Work begins on $85 million Adelaide CBD apartment development

Work begins on $85 million Adelaide CBD apartment development

The ground has officially been broken on the Penny Place apartment development in the Adelaide CBD. The $85 million building, expected to generate 150 local construction jobs, is being developed by Flagship Property Holdings. The apartment building will be built on Angas Street near Victoria Square and will comprise 152 apartments, 50...

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Westpac accused of breaching anti-money laundering laws

Westpac accused of breaching anti-money laundering laws

In June 2018 Commonwealth Bank (ASX: CBA) paid the largest settlement of its kind in Australian corporate history after being taken to court by AUSTRAC over anti-money laundering charges. Today, Westpac (ASX: WBC) finds itself in a similar position. The bank this morning received a statement of claim from AUSTRAC, commencing civil pro...

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CBA's CommInsure pleads guilty to 87 counts of hawking

CBA's CommInsure pleads guilty to 87 counts of hawking

A subsidiary of Australia's largest bank has pleaded guilty to making unlawful and unsolicited phone calls in breach of the Corporations Act. Commonwealth Bank (ASC: CBA) subsidiary Colonial Mutual Life Assurance Society Limited, trading as CommInsure, has pleaded guilty on 87 counts of the practice known as "hawking" betwen...

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Watchdog warns major tech takeovers could harm consumers

Watchdog warns major tech takeovers could harm consumers

The Australian Competition and Consumer Commission (ACCC) certainly has it out for the big US tech players. Following its landmark decision to launch proceedings in the Federal Court against Google alleging the Silicon Valley giant misused users' location data, the ACCC chair Rod Sims has swung another punch at Google and Faceboo...

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WiseTech suffers another attack from J Capital

WiseTech suffers another attack from J Capital

"While there are those who seek to distract, we will not be deterred," says WiseTech founder and CEO Richard White. Besieged short sell victim and Australian logistics technology giant WiseTech (ASX: WTC) has today lost most of its recent gains on the sharemarket in the wake of yet another critique from China-based J Capital. ...

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Canva co-founder Cameron Adams joins Mogul board

Canva co-founder Cameron Adams joins Mogul board

Canva co-founder and chief product officer Cameron Adams (pictured centre) has joined the board of listed esports company Mogul (ASX: ESH) as a non-executive director. The company says Adams' appointment is part of the group's focus on building a board that can provide stronger strategic direction to Mogul as it moves towards mone...

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Suncorp backs the future of mobility with Car Next Door investment

Suncorp backs the future of mobility with Car Next Door investment

Suncorp has taken a strategic stake in car-sharing platform Car Next Door in reaction to the evolving mobility sector. The Queensland-based group will invest $1.5 million in the group as part of a $10 million funding round for the scale-up. In addition to the investment, Suncorp will develop unique insurance products for the fast-grow...

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Profits triple for TechnologyOne

Profits triple for TechnologyOne

Profit growth may plateau for some companies as they mature and their size makes them clunky, but TechnologyOne's (ASX: TNE) result today proves even longstanding tech titans can send earnings into overdrive. The Software as a Service (SaaS) company which has been listed for almost two decades today announced its profit before tax sur...

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Prospa shares plunge on profit guidance downgrade

Prospa shares plunge on profit guidance downgrade

Shares in Prospa (ASX: PGL) have plummeted this morning after the small business lender announced 2019 earnings would be well below its prospectus forecast. Five months ago before the company's IPO it was expecting EBITDA of $10.6 million for the year, but that has today been slashed to $4 million. Meanwhile, revenue is expected t...

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New Aim's Everywhere Store takes out Australian Young Entrepreneur of the Year

New Aim's Everywhere Store takes out Australian Young Entrepreneur of the Year

Amazon may be known as The Everything Store, but New Aim is making a name for itself in Australia as The Everywhere Store. In a world of hyper-specialisation, New Aim is product agnostic and operates a multi-channel strategy. That's why the business has been able to achieve roughly 45 per cent growth, year-on-year, for 14 years, in a ...

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Top business stars to compete for Australian Young Entrepreneur Awards 2019

Top business stars to compete for Australian Young Entrepreneur Awards 2019

We've searched up and down, left and right, and looked everywhere in between for Australia's leading young businesspeople. After months of nomination processing, interviews, evaluation and collaboration with our judges, Business News Australia is proud to be hosting the Australian Young Entrepreneur Awards 2019 alon...

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Eliya The Label tailors to the times

Eliya The Label tailors to the times

In a world of fast fashion, Louise Elia takes a deliberate approach to designing to much applause. Through her business, Eliya The Label, Elia dually operates a ready-to-buy and manufacturing-on-demand model. This strategy has been met with double-digit sales growth in its first two years and triple-digit growth over the last few months.&...

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Treasurer gives conditional approval for Bellamy's Chinese takeover

Treasurer gives conditional approval for Bellamy's Chinese takeover

Treasurer Josh Frydenberg has given the green light to China Mengniu Dairy Company's $1.5 billion takeover of infant formula producer Bellamy's (ASX: BAL), albeit with a few caveats. The treasurer concludes the acquisition is "not contrary to the national interest" following a unanimous recommendation from the ...

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Cronos Australia enters medicinal cannabis deal with Sigma Healthcare

Cronos Australia enters medicinal cannabis deal with Sigma Healthcare

Within a week of listing on the ASX an Australian medicinal cannabis joint venture (JV) backed by a Canadian colossus has signed a distribution deal with Sigma Healthcare (ASX: SIG). The agreement will see Cronos Australia's (ASX: CAU) imported 'PEACE NATURALS' medicinal cannabis products distributed nationwide throu...

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From science student to million-dollar swimwear star

From science student to million-dollar swimwear star

It isn't often you hear of science students starting fashion businesses, but Ana Gavia thinks she owes an education in medicine to success in swimwear. Gavia was studying a double major in Medical Biotechnology and Nutrition at Deakin University in Victoria before starting Pinkcolada in 2018. The Startup winner at the Melbourne Yo...

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Carly scores extra $2.2m investment

Carly scores extra $2.2m investment

Australian car subscription service Carly has signed a major deal with fleet management provider SG Fleet and has bagged a $2.2 million investment in the process. SG Fleet has committed to supply Carly, a brand of ASX-listed sharing economy business Collaborate (ASX: CL8), with an initial 100 vehicles and additional cars to follow for mee...

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GDI Property Group to acquire $98m Perth portfolio

GDI Property Group to acquire $98m Perth portfolio

GDI Property Group (ASX: GDI) may be listed in Sydney, but Perth is the future as far as its latest investments are concerned. The company has entered into a call option to acquire a $98 million portfolio of 17 properties in the Western Australian capital, to be funded through the establishment of a new unlisted trust. The properties ...

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G8 Education to sell 25 centres

G8 Education to sell 25 centres

Shares in childhood learning provider G8 Education (ASX: GEM) have plunged this morning after the company announced a significant drop in profit guidance and slated the sale of 25 centres in Western Australia for $6.4 million. In a trading outlook today the Gold Coast-headquartered group noted occupancy growth had been slower than expecte...

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Breakthrough: Blue Sky's Alternatives Access Fund finds new manager

Breakthrough: Blue Sky's Alternatives Access Fund finds new manager

The Blue Sky Alternatives Access Fund (ASX: BAF) has found a new manager in what has been described as a "significant breakthrough" for shareholders. Following extensive discussions with a subsidiary of its current manager Blue Sky Alternative Investments (ASX: BLA), management rights will be transferred to Wilson Asse...

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Afterpay enters its largest online deal to date with eBay Australia

Afterpay enters its largest online deal to date with eBay Australia

Within a week of Zip Co (ASX: Z1P) announcing its service would be available on Amazon, Afterpay Touch Group (ASX: APT) has reached an agreement with eBay that marks its largest online arrangement to date. In a business update today highlighting a 23 per cent lift in underlying sales to $2.7 billion for the four months to 31 October,...

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Mad Mex takes vegan food startup Dibble national after stellar trial

Mad Mex takes vegan food startup Dibble national after stellar trial

 Plant-based diets are sweeping the country at unprecedented rates, with more than one in 10 Australian identifying as vegetarian along with a growing number of vegans. So fast is the growth that organic health food stores like Flannerys Organic & Wholefood Market have reported record sales numbers for plant-based 'meats'...

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Jumbo to acquire UK lottery business for $9m

Jumbo to acquire UK lottery business for $9m

Australian online lottery company Jumbo Interactive (ASX JIN) has entered into an agreement to acquire UK lottery company Gatherwell for $9.1 million. Gatherwell was founded in Oxford in 2013 as a lottery company to support local causes and schools across the UK. The UK company currently has around 80 local authorities and 1,000 schoo...

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Sky falls in for PharmaCielo's takeover of Creso Pharma

Sky falls in for PharmaCielo's takeover of Creso Pharma

A proposed acquisition of one of Australia's leading listed cannabis companies will not go ahead after its board heeded independent advice from BDO that the deal was "neither fair nor reasonable". Red flags were raised on Friday when Creso Pharma (ASX: CPH) announced it had intended to release an announcement about sche...

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Evans Dixon confirms Dixon Projects closure, 100 job cuts

Evans Dixon confirms Dixon Projects closure, 100 job cuts

Evans Dixon's (ASX: ED1) new CEO has confirmed the struggling company has shed 100 of its staff since April and officially closed its Dixon Projects business in Australia. Poor results from its US Masters Residential Property Fund (ASX: URF), pressures from the Royal Commission and weaker financial performance have led to ED...

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EML Payments to shell out $423m for European fintech

EML Payments to shell out $423m for European fintech

While EML Payments has been on an aggressive acquisition path for the past 18 months, its latest announcement makes previous transactions look like small change. The fast-rising Brisbane outfit has entered into a binding agreement to acquire London-headquartered Prepaid Financial Services (Ireland) Limited (PFS) for an upfront value ...

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Moelis Australia to make SA's largest ever retail transaction

Moelis Australia to make SA's largest ever retail transaction

In what will be South Australia's largest ever retail transaction Moelis Australia has entered into an agreement to acquire 50 per cent of Westfield Marion. The agreement will see Moelis, fully capitalised by Singapore exchange listed SPH REIT, acquire a 50 per cent interest in the Marion Shopping Centre for $670 million from Lendleas...

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How KX Pilates keeps its X factor

How KX Pilates keeps its X factor

In less than a decade KX Pilates has muscled up to become the largest pilates franchise in Australia with more than 60 locations in all major cities. Gone are the days of pilates being synonymous with stretching, at least when you compare KX Pilates to the traditional method. Picture this. It's 2010. Hot yoga is starting to become...

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VetShop Australia celebrates 140 dog years in business

VetShop Australia celebrates 140 dog years in business

It has now been almost 20 years since Sunshine Coast brothers Mark and Steven Perissinotto barked up the right tree and founded Australia's first online pet supplies business.  When VetShop Australia was established in 1999, eBay had only just launched in the country and Amazon was only five years old with US$2 billion ...

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Canadian giant to shake up ASX cannabis space

Canadian giant to shake up ASX cannabis space

The North American influx of medicinal cannabis companies into Australia continues with a Canadian giant listing on the ASX through a joint venture with a local company. Following a $20 million IPO, medicinal cannabis group Cronos Australia (ASX: CAU) has debuted on the ASX. The company is the Australian arm of Cronos Group, a Toronto...

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REA Group sees spike in property enquiries and auction clearance rates

REA Group sees spike in property enquiries and auction clearance rates

REA Group (ASX:REA) has reported encouraging signs for property enquiries and auction clearance rates, even though they weren't fully reflected in financial results for the first quarter. The company reported a nine per cent year-on-year drop in revenue to $202.3 million and a 14 per cent decline in EBITDA to $114.9 million. Natio...

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