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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Villa World posts slightly improved profit in challenging market conditions

Villa World posts slightly improved profit in challenging market conditions

Despite a tough property market Villa World (ASX: VLW) has recorded a slightly improved profit at the end of the first half of FY19. The residential house and land developer announced a $17.6 million after tax half year profit, up from $17.3 million at the end of H1 FY18. This was despite sales being down significantly from the same t...

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Megaport 1H revenue up on the back of continued expansion

Megaport 1H revenue up on the back of continued expansion

Australian data centre business Megaport (ASX: MP1) continued its gradual growth at home and overseas during the first half resulting in a healthy amount of revenue. The company's first half revenue was $15.2 million, an increase of 72 per cent from the same period ending 31 December 2017. Total monthly recurring revenue was also ...

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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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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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Pharma group targets China with $10m acquisition of e-commerce players

Pharma group targets China with $10m acquisition of e-commerce players

Star Combo is positioning itself as a major exporter of Australian pharmaceutical products with its $10 million spending spree on China focused e-commerce businesses. The Sydney-based manufacturer and distributor of health, pharmaceutical and beauty products has acquired the businesses of Koala Mall and Austoyou Group. Both businesses...

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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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REA Group profit dives 98 per cent after $173m impairment

REA Group profit dives 98 per cent after $173m impairment

Were it not for a $173.2 million impairment charge REA Group was shooting for success during the first half of FY19. The company's NPAT closed at $176.6 million in HY2019, up 20 per cent on the same time last year but dived 98 per cent to $2.5 million once all factors were taken into account. The impairment charge is a disappointi...

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Dexus reports a productive half year but profit slips

Dexus reports a productive half year but profit slips

Real estate management group Dexus (ASX: DXS) has seen its profit slip by 27.2 per cent despite its "productive" half year. During the first half of FY19 Dexus' NPAT was down 27.2 per cent to $726.4 million because of net revaluation gains of investment properties being lower than those recognised in the previous correspondi...

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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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EML Payments on a winning streak in Europe, US

EML Payments on a winning streak in Europe, US

Listed fintech EML Payments (ASX: EML) is off to a strong start overseas in 2019 with new product launches in North America and Sweden, taking its number of reloadable prepaid programs around the world up to 12. The Brisbane-based company's share price is still down around 23 per cent from its 12-month high of $1.88 in August, but the...

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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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Healthscope signs $4.5 billion takeover deal

Healthscope signs $4.5 billion takeover deal

Healthscope (ASX: HSO) and Canadian investment firm Brookfield have come to an agreement on the takeover of the Australian hospital operator to the tune of $4.5 billion. The deal between the two comes amid claims from rival bidders that they could trump Brookfield's offer. The agreement will see Brookfield pay $2.50 per share (a p...

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Ansell slips on US glove maker for $96.2 million

Ansell slips on US glove maker for $96.2 million

Following the sale of its condom business in 2017 Ansell (ASX: ANN) has been focusing on its protective gear unit as its priority. Continuing this trend, the Australian company has acquired a US protective glove manufacturer Ringers Gloves for US$70 million ($96.2 million). Ringers Gloves has a history of manufacturing gloves to oil &...

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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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TPG cans mobile network over Huawei ban

TPG cans mobile network over Huawei ban

The federal government's decision to ban the use of Chinese telco Huawei in Australian 5G networks has led to TPG scrapping its plans for a new mobile network.  TPG, which had been designing and implementing its mobile network since April 2017, decided to cease the rollout of its infrastructure project today after investing signi...

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AMP profit slashed 96 per cent

AMP profit slashed 96 per cent

Things continue to get worse for AMP (ASX: AMP) in the ongoing wake of the banking royal commission. The company has announced that its full year profit will fall by 96 per cent after confirming it will set aside another $200 million to cover the cost of customer remediation issues arising from the royal commission. The financial mana...

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Collection House acquires $8.5M stake in Volt Bank

Collection House acquires $8.5M stake in Volt Bank

After revelations from the Royal Commission led to eroded trust in major banks, will customers warm to new entrants backed by regulations designed to promote competition? A pathway set up by regulators to incentivise new entrants in the banking sector is starting to gather momentum, with Volt Bank receiving an $8.5 million investment from...

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