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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Murray River Organics ups dried fruit prices to pass on benefits to farmers

Murray River Organics ups dried fruit prices to pass on benefits to farmers

In a move intended to ensure growers of fruits receive a fair return Murray River Organics (ASX: MRG) have upped the prices of dried fruit by up to 25 per cent. The company says the price hike is commensurate with global pricing trends which have seen a doubling of pricing in comparable global grower markets in the last few years. MRO...

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Venture capital investment in Australia hits new highs in 2018

Venture capital investment in Australia hits new highs in 2018

While initial public offering (IPO) activity was low in 2018, the amount of venture capital (VC) invested in Australia surged upwards by 36 per cent last year to hit a record of US$899 million (A$1.25 billion). This is the conclusion of KPMG in its latest VC trends report Venture Pulse Q4 2018, which highlighted growth from US$659.9 milli...

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Kogan delivers its best Christmas trading period ever

Kogan delivers its best Christmas trading period ever

Australian e-tailing giant Kogan.com has revealed its late-2018 successes, with records made across the board. The business generated record trading in the peak Christmas period, and its Black Friday and Boxing Day sales respectively produced record days in the history of the company. Founder and CEO of Kogan.com Ruslan Kogan was glow...

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Capitol Health drops $8.1 million on Melbourne radiology network

Capitol Health drops $8.1 million on Melbourne radiology network

Melbourne-based med-tech company Capitol Health (ASX: CAJ) has acquired four new clinics for $8.1 million to extend its reach in Victoria. The four clinics in metropolitan Melbourne were previously owned by Uniradiology and extend Capitol Health's reach into Carlton. Uniradiology's network comprises clinics in Frankston, Dande...

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Black Friday buoys Australian retail but online continues to dominate

Black Friday buoys Australian retail but online continues to dominate

Australia's wholehearted embrace of the American Thanksgiving tradition Black Friday has paid off for our retailers, but it's online where shoppers continue to flock. The highly anticipated ABS data on retailing for November 2018 proved to be more positive than expected, with turnover up 0.4 per cent in November 2018. Pundits pred...

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Megaport's US operations take off in the first half of FY19

Megaport's US operations take off in the first half of FY19

The last six months have turned out to be particularly big for Brisbane's Megaport (ASX: MP1). The cloud technology company has seen particular success in North America since June 2018, with monthly recurring revenue up 80 per cent in the six months to the end of December 2018. In total, 1HFY19 revenue in North America was up from...

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