Smiles confirms $1.25m cash burn in Q1

Smiles confirms $1.25m cash burn in Q1

Embattled dental care group Smiles Inclusive (ASX: SIL) has revealed its cash burn averaged more than $416,000 per month in the first quarter of FY20, which is more than the amount of cash it held in the bank at the end of the period. After recently completing a $3.3 million capital raise of which $2 million had to come from sub-underwrit...

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Car industry on notice as Mazda faces court

Car industry on notice as Mazda faces court

Car manufacturer Mazda's Australian arm will face the Federal Court over allegations of unconscionable conduct and misleading statements in relation to faulty cars. As alleged by the Australian Competition and Consumer Commission (ACCC), Mazda engaged in unconscionable conduct and made false representations in its dealings with custom...

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Atlassian's Trello cracks 50 million user milestone

Atlassian's Trello cracks 50 million user milestone

Kanban-style project management tool Trello has today hit a milestone of 50 million registered users, making it Atlassian's most successful business acquisition to date. Since acquiring Trello in 2017, Atlassian has grown the software from 19 million users to today's bumper 50 million. To celebrate, Atlassian has expanded the ...

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Feels like we only go backwards: ASX board diversity falling

Feels like we only go backwards: ASX board diversity falling

The push to get more women on ASX 200 boards has hit a roadblock with rates of female appointments falling according to the Australian Institute of Company Directors (AICD). The AICD's latest Gender Diversity Quarterly Report notes women now represent 29.5 per cent of directors on ASX 200 boards, down from 29.7 per cent in July. I...

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Compensation Partners Lawyers to relaunch as Kingsley Lawson Lawyers

Compensation Partners Lawyers to relaunch as Kingsley Lawson Lawyers

Since launching in 2013, Compensation Partners Lawyers, specialists in compensation law, have witnessed a solid growth in operation. With a staff of 16 in offices across New South Wales and Queensland, the boutique law firm has built its reputation on integrity, dexterity and expertise in the area of compensation law. As founder and M...

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Medicinal cannabis firm Greenfield MC Global turns to crowdfunding for expansion

Medicinal cannabis firm Greenfield MC Global turns to crowdfunding for expansion

Listed Australian medical cannabis stocks have fallen from grace in the past six months, following suit from global industry leaders in North America such as Canopy Growth Corp, Aphria Inc and Aurora Cannabis. Despite strong prescription growth in Australia and inroads in many jurisdictions abroad, not to mention recreational cannabi...

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Suncorp exec to take the wheel at RACQ

Suncorp exec to take the wheel at RACQ

Suncorp's (ASX: SUN) CEO of banking and wealth David Carter (pictured) has stepped down to take on a new role. Carter will leave the Brisbane-based company in early 2020 to take on the role of CEO at Queensland motoring body RACQ. Suncorp CEO Steve Johnston, who was appointed to lead the company in early September, says Carter led...

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Woolworths underpaid staff by up to $300 million

Woolworths underpaid staff by up to $300 million

Australia's largest retailer has 'unreservedly apologised' after a review prompted by an enterprise agreement (EA) found 5,700 were underpaid. Woolworths Group's (ASX: WOW) internal review of its supermarkets and Metro stores found inconsistency in pay for salaried store team members compared to team members under the...

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ACCC takes Google to court over misleading use of user location data

ACCC takes Google to court over misleading use of user location data

The Australian Competition and Consumer Commission ('ACCC') has launched proceedings in the Federal Court against Google, alleging the Silicon Valley giant misused users' location data. The watchdog claims that from at least January 2017, Google breached the Australian Consumer Law when it made on-screen representations on And...

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BAF struggles to shake off links to Blue Sky

BAF struggles to shake off links to Blue Sky

"Come on!" is the gist of the latest announcement from Blue Sky Alternatives Access Fund (ASX: BAF), a Sydney-headquartered investment house that continues to rue the day it adopted the name of its Gold Coast counterpart now in administration. Two weeks ago the fund announced negotiations had been delayed to replace a Blue Sky s...

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Benjamin Hornigold demands repayment as JB Financial Group falls into receivership

Benjamin Hornigold demands repayment as JB Financial Group falls into receivership

The company that holds the majority of Benjamin Hornigold's (ASX: BHD) assets has fallen into receivership, and the embattled company is anxious for repayment. JB Financial Group (JBFG) fell into receivership today, with Wexted Advisors being appointed as the group's receivers and managers by Partners For Growth (PFG) under its se...

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Bravura to acquire wealth management software company for $25 million

Bravura to acquire wealth management software company for $25 million

Listed fintech Bravura (ASX: BVS) is poised to acquire Australian software company FinoComp for $25 million. Like Bravura, FinoComp is a software development company that builds solutions for the wealth management market. FinoComp currently has clients in the UK including Aegon and Nucleus, and provides them with software for data ana...

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Costa offers heavy discount for $176m capital raise

Costa offers heavy discount for $176m capital raise

In a year marked by successive profit downgrades as Costa Group (ASX: CGC) faced dual challenges of crop problems and slowing markets, the fruit and vegetable company is now raising capital to pay off debt at a price near its IPO level. Buoyed by the narrative of healthy eating, demand in Asia and world-leading berry genetics, Costa's...

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Rural Funds exits poultry business for $72m

Rural Funds exits poultry business for $72m

Rural Funds Group (ASX: RFF) is set to opt out of its poultry assets and buy up more cattle properties after a recent deal to sell its broiler chicken farms for $72 million. The figure is just shy of the $74.6 million adjusted property value for RFF's poultry assets released by Rural Funds Management (RFM) for 30 June. These asset...

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Atomos acquires UK-based video tech developers Timecode Systems

Atomos acquires UK-based video tech developers Timecode Systems

An Australian technology company developing video content creation products Atomos (ASX: AMS) has acquired UK-based Timecode Systems to further enhance its product range. Timecode Systems has developed a patented technology that enables multiple audio and video capture devices to wirelessly synchronise together. The tech fits neatly a...

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Myer class action fails in court

Myer class action fails in court

The Federal Court has ruled Myer (ASX: MYR) will not need to pay damages in a class action brought by Amies Superannuation Fund trustee TPT Patrol, despite finding the retailer had engaged in misleading or deceptive conduct over a four-month period in FY15. The proceedings stemmed from a verbal statement made on 11 September 201...

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Virgin secures $623 million loan for Velocity buy-back

Virgin secures $623 million loan for Velocity buy-back

Virgin Australia (ASX: VAH) has secured a $623 million unsecured loan to buy-back a chunk of its frequent flyers program Velocity. The unsecured Notes are due in 2024, with the loan to be used to buy Affinity Equity Partners' 35 per cent minority interest in Velocity Frequent Flyer Holdco, worth around $700 million. The company ha...

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Fuji Xerox to acquire listed Australian printing business for $140 million

Fuji Xerox to acquire listed Australian printing business for $140 million

The Asia Pacific arm of Fuji Xerox has entered into an agreement to acquire Australian printing and business services company CSG (ASX: CSV) for $140 million. The proposed deal will see Fuji Xerox subsidiary Fuji Xerox Asia Pacific acquire the listed Australian business for $0.31 per issued CSG share, valuing the deal at $140.8 million an...

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Ashley & Martin ordered to refund consumers over unfair contracts

Ashley & Martin ordered to refund consumers over unfair contracts

The Federal Court has ordered hair loss treatment business Ashley & Martin to give refunds to customers affected by unfair contract terms in its 'Personal RealGROWTH' program. The Australian Competition and Consumer Commission (ACCC) estimates more than 25,000 customers were affected by the unfair terms across three standard c...

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New superannuation legislation drains AMP's cashflow

New superannuation legislation drains AMP's cashflow

Ever since the Royal Commission into the banking and finance sector financial services business AMP (ASX: AMP) has been on the back foot. Now, new legislation is causing the company to lose more money than it is bringing in. According to the group's Q3 update, the group's wealth management business saw cash inflows of $7.1 bil...

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