ACCC flags concrete plans to tackle digital media giants' power imbalance

ACCC flags concrete plans to tackle digital media giants' power imbalance

The Australian Competition and Consumer Commission (ACCC) has delved deeper into the type of regulatory codes that could be used to tackle the distortionary power of digital platforms like Facebook and Google.   Following the regulator's recent report into the out-of-control growth and dominance of these companies ...

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Acquisitions lift Centuria real estate asset values by 33%

Acquisitions lift Centuria real estate asset values by 33%

Centuria Capital Group (ASX: CNI) expects to qualify for the S&P ASX 300 index this quarter after an acquisition drive helped lift its market capitalisation in FY19. The Sydney-based company's share price has risen 62 per cent since the start of the year with leadership holding a bullish outlook for the office, industrial and heal...

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Market darling Magellan sails through troubled markets with stellar result

Market darling Magellan sails through troubled markets with stellar result

Investor optimism has added $6.5 billion to Magellan Financial Group's (ASX: MFG) market capitalisation since February, and today the Sydney-based investment fund returned the favour. The company has reported a 35 per cent lift in net profit after tax (NPAT) to $364.2 million in FY19, and is giving some of that back to shareholders th...

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Banks vs Small Business Lenders in Australia: Who Shall Prevail?

Banks vs Small Business Lenders in Australia: Who Shall Prevail?

Times are brutally tough for SMEs in Australia. Ever since the Royal Commission into Misconduct in the Financial Services Industry tabled its report, bank financing has all but dried up. This situation has put small business owners in a difficult spot; without access to credit, companies put expansion plans on hold. When gaps in cash ...

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Macquarie Media agrees to sell to Nine at discount

Macquarie Media agrees to sell to Nine at discount

The board of one of Australia's largest radio companies is in favour of selling off almost half its shares to Nine Entertainment (ASX: NEC) at a 16 per cent discount to the previous share price. This morning Nine offered to buy the remaining 45.5 per cent stake it doesn't own in Macquarie Media (ASX: MRN) - broadcaster of such sta...

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NSW watchdog to probe Packer's sale of Crown shares

NSW watchdog to probe Packer's sale of Crown shares

On 31 May, James Packer's CPH Crown Holdings sold $1.76 billion worth of shares in Crown Resorts (ASX: CWN) to Hong Kong-based casino operator Melco Resorts, a company headed by Packer's former business partner Lawrence Ho. Lawrence Ho is the son of Macau's most influential casino magnate Stanley Ho, who held a government-gran...

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Rural Funds gives "zero clarity" to shareholders, claims Bonitas

Rural Funds gives "zero clarity" to shareholders, claims Bonitas

Bonitas Research has criticised Rural Funds Group's (ASX: RFF) "we will not disclose" response to requests for its commercial lease agreements, with the US short seller standing by its allegations the agricultural land fund fabricated rental income. The company's shares plunged 43 per cent on Tuesday after Bonitas accuse...

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Nick Scali shares rise despite flat same-store sales

Nick Scali shares rise despite flat same-store sales

Investors were encouraged by the performance of Nick Scali (ASX: NCK) today as shares in the furniture retailer pushed 8 per cent higher, with managing director Anthony Scali describing the record result as "satisfactory". The group notched its seventh straight year of record profit, up 2.8 per cent year-on-year at $42.1 million...

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Rural Funds founder: "I will be buying shares"

Rural Funds founder: "I will be buying shares"

The board of beseiged farmland owner Rural Funds (ASX: RFF) has adopted a strategy to deliberately "lack detailed explanation" in its immediate response to financial irregularity allegations from US short seller Bonitas Research.  In early trading RFF shares were up almost 33 per cent at $1.80, but still well shy of the $2....

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Business News Australia cracks 100,000 unique visitors mark

Business News Australia cracks 100,000 unique visitors mark

Business News Australia has bucked the trend of a challenging media environment with staggering organic growth in readership rates over the past year. Driven by a Millennial-majority demographic, the most recent data shows our independent news site reached 101,000 visits. This represents a staggering year-on-year growth of 84 per cent...

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Rural Funds hits back at short seller Bonitas

Rural Funds hits back at short seller Bonitas

Australia's most experienced agricultural fund manager has entirely rejected claims made by a Texas-based short seller whose report into the company sent its shares into freefall yesterday. Bonitas Research, an entity set up by Glaucus Research founder Matthew Wiechert who was responsible for similar attacks that prompted the dow...

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One for the road: CEO resigns at Australia's largest pub property group

One for the road: CEO resigns at Australia's largest pub property group

The owner of Australia's largest portfolio of freehold pub properties will say cheers to its longstanding CEO after 16 years in the job. ALE Property Group (ASX: LEP) announced today its CEO and managing director Andrew Wilkinson will be stepping down to pursue new executive challenges. The executive has overseen a growth in ALE...

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CommBank will take on Afterpay in buy-now pay-later market

CommBank will take on Afterpay in buy-now pay-later market

Australia's largest bank is moving with the times in a financial market where buy-now pay-later (BNPL) companies like Afterpay (ASX: APT) and Zip Co (ASX: Z1P) have gained traction with consumers and investors alike. In its results announcement today, Commonwealth Bank (ASX: CBA) announced it had signed an agreement with Swedish onlin...

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Medicinal cannabis industry welcomes extended government support

Medicinal cannabis industry welcomes extended government support

The Federal Government has promised to support major medicinal cannabis projects to the delight of the sector. Under the plan, medicinal cannabis projects that have been granted major project status (MPS) will be given priority to receive medicinal cannabis licences through the Office of Drug Control (ODC). MPS is granted by the depar...

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Glaucus founder strikes again as Rural Funds Group shares collapse

Glaucus founder strikes again as Rural Funds Group shares collapse

Agricultural real estate investment trust Rural Funds Group (ASX: RFF) saw its shares plunge 43 per cent this morning following an activist short sell attack from Bonitas Research. The Texas-based fund was founded by Matthew Wiechert, also known as the founder of Glaucus Research which triggered the decline of Blue Sky Alternative Investm...

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Kip McGrath retires from global tutoring empire

Kip McGrath retires from global tutoring empire

Education entrepreneur Kip McGrath has retired from his namesake company with tutoring centres around the world, leaving a lasting legacy that began more than four decades ago in the Hunter Valley of NSW. The announcement comes shortly the board forecast net profit after tax for Kip McGrath Education Centres (ASX: KME) would be up 30 per ...

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Yowie escapes coup as Bolton and Khan clash over Keybridge

Yowie escapes coup as Bolton and Khan clash over Keybridge

Troubled investment firm Keybridge Capital (ASX: KBC) has been choc-blocked in its attempt to oust chairman Louis Carroll from confectioner Yowie (ASX: YOW), with investors seemingly taking little encouragement from the suitor's own internal conflicts.  Keybridge, backed by notorious corporate raiders Farooq Khan and Nichola...

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Wesfarmers' acquisition of Catch Group gets green light from ACCC

Wesfarmers' acquisition of Catch Group gets green light from ACCC

The national competition regulator sees no problem with Wesfarmers' (ASX: WES) proposed $230 million acquisition of online retailer Catch Group and will not oppose the deal. The Australian Competition and Consumer Commission (ACCC) determined a link-up of Wesfarmers' Kmart and Target stores with the e-commerce player would no...

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Blue Sky ditched as SA venture capital fund manager

Blue Sky ditched as SA venture capital fund manager

Embattled fund manager Blue Sky Alternative Investments (ASX: BLA) has been dropped by the South Australian government from its role of managing the state's venture fund. The independent committee in charge of the $50 million SA Venture Capital Fund (SAVCF) is in the process of appointing a new fund manager to oversee the investments ...

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The Agency pays for aggressive expansion

The Agency pays for aggressive expansion

It may have come with a hefty price tag, but Perth-based national property group The Agency (ASX: AU1) has achieved a whopping 150 per cent increase in revenue to $40 million. In the three months to June 30 the company's cash receipts increased 50 per cent quarter-on-quarter to hit $13.7 million, on the back of a record number of exch...

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Bridgestone acquires Lube Mobile

Bridgestone acquires Lube Mobile

After almost four decades in business mobile car mechanic company Lube Mobile is changing hands. The Australian arm of Japan-based multinational Bridgestone Corporation today announced it had purchased the iconic automotive services provider at an undisclosed price. The acquired business founded in 1982 will operate independently of B...

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The perfect end of year conference and events venues at your fingertips

The perfect end of year conference and events venues at your fingertips

Nothing shows staff, clients and colleagues your appreciation quite like an end of year celebration. Whether it's an intimate gathering, an extravagant gala or even a sophisticated and sleek corporate affair, there are a multitude of ways to make your end of year event pop. It begins with choosing the perfect venue. Often the most...

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The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

Fund manager Blue Sky Alternative Investments (ASX: BLA) ended its 7.5-year run on the ASX after going into receivership. At its peak the Brisbane-based investment firm was worth almost $1.2 billion, with capital raisings easily fulfilled and an aggressive investment strategy fuelling global interest.  During what appeared t...

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Ecofibre, the Aussie hemp giant pushing a $1 billion market cap

Ecofibre, the Aussie hemp giant pushing a $1 billion market cap

With a share price that has doubled since listing on the ASX in March, great expectations have surrounded Australian hemp company Ecofibre (ASX: EOF) ahead of its results announcement today and the numbers are unlikely to disappoint. Ecofibre's revenue for FY19 was up 519 per cent at $35.6 million while net profit after tax jumped 170...

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How to evaluate your accident or injury case

How to evaluate your accident or injury case

One of the first questions asked of accident and injury compensation lawyers is "what is the value of my claim?".  It is a fair question, and one that should be answered at the beginning of any compensation claim process. However, every case is different and there are a lot of variables to evaluate in an accident or inj...

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Why an Australian building industry downturn is inevitable

Why an Australian building industry downturn is inevitable

According to BIS Oxford Economics a downturn in Australia's residential building industry is "already baked in". But fear not, it is only expected to last for about a year, and things will start looking up from mid-2020. While the dip in the building market is on its way, the market analyst and economic forecaster says t...

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ACCC: Facebook and Google's power distorts companies' ability to compete

ACCC: Facebook and Google's power distorts companies' ability to compete

The long-awaited Australian Competition and Consumer Commission (ACCC) report into the out-of-control growth and dominance of digital platforms has been released today, with the watchdog critical of giants Facebook and Google. The overarching theme of the report can be distilled into the ACCC not trusting the platforms to self-regulate, w...

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FNZ lifts bid by 10%, GBST still not keen

FNZ lifts bid by 10%, GBST still not keen

Update: This afternoon GBST entered a trading halt pending an announcement, with shares set to recommence trading by July 30. When Wellington-based FNZ Custodians tried to acquire Brisbane fintech GBST (ASX: GBT) earlier this month, it outbid its US opponent in the final hour by five cents. The success of M&A activity is about mor...

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The five questions to ask before buying a company car

The five questions to ask before buying a company car

Whether you're a start-up or a mature company, you may wonder if buying a car or vehicle for your business is the right decision. According to the Australian Bureau of Statistics there are over 3.8 million commercial vehicles (trucks, buses, and other light commercial vehicles) on the books in Australia. That's a lot of choice. ...

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ASIC to launch proceedings against ANZ

ASIC to launch proceedings against ANZ

ANZ is set to face civil penalty proceedings over fees charged to customers who failed to make scheduled payments between accounts. The issue was part of an ultimately unsuccessful class action brought by law firm Maurice Blackburn, but in December 2018 there was a settlement of $1.5 million for certain fees. The settlement is still s...

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