Woolworths underpaid staff by up to $300 million

Woolworths underpaid staff by up to $300 million

Australia's largest retailer has 'unreservedly apologised' after a review prompted by an enterprise agreement (EA) found 5,700 were underpaid. Woolworths Group's (ASX: WOW) internal review of its supermarkets and Metro stores found inconsistency in pay for salaried store team members compared to team members under the...

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ACCC takes Google to court over misleading use of user location data

ACCC takes Google to court over misleading use of user location data

The Australian Competition and Consumer Commission ('ACCC') has launched proceedings in the Federal Court against Google, alleging the Silicon Valley giant misused users' location data. The watchdog claims that from at least January 2017, Google breached the Australian Consumer Law when it made on-screen representations on And...

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BAF struggles to shake off links to Blue Sky

BAF struggles to shake off links to Blue Sky

"Come on!" is the gist of the latest announcement from Blue Sky Alternatives Access Fund (ASX: BAF), a Sydney-headquartered investment house that continues to rue the day it adopted the name of its Gold Coast counterpart now in administration. Two weeks ago the fund announced negotiations had been delayed to replace a Blue Sky s...

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Benjamin Hornigold demands repayment as JB Financial Group falls into receivership

Benjamin Hornigold demands repayment as JB Financial Group falls into receivership

The company that holds the majority of Benjamin Hornigold's (ASX: BHD) assets has fallen into receivership, and the embattled company is anxious for repayment. JB Financial Group (JBFG) fell into receivership today, with Wexted Advisors being appointed as the group's receivers and managers by Partners For Growth (PFG) under its se...

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Bravura to acquire wealth management software company for $25 million

Bravura to acquire wealth management software company for $25 million

Listed fintech Bravura (ASX: BVS) is poised to acquire Australian software company FinoComp for $25 million. Like Bravura, FinoComp is a software development company that builds solutions for the wealth management market. FinoComp currently has clients in the UK including Aegon and Nucleus, and provides them with software for data ana...

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Costa offers heavy discount for $176m capital raise

Costa offers heavy discount for $176m capital raise

In a year marked by successive profit downgrades as Costa Group (ASX: CGC) faced dual challenges of crop problems and slowing markets, the fruit and vegetable company is now raising capital to pay off debt at a price near its IPO level. Buoyed by the narrative of healthy eating, demand in Asia and world-leading berry genetics, Costa's...

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Jennifer Hawkins' tequila brand teams up with LA Clippers

Jennifer Hawkins' tequila brand teams up with LA Clippers

A tequila brand founded by Jennifer Hawkins and her husband Jake Wall has made a groundbreaking deal to partner with NBA franchise the LA Clippers. Founded by the couple in 2015 with production in the Mexican state of Jalisco, Sesión Premium Tequila has been expanding its footprint in the US market with a focus on California. ...

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Ze Pickle sets sights on Sunshine Coast

Ze Pickle sets sights on Sunshine Coast

A Gold Coast burger institution that has spread it wings to Brisbane and Sydney now has a new destination in its sights - Noosa. Founded in Burleigh Heads by Nathan Zuckerman, Aaron Wilson and Joey Day in 2012, Ze Pickle prides itself on craft beer, good "unpretentious food" and quality beats. It's a formula that sa...

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The top spots for hosting an unforgettable Christmas

The top spots for hosting an unforgettable Christmas

Your staff have worked hard all year and deserve to party! Want to know how you can make their Christmas unforgettable? Well, there are certainly many ways to show your team appreciation at Christmas time, but of course finding the right setting is always key. To make the choice a simple one, we have handpicked some of the best spots ...

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Rural Funds exits poultry business for $72m

Rural Funds exits poultry business for $72m

Rural Funds Group (ASX: RFF) is set to opt out of its poultry assets and buy up more cattle properties after a recent deal to sell its broiler chicken farms for $72 million. The figure is just shy of the $74.6 million adjusted property value for RFF's poultry assets released by Rural Funds Management (RFM) for 30 June. These asset...

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Atomos acquires UK-based video tech developers Timecode Systems

Atomos acquires UK-based video tech developers Timecode Systems

An Australian technology company developing video content creation products Atomos (ASX: AMS) has acquired UK-based Timecode Systems to further enhance its product range. Timecode Systems has developed a patented technology that enables multiple audio and video capture devices to wirelessly synchronise together. The tech fits neatly a...

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Myer class action fails in court

Myer class action fails in court

The Federal Court has ruled Myer (ASX: MYR) will not need to pay damages in a class action brought by Amies Superannuation Fund trustee TPT Patrol, despite finding the retailer had engaged in misleading or deceptive conduct over a four-month period in FY15. The proceedings stemmed from a verbal statement made on 11 September 201...

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Virgin secures $623 million loan for Velocity buy-back

Virgin secures $623 million loan for Velocity buy-back

Virgin Australia (ASX: VAH) has secured a $623 million unsecured loan to buy-back a chunk of its frequent flyers program Velocity. The unsecured Notes are due in 2024, with the loan to be used to buy Affinity Equity Partners' 35 per cent minority interest in Velocity Frequent Flyer Holdco, worth around $700 million. The company ha...

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Fuji Xerox to acquire listed Australian printing business for $140 million

Fuji Xerox to acquire listed Australian printing business for $140 million

The Asia Pacific arm of Fuji Xerox has entered into an agreement to acquire Australian printing and business services company CSG (ASX: CSV) for $140 million. The proposed deal will see Fuji Xerox subsidiary Fuji Xerox Asia Pacific acquire the listed Australian business for $0.31 per issued CSG share, valuing the deal at $140.8 million an...

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Ashley & Martin ordered to refund consumers over unfair contracts

Ashley & Martin ordered to refund consumers over unfair contracts

The Federal Court has ordered hair loss treatment business Ashley & Martin to give refunds to customers affected by unfair contract terms in its 'Personal RealGROWTH' program. The Australian Competition and Consumer Commission (ACCC) estimates more than 25,000 customers were affected by the unfair terms across three standard c...

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New superannuation legislation drains AMP's cashflow

New superannuation legislation drains AMP's cashflow

Ever since the Royal Commission into the banking and finance sector financial services business AMP (ASX: AMP) has been on the back foot. Now, new legislation is causing the company to lose more money than it is bringing in. According to the group's Q3 update, the group's wealth management business saw cash inflows of $7.1 bil...

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E-learning business OpenLearning launches IPO

E-learning business OpenLearning launches IPO

Sydney-based education software as a service (SaaS) company OpenLearning has launched its $6 million IPO, with plans to land on the Australian Securities Exchange (ASX) by the end of 2019. Led by founder and CEO Adam Brimo (pictured), OpenLearning is one of the world's largest online learning platforms that enables education providers...

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Tinybeans blooms on the back of increased advertising revenue and user growth

Tinybeans blooms on the back of increased advertising revenue and user growth

Family-oriented social media platform Tinybeans (ASX: TNY) has exploded out of the gates during the first quarter of FY20, reporting a 91 per cent increase in revenue during the period. The strong revenue growth comes on the back of a healthy influx of new users, with 210,000 joining in the last three months, and a stronger rate of monthl...

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WiseTech shares rebound after founder attacks "self-serving and misleading" claims

WiseTech shares rebound after founder attacks "self-serving and misleading" claims

"Our acquisitions of small, targeted, predominantly founder-led, software businesses are strategic - not revenue rollups, nor for the primary purpose of acquiring customers," WiseTech stated in a rebuttal to the second part of a report from short seller J Capital Research (JCAP). The market response was brutal after software log...

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Envirosuite cracks into China after $10m raise

Envirosuite cracks into China after $10m raise

Following a successful $10 million raise to expand its business into China, Envirosuite (ASX: EVS) has signed an agreement with a Beijing-based environmental protection company. The deal with BHZQ Environmental Engineering Technologies sees Envirosuite named BHZQ's preferred provider for monitoring air and noise quality and corrosion ...

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WeWork and the future of coworking spaces

WeWork and the future of coworking spaces

What does the future hold for coworking spaces in light of all the latest WeWork drama? Read on to find out. The rollercoaster saga of WeWork has cast its brightest spotlight on startup culture and the billions of dollars of venture capital being pumped into companies to ramp up their revenue and secure a sky-high valuation. In the mi...

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Rinoldi buys The Old Cookie Company

Rinoldi buys The Old Cookie Company

The same family-owned group that picked up the Byron Bay Cookie Company from administration in 2013 has now acquired a Yarra Valley icon to expand its portfolio. Melbourne-headquartered Rinoldi is known for the Vetta, Nanda and Kookaburra pasta brands, but now it will also have The Old Colonial Cookie Company of Lilydale in the mix. ...

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Slater and Gordon to receive nil in UK settlement

Slater and Gordon to receive nil in UK settlement

Slater and Gordon (ASX: SGH) will not see a cent from the settlement between Slater and Gordon UK and Watchstone Group. Slater and Gordon UK, now completely detached from the Australian law firm, has entered into a settlement agreement with Watchstone group following a counterclaim made by the professional services firm. Initially, Sl...

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Digital home loan disruptor Athena secures $70 million in venture capital

Digital home loan disruptor Athena secures $70 million in venture capital

Digital home loan platform Athena Home Loans has completed a $70 million Series C funding raise led by leading Australian venture capital (VC) funds. The injection of capital will allow the digital disruptor to begin offering home loans for property purchase, adding to the group's successful mortgage refinancing operations. Existi...

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WiseTech drops $1.2 billion despite short sell rebuttal

WiseTech drops $1.2 billion despite short sell rebuttal

A detailed response to a short selling attack has done little to cushion a share price freefall for logistics software unicorn WiseTech (ASX: WTC), which lost another $1.18 billion in its market value this morning.  The bloodletting adds to more than $1 billion that was lost on Thursday following criticisms from China-based...

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Afterpay downplays RBA surcharge review

Afterpay downplays RBA surcharge review

If the Reserve Bank of Australia (RBA) is reviewing the cost of buy-now pay-later (BNPL) services for merchants, sector leader Afterpay (ASX: APT) does not appear too concerned. Last week, the RBA said it would review the "no surcharge" rules imposed by BNPL operators like Afterpay and Zip Co (ASX: Z1P). BNPL platf...

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Improved residential property market a boon for Stockland

Improved residential property market a boon for Stockland

An improved residential property market has paid off for property developer Stockland (ASX: SGP) at the first quarter of FY20. The beginning of this financial year has seen improvement in residential sales and an increase in comparable retail growth for the group. Stockland managing director and CEO Mark Steinert says the property mar...

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Seven West divests Pacific Magazines to Bauer Media for $40 million

Seven West divests Pacific Magazines to Bauer Media for $40 million

German publisher Bauer Media has expanded its magazine empire to include iconic publications Better Homes & Gardens and Marie Claire AU. The company has acquired the Pacific Magazines business from Seven West Media (ASX: SWM) for $40 million, representing a 4.9x EBITDA multiple based on the 2019 financial year. The sale will see S...

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CuDeco receivers set date for binding offers

CuDeco receivers set date for binding offers

The receivers of embattled Gold Coast-based miner CuDeco (ASX: CDU) have seen expressions of interest from "a range of local and international parties" for a potential transaction to recapitalise the group. In an announcement Friday evening, the receivers FTI Consulting noted their financial advisor Argonaut Securities had ...

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Slater & Gordon files class action against Colonial First State

Slater & Gordon files class action against Colonial First State

Commonwealth Bank (ASX: CBA) subsidiary Colonial First State is now fighting two major legal battles after Slater & Gordon (ASX: SGH) today announced it had filed a class action against the group. The revelation comes hot on the heels of another class action launched by Maurice Blackburn against Colonial on behalf of 100,000 members, ...

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