Furniture e-commerce leader Temple & Webster tables first profit

Furniture e-commerce leader Temple & Webster tables first profit

Furniture retailer Temple & Webster's (ASX: TPW) online model has paid off with the company recording its first full year profit. During FY19 the company generated $101.6 million in revenue, up 41 per cent on the prior year. Most notably for investors who have stuck with the e-commerce furniture and homewares vendor since its ...

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Healthy turnaround for Oliver's Real Food

Healthy turnaround for Oliver's Real Food

Since Oliver's Real Food (ASX: OLI) founder Jason Gunn returned to helm the ship the company's fortunes have improved substantially. During the fourth quarter the health-oriented fast food business delivered a profit as well as earnings of $161,000. "This is a direct outcome of management's determination to eliminate ...

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GBST yields to FNZ takeover bid

GBST yields to FNZ takeover bid

Shares in Brisbane-based fintech GBST (ASX: GBT) have risen 6.5 per cent this morning after the board unanimously recommended a takeover bid from the holding company of FNZ Custodians. The $3.85 per share bid is actually less than an earlier acquisition offer from the New Zealand-based company, but is still 7 per cent more than an offer o...

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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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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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APRA slams Macquarie, Rabobank and HSBC over funding standards

APRA slams Macquarie, Rabobank and HSBC over funding standards

The Australian Prudential Regulation Authority (APRA) has found the intra-group funding practices of three major banking institutions could undermine their stability in times of crisis. Following a review of funding agreements across the authorised deposit-taking (ADI) industry, APRA has called out Macquarie Bank (ASX: MQG)...

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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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Smartbank 86 400 granted banking licence from APRA

Smartbank 86 400 granted banking licence from APRA

New 'smartbank' 86 400 has received an ADI licence from the Australian Prudential Regulation Authority (APRA) today, bringing the bank one step closer to its public launch. The APRA licence is a full banking licence, meaning 86 400 can take unlimited customer deposits and that it has met the same regulatory requirements as the Big...

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Australian venture capital smashes records in FY19

Australian venture capital smashes records in FY19

Australia's venture capital investments would have passed the $2 billion mark had Judo Bank's $400 million plus raising crossed the line on time. A recent report from KPMG shows venture capital investment in Australian startups is alive and well with US$1.23 billion (AUD$1.75 billion) raised in FY19. Amanda Price, KPMG Austral...

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Challenger bank Archa avoids dirty word for Gens Y & Z

Challenger bank Archa avoids dirty word for Gens Y & Z

The founder of Australian challenger bank Archa has his sights set on launching the company's first products to customers next quarter, but the plan is to "avoid the word bank wherever possible". Speaking on a blockchain, AI and robotics panel at Gold Coast Business Week, Archa founder and CEO Oliver Kidd discussed a busines...

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Noni B continues to defy retail gloom

Noni B continues to defy retail gloom

As its competitors bemoan the state of Australian retail Noni B has once again bucked the trend in its latest trading update. The group expects to announce underlying earnings of $45 million for FY19, in line with its previously announced guidance and up 21 per cent on FY18. Noni B is the parent company of major Australian retail bran...

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Retail Food Group brushes ASX concerns under the rug

Retail Food Group brushes ASX concerns under the rug

The franchise operator of Brumby's Bakery, Michel's Patisserie, and Gloria Jeans, Retail Food Group (ASX: RFG), has responded to the concerns of the ASX regarding a sudden and unexpected lift in shares last week. RFG said last week that the sudden lift in shares can be attributed to media speculation about its turnaround strategy....

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ASIC slams banks for "extremely poor" consumer credit insurance

ASIC slams banks for "extremely poor" consumer credit insurance

Australia's major banks have come under fire from the Australian Securities and Investment Commission (ASIC) for the sale of consumer credit insurance (CCI) that has "consistently failed consumers". In its latest report on CCI, Report #622, ASIC says that CCI products sold by 11 of Australia's major banks are of poor val...

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Michael Hill announces bumper backpay for employees

Michael Hill announces bumper backpay for employees

Jewellery retailer Michael Hill (ASX: MHJ) has announced that it owes employees between $10 million and $25 million in remediation payments. The group discovered this remuneration discrepancy when conducting a review into its Australian retail employment contracts and rostering practices. The company says it was non-compliant with som...

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Affinity's stake in Virgin's Velocity up for sale

Affinity's stake in Virgin's Velocity up for sale

A key stakeholder in Virgin Australia's (ASX: VAH) Velocity Frequent Flyer program (Velocity) is looking at options to exit. Virgin Australia has announced that Affinity Equity Partners (Affinity) is exploring an exit from its approximately 35 per cent holding in Velocity and has requested that various exit options for the sale of its...

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Data#3 expects a bumper full year profit

Data#3 expects a bumper full year profit

Listed IT services company Data#3 (ASX: DTL) is looking at a healthy FY19 result thanks to a strong Australian technology market. The company has posted a trading update this morning where it anticipates a record full year result to come through when its final FY19 results are released. Subject to finalisation of the Discovery Technol...

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Nimble pulls out of payday lending while ASIC clamps down

Nimble pulls out of payday lending while ASIC clamps down

Fintech Nimble will exit its high interest, short-term loans business this year at a time when the sector is under heightened scrutiny from the corporate watchdog. The Australian Securities and Investments Commission (ASIC) released a consultation paper yesterday revealing plans to use new product intervention powers in the short-ter...

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Business bank Tyro considering ASX listing

Business bank Tyro considering ASX listing

Payments and banking company Tyro told investors this morning that it is considering an ASX listing in a brief statement posted online. The company says that the listing is not a done deal, and a number of conditions must be met first. "Tyro Payments Limited today announced it is investigating the potential to move from its curre...

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