New valuations lift SCA Property profits 130%

New valuations lift SCA Property profits 130%

SCA Property Group (ASX: SCP) is starting to reap the benefits of forking out $573 million on 10 shopping centres in 2018, as strength in non-discretionary retail drives its portfolio value higher. The Sydney-based REIT also known as Shopping Centres Australiasia reports a 129.5 per cent year-on-year jump in net profit afte...

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GetSwift takes majority stake in Serbian ICT firm for $9.1m

GetSwift takes majority stake in Serbian ICT firm for $9.1m

A pending class action has failed to push software company GetSwift (ASX: GSW) off the acquisition path as it seeks to cement its footprint in the European market. The company has purchased a majority stake in Serbia-based information and communications technology (ICT) firm Logo d.o.o. for 5.5 million euros (AUD$9.1 million),. GetSwi...

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Westpac hit with US class action lawsuit

Westpac hit with US class action lawsuit

New York-based law firm Rosen Law Firm has filed a class action lawsuit against big four bank Westpac (ASX: WBC; NYSE: WBK) over the AUSTRAC scandal. The lawsuit seeks to recover damages for investors in the US on behalf of purchasers of Westpac securities on the New York Stock Exchange between November 11, 2015, and November 19, 2019 inc...

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Elixinol sells Hemp Foods Australia to Chinese buyer

Elixinol sells Hemp Foods Australia to Chinese buyer

Hemp Foods Australia was the reason Colorado-based Elixinol LLC listed on the ASX in the first place in January 2018, with the pair joining forces to create a global brand. One of Australia's largest cannabis and hemp companies will rack up more than $17 million in impairment charges after a decision to exit two major subsidiaries. ...

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Fear spreads easily. That's what gives the Wuhan coronavirus economic impact

Fear spreads easily. That's what gives the Wuhan coronavirus economic impact

One way to count the cost of the Wuhan coronavirus is by how many people catch it, and then how many die. Another is the direct financial costs of public health measures to treat those infected and contain its spread. Yet another is the wider economic cost. But how to calculate this? Some suggest a neglible impact on the global econom...

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Murray River Organics flags heat damage ahead of capital raising

Murray River Organics flags heat damage ahead of capital raising

With a farm lease exit requiring a $1.32 million surrender fee and a $4 million short-term loan looming with NAB, bad weather is the last thing dried fruit company Murray River Organics Group (ASX: MRG) needs right now. On Tuesday the company was expected to come out of a trading suspension that has been in place since late November, but ...

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Nothing bitter about Vittoria's global success

Nothing bitter about Vittoria's global success

If you grew up in Australia, you'll likely have fond memories of Vittoria. Personally, I remember looking longingly at the beige and brown Vittoria umbrellas as a child knowing, instinctively, that Vittoria was a very fancy, very adult brand. No kids allowed. The brand has an amazing reputation, and for good reason too; it's o...

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Nuchev trumps expectations in first report since listing

Nuchev trumps expectations in first report since listing

Goat milk infant formula player Nuchev (ASX: NUC) has beaten prospectus predictions in its first quarterly report to the ASX this morning. Both sales volumes (measured in metric tonnes) and revenue came out comfortably on top of prospectus estimates released prior to the group's $48.7 million IPO. During the first half the company...

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Economies are like unruly teenagers: How tech is using behavioural analysis to help businesses

Economies are like unruly teenagers: How tech is using behavioural analysis to help businesses

Predicting which way an economy is going to swing isn't easy. However, there are times when forecasting the winds of change are a lot tougher than others. 2019 was another stark reminder to world leaders, banks and analysts that the nuances of economics are, at best, unpredictable. In its review of the global economy in 2019, the ...

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Hailstorm claims add up for Suncorp

Hailstorm claims add up for Suncorp

Insurer Suncorp (ASX: SUN) has received more than 26,000 claims so far this month relating to inclement weather across the east coast, after already estimating $519 million in natural hazard costs for the first half of FY20 due to bushfires, storms and hail. The company has now declared two storm events for the current financial period: t...

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Primewest to float $288m commercial property IPO

Primewest to float $288m commercial property IPO

Property fund manager Primewest has proposed a fresh initial public offering (IPO) worth almost three times as much as its own $100 million IPO in November.  The Perth-based company founded by John Bond, Jim Litis and David Schwartz (pictured left to right) has been a transactional powerhouse over the past three months, and appe...

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Webjet strikes back at "inaccurate" Morgan Stanley report

Webjet strikes back at "inaccurate" Morgan Stanley report

Australia's major travel companies were slogged on the ASX yesterday as shareholders panicked about the threat of the coronavirus to the tourism sector. At first glance it appeared as if Webjet (ASX: WEB) was the hardest hit in yesterday's landslide sell-off of tourism stocks, but the company was suffering from a bout of another u...

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Centuria launches $174 million takeover bid for New Zealand real estate fund manager

Centuria launches $174 million takeover bid for New Zealand real estate fund manager

Investment manager Centuria Capital Group (ASX: CNI) has launched a bid to take over one of New Zealand's leading real estate funds management platforms Augusta Capital Limited for $174 million. If the takeover is successful Centuria would integrate Augusta into its own platform and grow assets under management (AUM) by $1.9 billion t...

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Gadens mulls iSignthis class action

Gadens mulls iSignthis class action

National law firm Gadens is investigating a possible class action against payment identity verifier iSignthis (ASX: ISX), adding salt to the wounds of a company that has been suspended from trading since October and has a court case of its own pending against the ASX. The Melbourne-based fintech founded and led by CEO John Karantzis has c...

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oOh!media founder and CEO to step down after 30 years

oOh!media founder and CEO to step down after 30 years

The founder of oOh!media (ASX: OML) Brendon Cook has announced his intention to step down from his role of managing director and CEO of the advertising and media company. His resignation follows 30 successful years leading the business made famous for its unmissable billboards and digital signage campaigns. Cook will remain on the boa...

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Profit growth outlook cut in half for Treasury Wine Estates

Profit growth outlook cut in half for Treasury Wine Estates

Treasury Wine Estates (ASX: TWE) may have seen profits grow at home and in Asia recently, but challenging market conditions in the US have led to a hangover that will need time for recovery. In the company's unaudited results released yesterday, Treasury noted net profit after tax (NPAT) for the first half was likely to be up 5 per ce...

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Healthia makes US footprint with 3D-printed orthotics

Healthia makes US footprint with 3D-printed orthotics

Diversified health business Healthia (ASX: HLA) is exporting its proven iOrthotics business model to the US with the launch of a 3D-printed orthotics manufacturing lab in New York City. The Brisbane-based company backed by Shark Tank shark Glen Richards has secured a five-year lease for a facility in Astoria, Queens, where an HP Fusi...

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Macquarie staff and CEO in German short selling probe

Macquarie staff and CEO in German short selling probe

Up to 60 current and former Macquarie staff including CEO Shemara Wikramanayake (pictured) have been confirmed as suspects in a German investigation into historical short-selling activities. As reported by the ABC, the investigation revolves around a legal loophole called "cum-ex trades" where two parties claim ownership of the ...

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Lights to stay on in Adelaide as new electricity interconnector approved

Lights to stay on in Adelaide as new electricity interconnector approved

The Australian Energy Regulator (AER) has approved an electricity interconnector linking South Australia to New South Wales on paper, describing the concept as "robust" and in the best interest of South Australian consumers. While the company behind the proposed project, Adelaide-based ElectraNet, must still complete a test of t...

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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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Mulpha gets green light for $203m Sydney InterContinental revamp

Mulpha gets green light for $203m Sydney InterContinental revamp

A $203 million proposal to redevelop Sydney's InterContinental Hotel has been approved by the state Independent Planning Commission despite opposition from the City of Sydney Council. Mulpha Australia plans extensions to the building such as a grand ballroom and a new plant room enclosure, as well as internal upgrades to her...

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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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