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

ASIC the enforcer: Regulator reveals raft of investigations in the works

ASIC the enforcer: Regulator reveals raft of investigations in the works

The Australian Securities and Investments Commission (ASIC) has announced it will set up a separate Office of Enforcement as part of a new "Why not litigate?" approach in the wake of the Royal Commission. The regulatory tiger will also have sharper teeth following the recent passing of the Treasury Laws Amendment Bill 2018, allo...

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Catch me if you can: Aussie online shopping giant sees sales surge

Catch me if you can: Aussie online shopping giant sees sales surge

Major online shopping company Catch Group has announced a massive uptick in sales for the first half of FY19, driven by significant growth in its product range and active customer base. In an announcement of its unaudited results today, the group highlighted 62 per cent growth in gross transaction volume (GTV) to $254 million, including m...

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McGrath books $9.6m loss

McGrath books $9.6m loss

Real estate agency McGrath Group (ASX: MEA) has recorded a loss of almost $10 million for the first half of FY19 due to challenging property market conditions and one-off charges for legacy IT development costs and contracts. The advanced technology upgrade cost the Sydney-based group $6.6 million, but McGrath claims rolling it out will h...

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Inside Tammy Hembrow's Neon Collection

Inside Tammy Hembrow's Neon Collection

On Friday evening Tammy Hembrow launched her latest collection, and it's the most eye-popping one to date. The launch was held at The Pink Hotel in Coolangatta with the Neon Collection fitting right at home amongst the pastel pink walls, neon lights, and 'gram-worthy décor. Tammy Hembrow's Saski Collection took over...

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Baby Bunting results improve on the back of retail enhancements

Baby Bunting results improve on the back of retail enhancements

New stores and the introduction of a buy-now pay-later finance option saw Baby Bunting's (ASX: BBN) first half results improve. Revenue was up 17.2 per cent to $177.688 million in the first half, whilst profit rose 27.8 per cent to $5.216 million. The company says it has rebounded from significant competition disruption, price def...

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Australia's top online fashion retailers

Australia's top online fashion retailers

As demonstrated by Australia's top fashion retailers online is the future of our retail sector. By taking on new technologies, offering customers easy to use payment solutions, and making shopping as accessible as possible, Australian fashion retailers are rethinking what it means to be a store in 2019. In 2018 a number of Austral...

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LandMark White in trading halt following fallout from data breach

LandMark White in trading halt following fallout from data breach

Property valuer LandMark White (ASX: LMW) has gone into a trading halt pending a statement regarding the fallout from a data breach that occurred on 4 February 2019. The company said at the time that a data set containing property valuation and some personal contact information was disclosed because of a vulnerability in one of LMW's ...

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China's economic slowdown poses a significant threat to Australia

China's economic slowdown poses a significant threat to Australia

China's sudden explosion as an economic powerhouse in the APAC region was once the source of global anxiety, but in 2019 it's the opposite that could cause some problems at home. Industry research company IBISWorld has warned that the decline in growth of China's GDP could have far reaching consequences for Australia's eco...

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New Super Retail Group CEO to start early after earnings hike

New Super Retail Group CEO to start early after earnings hike

Super Retail Group (ASX: SUL) has sped up its CEO transition and announced a 6 per cent lift in sales to $1.4 billion for the first half, with improved profitability across its auto, sport and outdoor divisions.  The market has responded positively to the news this morning, undeterred by a company review that found retail managers ha...

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Vinnies North Queensland Flood Appeal

Vinnies North Queensland Flood Appeal

St Vincent de Paul Society Queensland (Vinnies) has launched the Vinnies North Queensland Flood Appeal to help victims of the devastating disaster affecting North Queensland. 

With thousands of Queenslanders impacted by flood waters, landslides and monsoonal rain, Vinnies state president Dennis Innes has declared a public disaster a...

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Blue Sky in the red in H1

Blue Sky in the red in H1

Restructuring costs, valuation cuts and reimbursements have taken their toll on Blue Sky Alternative Investments' (ASX: BLA) bottom line, with the embattled fund manager anticipating a loss of between $28-32 million for the first half of FY18. And if it weren't for a $50 million convertible note facility from its saviour part...

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JB Hi-Fi notches record earnings in H1

JB Hi-Fi notches record earnings in H1

Electronics retailer JB Hi-Fi (ASX: JBH) continued to roll out new stores in the first half of FY19 while profit rose 5.5 per cent to reach $160.1 million. The result aligns with forecasts from the Australian Retailers Association (ARA) and Roy Morgan that Christmas sales would be "bountiful" for stores specialising in electroni...

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Hadrian X robot builds its first outdoor building

Hadrian X robot builds its first outdoor building

Fastbrick Robotics (ASX: FBR) have completed their first ever outdoor build with their Hadrian X robot. Shares in Fastbrick soared in November 2018 when the company announced that their robot built a home structure in less than three days autonomously. But the real test was whether the robot could do it in the elements outside of a wa...

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Volt Bank charges up digital deal with Spitfire

Volt Bank charges up digital deal with Spitfire

Within weeks of receiving a major investment from Collection House (ASX: CLH), Australia's newest bank has linked up with Sydney-based Spitfire Corporation to give customers a digital platform for wealth management. Volt Bank, Australia's first new startup to receive a retail bank licence since 1981, will harness Spitfire's te...

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Australian Ag Co expects "extreme losses" from unprecedented floods

Australian Ag Co expects "extreme losses" from unprecedented floods

Shares in beef producer Australian Agricultural Company (ASX: AAC) are trading at their lowest levels since 2003 after the group released a statement about flood impacts in Queensland. The board today confirmed severe flooding throughout northwestern Queensland had severely impacted four of its 21 properties. "Of AACo's ...

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Menswear retailer Ed Harry to shut down for good

Menswear retailer Ed Harry to shut down for good

Long-standing menswear retailer Ed Harry has been forced to close down for good after a sales campaign for the company failed to entice buyers. The retailer, which fell into administration on 15 January 2019, is the latest casualty of the new world of retail. The closure of Ed Harry comes just days after Napoleon Perdis announced it w...

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Greencross taken over by US private equity giant TPG

Greencross taken over by US private equity giant TPG

Greencross (ASX: GXL) shareholders have voted overwhelmingly to accept a full takeover by private investment firm TPG as the veterinary care company faces an increasingly tough competitive environment. A shareholder vote was held on Wednesday and, ahead of that, it was reported that 98.81 percent of proxy shareholders voted in favour of a...

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Virgin Australia names Paul Scurrah as John Borghetti's successor

Virgin Australia names Paul Scurrah as John Borghetti's successor

The replacement for long-time Virgin Australia CEO and MD John Borghetti has been found to lead Australia's second largest carrier. Paul Scurrah will replace John Borghetti who announced his intention to step down in June 2018 after a decade of working for the airline. Borghetti joined the airline in 2010, when it was called ...

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Home-building robot company enters deal with Brickworks

Home-building robot company enters deal with Brickworks

The company known for building a home structure with a robot has today reached a breakthrough agreement with a subsidiary of Brickworks (ASX: BKW), with expectations for a pilot program to kick off in Western Australia. Within months of its partnership with Caterpillar (NYSE: CAT) falling through, Perth-based Fastbrick Robotics (ASX: FBR)...

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Shopping centres lift SCA Property income

Shopping centres lift SCA Property income

Commercial landlord Shopping Centres Australasia Property Group ('SCA', ASX: SCP) has notched a 17.5 per cent year-on-year rise in funds from operations (FFO) in the first half, while like-for-like sales performance remained steady. Statutory net profit after tax (NPAT) was down 43.5 per cent at $39.9 million, but this was mainly ...

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NAB leaders respond to Royal Commission's fierce criticism

NAB leaders respond to Royal Commission's fierce criticism

"We are the only bank to publicly release our assessment, which clearly outlines 26 areas where we are focusing on to be a better bank," says NAB chair Ken Henry. National Australia Bank (ASX: NAB) shares are up this morning despite a stinging evaluation of its executives in yesterday's final report of the Royal Commission, ...

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Napoleon Perdis closes half its stores

Napoleon Perdis closes half its stores

The voluntary administrators who have taken over beauty retailer Napoleon Perdis have noted positive impacts from the early stages of restructuring, as the iconic brand 'right-sizes' its store profile and presence Australia-wide. However, despite the relative success of a weekend sales campaign that "delivered very strong res...

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ASIC orders CBA financial planning arm to cease charging fees

ASIC orders CBA financial planning arm to cease charging fees

A declaration over fees for no service (FFNS) conduct from Commonwealth Financial Planning Limited (CFPL) has been deemed insufficient by Australia's corporate watchdog, leading to fresh restrictions on the financial advice arm of the country's largest bank. As a result CFPL must stop charging ongoing service fees from i...

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Six questions our banks need to answer to regain trust

Six questions our banks need to answer to regain trust

After today's Banking Royal Commission's final report it may seem as if it is impossible for banks to regain trust. But it is possible, as I know from working with prominent British and European banks after the global financial crisis, taking part in policy meetings at the UK parliament about how to restore trust, and researching ...

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Qantas' acquisition of Alliance Airlines up in the air

Qantas' acquisition of Alliance Airlines up in the air

Qantas (ASX: QAN) has announced that it has purchased a 19.9 per cent stake in regional charter flight operator Alliance Airlines (ASX: AQZ), but the deal could still be undone. Shares in Alliance have soared on the back of Qantas' transaction, with shares up 12.61 per cent to $2.59 per share before noon AEDT. However, the investm...

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Cosmetics empire Napoleon goes into administration

Cosmetics empire Napoleon goes into administration

After the downfalls of Roger David and Ed Harry in recent months, another Australian icon is on the chopping block with cosmetics retailer Napoleon Perdis now in voluntary administration. The directors of Napoleon Perdis Group today appointed Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants as voluntary admi...

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Optus unveils 5G plan to challenge NBN

Optus unveils 5G plan to challenge NBN

While the ban on Huawei was enough to drive away TPG from setting up its new network, Optus remains undeterred and has today released its plans to roll out a "game changing" home broadband service. The company has signalled the "first wave" of the project with 1,200 5G sites planned by March 2020. In partnership wi...

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Esports Mogul speeds ahead to 1 million registered users

Esports Mogul speeds ahead to 1 million registered users

Listed esports company Esports Mogul (ASX: ESH) has quickly reached a new milestone of one million registered users on its platform. These figures were mostly achieved in just the last six weeks during which the company added approximately 620,000 new registered users an increase of 163 per cent since December. The company says the in...

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Perth firm snaps up struggling RCR's laser cutting business

Perth firm snaps up struggling RCR's laser cutting business

Within weeks of offloading RCR Energy Service, administrators McGrathNicol have announced the sale of laser cutting business RCR Laser to Perth-based Unique Metal Works. McGrathNicol was appointed to oversee the sale and restructuring of RCR Tomlinson's (ASX: RCR) assets in November, after operational issues at its solar farms led to ...

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Female board representation hits an all-time high

Female board representation hits an all-time high

Gender diversity on ASX 200 boards has hit an all-time high at the end of 2018, with nearly 30 per cent of board positions filled by women. This is a huge milestone for Australian companies who have hit this target without any regulatory intervention or quotas. The Australian Institute of Company Directors (AICD) says the 29.7 per cen...

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