ASIC slams banks for "extremely poor" consumer credit insurance

ASIC slams banks for "extremely poor" consumer credit insurance

Australia's major banks have come under fire from the Australian Securities and Investment Commission (ASIC) for the sale of consumer credit insurance (CCI) that has "consistently failed consumers". In its latest report on CCI, Report #622, ASIC says that CCI products sold by 11 of Australia's major banks are of poor val...

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Michael Hill announces bumper backpay for employees

Michael Hill announces bumper backpay for employees

Jewellery retailer Michael Hill (ASX: MHJ) has announced that it owes employees between $10 million and $25 million in remediation payments. The group discovered this remuneration discrepancy when conducting a review into its Australian retail employment contracts and rostering practices. The company says it was non-compliant with som...

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Affinity's stake in Virgin's Velocity up for sale

Affinity's stake in Virgin's Velocity up for sale

A key stakeholder in Virgin Australia's (ASX: VAH) Velocity Frequent Flyer program (Velocity) is looking at options to exit. Virgin Australia has announced that Affinity Equity Partners (Affinity) is exploring an exit from its approximately 35 per cent holding in Velocity and has requested that various exit options for the sale of its...

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Data#3 expects a bumper full year profit

Data#3 expects a bumper full year profit

Listed IT services company Data#3 (ASX: DTL) is looking at a healthy FY19 result thanks to a strong Australian technology market. The company has posted a trading update this morning where it anticipates a record full year result to come through when its final FY19 results are released. Subject to finalisation of the Discovery Technol...

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Nimble pulls out of payday lending while ASIC clamps down

Nimble pulls out of payday lending while ASIC clamps down

Fintech Nimble will exit its high interest, short-term loans business this year at a time when the sector is under heightened scrutiny from the corporate watchdog. The Australian Securities and Investments Commission (ASIC) released a consultation paper yesterday revealing plans to use new product intervention powers in the short-ter...

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Business bank Tyro considering ASX listing

Business bank Tyro considering ASX listing

Payments and banking company Tyro told investors this morning that it is considering an ASX listing in a brief statement posted online. The company says that the listing is not a done deal, and a number of conditions must be met first. "Tyro Payments Limited today announced it is investigating the potential to move from its curre...

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AP Eagers to divest Newcastle car dealers to secure AHG merger

AP Eagers to divest Newcastle car dealers to secure AHG merger

The one bump in the road toward the proposed merger of two of Australia's largest automotive groups has been more or less flattened following this morning's announcement from AP Eagers (ASX: APE). The 106-year-old company has announced it will divest its Newcastle and Hunter Valley based car dealer Kloster Motor Group for $54 mill...

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Removify was Nick Bell's startup itch that needed to be scratched

Removify was Nick Bell's startup itch that needed to be scratched

Removify is helping businesses remove unwanted and fake online reviews and content with a 'no win, no fee' business model. Nick Bell (pictured) could easily have been forgiven for taking a break from the business world following his $39 million sale of WME Group to Melbourne IT (ASX:MLB) in 2017. But Bell couldn't kee...

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Aveo confirms Brookfield as preferred takeover partner

Aveo confirms Brookfield as preferred takeover partner

Canadian investment group Brookfield has been named as Aveo's (ASX: AOG) preferred takeover partner. The senior living provider announced this morning it is in talks with Brookfield about a possible takeover. While the suitor has been named as Aveo's "preferred" takeover partner, the two still need to enter into defi...

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Troubled Silver Chef settles for less

Troubled Silver Chef settles for less

Silver Chef (ASX: SIV) has come to an agreement with the consortium led by Next Capital that is seeking to take the company private. Now that Next Capital has pored over Silver Chef's books it appears as if Silver Chef is willing to settle for less. The embattled Silver Chef and the consortium led by Next Capital have deliberated ...

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US suitor outbids Bravura in tilt at GBST

US suitor outbids Bravura in tilt at GBST

Update: This afternoon GBST announced a pause in trading pending an announcement, which was followed by a trading halt that will be in place until the announcement is made or the start of trading on 3 July.  After several months receiving takeover offers from Bravura Solutions (ASX: BVS), Brisbane-based fintech GBST (ASX: GBT) h...

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Ord Minnett management take control as IOOF and JP Morgan exit

Ord Minnett management take control as IOOF and JP Morgan exit

A consortium of private investors will acquire private wealth manager Ord Minnett from IOOF (ASX: IFL) and JP Morgan for around $164 million. The consortium, led by current Ord Minnett management, is concurrently acquiring IOOF's 70 per cent stake in the wealth management business alongside JP Morgan's 30 per cent stake, allowing ...

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Afterpay founders vow to stand by the company amid AUSTRAC audit

Afterpay founders vow to stand by the company amid AUSTRAC audit

The founders of buy-now pay-later fintech Afterpay Touch Group (ASX: APT) have voiced their commitment to the business, vowing to hold onto their shares. Nick Molnar (pictured right) and Anthony Eisen (left), co-founders of the company, recently cashed out of the company to the tune of $103.5 million, just three trading days after the fin...

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Collins Foods reports strong growth boosted by KFC

Collins Foods reports strong growth boosted by KFC

The Australian operator of KFC, Taco Bell and Sizzler has reported a strong financial year, seeing growth across the board. Announcing its FY19 results today, ahead of most listed companies as its financial year finished on 28 April 2019, Collins Foods (ASX: CKF) saw its revenue lift by 17 per cent to $901.2 million. The group reporte...

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New IOOF CEO named in sweeping board overhaul

New IOOF CEO named in sweeping board overhaul

Over six months after severe criticism from the Australian business regulator IOOF has appointed a new CEO. Renato Mota (pictured) has been appointed as CEO and managing director of the business as part of sweeping reform across the company's board. The changes to the board also involve the appointment of Andrew Bloore as an indep...

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Zip Co embroiled in trademark dispute

Zip Co embroiled in trademark dispute

Home loan provider Firstmac is taking digital finance and payments company Zip Co (ASX: Z1P) to Federal Court over a trademark dispute. Firstmac alleges that Zip Co has infringed its trademark 'ZIP' which is registered in respect of 'financial affairs', specifically home loans. Zip Co has engaged Corrs Chambers Westgar...

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Australian Family Lawyers heads north with first acquisition since listing

Australian Family Lawyers heads north with first acquisition since listing

Australian Family Lawyers (ASX: AFL) is going full throttle as a listed law firm, notching its first acquisition since listing on the ASX in early June. The company has acquired Nita Stratton Funk & Associates Solicitors, marking its foray into the Queensland legal market. AFL will pay $300,000 in cash for the Queensland firm, whi...

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Althea riding high after receiving first UK patient prescription

Althea riding high after receiving first UK patient prescription

Shares in Althea are hitting an all-time high following the announcement that it has received its first patient prescription in the United Kingdom for medicinal cannabis. But the good news doesn't stop there the company has also received a planning permit from the Frankston City Council for the group's Australian cultivation and m...

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Struggling Smiles Inclusive to raise capital to turn company around

Struggling Smiles Inclusive to raise capital to turn company around

While the dust is settling over a prolonged leadership battle at the top of listed dental company Smiles Inclusive (ASX: SIL) the company is poised to raise $1.2 million. Smiles says the funds will go towards the group's turnaround plan and meet its working capital requirements. The offer price for the placement will be $0.14 per ...

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Atlassian to fix outdated, inefficient and combative M&A process

Atlassian to fix outdated, inefficient and combative M&A process

When a big player comes knocking wanting to buy your startup it might seem too good to be true. The wad of cash being waved in your face might prove irresistible and that's understandable; you've worked for years to get to where you are right now, and you damn well deserve that payout. But big businesses know that M&A is a...

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