Business News Australia reports on business news, trends, and profiles for Adelaide business owners, executives and entrepreneurs.

Court approves history-making settlement between Comm Bank and AUSTRAC

Court approves history-making settlement between Comm Bank and AUSTRAC

The Federal Court has today approved settlement between Commonwealth Bank (ASX: CBA) and the Australia Transaction Reports and Analysis Centre (AUSTRAC) over the anti-money laundering case which was brought against the financial services giant in August last year. CBA agreed in early June 2018 that it would pay $700 million in civil penal...

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Satellite company Kleos Space set to launch

Satellite company Kleos Space set to launch

A highly successful seed-funding round in Australia earlier this year prompted Luxembourg-based tech company Kleos Space to seek a listing on the ASX, but according to chairman Peter Round this is no start-up venture. "Technically we're a start-up because of the timing of when the company began, but we're not a start-up in te...

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Cannabis companies hit new high with fresh capital

Cannabis companies hit new high with fresh capital

Two of Australia's leading listed cannabis players have raised millions in funds to boost their businesses in Australia and overseas. Botanix Pharmaceuticals (ASX: BOT), a medical dermatology company combatting serious skin diseases with cannabis-based products, has successfully completed an oversubscribed placement to raise $8 millio...

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Dreamscape makes fourth acquisition in 16 months for $8.5m

Dreamscape makes fourth acquisition in 16 months for $8.5m

Dreamscape Networks Limited (ASX: DN8) has acquired Domain Name Registrar (DNR) for $8.5 million, its fourth acquisition in the past 16 months. The acquisition is part of Dreamscape's "bolt on" strategy, as Dreamscape continues to consolidate local domain and hosting businesses under the Dreamscape Networks' umbrella. D...

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Adelaide's Fleet Space all set to launch with Elon Musk's SpaceX

Adelaide's Fleet Space all set to launch with Elon Musk's SpaceX

Adelaide-based nanosatellite tech startup Fleet Space has announced its first launch plans with some of the world's biggest space companies. The first of Fleet Space's nanosatellites is under contract to launch with Spaceflight aboard an Indian Polar Satellite Launch Vehicle by Antrix and ISRO. The second launch will also be i...

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Kidnapping phone scam targets Chinese students in Australia

Kidnapping phone scam targets Chinese students in Australia

The ACCC has warned Australia's Chinese community of a recurring scam that involves threats of arrest and extortion via fake kidnappings. Having already caused victims $1.15 million worth of losses, the perpetrators appear to be targeting Chinese Australians nationwide. The terrifying scam comes in two forms but mostly threatens C...

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ASIC launches legal proceedings against former Quintis managing director

ASIC launches legal proceedings against former Quintis managing director

Now defunct and previously ASX listed company Quintis is back in the firing line after ASIC announced it has launched legal proceedings against former Quintis managing director Frank Wilson. The corporate watchdog will allege that Wilson failed to discharge his duties as a director in 2017. The proceedings allege Wilson failed to disc...

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Adelaide based sport drink startup raises $500k in seed funding for launch

Adelaide based sport drink startup raises $500k in seed funding for launch

PREPD, a new hydration-boosting sports drink developed by Flinders University startup Preserve Health, has secured more than $500,000 in seed funding to launch its first products. With money now in the bank, thanks to angel investors and other high net-worth individuals, PREPD is set to launch in the market and take on the big players in ...

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Bubs enters into trading halt ahead of capital raising announcement

Bubs enters into trading halt ahead of capital raising announcement

After last week's news that Bubs Australia (ASX: BUB) is making a significant push into the Chinese market the company has entered into a trading halt on Thursday morning. The company says the trading halt has been requested pending an announcement by Bubs in relation to a capital raising. Last Friday the Australian infant milk fo...

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Underwater drone maker scores landmark deal with US Navy

Underwater drone maker scores landmark deal with US Navy

ASX-listed underwater drone manufacturer Aquabotix (ASX: UUV) has entered into an agreement with a major United States defence division which could help change the face of modern naval warfare. Aquabotix signed the cooperative research and development agreement with the US Naval Undersea Warfare Center to test its SwarmDiver product at th...

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Creso Pharma scores licence to grow cannabis in Colombia

Creso Pharma scores licence to grow cannabis in Colombia

A subsidiary of Australian cannabis company Creso Pharma (ASX: CPH) has been granted a pivotal licence to grow medicinal cannabis in Colombia. Creso, through Kunna Canada, has been granted a licence to cultivate medicinal cannabis in Colombia, following the receipt of licenses required to produce, manufacture, market and export cannabis d...

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AusCann joint venture completes second cannabis harvest in Chile

AusCann joint venture completes second cannabis harvest in Chile

Listed medicinal cannabis company AusCann (ASX: AC8) has completed its second harvest with DayaCann joint venture partner Fundación Daya in Chile. The second harvest proved to be even more fruitful than the first, yielding 620kg of dried cannabis product, an increase of over 50 per cent on the 400kg yielded in the first harvest. ...

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Why AI could be an entrepreneur's best investment

Why AI could be an entrepreneur's best investment

It's easy to be swayed by doom and gloom headlines questioning whether artificial intelligence (AI) will soon replace certain human jobs for good, or, more outlandishly, become a sentient cause for concern. Thanks Terminator. Realistically however, entrepreneurs and professionals in the IT space agree that AI has inspired some of the ...

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CBA settles anti-money laundering case for $700m

CBA settles anti-money laundering case for $700m

Commonwealth Bank has agreed to pay $700 million to the anti-money laundering regulator after it admitted to breaching the law on more than 50,000 separate occasions. CBA settled its anti-money laundering and counter-terrorism case brought by AUSTRAC and also agreed to pay $2.5 million in legal fees although the agreement still needs Fede...

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Winemaker behind Hardys acquired by US firm

Winemaker behind Hardys acquired by US firm

Australia's largest winemaker, Accolade, has been acquired by US based private equity firm The Carlyle Group. Based in South Australia, Accolade produces a number of prominent Australian household wines with labels including Hardys, St Hallet and Banrock Station. As a major producer of cask wines and the fifth largest in the world...

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Wearable tech company expands into major Japanese retail stores

Wearable tech company expands into major Japanese retail stores

Listed tech company Nuheara Limited (ASX: NUH) has announced the launch of its products in major Japanese consumer electronic stores. At an exclusive media event held in Tokyo, Japan, Nuheara announced its IQbuds and IQbuds BOOST products will be sold in most major electronics stores in Japan. The company signed an agreement with Valu...

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New supercar to be tested at South Australian motorsport park

New supercar to be tested at South Australian motorsport park

An all-new racing car will make its debut in Adelaide, Australia's car manufacturing capital, before its release to the market later this year. The new Brabham racing car will be pushed to its limits in South Australia's newly opened Tailem Bend Motorsport Park ("The Bend"). The Brabham BT62 was launched in Australia...

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Wilson Security hit with $740,000 penalty for failing to provide services in WA

Wilson Security hit with $740,000 penalty for failing to provide services in WA

Wilson Security has been ordered to refund 320 West Australian customers after it charged for security patrols that were not provided. Wilson was found to have breached Australian Consumer Law and was ordered to pay a total refund bill of $740,000. The company was contracted to provide internal premise security patrols for 320 co...

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From phonebooks to Google's front page: how Localsearch thrived in the digital era

From phonebooks to Google's front page: how Localsearch thrived in the digital era

For years, online marketers have warned "change is imminent" as mobile becomes dominant, taking over traditional advertising platforms like desktop searches and print media. On the other hand, Daniel Stoten of Localsearch says the tipping point has already come. Localsearch began as a phonebook publisher to help connect the ...

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Know your numbers or you're in deep trouble: Shark Tank's Janine Allis on startup mistakes

Know your numbers or you're in deep trouble: Shark Tank's Janine Allis on startup mistakes

She's a former backpacker who once worked on David Bowie's yacht and if you went back in time to before 2000 and asked Janine Allis whether she'd one day be in charge of a multi-million dollar international business and the young Janine would have probably told you to lay off the alternative substances. The Boost Juice founder...

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eBay takes on Australian retailers and Amazon with unlimited delivery plan

eBay takes on Australian retailers and Amazon with unlimited delivery plan

Online retail behemoth eBay is set take on rival Amazon with a new shopping membership program for Australian online shoppers. The arrival of eBay Plus is also expected to provide further upheaval for Australia's struggling "bricks and mortar" retailers with shoppers to be given unlimited  deliveries and returns on new ...

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Metcash shares tumble after losing key SA customer

Metcash shares tumble after losing key SA customer

Metcash (ASX: MTS) shares have plunged nearly 17 per cent after the grocery supplier flagged a potential $270 million hit because one of its main customers has shunned its new South Australian distribution centre. Drakes Supermarkets announced it would not use the distribution centre beyond the end of their agreement in June 2019. Dra...

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Optus to phase out Virgin Mobile brand

Optus to phase out Virgin Mobile brand

Optus will phase out Virgin Mobile Australia and will close 36 stores across Australia just a day after it was hit with a $1.5 million fine for misleading customers over the NBN. The giant telco will close down Virgin Mobile over the next two years with around 200 jobs to be cut. Virgin Mobile Australia has been owned and co-owned by ...

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Optus fined for misleading customers over NBN

Optus fined for misleading customers over NBN

Optus has been slapped with a $1.5 million fine by the Federal Court for making misleading statements to its customers regarding their transition to the NBN. The telco was ordered to pay up after it told 14,000 customers, between the dates of October 15 and March 17, that their services would be disconnected if they didn't move to the...

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Bidding war looms for outdoor advertising giant

Bidding war looms for outdoor advertising giant

A BIDDING war for a bigger slice of the lucrative outdoor advertising sector appears to be on the cards as APN Outdoor Group (ASX:APO) reveals it is offering $500 million for the Adshel business. The indicative offer for Adshel, owned by Here There & Everywhere (ASX:HT1) and operator of Australia's largest street furniture adverti...

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Toys 'R' Us demise sparks industry shakeup

Toys 'R' Us demise sparks industry shakeup

Toys 'R' Us has fallen into voluntary administration and it could herald major changes to the international toy industry. Following the demise of the chain both in Australia and overseas, analysts say a merger boom is on the cards as smaller toy manufacturers aim to recoup their presence in the market. Smaller toy makers who t...

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Localsearch earns its stripes as Google Premier Partner

Localsearch earns its stripes as Google Premier Partner

Daniel Stoten, CEO of Localsearch, believes that when it comes to running an online business, change isn't the enemy. Localsearch is an online hub which has been connecting businesses and people throughout regional Australia for almost 25 years. During that time Stoten (pictured) has been on the front lines, building the Localsear...

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"Myer is in peril" declares Solomon Lew in heated letter to shareholders

"Myer is in peril" declares Solomon Lew in heated letter to shareholders

Solomon Lew has slammed Myer (ASX: MYR) and its executives in an acrimonious letter to shareholders, warning that the company is on the cusp of a devastating net loss at the full year. As chair of Premier Investments, Myer's biggest shareholder, Lew made his outrage clear at executive chairman Garry Hounsell's announcement earlier...

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How technology is turning 'crappy' businesses into gold

How technology is turning 'crappy' businesses into gold

VENTURE capitalists may have previously considered them 'crappy' businesses not worth a second look, but according to Silicon Valley's sharpest investor Steve Jurvetson the technological revolution is changing that. Jurvetson, the co-founder of the $US6 billion venture capital group Draper Fisher Jurvetson and board member of ...

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Mumbrella360 to feature Fearless Girl, Microsoft, News Corp leaders and more

Mumbrella360 to feature Fearless Girl, Microsoft, News Corp leaders and more

The full program for Australia's largest media and marketing conference, Mumbrella360, has been revealed, featuring a stellar lineup of guests. The conference is set to showcase high profile leaders including the brand behind the globally acclaimed 'Fearless Girl', one of Microsoft's leading search and AI experts as well a...

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