Sydney Articles

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more than $50 million annually, according to a specialist insolvency firm.

SV Partners says this represents a 12.6 per cent increase on its previous report when 1,413 retailers fell into this category.

The findings come during a ...

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GOODMAN TAKES PROFIT AND REVENUE DECLINE BUT LOOKS TO CASH IN ON AMAZON'S ARRIVAL

GOODMAN TAKES PROFIT AND REVENUE DECLINE BUT LOOKS TO CASH IN ON AMAZON'S ARRIVAL

Commercial and industrial property group Goodman (ASX: GMG) has reported underlying full year net profit has dropped 39 percent to $778.1 million, however it has forecast a growth in earnings as investors bet that it will benefit from Amazon.com's planned entry into Australia.

The company's net profit for the 12 months till of the end...

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REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up from $1.24 billion from the previous year on the back of strong iron ore prices. Revenue for the year rose 19 percent to $10.65 billion.
  * G8 Education (ASX: GEM) announced NPAT of 23 percent to $30.5 million for the pr...

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LANDMARK SYDNEY OFFICE TOWER SELLS FOR $252M

LANDMARK SYDNEY OFFICE TOWER SELLS FOR $252M

ONE of Sydney's most iconic officer towers has been sold to a Singapore-based real estate group for $252 million.

The 24-level commercial officer tower at 66 Goulburn Street, above Sydney's Masonic Centre, was sold by GDI Property Group.

The prominent corner building offers a total net lettable area of 23,124 square meters and is l...

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CAMPLIFY MOTORS INTO THE UK MARKET

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first operations in the UK. The Airbnb-style peer-to-peer camper sharing platform was given a $1.75 million leg up in Australia earlier this year when it was partially acquired by listed giant Apollo Tourism and Leisure (ASX: ATL). ...

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COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast further double-digit growth for FY18 as it rolls out a range of new products.

The world's biggest hearing implant maker grew its sales revenue by seven per cent to $1.2 billion, while earnings before interest and tax rose 20 per ...

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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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ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like within the century. Research conducted by IKEA Australia in its People & Planet Positive Report shows that the headcount is likely to reach 70 million in the next hundred years, but only a fraction of the current population ...

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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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HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Shark Tank's Janine Allis in as an equal business partner for $200,000.

The founders behind Be Fit Food, which has been doubling business month-on-month, created a prepackaged food business based around ketogenic diets, whic...

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AUSTRALIA'S LARGEST MARKETING CONFERENCE SET TO SHOWCASE INTERNATIONAL INDUSTRY LEADERS

AUSTRALIA'S LARGEST MARKETING CONFERENCE SET TO SHOWCASE INTERNATIONAL INDUSTRY LEADERS

THE ASSOCIATION for Data-driven Marketing and Advertising (ADMA) has announced the finalised list of speakers for its Global Forum.

The two-day conference will be held in Sydney on 24 and 25 August with the aim of bringing together global leaders and visionaries in industries ranging from marketing to space exploration.

CEO of ADMA ...

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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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DREAMWORLD BOSS SIMON KELLY: "WE CAN DO BETTER"

DREAMWORLD BOSS SIMON KELLY: "WE CAN DO BETTER"

ARDENT Leisure, the group behind embattled theme park Dreamworld, expects its earnings to come in exceeding prior guidance, but CEO Simon Kelly thinks there's still room for improvement. The group's core EBITDA is expected to reach $76 million, slightly exceeding prior guidance of $73-75 million. Recently appointed CEO of Arde...

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AGL PROFITS SOAR, CONSUMERS STRUGGLE WITH HIGH ENERGY PRICES

AGL PROFITS SOAR, CONSUMERS STRUGGLE WITH HIGH ENERGY PRICES

AGL (ASX: AGL) and its investors have a reason to smile following the energy group's FY17 results, but the same cannot be said for its customers as energy costs rise. Yesterday, the Sydney-based AGL reported a profit of $539 million for the financial year, which is a far cry from just last year when it reported a loss of $408 million....

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RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

THE Australian building market is set to decline by 17 per cent over the next three years led by a collapse in residential starts, according to BIS Oxford Economics.

National building commencements peaked in 2015/16 at $107.3 billion, up by 22 per cent in real terms from the end of the resources investment boom in 2012-13, but is expected...

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SHARK TANK COUPLE GET HITCHED ON NATIONAL TV, AND SCORE INVESTMENT FROM JANINE ALLIS

SHARK TANK COUPLE GET HITCHED ON NATIONAL TV, AND SCORE INVESTMENT FROM JANINE ALLIS

THEY'RE a couple with the unusual shared 'interest' of having digestive issues, and Luke Lucas and Chrissy Glentis combined to convince Shark Tank's Janine Allis to invest in their specialist food business.

Their business, called Foddies, caters for the growing number of people who have food allergies, aversions and react...

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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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WESTPAC INVESTS $40 MILLION IN FINTECH GROUP

WESTPAC INVESTS $40 MILLION IN FINTECH GROUP

WESTPAC Bank (ASX: WBC) has made a strategic investment of $40 million into listed fintech group zipMoney (ASX: ZML). Westpac's investment was made to implement zipMoney's products and services across Westpac's payments network. zipMoney received a $40 million strategic equity investment from Westpac at $0.81 per share, re...

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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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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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SHARK TANK PITCH LANDS BYRON BAY ENTREPRENEUR AN INVESTMENT FROM GLEN RICHARDS

SHARK TANK PITCH LANDS BYRON BAY ENTREPRENEUR AN INVESTMENT FROM GLEN RICHARDS

SHE'S working 80 hours a week to hand-make her special granola and Byron Bay businesswoman Indi Sutton convinced Shark Tank's Glen Richards to fund her company's expansion with a $100,000 deal for 40 per cent equity and a loan for $200,000.

Sutton's business, The Monday Food Company, produces organic, gluten free, sugar f...

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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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NEXTDC RAMPS UP ITS TAKEOVER OFFER OF ASIA PACIFIC DATA CENTRE

NEXTDC RAMPS UP ITS TAKEOVER OFFER OF ASIA PACIFIC DATA CENTRE

NEXTDC Limited (ASX: NXT) has increased its takeover offer for listed data infrastructure group Asia Pacific Data Centre Group (ASX: AJD) from $1.85 per share to $1.87. The move follows last week's announcement that NEXTDC would enter a bidding war with competitor 360 Capital Group (ASX: TGP) to takeover APDC. The takeover bid sti...

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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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