What will happen once Kaufland is gone for good?

What will happen once Kaufland is gone for good?

Kaufland was meant to be the heroic European supermarket to land in Australia and give its competitors a bit of a shake up. Instead, like a German high school exchange student, the 'hypermarket' announced its departure before we even got to know it properly. The company announced its departure from the Australian market on Wed...

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Jeanswest to close 37 stores as sale campaign begins

Jeanswest to close 37 stores as sale campaign begins

The latest Australian retailer to fall into voluntary administration, Jeanswest, will close 37 stores as a campaign to sell the business commences. The total of 37 stores represents one quarter of the group's 146 total stores, with 263 employees to be made redundant as part of the retailer's restructure. 21 of the 263 redundan...

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Evie Networks slates surge in EV charging station openings in 2020

Evie Networks slates surge in EV charging station openings in 2020

Patient capital is essential for anyone wanting to take on the uphill task of building electric vehicle (EV) infrastructure in a country with no formal EV policy. The installation cost is high with Evie Networks CEO Chris Mills estimating more than $750,000 is needed to set up an ultra fast-charging two-head station, while a six...

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Former Barclays exec John McFarlane to chair Westpac

Former Barclays exec John McFarlane to chair Westpac

Westpac (ASX: WBC) has appointed John McFarlane (pictured) as chairman after the AUSTRAC money laundering scandal triggered Lindsay Maxstead's resignation from the role. McFarlane is the former chairman of British multinational investment bank Barclays and has more than four decades' experience in the financial services sector. ...

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Colonial First State hit with class action over alleged excessive insurance premiums

Colonial First State hit with class action over alleged excessive insurance premiums

Commonwealth Bank (ASX: CBA) subsidiary Colonial First State is now facing its third class action lawsuit as Shine Lawyers follows in the footsteps of Maurice Blackburn and Slater & Gordon. The law firm alleges customers were slugged excessive insurance premiums. Shine alleges on behalf of "thousands of Australians" that...

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Surprise exit for Kaufland from Australia

Surprise exit for Kaufland from Australia

Kaufland's first foray outside Europe has fizzled today after the German retail giant announced it would abandon plans for Australian market development.  The group was previously planning to shake up Australia's retail market with 11 stores in Victoria to be supported by a 110,000sqm purpose-built distribution centre, along ...

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2020s Predictions: How new tech and demands will shape the decade

2020s Predictions: How new tech and demands will shape the decade

At the beginning of 2010 we arguably had no real blueprint to understand the dramatic social, economic and psychological impact that would result from the global population being tethered to the Internet 24/7. Apple's pioneering of smartphones was undoubtedly the driving force behind most of the changes over the last decade; constant c...

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Class action launched against NAB alleging superannuation "rip off"

Class action launched against NAB alleging superannuation "rip off"

More than 330,000 account holders at National Australia Bank (ASX: NAB) will be represented in a class action lawsuit against the banking giant, alleging customers were paying more than they should have in fees. The class action, filed in the Victorian Supreme Court by law firm Maurice Blackburn this morning, has been launched on behalf o...

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Freight forwarding startup Verus Global hits $24m in first year

Freight forwarding startup Verus Global hits $24m in first year

Just over a year ago Jackson Meyer was spruiking a new freight forwarding business model built on overhauling "outdated" processes and branding while cutting third-parties out of the picture. The budding entrepreneur claimed his business Verus Global would be able to reach turnover of $12 million in the first year of operation. ...

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Board directors ousted in Keybridge shake-up

Board directors ousted in Keybridge shake-up

Executive numbers are shrinking at embattled investment firm Keybridge Capital (ASX: KBC) as the tussle between CEO Nicholas Bolton and major investor Farooq Khan takes a fresh turn. One director has been stood down by the board, another voted off by shareholders, and the company's chairman has resigned against the backdrop of a tumul...

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Trivago misled travellers by promoting more expensive hotels

Trivago misled travellers by promoting more expensive hotels

Hotel comparison site Trivago has been found by the federal court to have misled consumers by promoting hotels that pay for the coveted top spot on the platform. If you've seen the endless ads run by Germany-based Trivago on TV or online, you'll know their prerogative is to help customers find the cheapest hotel rate possible. ...

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With costs approaching $100 billion, the fires are Australia's costliest natural disaster

With costs approaching $100 billion, the fires are Australia's costliest natural disaster

It's hard to estimate the eventual economic cost of Australia's 2019-20 megafires, partly because they are still underway, and partly because it is hard to know the cost to attribute to deaths and the decimation of species and habitats, but it is easy to get an idea of its significance - the cost will be unprecedented. The deadlie...

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Australian business leaders the most pessimistic over climate change

Australian business leaders the most pessimistic over climate change

While Australia has one of the world's lowest rankings on climate change policy, our business leaders have a much stronger belief than others worldwide that climate change will bring negative impacts to their industries.  A new global report from Deloitte found 81 per cent of Aussie execs believe they will be adversely affected b...

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Neobank Volt one step closer to IPO after $70m equity funding round

Neobank Volt one step closer to IPO after $70m equity funding round

'Neobank' Volt is inching closer to its planned IPO following an oversubscribed $70 million Series C equity funding round. The Series C, which was oversubscribed by $10 million beyond its original target of $60 million, lifts the bank's total funding to $100 million in equity. Volt now intends to launch a Series D equity f...

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Kogan shares dip despite record half

Kogan shares dip despite record half

E-commerce giant Kogan (ASX: KGN) recorded its highest ever gross sales and gross profit in the first half of FY20, bolstered by record trading results on Black Friday and Boxing Day. In a trading update today, the company noted gross sales were up 16 per cent for the half, while gross profit rose 9 per cent and active customer numbers we...

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Super Retail Group sales weighed down by fire and drought

Super Retail Group sales weighed down by fire and drought

Fire and drought impacts have combined with higher labour costs brought about by an enterprise agreement to weigh down on Super Retail Group's profit forecast. Bushfire smoke haze has led like-for-like (LFL) sales growth to go backwards at Super Retail Group's (ASX: SUL) outdoor-focused stores BCF and Macpac, especially for campin...

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Government offers $500,000 loans to drought-hit farm businesses

Government offers $500,000 loans to drought-hit farm businesses

The Federal Government will be offering loans of up to $500,000 to help small farmers affected by drought pay for operating expenses and refinance existing debt. Minister for Drought and Rural Finance David Littleproud says the new Regional Investment Corporation (RIC) loan for farm-dependent small businesses will be availa...

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Tourism body calls for positive campaign to counter $4.5 billion booking shortfall

Tourism body calls for positive campaign to counter $4.5 billion booking shortfall

Softened bookings from international tourists due to the bushfires could have an estimated $4.5 billion impact on the industry.  The main body representing the tourism export sector has called for a positive messaging campaign highlighting that Australia is 'open for business' as international tourism wanes. The ongoing b...

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F45 Training files for US IPO

F45 Training files for US IPO

An Australian group workout class franchise that attracted an investment from Hollywood star Mark Wahlberg is now one step closer to listing in the US.  Anonymous sources close to F45 Training told Bloomberg the company had confidentially filed for an initial public offering that could take place as soon as the first half. Founde...

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Hotel SaaS SiteMinder joins unicorn club

Hotel SaaS SiteMinder joins unicorn club

The Australian tech scale-up scene is getting points on the board early this year after a recent equity raise lifted the valuation of SiteMinder to $1.1 billion. The accommodation guest acquisition software outfit processed 105 million bookings for more than 35,000 hotels in 2019. Founded in 2006 by Mike Ford (pictured) and Mike Roger...

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Carly moves up a gear into New Zealand

Carly moves up a gear into New Zealand

Car subscription company Carly has inked a deal with listed automotive company Turners Automotive Group (ASX: TRA) to launch the platform in New Zealand by March 2020. The deal, between Carly's parent Collaborate (ASX: CL8) and Turners, will see the New Zealand company commit to supply 200 vehicles for their own stock within six month...

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Will online boost and lab-grown diamonds mean a glistening future for Michael Hill?

Will online boost and lab-grown diamonds mean a glistening future for Michael Hill?

Sales rose by 3.3 per cent for iconic jeweller Michael Hill International (ASX: MHJ) in the second quarter while new initiatives in e-commerce and synthetic diamonds set the scene for potential future growth opportunities. Online sales still only accounted for 3.3 per cent of the company's $203.5 million in revenue, but Michael H...

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Jeanswest appoints voluntary administrators

Jeanswest appoints voluntary administrators

Classic Australian clothing retailer Jeanswest faces a possible restructure after voluntary administrators KPMG stepped in today. KPMG's Peter Gothard and James Stewart have been appointed as voluntary administrators for the brand which first opened its doors in Perth in 1972. The announcement will only impact Jeanswest's...

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Smoothie Bombs' 'cybersquatting' case is a lesson for every business owner

Smoothie Bombs' 'cybersquatting' case is a lesson for every business owner

In this modern era, having a good product and a strong sales plan in place is just one part of the equation for retail success. As marketing, sales, promotion and products are more online than ever before, ensuring your intellectual property is in place and sufficiently protected is essential. One Australian founder learned this the h...

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Kangaroo Island Plantation Timbers hit again by bushfires

Kangaroo Island Plantation Timbers hit again by bushfires

The bushfires on Kangaroo Island, South Australia, which have ravaged a large swathe of the western part of the island continue to cause problems for farmers in the region. In particular Kangaroo Island Plantation Timbers (ASX: KPT) has felt the heat, with the fires forcing the company into voluntary suspension from the ASX while the dama...

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Former Guvera CEO banned from managing companies

Former Guvera CEO banned from managing companies

Darren Herft, the former CEO of music streaming platform Guvera, has been banned from managing corporations for a period of two years by the Australian Securities and Investments Commission (ASIC). Herft's ban follows the failure of four companies within the Guvera group which collapsed in June 2017. Guvera was founded in 2008 by ...

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Ailing Evans Dixon US property fund reports further woes

Ailing Evans Dixon US property fund reports further woes

Evans Dixon's (ASX ED1) US Masters Residential Property Fund (ASX: URF) has been on rocky ground of late, and its woes have continued to worsen into the new year. The company has been forced to reduce its net asset value (NAV) by up to 30 per cent as a result of a struggling New York City housing market, an unfavourable exchange rate,...

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Thredbo resort back in business after bushfire closure

Thredbo resort back in business after bushfire closure

Event Hospitality & Entertainment (ASX: EVT) has reopened its summer operations at Thredbo after bushfires in and around the Kosciuszko National Park forced a closure at the start of the year. All in-resort operations including mountain biking were expected to resume today, however areas in the park outside Thredbo remain closed ...

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The Iconic mega-facility opens doors for bushfire donation storage

The Iconic mega-facility opens doors for bushfire donation storage

Donors wanting to chip in for bushfire relief are often encouraged to give cash rather than physical goods, thus avoiding the potential for charities to be overwhelmed with blankets, clothes and assorted paraphernalia. But online retailer The Iconic may have a solution to this logistical problem thanks to its upgraded fulfilment centre in...

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Corporate Travel Management completes $26.5m US acquisition

Corporate Travel Management completes $26.5m US acquisition

Corporate Travel Management (ASX: CTD) has successfully acquired a Texas-based travel services provider for USD$18 million (AUD$26.5 million), bolstering its position as a Top 10 player in North America. The transaction to buy Corporate Travel Planners Inc (CTP) comprises 90 per cent cash and 10 per cent CTD stock, and is expected to...

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