holdings (ASX:TAH) and Tatts Group (ASX:TTS) with shares in both companies rising on the announcement this morning. Tatts shares surged more than 18 per cent in early trade, while Tabcorp's stock lifted 2.8 per cent as the gaming groups revealed the merger...

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OCEANAGOLD CONFIDENT IT CAN AVOID FORCED CLOSURE OF ITS DIDIPIO MINE

OCEANAGOLD CONFIDENT IT CAN AVOID FORCED CLOSURE OF ITS DIDIPIO MINE

OCEANAGOLD (ASX: OGC) is confident it can respond to environmental concerns raised by the Philippine Government and avoid the closure of its Didipio gold mine.

The company was one of 23 named by Philippines environment undersecretary Leo Jasareno and environment secretary Gina Lopez at a press conference in late September, where they were thr...

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CROWN UNABLE TO MAKE CONTACT WITH 18 DETAINED EMPLOYEES

CROWN UNABLE TO MAKE CONTACT WITH 18 DETAINED EMPLOYEES

CROWN Resort's (ASX: CWN) share price has slumped 10.15 per cent this morning hit following confirmation that 18 of its employees, including three Australians, were detained by authorities in China last Thursday. 

The Melbourne-based casino operator released an official statement this morning confirming that Crown's executive Vic...

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BREWER LISTS ON THE ASX

BREWER LISTS ON THE ASX

VICTORIA-based brewer Broo Limited (ASX:BEE) is trading steady at $0.22 per share in its first morning as an ASX-listed company.

Broo raised $10.5 million through the issuing of 52,500,000 new ordinary shares at the issue price of $0.20 cents. The company achieved a market cap on listing of AUD $121.6 million with existing shares tak...

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SLATER AND GORDON WILL VIGOROUSLY DEFEND $250 MILLION CLASS ACTION

SLATER AND GORDON WILL VIGOROUSLY DEFEND $250 MILLION CLASS ACTION

AFTER so often announcing its own class actions, Slater and Gordon (ASX: SGH) is now the subject of one of the biggest actions in Australia's corporate history, launched by Maurice Blackburn Lawyers on behalf of around 3,000 shareholders. The claim will allege that Slater and Gordon failed to disclose vital information relating to the...

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AGREEMENT OPENS UP $1.3 BILLION MARKET FOR EMEFCY

AGREEMENT OPENS UP $1.3 BILLION MARKET FOR EMEFCY

EMEFCY (ASX: EMC) has signed a deployment and distribution partnership for its Membrane Aerated Biofilm Reactor (MABR) wastewater treatment technology with Beijing Sinorichen Environmental Protection Corporation.

The agreement opens up access to a market worth up to $1.3 billion for the Melbourne-based company, which manufactures its tec...

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BAPCOR BUYS MTQ BUSINESS AND PURSUES HELLABY

BAPCOR BUYS MTQ BUSINESS AND PURSUES HELLABY

BAPCOR Limited (ASX:BAP) has bought the diesel wholesale business of MTQ Engine Systems for $17 million as it waits to see if its takeover of New Zealand's Hellaby Holdings is successful.

The Melbourne-based company, which owns brands such as Autobarn, Midas, ABS and Opposite Lock, is targeting growth in its wholesale business and se...

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OCEANAGOLD CAUGHT UP IN PHILIPPINES MINING CRACKDOWN

OCEANAGOLD CAUGHT UP IN PHILIPPINES MINING CRACKDOWN

MELBOURNE-based OceanaGold (ASX: OGC) has been named by the Philippines government as one of 23 mining companies that may have operations suspended for failing an environmental audit.

The announcement sent shockwaves through commodities and finance markets when announced by Philippines environment undersecretary Leo Jasareno and environm...

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CLASS ACTION FOR HASTIE GROUP INVESTORS ANNOUNCED

CLASS ACTION FOR HASTIE GROUP INVESTORS ANNOUNCED

FOUR years after the collapse of construction company Hastie Group, a class action is being prepared against accounting firm Deloitte on behalf of the hundreds of investors left out of pocket by the company's downfall.

Slater and Gordon (ASX:SGH) will prepare a class action for those who acquired shares in Melbourne-based Hastie Group in ...

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JB HI-FI BUYS THE GOOD GUYS

JB HI-FI BUYS THE GOOD GUYS

JB HI-FI (ASX: JBH) will buy electronics and whitegoods retailer The Good Guys for $870 million in cash.

The purchase brings together two of Australia's largest electronics retailers and accelerates JB Hi-Fi's move into the whitegoods market.

JB Hi-Fi CEO, Richard Murray, says, "The acquisition is a very attractive strategic o...

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DIRECTORS DEPART AS SLATER AND GORDON POSTS BILLION-DOLLAR LOSS

DIRECTORS DEPART AS SLATER AND GORDON POSTS BILLION-DOLLAR LOSS

THREE long-time Slater and Gordon (ASX: SGH) directors are closing the book on the company, which has just confirmed a billion-dollar annual loss.

The Melbourne-based law firm pre-warned investors of the $1.017 billion loss, down to the dollar, last week.

Following a record $958.3 million loss for the first half of FY16, Slater and ...

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PACKER TO POCKET $448M IN CROWN SHARE SALE

PACKER TO POCKET $448M IN CROWN SHARE SALE

JAMES Packer is giving up majority control of Crown Resorts (ASX:CWN) after his private company Consolidated Press Holdings revealed it was selling a 4.8 per cent stake in the Melbourne-based casino group. Packer is selling 35 million shares at 12.,80 each to an undisclosed party to raise $448 million.

The move is understood to be pa...

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SLATER AND GORDON LOSS TO TOP $1 BILLION

SLATER AND GORDON LOSS TO TOP $1 BILLION

EMBATTLED legal firm Slater and Gordon (ASX:SGH) is headed for a full-year loss of more than $1 billion after racking up more losses in the second half.

However, managing director Andrew Grech (pictured) has highlighted improvements made in the second half performance as the company tries to rebuild its fortunes after its troubled acquis...

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DICK SMITH BOOSTS KOGAN

DICK SMITH BOOSTS KOGAN

DICK Smith has boosted Kogan's (ASX: KGN) full year result and helped the company beat expectations.

The collapsed Dick Smith, which Melbourne-based Kogan relaunched as online only in May, delivered revenue of $6.5 million to the recent ASX inductee in FY2016.

Kogan took a total statutory revenue of $211.2 million over the period.

E...

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JOBSEEKER WEBSITE PLANS AGGRESSIVE STRATEGY

JOBSEEKER WEBSITE PLANS AGGRESSIVE STRATEGY

JOBS website SEEK (ASX: SEK) is plotting an aggressive acquisition strategy after growing its business across all measures to achieve a record full year result. 

The Melbourne company has taken in revenue of close to $1 billion for the period and reported an underlying net profit after tax of $198 million, up 3 per cent.

Reporting to ...

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MEDIBANK PROFIT RISES 46%, BUT NEW CEO SAYS 'WE NEED TO DO MORE'

MEDIBANK PROFIT RISES 46%, BUT NEW CEO SAYS 'WE NEED TO DO MORE'

MEDIBANK Private (ASX: MPL) has reported a 46.4 per cent increase in net profit after tax, although its new CEO is realistic about the challenges ahead for the business that is currently tied up in Federal Court.  

Australia's leading health insurer took in $417.6 million for the full year to June 30.

Medibank paid out...

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HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, saying it would be 'crazy' and a 'joke' if the business was able to list.

Typical to form, the website will attempt the feat on September 8 in controversial circumstances: the company has no managing director a...

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BABY BUNTING NURSES A SOLID PROFIT

BABY BUNTING NURSES A SOLID PROFIT

PRAMS and nappies are footing the costs associated with Baby Bunting Group's (ASX: BBN) ASX listing in October last year, delivering a profit of $81.2 million for the year ending in June.

The Melbourne-based company made sales of $236.8 million over the full year, up 31.4 per cent on the prior corresponding period, seemingly benefitt...

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WEBJET SOARS ON THE ASX WITH PROFIT RESULT

WEBJET SOARS ON THE ASX WITH PROFIT RESULT

WEBJET (ASX: WEB) has posted a record profit for the full year.

The Melbourne-based travel booking company's shares jumped 20 per cent upon the announcement today to around $9.65.

Webjet also announced it will partner with Thomas Cook, a leading European holiday company, on a new distribution agreement.

Webjet managing director John...

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