CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

INDUSTRIAL and Commercial Bank of China (ICBC) has opened its second Australian branch in Brisbane to support international trade. ICBC already operates an international branch in Sydney, while building on the financial institution's representative office in Brisbane. Acting Premier and Treasurer Curtis Pitt says the move demonstr...

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SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER and Gordon (ASX:SGH) plans to sue the UK company behind the acquisition that triggered the law firm's ASX downfall. The Melbourne-based law firm plans to bring claims against Watchstone Group Plc, formerly known as Quindell Plc, for the $1.3 billion purchase of its professional services division last year. In a statement to...

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SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

AN APPRENTICE floor layer has been back-paid almost $25,000 by a western Sydney business, following an investigation by the Fair Work Ombudsman. Pampost Pty Ltd, trading as Bass Floor Company in Guildford West, paid the full-time adult apprentice at junior rates over two years. The company also kept tool allowances in a fund for emplo...

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SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

FOLLOWING a rocky end to the financial year, the employment market has once again a boost as ANZ economists reveal a jump in the number of job listings posted nationally in August. Job advertisements bounced a solid 1.8 per cent to more than 160,000, despite a steep drop recorded for the previous month of July. While this slump may ha...

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AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

THE European banking crisis remains a ticking time bomb and Australians need a reality check if they are to cope with another global financial crisis, according to former Commonwealth Bank CEO David Murray (pictured). The seasoned corporate executive, who chaired the federal government's inquiry into the banking system in 2014, has al...

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TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the broader economy. Figures from Tourism Research Australia show there was a record 7.2 million international visitors in the 12 months to June 30, up 10 per cent on the previous year. The level of spending grew at a faster r...

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FORECASTER SEES THREE MORE YEARS OF PAIN

FORECASTER SEES THREE MORE YEARS OF PAIN

IF YOU thought the last couple of years were tough then get used to it, says BIS Shrapnel. The economic forecaster is tipping Australia's economic growth to weaken each year over the next three years, buffeted by a stubbornly high dollar and continued structural change in the economy. BIS Shrapnel's Long Term Forecasts: 2016-2...

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SURFSTITCH SHARES HALVED AS LOSS HITS $155M

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares more than halved on news that its annual loss has blown out to $154.7 million. The FY16 result by the Gold Coast-based company, a former subsidiary of Billabong (ASX:BBG), has been impacted by $99.3 million in goodwill impairm...

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RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY Health Care (ASX: RHC) shares were given a tonic today as the company reported a 16.8 per cent surge in net profit to $481.4 million. The latest result was aided by a suite of acquisitions and expansions across the private hospital operator's international portfolio. This led to an 11.6 per cent increase in EBIT (earnings b...

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BRISBANE BRIDGES ASIA WITH SRI LANKA

BRISBANE BRIDGES ASIA WITH SRI LANKA

THREE Brisbane companies just invested more than $150,000 dollars in Sri Lanka. In a business 'matchmaking' event, more than 25 Sri Lankan tech businesses pitched Australian delegates for investment at a business event held by the Sri Lanka and Australia Chamber of Commerce (SLACC) earlier this year. SLACC President Kalum De S...

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CEO RESIGNS AS CARDNO POSTS LOSS

CEO RESIGNS AS CARDNO POSTS LOSS

CARDNO (ASX: CDD) is still in the red this year, with the company posting a $176 million net loss earlier today. While this current figure improves on last year's $245 million full year loss, it once again reflects heavy industry pressure and poor performance across numerous markets, particularly the American resource sectors. The...

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SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER Chef (ASX: SIV) dished out a net profit after tax of $22.4 million for the financial year, delivering a new CEO with the news.  The result includes a one-off after tax break cost of $1 million arising from the early redemption of $30 million of loan notes on 14 September 2015. The Brisbane-based equipment funding company d...

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MARKET CONDITIONS FLICK THE SWITCH ON ERM

MARKET CONDITIONS FLICK THE SWITCH ON ERM

LIGHTS are dim for ERM Power (ASX: EPW) today as the electricity provider posted a $30 million drop in profit, with its overall FY16 performance plugged to industry volatility. Despite a revenue increase of 19 per cent to $2.7 billion overall, the Brisbane company saw a sharp 46 per cent fall in statutory net profit from $65.9 million in ...

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WATPAC CLINGS TO CONSTRUCTION AS PROFIT SUFFERS

WATPAC CLINGS TO CONSTRUCTION AS PROFIT SUFFERS

SPENDING 12 months riding a down-turning industry, Watpac Limited (ASX: WTP) has emerged a little bruised, yet not completely out for the count, following its full year result. Posting a statutory loss after tax this morning of $21.4 million, down from an $11.5 million loss in FY15, the Brisbane giant admits its result was once again affe...

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MACAU SALE MASKS WEAKER RESULT FROM CROWN

MACAU SALE MASKS WEAKER RESULT FROM CROWN

THE sale of its Macau joint venture has masked an otherwise weaker performance by James Packer's Crown Resorts (ASX:CWN) which reported a massive spike in earnings to $948.8 million profit in FY16. The result, up 164 per cent from a year ago, was boosted by a net gain of $555.2 million after Crown offloaded its interest in Melco Crown...

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G8 SHARES STILL TENDER AFTER WILD RIDE

G8 SHARES STILL TENDER AFTER WILD RIDE

SHARES in Australia's largest listed childcare centre operator G8 Education (ASX:GEM) edged lower today after briefly recovering from a $400 million rollercoaster ride in the wake of a disappointing profit result yesterday. The stock dipped as much as 6 per cent in morning trade, but it was a far cry from the 30 per cent thumping give...

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VILLA WORLD JOINS PROPERTY PROFIT RUSH

VILLA WORLD JOINS PROPERTY PROFIT RUSH

HOUSING developer Villa World (ASX:VLW) has joined the profit rush across the property sector by posting a record $33.7 million profit for FY16. The result, up 32 per cent from last year, was underscored by an underlying pre-tax profit of $47.2 million which exceeded the company's forecasts and delivered on a strategy that CEO Craig T...

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PERKS BRINGS ACCOUNTING FORWARD

PERKS BRINGS ACCOUNTING FORWARD

ADELAIDE firm Perks has developed a first to market solution for accountants and financial planners.

Xeppo, a cloud-based software, enables financial service providers to manage data relating to client's personal, wealth management and business portfolios on one platform.

The technology launched in 2015 at the LEA world conference in M...

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THREE TIPS TO IMPROVE YOUR CASHFLOW

THREE TIPS TO IMPROVE YOUR CASHFLOW

THE ideal for any business is to send off an invoice with total confidence it will get paid in a timely manner, but that is not always the case. The latest Trade Payments Analysis from Dun & Bradstreet shows businesses are waiting an average of 44.9 days for payment, and near historical lows, but still a long time to wait for any smal...

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AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

RETIREMENT savings in AustralianSuper have hit more than $100 billion for the first time. The industry super fund hit the milestone with a strong growth in returns for more than two million members. AustralianSuper CEO Ian Silk says the fund is exploring global investments as the membership base continues to grow. "We are ver...

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