Zip launches credit product for SMEs with eBay partnership

Zip launches credit product for SMEs with eBay partnership

eBay merchants will be the first to access Zip Co's (ASX: Z1P) new business-focused product, designed to give merchants access to working capital. The partnership between the buy-now pay-later (BNPL) player and eBay will give merchants the ability to purchase inventory, cover short-term expenses, and manage cashflow via access to flexibl...

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COVID-19 impacts dull Lovisa's profits

COVID-19 impacts dull Lovisa's profits

The standing down of staff, store closures and supply chain disruptions had a significant impact on jewellery retailer Lovisa's (ASX: LOV) full year profits. The COVID-19 pandemic took the shine off Lovisa's profit after tax this financial year, down 69.7 per cent to $11.2 million. However, a focus on digital during the fourth quar...

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Qantas puts another 2,500 jobs on the chopping block

Qantas puts another 2,500 jobs on the chopping block

Thousands of Qantas Group (ASX: QAN) ground operations staff face an uncertain future after the airline announced a review to outsource their jobs and save $100 million. The latest cost-cutting measure could potentially impact 2,500 baggage handler, aircraft cleaning and ground transport jobs for the airline and its subsidiary Jetstar, ...

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Unsecured creditors not left out of Bain's $3.5 billion buyout of Virgin Australia

Unsecured creditors not left out of Bain's $3.5 billion buyout of Virgin Australia

All employee entitlements will be paid in full and unsecured creditors will receive a partial return as part of Bain Capital's $3.5 billion acquisition of ailing airline Virgin Australia (ASX: VAH). Revealed today in Deloitte's second report to creditors, unsecured creditors will see a return of between $462 million and $612 million ...

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One in three stores could close permanently for owner of Rockmans, Noni B, Millers, Rivers, Katies

One in three stores could close permanently for owner of Rockmans, Noni B, Millers, Rivers, Katies

The owner of some of the country's most iconic fashion brands plans to close 300-500 stores for good within two years, with its CEO signalling the retail rental market is not just paused but is "fundamentally changed for the future". Mosaic Brands (ASX: MOZ) has today reported a statutory loss of $170.36 million for FY20, ...

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Pandemic slams Scentre with $3.6 billion loss

Pandemic slams Scentre with $3.6 billion loss

The operator of Westfield shopping centres in Australia has seen the value of its properties dive by around $4 billion in the first six months of 2020, leading to a loss of $3.6 billion. The devaluation was the main driver of Scentre Group's (ASX: SCG) fall from a 2019 first half profit of $740 million, with much of the rest explained by...

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Super Retail Group thrives online as Australians embrace domestic travel

Super Retail Group thrives online as Australians embrace domestic travel

Super Retail Group's (ASX: SUL) omni-channel retail model enabled the company to ride out the worst of the initial COVID-19 market shock as online sales rose by 44.4 per cent in FY20. However the company's net profit after tax was down by approximately 21 per cent in the financial year to $110.2 million. The retailer is the parent ...

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Rio Tinto exec salaries cut by $7m after Aboriginal site destruction review

Rio Tinto exec salaries cut by $7m after Aboriginal site destruction review

Rio Tinto (ASX: RIO) chief executive officer Jean-Sebastien Jacques (pictured) will have his pay docked by around 38 per cent following a review of the practices and systems that led to the destruction of the heritage Juukan rockshelters in the Pilbara in May. Jacques' payments will go down by $4.93 million, while Rio's chief ex...

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Reliance rises as US sales rebound

Reliance rises as US sales rebound

Plumbing supplies company Reliance Worldwide (ASX: RWC) is bouncing back after a slow FY20, with US sales up 22 per cent in July. The company's optimism for the future follows a soft financial year, during which RWC reported net profit after tax of $89.4 million, down 33 per cent. RWC's results were largely impacted by COVID-19, wi...

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Shareholder pressure ousts Pahari from AMP Capital top job, chairman departs

Shareholder pressure ousts Pahari from AMP Capital top job, chairman departs

New AMP chairman Debra Hazelton says she is determined to restore the trust and confidence of clients, shareholders and employees. Sexual harrassment allegations made by a former employee have led to the demotion of AMP Capital CEO Boe Pahari, just two months after he was promoted to the high-level position.  Pahari will now resume hi...

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E-commerce native Redbubble sees earnings more than quadruple

E-commerce native Redbubble sees earnings more than quadruple

Print-on-demand fashion and art marketplace Redbubble (ASX: RBL) has seen its niche offering ride the rise of e-commerce during FY20, with earnings up by 358 per cent during the period to $5.1 million. The company says its FY20 financial result reflects a positive shift to online retail, which saw its marketplace recording revenue of $349 mi...

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Westpac to offload vendor finance business

Westpac to offload vendor finance business

Westpac Group's (ASX: WBC) vendor finance business will be sold to Angle Finance, a portfolio company of US private equity firm Cerberus Capital Management. Given the size of the portfolio, which Westpac describes as "modest", the sale is expected to have a negligible impact on the bank's balance sheet and capital ratios. ...

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Investors hungry for City Chic Collective

Investors hungry for City Chic Collective

Women's fashion retailer City Chic Collective (ASX: CCX) has seen strong demand for its share purchase plan (SPP), and in response has increased it from $10 million to around $31.1 million. The tripling of the SPP follows the completion of an $80 million institutional placement, bringing the total raised by the company to $111.1 million....

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Cromwell alleges conflicts of interest in ARA takeover bid

Cromwell alleges conflicts of interest in ARA takeover bid

Cromwell Property Group (ASX: CMW) is ramping up the rhetoric in its bid to derail a proportional offer from Gary Weiss-backed ARA Group to take an influential albeit not majority holding in the $2.3 billion Brisbane-based company. Cromwell has previously described the bid as an opportunistic takeover by stealth and is trying to establi...

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IDP Education overcomes disruption as profits rise on digital pivot

IDP Education overcomes disruption as profits rise on digital pivot

With a business that revolves around international students, IDP Education (ASX: IDP) could have easily been one of the scores of companies reporting losses due to COVID-19 travel restrictions.  But the Melbourne-based group has done just the opposite, reporting a 29 per cent increase in EBITDA to $148.6 million. While the company'...

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The Star dims on loss as high rollers disappear

The Star dims on loss as high rollers disappear

Without international gamblers to fill The Star Entertainment Group's (ASX: SGR) high-value tables, the company's VIP revenues could plummet by half a billion dollars if recent trends continue. The revelation comes as the casino and resort operator posted a full-year statutory loss of $94.6 million today. The Star saw its gambling ...

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Afterpay doubles earnings expectations

Afterpay doubles earnings expectations

Buy-now pay-later (BNPL) giant Afterpay (ASX: APT) has underestimated its earnings potential by half for the financial year according to a trading update issued yesterday. The company says its EBITDA for FY20 will be $44 million, which is almost double what it announced as part of a July 2020 trading update. However, Afterpay still expects...

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Qantas drops $2.7 billion into the red, significant loss flagged for FY21

Qantas drops $2.7 billion into the red, significant loss flagged for FY21

Qantas (ASX: QAN) has reported a $2.7 billion loss for FY20 amidst what CEO Alan Joyce has described as the worst trading conditions in the airline's 100-year history, with significant losses expected in the current financial year as well. Despite a few bright spots such as Qantas International actually turning a $56 million profit ...

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Australian Vintage named in China's wine dumping probe

Australian Vintage named in China's wine dumping probe

The ASX-listed company behind such wine brands as McGuigan Wines, Tempus Two and Nepenthe has been mentioned in a Chinese investigation into the alleged dumping of Australian wine exports. After the market closed today, Australian Vintage (ASX: AVG) issued a response to the probe being undertaken by China's Ministry of Commerce...

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Woolworths to acquire PFD Food Services for $552m

Woolworths to acquire PFD Food Services for $552m

Woolworths Group (ASX: WOW) has entered an agreement to acquire a 65 per cent stake in Australia's largest family-owned foodservice distributor PFD Food Services, as well as all its freehold properties including 26 distribution centres. Woolworths will acquire its holding for $302 million and spend a further $249 mill...

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