ACCC: Facebook and Google's power distorts companies' ability to compete

ACCC: Facebook and Google's power distorts companies' ability to compete

The long-awaited Australian Competition and Consumer Commission (ACCC) report into the out-of-control growth and dominance of digital platforms has been released today, with the watchdog critical of giants Facebook and Google. The overarching theme of the report can be distilled into the ACCC not trusting the platforms to self-regulate, w...

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Janine Allis stands with board ahead of possible Retail Zoo IPO

Janine Allis stands with board ahead of possible Retail Zoo IPO

Rumours of a potential ASX listing of franchise group Retail Zoo are swirling as of late. The company, which operates Janine Allis' extremely successful Boost and a swathe of other brands, is exploring a range of options to keep growth on an upward trajectory. The group - also responsible for Betty's Burgers, Cibo Espress...

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ASIC to launch proceedings against ANZ

ASIC to launch proceedings against ANZ

ANZ is set to face civil penalty proceedings over fees charged to customers who failed to make scheduled payments between accounts. The issue was part of an ultimately unsuccessful class action brought by law firm Maurice Blackburn, but in December 2018 there was a settlement of $1.5 million for certain fees. The settlement is still s...

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AP Eagers and AHG merger gets ACCC green light

AP Eagers and AHG merger gets ACCC green light

The proposed merger of two of Australia's largest automotive dealers has been conditionally approved by the Australian Competition and Consumer Commission (ACCC) this morning. Combined, AP Eagers (ASX: APE) and Automotive Holdings Group (ASX AHG) will be Australia's largest car dealership business, with a market capitalisation of ...

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TPG and HUB24 slammed for all male company boards

TPG and HUB24 slammed for all male company boards

The Australian Institute of Company Directors (AICD) have slammed four major Australian companies for having no women on their boards. HUB24, NRW Holdings, Emeco Holdings, and TPG Telecom have all been called out by the AICD for having no women on their boards as of 30 June 2019. Additionally, the AICD has revealed that gender diversi...

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Zip exceeds expectations in final quarter

Zip exceeds expectations in final quarter

The last quarter of FY19 was a success for buy-now pay-later group Zip Co (ASX: Z1P). The group claims it has smashed its targets set at the beginning of FY19, with transaction volumes up 108 per cent year-on-year to $1.1 billion and revenue up 17 per cent quarter-on-quarter to $27 million. Zip now has 1.3 million customers using the ...

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US Justice Department launches antitrust review of tech giants

US Justice Department launches antitrust review of tech giants

Tech giants like Google, Facebook, Amazon and Apple are staring down the barrel of a US Department of Justice (DOJ) review into whether they are breaching antitrust laws. The DOJ announced its review into the tech giants overnight, with the focus of the review to look into whether and how market leading online platforms have achieved mark...

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DroneShield partners up to keep airport airspace safe

DroneShield partners up to keep airport airspace safe

Managing the air traffic surrounding an airport was already stressful enough before drones were introduced to the general public at an accessible price point. The tiny flying objects might seem innocuous, but as was demonstrated in December 2018 when a number of drones shut down Gatwick airport for hours displacing more than 1000 flights,...

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Kogan strategy pays off with strong result

Kogan strategy pays off with strong result

"In contrast to what has been reported as a tough retail environment, we have been able to grow the business and earnings while investing significantly in the Kogan.com customer experience and enabling our long term strategy," says founder Ruslan Kogan.  Online shopping behemoth Kogan.com (ASX: KGN) saw its shares rise 5 pe...

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Record revenue for Megaport

Record revenue for Megaport

Improving the interconnection of data centres helped cloud technology company Megaport (ASX: MP1) record a 78 per cent surge in revenue in FY19. The $35.06 million revenue result is a record for the Brisbane-based company, in a year that also ended with a record monthly recurring revenue (MRR) of $3.6 million in June with 1,490 customers....

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Landmark White offers up shares to pull out of strife

Landmark White offers up shares to pull out of strife

Embattled property valuer Landmark White (ASX: LMW) is making all efforts to wrench itself free from the mire of a cybersecurity disaster that slashed earnings by at least $6 million in FY19. Following two trading suspensions and the temporary withdrawal of major bank customers, the company has posted a $15.1 million loss that was heavily...

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M&As a hotbed for hackers and cybercriminals

M&As a hotbed for hackers and cybercriminals

With breaches of cybersecurity now one of the most looming threats for the sustainability of most Australian businesses, many are wondering how best to protect their operations. Simple things like regularly changing passwords and ensuring absolutely everybody changes them can go a mile towards strong cybersecurity Just see the case o...

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Fresh blood at NAB as Ross McEwan appointed CEO

Fresh blood at NAB as Ross McEwan appointed CEO

National Australia Bank (ASX: NAB) has found its new chief executive officer in the form of Ross McEwan. The New Zealand-born, former Australian banking industry executive has been the CEO of Royal Bank of Scotland (RBS) since 2013, leading that organisation through change and recovery. The appointment of McEwan represents a fresh sta...

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First Big W store closures now in motion

First Big W store closures now in motion

Three Sydney outlets will be the first to go as part of Woolworths Group's (ASX: WOW) plan to shut 30 Big W stores nationwide. In an announcement today, the retail and poker machine company said agreements had been reached to close stores in Chullora, Auburn and Fairfield in January 2020. The stores will continue trading for the n...

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Wattle Health launches legal action against Indian importer

Wattle Health launches legal action against Indian importer

Organic infant food producer Wattle Health (ASX: WHA) has initiated legal action against an Indian importer for money owed. Wattle Health alleges baby food importer Vasudevan and Sons Exim Private (VSEP) has not provided the full bank guarantee to Wattle Health as required under a supply agreement. The pair entered into a supply agree...

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Aged care provider Estia Health taken to Federal Court in class action

Aged care provider Estia Health taken to Federal Court in class action

Aged care community operator Estia Health (ASX: EHE) has been served with a class action in the Federal Court of Australia. Law firm Phi Finney McDonald is acting on behalf of aggrieved shareholders, arguing Estia breached its continuous market disclosure obligations regarding the financial impact of its Kennedy Health Care (KHC) buyout. ...

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XTEK to buy American ballistic armour company

XTEK to buy American ballistic armour company

Leading Australian defence and homeland security company XTEK (ASX: XTE) has entered a deal to acquire US body armour and personal protective equipment company HighCom Armor Solutions. The move follows the successful completion of an oversubscribed $2.7 million placement for Canberra-headquartered XTEK, which has been exploring ways to de...

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Elixinol restructures board ahead of international push

Elixinol restructures board ahead of international push

There's been a reshuffle at the top of Australia's largest cannabis company. Elixinol Global (ASX: EXL) has announced changes to both its executive team and board ahead of a crucial period of expansion. Stratos Karousos has taken the reigns as CEO, replacing co-founder Paul Benhaim (pictured) who will transition to the role of...

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The Gold Coast Airport redevelopment leaves the ground

The Gold Coast Airport redevelopment leaves the ground

A $500 million redevelopment project of the Gold Coast Airport is taking off this week. The project will double the footprint of the existing terminal, delivering aerobridges, additional retail space, a new departure lounge, baggage handling and border control facilities. The new terminal is expected to be open for businesses mid-2021...

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Elders to acquire 340-store rural chain for $157 million

Elders to acquire 340-store rural chain for $157 million

In a move to grow its independent retail presence, agribusiness giant Elders (ASX: ELD) has entered an agreement to buy Australian Independent Rural Retailers (AIRR). Elders will buy AIRR for a cash-scrip consideration of $10.85 per share, valuing the rural merchandise, pet and produce chain at $157 million on an equity basis. AIRR...

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