Metcash dumped by 7-Eleven losing $800 million in sales in the process

Metcash dumped by 7-Eleven losing $800 million in sales in the process

Think your breakup was bad? Take solace in the news that Metcash (ASX: MTS) is set to lose hundreds of millions in earnings after ending things with convenience chain 7-Eleven. Metcash announced this morning that 7-Eleven will not be renewing its current supply agreement after it concludes on 12 August 2020. As a result, Metcash is lo...

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Cult bridal and loungewear label Homebodii goes bricks & mortar

Cult bridal and loungewear label Homebodii goes bricks & mortar

After nine years of building its cult reputation loungewear label Homebodii has opened up its first physical location, just in time for Christmas. The group has officially opened the doors to its first retail store in Pacific Fair on the Gold Coast, marking a kind of homecoming for the brand. The new Homebodii store is not your regula...

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Abacus acquires North Sydney tower for $311 million

Abacus acquires North Sydney tower for $311 million

Abacus Property Group (ASX: ABP) is making a $311 million bet on the revival of North Sydney with its latest acquisition. The group has acquired 99 Walker Street, North Sydney for $311.3 million, reflecting around $16,100 per square metre of net lettable area (NLA). The property is located on the corner of Walker Street and Mount Stre...

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Aussie patented condom gets the nod for Europe's bedrooms

Aussie patented condom gets the nod for Europe's bedrooms

Shares in Starpharma (ASX: SPL) couldn't get up by market close today despite a landmark approval for the biotech's VivaGel condoms to be marketed in Europe. The Melbourne-based company describes the condom as a world-first product and the only condom of its kind incorporating the proprietary compound SPL7013 (VivaGel) i...

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"Justice for thousands" as Shine wins implant class action against Johnson & Johnson

"Justice for thousands" as Shine wins implant class action against Johnson & Johnson

A class action seven years in the making has delivered "justice for thousands" after Shine Lawyers (ASX: SHJ) defeated Ethicon and Johnson & Johnson in the Federal Court today. The two medical implant giants have been found liable in negligence and for breaches of the Trade Practices Act and the Competition and Consumer Act ...

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Bucephalus Research makes fresh allegations against Rural Funds

Bucephalus Research makes fresh allegations against Rural Funds

A Hong Kong-based "creative accounting" researcher has upped the ante in its criticisms of agricultural property owner Rural Funds Group (ASX: RFF), following a review of FY19 financials lodged by responsible entity Rural Funds Management (RFM). Bucephalus Research alleges filings made by RFM to the Australian Securities and Inv...

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How WeWork forced Servcorp's transformation

How WeWork forced Servcorp's transformation

In the wake of its failed IPO WeWork has become synonymous with hyped-up Silicon Valley bro culture and corporate misgovernance, teaching investors that adding the word 'tech' to your business description is no panacea. As the commercial real estate services giant's problems unravelled on Wall Street, its impacts had already b...

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Noni B to acquire stake in New Zealand's EziBuy

Noni B to acquire stake in New Zealand's EziBuy

Noni B (ASX: NBL) and Alceon Group are set to acquire 50.1 per cent of New Zealand retailer EziBuy. The acquisition will boost Noni B's online sales to approximately $200 million, representing 20 per cent of the group's total revenue, and will give Noni B access to EziBuy's database of over 2 million mostly New Zealand-based c...

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Thorn Group posts $26 million loss

Thorn Group posts $26 million loss

A class action and a strategic review have weighed heavily on the operator of Radio Rentals with Thorn Group (ASX: TGA) posting a $25.6 million first half loss. At the same time in 2018 Thorn Group posted a $2.4 million profit. The group was hit with $27.6 million in costs relating to a class action settlement, associated legal costs,...

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NAB settles credit card insurance class action for $50 million

NAB settles credit card insurance class action for $50 million

NAB (ASX: NAB) has reached a settlement with class action law firm Slater & Gordon, paying $49.5 million toward customer remuneration. The class action saw Slater & Gordon allege that NAB sold "worthless" credit card insurance (CCI) to customers. The law firm claimed most people were sold the insurance over the phone...

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Industrial site sale makes Sunshine Coast history

Industrial site sale makes Sunshine Coast history

Skybound Fidelis Investment Group has made one of the largest ever industrial investments on the Sunshine Coast in Queensland with the purchase of a 7,933sqm freestanding facility for $13.1 million. The site is located within the booming Sunshine Coast Industrial Park at 87-101 Fred Chaplin Circuit in Bells Creek, which is 3km f...

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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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AI developer Appen upgrades guidance as its customers beg for more

AI developer Appen upgrades guidance as its customers beg for more

Artificial intelligence is frequently cited by analysts as one of the world's fastest growing industries, so it's little wonder that innovators in the space are often on the fast track to financial success. Keeping with that trend is New South Wales-based Appen (ASX: APX), an AI developer that helps other companies improve their d...

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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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