Receivers called in for property group Steller

Receivers called in for property group Steller

A high-profile Melbourne property developer that once had a $4.2 billion pipeline of projects has been called into receivership, with assets likely to be divested for offshore investors to recoup funds. McGrathNicol Restructuring announced today three of its partners had been appointed as receivers for Development Steller Pty Ltd, a ...

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Founders take on new roles at Afterpay

Founders take on new roles at Afterpay

Buy-now pay-later fintech Afterpay Touch Group (ASX: APT) has announced an executive reshuffle as part of a plan to make the board more independent. Amidst scrutiny from AUSTRAC and concerns over a competitive threat from Visa in the buy-now pay-later (BNPL) space, the company is seeking an independent chair with a global search abou...

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Could medicinal cannabis curb the opioid crisis?

Could medicinal cannabis curb the opioid crisis?

One of Australia's leading cannabis companies Zelda Therapeutics (ASX: ZLD) has been given the greenlight to commence an opioid reduction trial. The trial at St Vincent's Hospital in Melbourne will see Zelda assess the effectiveness of medicinal cannabis in reducing opioid dependence in patients with chronic non-cancer pain. T...

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People Infrastructure acquires nursing recruitment firms

People Infrastructure acquires nursing recruitment firms

Less than two weeks after its initial announcement, People Infrastructure (ASX: PPE) has completed the $16.8 million buyout of nursing businesses First Choice Care and Carestaff Nursing services. The acquisitions have bolstered People Infrastructure's growing health and community care business, and the company expects they will bring ...

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Flight Centre acquires French corporate travel business

Flight Centre acquires French corporate travel business

Flight Centre (ASX: FLT) has taken full ownership of Paris-based corporate travel group 3Mundi, bringing around 170 million euros ($275 million) in annual total transaction value (TTV) under its global umbrella. In 2017 Flight Centre took a 25 per cent stake in the company, and yesterday's acquisition was based on the terms of a put-c...

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Dimmi founder launches new 'smart menu' app me&u

Dimmi founder launches new 'smart menu' app me&u

After a 12-month sabbatical following the sale of restaurant booking app Dimmi, Stevan Premutico (pictured) is back with another piece of hospitality-tech sure to make waves in the industry. Called 'me&u', the app allows restaurant-goers to order and pay for food seamlessly at the restaurant. Customers simply need to ...

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Macquarie axes gambling, ups the ante on overseas spend

Macquarie axes gambling, ups the ante on overseas spend

In a move lauded by the Alliance for Gambling Reform, Macquarie Group (ASX: MQG) has announced that from today its credit cards can no longer be used in gambling transactions. Macquarie will block all credit card transactions that are registered under a gambling and lottery merchant code. The bank says it aims to "support the financi...

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US suitor outbids Bravura in tilt at GBST

US suitor outbids Bravura in tilt at GBST

Update: This afternoon GBST announced a pause in trading pending an announcement, which was followed by a trading halt that will be in place until the announcement is made or the start of trading on 3 July.  After several months receiving takeover offers from Bravura Solutions (ASX: BVS), Brisbane-based fintech GBST (ASX: GBT) h...

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Australia's top 20 cannabis companies

Australia's top 20 cannabis companies

With a stock market that is open to international investors and a rapid domestic take-up on cannabinoid-based medicines, Australia has become an unlikely hub for the booming global cannabis industry. According to a report from unlisted company Cannvalate, which incidentally has tie-ups with several groups on this list, Australia has the f...

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Domino's rejects underpayment claims

Domino's rejects underpayment claims

Domino's Pizza (ASX: DMP) denies it misled franchisees over employee payment terms and has reiterated plans to defend a class action launched by Phi Finney McDonald. Earlier this week it was revealed the law firm had started the action alleging Domino's underpaid delivery drivers and in-store workers between June 2013 an...

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Ord Minnett management take control as IOOF and JP Morgan exit

Ord Minnett management take control as IOOF and JP Morgan exit

A consortium of private investors will acquire private wealth manager Ord Minnett from IOOF (ASX: IFL) and JP Morgan for around $164 million. The consortium, led by current Ord Minnett management, is concurrently acquiring IOOF's 70 per cent stake in the wealth management business alongside JP Morgan's 30 per cent stake, allowing ...

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Scentre sells Sydney CBD office towers for $1.52 billion

Scentre sells Sydney CBD office towers for $1.52 billion

The owner-manager of most of Australia's Westfield shopping centres has announced its second major asset sale in the space of six weeks, along with an $800 million share buy-back program. Scentre Group (ASX: SCG) announced today it has disposed its Sydney CBD office towers to certain funds managed by New York-headquartered Blackstone ...

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Gold Coast shopping centre sold for $20 million

Gold Coast shopping centre sold for $20 million

A shopping centre owned by Sunland Group (ASX: SDG) in Mermaid Waters, Gold Coast, has sold for $20 million. The Lakeview Retail Centre has been acquired by Bao Li Investments, with settlement to occur in August 2019 so long as certain legal requirements are fulfilled. The sale of the property, which is located on Bermuda Street ...

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How to profit and be responsible: Exclusive Q&A with Andrew Banks and Nicholas Bernhardt

How to profit and be responsible: Exclusive Q&A with Andrew Banks and Nicholas Bernhardt

Andrew Banks and Nicholas Bernhardt believe that when running a business, profit and corporate responsibility aren't mutually exclusive. Granted, it is becoming harder for companies to ensure their supply chains aren't buying into an ethical nightmare, particularly given the mountains of fast-inflowing data related to overseas sup...

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Bubs snuggles up to Chinese chain with retail partnership

Bubs snuggles up to Chinese chain with retail partnership

Infant formula company Bubs Australia (ASX: BUB) has achieved its first major project through a joint venture formed in March, with the announcement today of a strategic channel partnership with China's largest mother and baby store chain. In March the Australian company entered a JV with Beingmate, a dairy company listed on the Shenz...

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AP Eagers sells Brisbane property for $61m

AP Eagers sells Brisbane property for $61m

AP Eagers (ASX: APE) is busily gearing up for its proposed merger with Automotive Holdings Group (ASX: AHG) with the sale of one of its properties near the Brisbane River. The car dealer sold its property at 99 Breakfast Creek Road, Newstead to the Seymour Group for $61 million. AP Eagers will continue to operate its business from the...

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Slater and Gordon files class action against AMP

Slater and Gordon files class action against AMP

Listed law firm Slater and Gordon (ASX: SGH) has launched a class action law suit against AMP (ASX: AMP) for allegedly charging customers excessive fees. Slater and Gordon alleges that, through arrangements entered into with related parties, trustees AMP Super and NM Super paid too much to related AMP entities for administration services....

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Afterpay founders vow to stand by the company amid AUSTRAC audit

Afterpay founders vow to stand by the company amid AUSTRAC audit

The founders of buy-now pay-later fintech Afterpay Touch Group (ASX: APT) have voiced their commitment to the business, vowing to hold onto their shares. Nick Molnar (pictured right) and Anthony Eisen (left), co-founders of the company, recently cashed out of the company to the tune of $103.5 million, just three trading days after the fin...

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Cromwell bulks up for a $1 billion spending spree

Cromwell bulks up for a $1 billion spending spree

Cromwell Property Group (ASX: CMW) has announced a master plan to pursue more than $1 billion worth of acquisitions across Australia and Europe in the near future. The property and development giant says it has identified several acquisition opportunities across Australian and Europe as a part of its 'Invest to Manage' strategy. ...

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Provenir receives Australian first mobile abattoir licence

Provenir receives Australian first mobile abattoir licence

Agriculture startup Provenir has received a licence from the New South Wales Food Authority to operate Australia's first ever mobile abattoir. The licence will enable Provenir to begin processing beef on farm, opening the company up to commercial sales to food service, online, and retail. Cattle farmer John Doyle from Claredale, N...

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Stone & Chalk lands in Adelaide

Stone & Chalk lands in Adelaide

Startup incubator Stone & Chalk is making its way down to South Australia with the announcement of a new innovation hub in Adelaide. To be situated in Lot Fourteen, Stone & Chalk hopes to tap into Adelaide's growing entrepreneurial scene, currently dominated by players in the space, cybersecurity, defence, AI and robotics indu...

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Hacker given three-year jail term for insider trading

Hacker given three-year jail term for insider trading

A Melbourne man has been sentenced to three years imprisonment after hacking a financial publisher's system and engaging in insider trading. IT consultant Steven Oakes today pleaded guilty to 11 charges of insider trading, unauthorised access to data with the intention to commit a serious offence, and the alteration of electronic devi...

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ASIC takes Former Murray Goulburn execs to court

ASIC takes Former Murray Goulburn execs to court

The corporate watchdog has taken former executives of dairy group Murray Goulburn (ASX: MGC) to the Federal Court over alleged breaches of the Corporations Act. Former managing director Gary Helou and former CFO Bradley Hingle will face the Federal Court over their alleged involvement in Murray Goulburn's failure to disclose to the AS...

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The plot thickens in Zip Co and Firstmac's trademark dispute

The plot thickens in Zip Co and Firstmac's trademark dispute

It is fast becoming a case of 'he said, she said' as the trademark infringement allegations levelled at Zip Co develop. When the proceedings were lodged yesterday by Firstmac Zip Co came out swinging, saying that Firstmac is only now choosing to launch proceedings against it, despite Zip Co using the phrase in question, 'ZIP...

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Collins Foods reports strong growth boosted by KFC

Collins Foods reports strong growth boosted by KFC

The Australian operator of KFC, Taco Bell and Sizzler has reported a strong financial year, seeing growth across the board. Announcing its FY19 results today, ahead of most listed companies as its financial year finished on 28 April 2019, Collins Foods (ASX: CKF) saw its revenue lift by 17 per cent to $901.2 million. The group reporte...

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Phi Finney McDonald launches class action against Domino's alleging staff were underpaid

Phi Finney McDonald launches class action against Domino's alleging staff were underpaid

A class action law suit has been launched by Phi Finney McDonald, alleging Domino's Pizza (ASX: DMP) underpaid delivery drivers and in-store workers. The law firm is looking for expressions of interest in its class action against the Australian pizza giant on behalf of employees employed between 24 June 2013 and 24 January 2018. P...

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New IOOF CEO named in sweeping board overhaul

New IOOF CEO named in sweeping board overhaul

Over six months after severe criticism from the Australian business regulator IOOF has appointed a new CEO. Renato Mota (pictured) has been appointed as CEO and managing director of the business as part of sweeping reform across the company's board. The changes to the board also involve the appointment of Andrew Bloore as an indep...

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Way Ahead and beyond: The ultimate guide to Gold Coast Business Week 2019

Way Ahead and beyond: The ultimate guide to Gold Coast Business Week 2019

The Gold Coast has cemented its position as one of Australia's most exciting small business hubs. Global investors, thought leaders and innovators are set to explore its further potential at Gold Coast Business Week 2019 (8-12 July). GC Business Week will once again culminate in its signature 'Way Ahead' event on Friday 12...

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Zip Co embroiled in trademark dispute

Zip Co embroiled in trademark dispute

Home loan provider Firstmac is taking digital finance and payments company Zip Co (ASX: Z1P) to Federal Court over a trademark dispute. Firstmac alleges that Zip Co has infringed its trademark 'ZIP' which is registered in respect of 'financial affairs', specifically home loans. Zip Co has engaged Corrs Chambers Westgar...

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AP Eagers and AHG merger raises red flag for watchdog

AP Eagers and AHG merger raises red flag for watchdog

The possibility for localised anti-competitive impacts following the proposed merger of two of Australia's largest car dealers has raised a red flag for the Australian Competition and Consumer Commission ('ACCC'). AP Eagers (ASX: APE) and Automotive Holdings Group (ASX: AHG) are currently in the final stages of a proposed merg...

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