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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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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Dr Jerry Schwartz buys Ralan Group resort for cheap

Dr Jerry Schwartz buys Ralan Group resort for cheap

Hotel mogul Dr Jerry Schwartz has acquired the Paradise Resort on the Gold Coast at a bargain bin price. The former owner of the hotel, Ralan Group, has been offloading its properties and sites on the cheap after it fell into administration in late July this year. Dr Schwartz, one of Australia's largest private hotel owners, will ...

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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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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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ASIC launches Federal Court inquiry into Worrells partner

ASIC launches Federal Court inquiry into Worrells partner

The man behind the liquidation of the Members Alliance Group of companies is in the crosshairs of the Australian Securities and Investment Commission (ASIC). As part of the Commonwealth's Serious Financial Crime Taskforce efforts, ASIC filed an application with the Federal Court seeking an inquiry into the conduct of Jason Bettles. ...

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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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Sunland Group's Mermaid Waters apartments receive green light

Sunland Group's Mermaid Waters apartments receive green light

A $240 million luxury lakefront apartment development in Mermaid Waters has received planning approval, allowing developers Sunland Group to commence the build. Early woks have already commenced, with two tower cranes already on site to construct the four apartment buildings. The Lanes Residences is Sunland's first apartment devel...

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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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Althea breaks into German medicinal cannabis market

Althea breaks into German medicinal cannabis market

Melbourne-based medicinal cannabis company Althea (ASX: AGH) has signed an agreement that will see it crack into the German market. Distributor Nimbus Health GmbH ('Nimbus') will sell Althea's medicinal cannabis products in Germany through its pharmacy network as part of a memorandum of understanding ('MoU'). Althe...

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