Flamingo AI may fold as fire sale falls through

Flamingo AI may fold as fire sale falls through

Chatbot developer Flamingo AI (ASX: FGO) is scraping the salt pan after negotiations collapsed to hand over operations and IP in exchange for the payment of accrued wages to employees.   The Software as a Service (SaaS) company reached a binding terms sheet last month with Rymamay Investments to sell all its assets for a no...

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Super Retail Group to raise $203m, pumped up by founder Reg Rowe

Super Retail Group to raise $203m, pumped up by founder Reg Rowe

Super Retail Group (ASX: SUL), the parent company of retailers including Supercheap Auto, Macpac, BCF and Rebel Sport, will raise $203 million to take advantage of current market conditions. The raise follows a sales rebound in May with group sales increasing by 26.5 per cent, compared to a 26.2 per cent decline in April. The underwri...

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Mayfair 101 calls urgent meeting to settle IPO Wealth Fund's future

Mayfair 101 calls urgent meeting to settle IPO Wealth Fund's future

A fund banned from promoting allegedly misleading debenture products has called for an urgent meeting of IPO Wealth Fund unitholders to discuss its future after receivers were appointed in May. In a media release from IPO Wealth's parent Mayfair 101, the company claims more than two thirds of the shareholders have confirmed their...

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GM Holden fails to reach agreement in dealer talks

GM Holden fails to reach agreement in dealer talks

Holden is holding firm to its compensation package for dealers, after two days of dispute resolution discussions failed to deliver an agreement. Earlier this year parent company General Motors (NYSE: GM) announced the 160-year-old vehicle brand would be phased out by 2021, but since then the Australian Competition and Consumer Commission ...

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Alliance Aviation hopes to land $122m capital raising

Alliance Aviation hopes to land $122m capital raising

At a time when airlines are synonymous with financial woes, shares in Alliance Aviation Services (ASX: AQZ) have been flying at record highs after the Queensland Government pledged support for a key Whitsundays flight route. Amidst the broad sentiment of business reopening, it's probably as good a time as any for Alliance to raise som...

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Steven Lew's Global Retail Brands acquires MyHouse from administration

Steven Lew's Global Retail Brands acquires MyHouse from administration

The owner of brands such as Robins Kitchen, House and Your Home Depot will expand its network of 180 homewares stores through the acquisition of MyHouse, which entered voluntary administration on 19 March. Founded and led by Steven Lew (pictured), son of Australian retail doyen Solomon Lew, Global Retail Brands is acquiring...

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Kogan to ride e-commerce success with $115 million capital raise

Kogan to ride e-commerce success with $115 million capital raise

At a time when e-commerce star Kogan.com (ASX: KGN) is seeing accelerated sales prompted by the COVID-19 pandemic, the company has announced it will conduct a $115 million capital raise. The company says its $100 million placement and $15 million share purchase plan (SPP) will enable the retailer to take advantage of positive market condi...

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Slater & Gordon files class action against CommBank over "junk insurance"

Slater & Gordon files class action against CommBank over "junk insurance"

Law firm Slater & Gordon (ASX: SGH) has filed its fourth class action in the #GetYourInsuranceBack campaign, this time accusing Commonwealth Bank (ASX: CBA) of allegedly selling junk credit card and personal loan insurance to customers. S&G's class action filed in the Federal Court means it has now taken ai...

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Zip Co buddies up with neobank 86 400

Zip Co buddies up with neobank 86 400

Fintech Zip Co (ASX: Z1P) is continuing its play for buy-now pay-later (BNPL) supremacy after entering into a new partnership with neobank 86 400. Announced today, the two have entered into a partnership that will see the pair combine their technological expertise in a bid to drive more Australians away from traditional financial products...

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New CEO who led Starbucks launches in Europe to take charge at Collins Foods

New CEO who led Starbucks launches in Europe to take charge at Collins Foods

KFC restaurant operator Collins Foods (ASX: CKF) has today promoted COO Drew O'Malley (pictured) to CEO, replacing Graham Maxwell who is retiring after six years in the position. With an annual fixed remuneration of $754,000 plus benefits and incentives, O'Malley will formally commence the new role on 1 July. The new lead...

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Wesfarmers online sales shoot up during COVID-19 restrictions

Wesfarmers online sales shoot up during COVID-19 restrictions

The COVID-19 pandemic has continued to be a bountiful period for retail giant Wesfarmers (ASX: WES), with sales up across almost every one of the company's brands over the last five months. The company attributes its continued success to the strong positions its brands hold in a variety of consumer segments that have generally perform...

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CSL aims to produce "100 million doses" of COVID-19 vaccine in late 2021 if trials prove successful

CSL aims to produce "100 million doses" of COVID-19 vaccine in late 2021 if trials prove successful

Australian biotech giant CSL (ASX: CSL) has entered into a "significant" agreement that formalises the work it has been doing with COVID-19 vaccine developers since January. A new partnering agreement with the Coalition for Epidemic Preparedness Innovations (CEPI) and the University of Queensland (UQ) aims to accelerate the deve...

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Tritium plugs into $45 million private placement

Tritium plugs into $45 million private placement

Australian electric vehicle (EV) charging technology manufacturer Tritium has closed a $45 million debt private placement to US-based investor Cigna Corporation. Brisbane-based Tritium says the funds will be used to refinance a trade finance facility and to increase production capacity as the business expands into the Americas, Europ...

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Kogan profits up 50 per cent in 11 months

Kogan profits up 50 per cent in 11 months

Online jack-of-all-trades Kogan.com (ASX: KGN) saw accelerated sales growth in May as the macro-trend of e-commerce gained further momentum, lifting its active customers above the two million mark. In a business update today, Kogan notes adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) are up 200 per cent i...

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Westpac blames breaches of AUSTRAC guidelines on "poor individual judgments"

Westpac blames breaches of AUSTRAC guidelines on "poor individual judgments"

Big Four bank Westpac (ASX: WBC) has today released the results of its investigation into AUSTRAC's allegations of money laundering and enabling child exploitation, saying there was no evidence of intentional wrongdoing. The investigation dates back to November 2019 when AUSTRAC commenced civil legal proceedings against Westpac in rel...

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Cyrus and Bain make final cut for Virgin Australia shortlist

Cyrus and Bain make final cut for Virgin Australia shortlist

Administrators handling the sale of paralysed airline Virgin Australia (ASX: VAH) have narrowed the shortlist down to two bidders, selecting Bain Capital and Richard Branson-linked investment advisory Cyrus Capital Partners for the process. The decision means BGH Capital and Indigo Partners have been left on the tarmac. Cyrus was one ...

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Zip Co bets the house on US fintech QuadPay

Zip Co bets the house on US fintech QuadPay

Buy-now-pay-later giant Zip Co (ASX: Z1P) has today announced its boldest move to date after entering a deal to sacrifice 23.3 per cent of its shares in exchange for ownership of New York-based QuadPay. If the deal goes ahead it will see Zip Co's annual total transaction value (TTV) lifted by almost $900 million, representing an incre...

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ANZ sells UDC Finance to Shinsei Bank for $705m

ANZ sells UDC Finance to Shinsei Bank for $705m

ANZ (ASX: ANZ) continues its sell-off of non-core businesses today with the sale of New Zealand-based asset finance company UDC Finance to Japan's Shinsei Bank for NZ$762 million (AUD$705 million). The sale follows a previously announced review for UDC, and comes eight months after the sale of wealth pension and investments ...

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eToro's commission-free stock offering to attract a new generation of Australian investors

eToro's commission-free stock offering to attract a new generation of Australian investors

Earlier this month eToro launched its commission-free stock offering into Australia, giving users of the investment platform access to stocks listed on the NASDAQ and NYSE exchanges. This long-awaited expansion into Australia sees the app become a bona fide global broker of zero-commission stocks, with the product now available in over 10...

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Iress to raise $170 million for OneVue acquisition

Iress to raise $170 million for OneVue acquisition

Listed fintech Iress (ASX: IRE) will raise $170 million to strengthen its balance sheet and fund a proposed acquisition of funds management group OneVue (ASX: OVH). Of the $170 million, $107 million will be used to acquire OneVue at 40 cents cash per share, representing a 67 per cent premium to OneVue's last closing share price. I...

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