Elders to acquire 340-store rural chain for $157 million

Elders to acquire 340-store rural chain for $157 million

In a move to grow its independent retail presence, agribusiness giant Elders (ASX: ELD) has entered an agreement to buy Australian Independent Rural Retailers (AIRR). Elders will buy AIRR for a cash-scrip consideration of $10.85 per share, valuing the rural merchandise, pet and produce chain at $157 million on an equity basis. AIRR...

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Myriota the first locals to sign with the Australian Space Agency

Myriota the first locals to sign with the Australian Space Agency

Space and technology startup Myriota is the first Australian company to sign with the Australian Space Agency (ASA) as a strategic partner. The Adelaide-based company, residing in the new Lot Fourteen startup precinct, is the first Australian startup to partner with ASA, joining international giants like Boeing who signed an agreement wit...

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AMP Life sale shot down by NZ Reserve Bank

AMP Life sale shot down by NZ Reserve Bank

It was expected to be a potential $3.3 billion cash injection, but now AMP's wealth protection and mature businesses portfolio is looking more like a dead weight. The financial services provider announced the intended sale of AMP Life to New Zealand-based Resolution Life is "highly unlikely to proceed" as planned, due to cha...

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Hold your horses: recovery for Australia's residential property market a while off

Hold your horses: recovery for Australia's residential property market a while off

It might seem like Australia's residential market downturn is never ending. And while we appear to be nearing the bottom of the market, experts don't want you to get your hopes up. According to BIS Oxford Economics meaningful recovery for Australia's residential property market remains a while off. While there are signs of...

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Whispir teams up with Amazon Web Services

Whispir teams up with Amazon Web Services

ASX newcomer Whispir (ASX:WSP) has boosted its cloud communications toolkit thanks to a partnership with Amazon Web Services (AWS). The tie-up is expected to help customers of both companies respond more effectively to crises, email responses, website clicks and form submissions without the need to write code. The Melbourne-founded so...

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Treat your top clients to Christmas in July-style luxury

Treat your top clients to Christmas in July-style luxury

Christmas is a twice-yearly event at The Hamper Emporium and your valued clients and staff can rejoice in the specialty gift-giving gourmet pleasures to treasure. Show your business associates and dedicated employees that they are worth their weight in gold when you indulge them in the winter-warming abundance of luxurious Christmas in Ju...

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ASIC slams banks for "extremely poor" consumer credit insurance

ASIC slams banks for "extremely poor" consumer credit insurance

Australia's major banks have come under fire from the Australian Securities and Investment Commission (ASIC) for the sale of consumer credit insurance (CCI) that has "consistently failed consumers". In its latest report on CCI, Report #622, ASIC says that CCI products sold by 11 of Australia's major banks are of poor val...

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Michael Hill announces bumper backpay for employees

Michael Hill announces bumper backpay for employees

Jewellery retailer Michael Hill (ASX: MHJ) has announced that it owes employees between $10 million and $25 million in remediation payments. The group discovered this remuneration discrepancy when conducting a review into its Australian retail employment contracts and rostering practices. The company says it was non-compliant with som...

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Nimble pulls out of payday lending while ASIC clamps down

Nimble pulls out of payday lending while ASIC clamps down

Fintech Nimble will exit its high interest, short-term loans business this year at a time when the sector is under heightened scrutiny from the corporate watchdog. The Australian Securities and Investments Commission (ASIC) released a consultation paper yesterday revealing plans to use new product intervention powers in the short-ter...

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Dodo slammed with fine for false streaming claim

Dodo slammed with fine for false streaming claim

Internet service provider (ISP) Dodo has been hit with a $360,000 fine for overstating what its NBN service could achieve. The company, wholly owned by Vocus Group (ASX: VOC), has agreed to refund around 16,000 customers for claims that its entry-level NBN broadband plans were 'perfect for streaming'. The plans in question wer...

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Will RFG be rescued by $160m capital injection?

Will RFG be rescued by $160m capital injection?

The company responsible for franchises such as Michel's Patisserie, Gloria Jeans and Donut King may receive a tailwind to push it out of the doldrums, thanks to a Sydney-based investor backed by capital from Hong Kong's SSG Capital Management. Retail Food Group (RFG) announced yesterday it had received a non-binding proposal from ...

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Class action takes aim at NAB super fund

Class action takes aim at NAB super fund

Litigation funder IMF Betham is working with William Roberts Lawyers to bring a class action against NULIS Nominees, an MLC Super Fund trustee company owned by NAB (ASX: NAB). The class action alleges the MLC Super Fund charged excess fees to its members from 1 July 2016 onwards. It also argues the company breached obligations to act ...

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Business bank Tyro considering ASX listing

Business bank Tyro considering ASX listing

Payments and banking company Tyro told investors this morning that it is considering an ASX listing in a brief statement posted online. The company says that the listing is not a done deal, and a number of conditions must be met first. "Tyro Payments Limited today announced it is investigating the potential to move from its curre...

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McGrath Nicol executive chairman to lead Evans Dixon

McGrath Nicol executive chairman to lead Evans Dixon

Restructuring expert Peter Anderson will fill the void left at Evans Dixon (ASX: ED1) after its former CEO moved aside last month in a bid to rescue the financial advisory firm's struggling US business. Alan Dixon stepped down from the role to focus on the company's US Masters Residential Property Fund (ASX: URF), which saw i...

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GBST snubs fresh takeover bid from FNZ

GBST snubs fresh takeover bid from FNZ

Fintech GBST (ASX: GBT) has received a higher takeover bid from FNZ Custodians at a $4 million premium to a current deal in the works, but the board has questioned the New Zealand company's approach. GBST, which provides custom technology across a range of financial services, has been in the sights of a few companies since April inclu...

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New player enters bidding war for GBST

New player enters bidding war for GBST

What started as a $2.50 takeover bid from Bravura Solutions (ASX: BVS) in April has turned into a scrum as several suitors seek to get their hands on Brisbane-based fintech GBST (ASX: GBT). The company's shares went into a trading halt on Monday afternoon after SS&C Technologies Inc (Nasdaq: SSNC) lifted the stakes to $3...

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Founders take on new roles at Afterpay

Founders take on new roles at Afterpay

Buy-now pay-later fintech Afterpay Touch Group (ASX: APT) has announced an executive reshuffle as part of a plan to make the board more independent. Amidst scrutiny from AUSTRAC and concerns over a competitive threat from Visa in the buy-now pay-later (BNPL) space, the company is seeking an independent chair with a global search abou...

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Could medicinal cannabis curb the opioid crisis?

Could medicinal cannabis curb the opioid crisis?

One of Australia's leading cannabis companies Zelda Therapeutics (ASX: ZLD) has been given the greenlight to commence an opioid reduction trial. The trial at St Vincent's Hospital in Melbourne will see Zelda assess the effectiveness of medicinal cannabis in reducing opioid dependence in patients with chronic non-cancer pain. T...

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Dimmi founder launches new 'smart menu' app me&u

Dimmi founder launches new 'smart menu' app me&u

After a 12-month sabbatical following the sale of restaurant booking app Dimmi, Stevan Premutico (pictured) is back with another piece of hospitality-tech sure to make waves in the industry. Called 'me&u', the app allows restaurant-goers to order and pay for food seamlessly at the restaurant. Customers simply need to ...

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Macquarie axes gambling, ups the ante on overseas spend

Macquarie axes gambling, ups the ante on overseas spend

In a move lauded by the Alliance for Gambling Reform, Macquarie Group (ASX: MQG) has announced that from today its credit cards can no longer be used in gambling transactions. Macquarie will block all credit card transactions that are registered under a gambling and lottery merchant code. The bank says it aims to "support the financi...

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US suitor outbids Bravura in tilt at GBST

US suitor outbids Bravura in tilt at GBST

Update: This afternoon GBST announced a pause in trading pending an announcement, which was followed by a trading halt that will be in place until the announcement is made or the start of trading on 3 July.  After several months receiving takeover offers from Bravura Solutions (ASX: BVS), Brisbane-based fintech GBST (ASX: GBT) h...

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Australia's top 20 cannabis companies

Australia's top 20 cannabis companies

With a stock market that is open to international investors and a rapid domestic take-up on cannabinoid-based medicines, Australia has become an unlikely hub for the booming global cannabis industry. According to a report from unlisted company Cannvalate, which incidentally has tie-ups with several groups on this list, Australia has the f...

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Domino's rejects underpayment claims

Domino's rejects underpayment claims

Domino's Pizza (ASX: DMP) denies it misled franchisees over employee payment terms and has reiterated plans to defend a class action launched by Phi Finney McDonald. Earlier this week it was revealed the law firm had started the action alleging Domino's underpaid delivery drivers and in-store workers between June 2013 an...

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Ord Minnett management take control as IOOF and JP Morgan exit

Ord Minnett management take control as IOOF and JP Morgan exit

A consortium of private investors will acquire private wealth manager Ord Minnett from IOOF (ASX: IFL) and JP Morgan for around $164 million. The consortium, led by current Ord Minnett management, is concurrently acquiring IOOF's 70 per cent stake in the wealth management business alongside JP Morgan's 30 per cent stake, allowing ...

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How to profit and be responsible: Exclusive Q&A with Andrew Banks and Nicholas Bernhardt

How to profit and be responsible: Exclusive Q&A with Andrew Banks and Nicholas Bernhardt

Andrew Banks and Nicholas Bernhardt believe that when running a business, profit and corporate responsibility aren't mutually exclusive. Granted, it is becoming harder for companies to ensure their supply chains aren't buying into an ethical nightmare, particularly given the mountains of fast-inflowing data related to overseas sup...

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Stone & Chalk lands in Adelaide

Stone & Chalk lands in Adelaide

Startup incubator Stone & Chalk is making its way down to South Australia with the announcement of a new innovation hub in Adelaide. To be situated in Lot Fourteen, Stone & Chalk hopes to tap into Adelaide's growing entrepreneurial scene, currently dominated by players in the space, cybersecurity, defence, AI and robotics indu...

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Murray Goulburn settles one of two class actions for $42 million

Murray Goulburn settles one of two class actions for $42 million

Murray Goulburn (ASX: MGC) has settled one of its class actions, known as the Endeavour River class action, for $42 million. Slater and Gordon launched the suit on 16 August 2018, acting on behalf of aggrieved Murray Goulburn shareholders who the firm argued suffered losses at the hands of misleading and deceptive conduct. The key all...

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CEOs will sleep rough tonight to raise money for homelessness

CEOs will sleep rough tonight to raise money for homelessness

Business leaders around the country will tonight take warm clothes, their sleeping bags and sheets of cardboard to city centres in a bid to raise awareness about homelessness. The Vinnies CEO Sleepout is still about $700,000 shy of meeting last year's donations of $6.9 million and still has the goal of raising $7.1 million. The 2018 eve...

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The programmatic ad platform to give Silicon Valley a run for its money

The programmatic ad platform to give Silicon Valley a run for its money

Programmatic advertising forms the bedrock of most publishers in 2019. Major rags, websites and blogs have all dived into it in the past and still use it today for a very good reason - it is an automated, easy way to boost revenue from websites. But it also comes with a number of problems, which Business News Australia has dived into ...

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Jenny Hutson sidekick avoids jail

Jenny Hutson sidekick avoids jail

A former director of Wellington Capital found guilty of giving false or misleading information has been given a light sentence thanks to her cooperation with authorities. Mary-Anne Greaves has been discharged without proceeding to conviction after giving the Brisbane Magistrate's Court a security of $5,000 on the condit...

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