DBRS Morningstar downgrade Westpac in light of transaction scandal

DBRS Morningstar downgrade Westpac in light of transaction scandal

The ripple effect of money laundering allegations at Westpac (ASX: WBC) continues to be felt with the bank's long-term ratings trend now called into question. Global credit ratings business DBRS Morningstar has downgraded Westpac's long-term ratings trend from stable to negative, citing "serious shortcomings in oper...

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First site announced for Gold Coast's The Spit master plan

First site announced for Gold Coast's The Spit master plan

The Queensland state government has today announced the first commercial development site to be released under The Spit Master Plan on the Gold Coast. Minister for State Development Cameron Dick said a 9,858sqm site with a marina allotment adjacent to Sunland's Mariner's Cove would be the first of several state-owned sites to...

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Sendle to disrupt US parcel delivery

Sendle to disrupt US parcel delivery

Aussie parcel delivery startup Sendle has set its sights on the US just five years since it launched locally. The company has today announced its expansion into the US, designed to serve the needs of American small e-commerce businesses. The Australian group hopes to tap into a massive US market; small businesses in the US send around...

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"An exercise in Orwellian doublespeak": Dover Financial Advisers found guilty

"An exercise in Orwellian doublespeak": Dover Financial Advisers found guilty

The Federal Court has handed down its decision against Dover Financial Advisers, finding the company and its sole director guilty of false, misleading or deceptive conduct on 19,402 occasions. The case arose from an Australian Securities and Investment Commission (ASIC) investigation, with the watchdog alleging that Dover misled and decei...

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Woolworths CEO cuts bonus pay after company shortchanged staff

Woolworths CEO cuts bonus pay after company shortchanged staff

Two key leadership figures at Woolworths Group (ASX: WOW) have decided to give their pay packages a haircut in the wake of the retailer's staff underpayment scandal last month. A review from Australia's biggest retail chain found 5,700 of its employees had been underpaid to the tune of $300 million since 2010. The Fair Work Om...

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Struggling Adcorp to bid adieu to the ASX

Struggling Adcorp to bid adieu to the ASX

The ad agency has long been propped up by majority shareholder and chairman Ian Rodwell, but soon it will free itself from the ASX shackles to restructure.  After more than two decades on the stock exchange struggling with challenging market conditions, specialist advertising agency Adcorp (ASX: AAU) will de-list on 20 Dece...

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Dual acquisitions grow Primewest portfolio by $45 million

Dual acquisitions grow Primewest portfolio by $45 million

A Coffs Harbour shopping centre and a South Australian industrial property will grow recently-listed national property fund manager Primewest's portfolio by $45 million. As announced this morning Primewest has acquired the Moonee Market Shopping Centre in Coffs Harbour for just over $30 million. The centre, anchored by Coles, was ...

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Westpac CEO and chairman step down amid AUSTRAC allegations

Westpac CEO and chairman step down amid AUSTRAC allegations

Westpac Group (ASX: WBC) CEO Brian Hartzer and chairman Lindsay Maxstead will step down in the wake of legal controversy surrounding the bank. Hatzer's resignation follows allegations from AUSTRAC that the banking group contravened the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) on more than 23 million ...

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Venus Williams joins star-studded line-up for Brisbane International

Venus Williams joins star-studded line-up for Brisbane International

At least five of the world's top 10 tennis players will be competing for the first international tennis trophy of 2020.  An already stellar line-up for the Brisbane International just got stronger after it was announced former world number one Venus Williams will make her river city debut at the tennis tournament taking place fro...

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Smiles kicks off marketing campaign to turn the tide

Smiles kicks off marketing campaign to turn the tide

Smiles Inclusive (ASX: SIL) shares are trading at close to record lows and management is pulling out all stops to improve shareholder sentiment ahead of the company's AGM on Thursday. The company's market capitalisation is now only marginally higher than the $3.3 million it raised in October, following the confirmation late last m...

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BOQ completes $250m placement

BOQ completes $250m placement

Bank of Queensland (ASX: BOQ) has raised the bulk of a $275 million capital raising announced yesterday through the completion of a $250 million institutional share placement. The Brisbane-headquartered bank is raising the funds to strengthen its balance sheet and increase its buffer above the Australian Prudential Regulation Au...

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Asset loss an "epidemic" costing Aussie businesses $4.3 billion per year

Asset loss an "epidemic" costing Aussie businesses $4.3 billion per year

From little things like keys to larger objects like vehicles Australian businesses are losing billions of dollars' worth of assets every year. The problem is a $4.3 billion hit to Australian businesses every year, and as businesses become more digital it could become even worse. According to new research done by Telsyte and commis...

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Shoes of Prey liquidators to flog off assets

Shoes of Prey liquidators to flog off assets

The liquidators of embattled custom-order footwear business Shoes of Prey are now seeking expressions of interest (EOIs) for the company's assets including its brand names, logo, patterns, subscriber and customer database, and social media channels. The announcement comes within a month of co-founder Jodie Fox releasing her book '...

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Salmat to exit letterbox drops and digital catalogues

Salmat to exit letterbox drops and digital catalogues

Catalogue marketer Salmat (ASX: SLM) has called it quits on an unsuccessful foray into digital solutions and e-commerce, entering a deal to sell its marketing solutions business to a subsidiary of IVE Group (ASX: IGL) for $25 million cash. The move will see Salmat step away from its largest revenue generator which accounted for almost two...

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Caltex to launch convenience retail property IPO

Caltex to launch convenience retail property IPO

Caltex Australia (ASX: CTX) has today proposed an initial public offering (IPO) for a property trust with an interest of up to 49 per cent in 250 convenience retail freehold sites. With all the appropriate approvals, the transaction is due for completion in the first half of the 2020 calendar year, with expectations the trust will receive...

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AVJennings one step closer to creating new 3,500-home community

AVJennings one step closer to creating new 3,500-home community

AVJennings' (ASX: AVJ) dream of a 3,500-lot master planned community at Caboolture is now one step closer to becoming a reality. The property developer has crossed the t's and dotted the i's on final documentation which gives it a call option to gain development approval over the land which is in one of south-east Queensland...

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Afterpay shares jump after final audit handed to AUSTRAC

Afterpay shares jump after final audit handed to AUSTRAC

The auditor notes Afterpay's compliance with its AML/CTF obligations was based on legal advice he believes to be incorrect from top tier Australian law firms. An independent audit of Afterpay (ASX: APT) has been handed to Australian authorities confirming the company's alignment with the Anti-Money Laundering and Counter-Terro...

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Metcash dumped by 7-Eleven losing $800 million in sales in the process

Metcash dumped by 7-Eleven losing $800 million in sales in the process

Think your breakup was bad? Take solace in the news that Metcash (ASX: MTS) is set to lose hundreds of millions in earnings after ending things with convenience chain 7-Eleven. Metcash announced this morning that 7-Eleven will not be renewing its current supply agreement after it concludes on 12 August 2020. As a result, Metcash is lo...

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New trains to boost Sydney's Southwest Metro beyond Chatswood

New trains to boost Sydney's Southwest Metro beyond Chatswood

The NSW Government has ordered 23 new trains to support the city's Metro railway beyond Chatswood into the city and on to Bankstown. As part of the extension an additional 66-kilometre line will be constructed, due by 2024. The contract package includes $1.7 billion for new metro trains and core rail systems as well as a $2 billio...

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Cult bridal and loungewear label Homebodii goes bricks & mortar

Cult bridal and loungewear label Homebodii goes bricks & mortar

After nine years of building its cult reputation loungewear label Homebodii has opened up its first physical location, just in time for Christmas. The group has officially opened the doors to its first retail store in Pacific Fair on the Gold Coast, marking a kind of homecoming for the brand. The new Homebodii store is not your regula...

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Abacus acquires North Sydney tower for $311 million

Abacus acquires North Sydney tower for $311 million

Abacus Property Group (ASX: ABP) is making a $311 million bet on the revival of North Sydney with its latest acquisition. The group has acquired 99 Walker Street, North Sydney for $311.3 million, reflecting around $16,100 per square metre of net lettable area (NLA). The property is located on the corner of Walker Street and Mount Stre...

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Aussie patented condom gets the nod for Europe's bedrooms

Aussie patented condom gets the nod for Europe's bedrooms

Shares in Starpharma (ASX: SPL) couldn't get up by market close today despite a landmark approval for the biotech's VivaGel condoms to be marketed in Europe. The Melbourne-based company describes the condom as a world-first product and the only condom of its kind incorporating the proprietary compound SPL7013 (VivaGel) i...

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"Justice for thousands" as Shine wins implant class action against Johnson & Johnson

"Justice for thousands" as Shine wins implant class action against Johnson & Johnson

A class action seven years in the making has delivered "justice for thousands" after Shine Lawyers (ASX: SHJ) defeated Ethicon and Johnson & Johnson in the Federal Court today. The two medical implant giants have been found liable in negligence and for breaches of the Trade Practices Act and the Competition and Consumer Act ...

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Bucephalus Research makes fresh allegations against Rural Funds

Bucephalus Research makes fresh allegations against Rural Funds

A Hong Kong-based "creative accounting" researcher has upped the ante in its criticisms of agricultural property owner Rural Funds Group (ASX: RFF), following a review of FY19 financials lodged by responsible entity Rural Funds Management (RFM). Bucephalus Research alleges filings made by RFM to the Australian Securities and Inv...

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How WeWork forced Servcorp's transformation

How WeWork forced Servcorp's transformation

In the wake of its failed IPO WeWork has become synonymous with hyped-up Silicon Valley bro culture and corporate misgovernance, teaching investors that adding the word 'tech' to your business description is no panacea. As the commercial real estate services giant's problems unravelled on Wall Street, its impacts had already b...

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Noni B to acquire stake in New Zealand's EziBuy

Noni B to acquire stake in New Zealand's EziBuy

Noni B (ASX: NBL) and Alceon Group are set to acquire 50.1 per cent of New Zealand retailer EziBuy. The acquisition will boost Noni B's online sales to approximately $200 million, representing 20 per cent of the group's total revenue, and will give Noni B access to EziBuy's database of over 2 million mostly New Zealand-based c...

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Thorn Group posts $26 million loss

Thorn Group posts $26 million loss

A class action and a strategic review have weighed heavily on the operator of Radio Rentals with Thorn Group (ASX: TGA) posting a $25.6 million first half loss. At the same time in 2018 Thorn Group posted a $2.4 million profit. The group was hit with $27.6 million in costs relating to a class action settlement, associated legal costs,...

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NAB settles credit card insurance class action for $50 million

NAB settles credit card insurance class action for $50 million

NAB (ASX: NAB) has reached a settlement with class action law firm Slater & Gordon, paying $49.5 million toward customer remuneration. The class action saw Slater & Gordon allege that NAB sold "worthless" credit card insurance (CCI) to customers. The law firm claimed most people were sold the insurance over the phone...

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Industrial site sale makes Sunshine Coast history

Industrial site sale makes Sunshine Coast history

Skybound Fidelis Investment Group has made one of the largest ever industrial investments on the Sunshine Coast in Queensland with the purchase of a 7,933sqm freestanding facility for $13.1 million. The site is located within the booming Sunshine Coast Industrial Park at 87-101 Fred Chaplin Circuit in Bells Creek, which is 3km f...

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Work begins on $85 million Adelaide CBD apartment development

Work begins on $85 million Adelaide CBD apartment development

The ground has officially been broken on the Penny Place apartment development in the Adelaide CBD. The $85 million building, expected to generate 150 local construction jobs, is being developed by Flagship Property Holdings. The apartment building will be built on Angas Street near Victoria Square and will comprise 152 apartments, 50...

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