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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Village Roadshow receives fresh takeover offer from BGH Capital

Village Roadshow receives fresh takeover offer from BGH Capital

The heat has been turned up a notch at Village Roadshow (ASX: VRL) with the entertainment company receiving a second takeover proposal in as many months. Private equity firm BGH Capital (BGH) has offered to acquire all of the shares in VRL for $4 cash per share. The bid is slightly higher than another takeover offer VRL received at th...

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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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National Storage confirms takeover offer

National Storage confirms takeover offer

National Storage REIT (ASX: NSR) has confirmed it has received a takeover offer from private equity fund manager Gaw Capital Partners (GCP) in a response to media speculation this morning. The confidential non-binding indicative proposal from GCP would see the Hong Kong-based firm acquire 100 per cent of NSR's issued shares. The s...

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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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Fashion brand LSKD partners with Google drone delivery service Wing

Fashion brand LSKD partners with Google drone delivery service Wing

In what is a first for Queensland, Australian lifestyle fashion brand LSKD has officially partnered with Google's drone delivery service Wing. From today, customers in Logan, Queensland, can receive orders from LSKD in as little as ten minutes via drone. LSKD is following in the footsteps of retailers like The Iconic and Drummond ...

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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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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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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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THC Global ready to manufacture medicinal cannabis with receipt of final licence

THC Global ready to manufacture medicinal cannabis with receipt of final licence

Hot on the heels of a new partnership with MGC Pharma (ASX: MXC) THC Global (ASX: THC) has received a licence to manufacture therapeutic goods at its state-of-the-art facility in Southport. The licence, known as a GMP Licence, is the final piece of the puzzle required by THC Global to begin commercial manufacture of medicinal cannabis at ...

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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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THC Global in trading halt as it strikes deal with MGC Pharma

THC Global in trading halt as it strikes deal with MGC Pharma

Medicinal cannabis companies THC Global (ASX: THC) and Europe-based, Australian-listed MGC Pharma (ASX: MXC) have signed a new supply deal this morning. The agreement will see MGC Pharma provide THC Global with an "immediate" source of medicinal cannabis products to be packaged and made available to Australian patients under THC...

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Guzman y Gomez returns 'home' with launch in the US

Guzman y Gomez returns 'home' with launch in the US

Australian Tex-Mex restaurant chain Guzman y Gomez has launched its first ever restaurant in the United States. The Illinois store is the group's 135th restaurant globally, with the chain's footprint extending from Australia to Singapore, Japan, and now the US. But for the founders of Guzman y Gomez, launching in the US is som...

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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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