Appeal dismissed for former MFS execs involved in $147.5M misappropriation

Appeal dismissed for former MFS execs involved in $147.5M misappropriation

The Queensland Court of Appeal has dismissed appeals from three former executives who were connected to the misappropriation of $147.5 million at MFS, which collapsed in 2008 with debts in the order of $2.5 billion. The court dismissed appeals from MFS Investment Management's (MFSIM) former CEO Guy Hutchings and former deputy CEO&nbsp...

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Massive first strike on CEO pay at NAB

Massive first strike on CEO pay at NAB

"We tried, but we got it wrong. We are listening to you. We will try again," says National Australia Bank (ASX: NAB) chairman Ken Henry. NAB shareholders have issued a strong sign of disapproval to the board with 80 per cent voting against a proposed remuneration report that included significant concessions for CEO Andrew Thorbu...

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EML taps into Millennial fin-techs with new payment programs

EML taps into Millennial fin-techs with new payment programs

Hot off the heels of a tie-up with Apple Pay, EML Payments (ASX: EML) aims to be ahead of the curve after securing new payments programs with four Australian fin-tech groups that bank on rising behavioural trends amongst Millennials and Generation Z. EML Payments CEO Tom Cregan (pictured) says his company's product innovation, process...

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Carsales takes $48m hit from lending changes

Carsales takes $48m hit from lending changes

Tightened credit conditions and a ban on flex commissions have taken a Carsales.com (ASX: CAR) subsidiary down a gear with a non-cash impairment charge of $48 million. The digital automotive classifieds company holds a 50.1 per cent stake in Stratton Finance Group Cash Generating Unit (GCU), whose car financing operations h...

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ASIC challenges AMP and Clayton Utz over failure to produce documents

ASIC challenges AMP and Clayton Utz over failure to produce documents

As part of its investigation into AMP for charging 'fees for no service' (FFNS), the Australian Securities and Investments Commission (ASIC) has called on the financial services firm and Clayton Utz to provide certain documents it claims have been withheld. ASIC has applied to the Federal Court of Australia for an order that ...

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Former Leighton CFO found guilty of cooking the books

Former Leighton CFO found guilty of cooking the books

Former Leighton Holdings (LHL) chief financial officer and director Peter Alan Gregg has been found guilty of criminal charges brought by the Australian Securities and Investments Commission (ASIC).  After a five-week trial in the District Court of New South Wales, a jury found Gregg (of Pyrmont, NSW) had engaged ...

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IOOF leaders step down over APRA row

IOOF leaders step down over APRA row

The managing director and chairman of IOOF Holdings (ASX: IFL) have stepped down from their roles to fight legal action brought by the Australian Prudential Regulation Authority (APRA), in what the finance services provider has described as an "appropriate" step in the interests of governance. APRA announced on Friday that ...

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Is Comprehensive Credit Reporting the key to driving innovation?

Is Comprehensive Credit Reporting the key to driving innovation?

It's no secret the July 2018 introduction of mandatory comprehensive credit reporting (CCR) has ushered in a positive change for consumers. However, with only 50 per cent of credit data now shared as a requirement, will the financial services sector be ready to release 100 per cent of its data by mid-2019? Daniel Wessels, who won the ...

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Afterpay backs increased powers for ASIC in 'buy now pay later' market

Afterpay backs increased powers for ASIC in 'buy now pay later' market

With the Australian Securities and Investments Commission (ASIC) pitch to have its intervention powers extended in the 'buy now pay later' market, one could be forgiven for thinking Afterpay Touch Group (ASX: APT) would be against the idea. Business has been booming for the Melbourne-based company led by Nicholas Molnar (pictured)...

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No earnings guidance from Blue Sky with board change underway

No earnings guidance from Blue Sky with board change underway

The outgoing chairman of Blue Sky Alternative Investments (ASX: BLA) is confident restructuring efforts will help deliver returns, but unlike in previous years the company has not given any earnings guidance for FY2019 at today's annual general meeting (AGM). Chairman John Kain (pictured), who will be replaced by former Hastings Funds...

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Government announces $2b injection for small business

Government announces $2b injection for small business

The Federal Government is offering a leg up to around three million small businesses in Australia through the creation of a $2 billion fund that will be channelled through loans to small banks and non-bank lenders. The Australian Business Securitisation Fund is expected to improve competition in the business loan market, where borrow...

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Blue Sky stands by Pinnacle deal after Wilson ups the ante

Blue Sky stands by Pinnacle deal after Wilson ups the ante

Wilson Asset Management (ASX: WAM) has raised the stakes in its bid to run Blue Sky Alternative Investments' (ASX: BLA) alternative access fund, but the embattled company has been unswayed. WAM has offered a fee-free period for BLA-managed assets as well as an expansion of the scope of its services to match those of Alterum, the name ...

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CTM founder buys more shares amidst short sell attack

CTM founder buys more shares amidst short sell attack

After losing more than $120 million from a hedge fund "ambush" of his company, Corporate Travel Management ('CTM', ASX: CTD) CEO Jamie Pherous (pictured) is reinvesting in the business he founded. After the group released an Ernst & Young-backed defence of its financial health, on Friday Pherous acquired 115,000 shar...

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Corporate Travel Management strikes back

Corporate Travel Management strikes back

After 11 days under siege from a short selling attack, Corporate Travel Management ('CTM', ASX: CTD) is taking its defence up a notch with a review from Ernst & Young (EY) that "has not identified any issues or concerns" with its North American business and has sought to explain alleged discrepancies in cash flow an...

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VGI furthers short position in Corporate Travel over "serious additional concerns"

VGI furthers short position in Corporate Travel over "serious additional concerns"

Hedge fund VGI Partners has been emboldened by last week's 27 per cent fall in Corporate Travel Management ('CTM', ASX: CTD) shares and has increased its short position in the Brisbane company. The fund sent a 52-page to investors last night claiming the group tried to "tap-dance out of trouble" over allegations...

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Brisbane property tech company PEXA to be acquired for $1.6 billion

Brisbane property tech company PEXA to be acquired for $1.6 billion

A consortium including the Commonwealth Bank of Australia (ASX: CBA), Link Administration Holdings and Morgan Stanley Infrastructure Partners is set to acquire a major Aussie tech group for around $1.6 billion. The bidders have announced they will acquire Property Exchange Australia Limited (PEXA) after shareholders at PEXA agre...

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Class action on the table after short seller report

Class action on the table after short seller report

Maurice Blackburn Lawyers is set to weigh in on VGI Partners' $55 million short on Brisbane-based travel company Corporate Travel Management ('CTM', ASX: CTD), with a class action potentially on the cards. But who the Melbourne-headquartered firm will be against is now the question. An investigation is currently underway i...

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Wattle Hill increases bid for Capilano takeover

Wattle Hill increases bid for Capilano takeover

This morning, Australian honey producer Capilano went into a trading halt pending news of a completed takeover. However, shortly after, the company left the halt to announce that the Wattle Hill and ROC Capital consortium has agreed to increase its takeover offer. The China-focused private investors will now be paying $21 per share fo...

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MYOB opens its books to KKR

MYOB opens its books to KKR

Listed software company MYOB (ASX: MYO) has granted due diligence to private equity firm KKR ahead of its proposed $2.2 billion takeover bid. KKR, which already owns a 20 per cent stake in MYOB, announced its takeover of the software company in early October. The takeover remains subject to completion of KKR's due diligence proces...

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Corporate Travel Management rejects 'misunderstood' short selling report from VGI Partners

Corporate Travel Management rejects 'misunderstood' short selling report from VGI Partners

"CTM has a clear strategy to establish a global footprint and generate scale, but is not intending to do this by building a costly and less productive small office 'bricks and mortar' empire," the group says.  Ahead of its AGM today Corporate Travel Management (CTM, ASX: CTD) has hit back at VGI Partners over its sh...

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