Seek marred by trouble in Latin America

Seek marred by trouble in Latin America

Political and economic turmoil in Latin America has blemished Seek's (ASX: SEK) financial year as the company has been forced to write down key assets in the region. The online job agency today reaffirmed a total impairment charge of $178 million it warned investors about earlier this month, comprised of $119 million against the carry...

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Double digit growth again for Villa World

Double digit growth again for Villa World

Residential property developer Villa World Limited (ASX: VLW) has reported strong results for FY18 amid solid sales from its flagship projects on the east coast. The company has posted double digit profit growth for the fifth consecutive year with a statutory net profit after tax of $43.6 million for FY18, up 15 per cent year-on-year. ...

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Domain's loss 'expected' post-IPO

Domain's loss 'expected' post-IPO

Domain (ASX: DHG) has posted a $6.2 million full-year net loss for FY18 following a significant year of transition and restructuring. The online real estate advertiser reported statutory revenue of $286.6 million and a statutory net loss of $6.2 million during its first period as a standalone ASX listed company, which has not yet been a f...

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Capilano shareholders to vote on takeover

Capilano shareholders to vote on takeover

Honey producer Capilano (ASX: CZZ) has announced it is being eyed for potential takeover by a consortium of private equity funds. This morning, the listed company told shareholders of its recommendation to allow the consortium of firms to take over the company. Capilano has entered into a scheme implementation agreement with Bravo Hol...

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Tax agents raided by ATO for alledged phoenix activity and tax avoidance

Tax agents raided by ATO for alledged phoenix activity and tax avoidance

The Australian Tax Office is currently investigating eleven sites across Victoria in relation to alleged phoenix activity and avoidance of tax. Access without notice has been granted at businesses and residential properties across Melbourne to gather information as part of a long-term compliance action into tax mischief. Complaints fr...

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McGrath flags $35 million cash impairment

McGrath flags $35 million cash impairment

Listed real estate group McGrath (ASX: MEA) has flagged it will be hit by a $35 million impairment charge following a "very challenging" FY18. The company, which has been struggling with lower sales volumes this past financial year, has also confirmed it expects reported earnings for FY18 to be around $1 million. McGrath say...

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New TV show set to open Blockchain to the world

New TV show set to open Blockchain to the world

A new weekly business TV show is set to showcase Blockchain companies, cryptoassets and ICOs to a global audience. Coincast TV, created by ICO advisor DigitalX and respected crypto business news platform Multiplier Crypto, will be broadcast on Sky News Business, and syndicated across Apple TV, the Wall St Journal and related social platfo...

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AMP begins the long claw-back, profits to suffer from scandal

AMP begins the long claw-back, profits to suffer from scandal

Financial provider AMP has today revealed its business recovery plan in the first quarterly update since its spectacular fall from grace during the Financial Services Royal Commission. AMP has vowed to "reset the business" which, in April this year, admitted to deliberately and unlawfully charging its customers for services that...

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It's all over red rover for Dover following ASIC undertaking

It's all over red rover for Dover following ASIC undertaking

Dover Financial Services will turn in its financial advisory licence at the end of next week, as an Australian Securities and Investment Commission (ASIC) investigation into the company's 'systematic failings' is ongoing. The financial services company, which was also subject to a Royal Commission grilling earlier this month, ...

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Court approves history-making settlement between Comm Bank and AUSTRAC

Court approves history-making settlement between Comm Bank and AUSTRAC

The Federal Court has today approved settlement between Commonwealth Bank (ASX: CBA) and the Australia Transaction Reports and Analysis Centre (AUSTRAC) over the anti-money laundering case which was brought against the financial services giant in August last year. CBA agreed in early June 2018 that it would pay $700 million in civil penal...

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Bubs enters into trading halt ahead of capital raising announcement

Bubs enters into trading halt ahead of capital raising announcement

After last week's news that Bubs Australia (ASX: BUB) is making a significant push into the Chinese market the company has entered into a trading halt on Thursday morning. The company says the trading halt has been requested pending an announcement by Bubs in relation to a capital raising. Last Friday the Australian infant milk fo...

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AMP faces class action over Royal Commission scandal

AMP faces class action over Royal Commission scandal

Less than a week after the resignation of its CEO Craig Meller, AMP is facing a potential class action lawsuit from Quinn Emanuel Urquhart & Sullivan (QE) on behalf of aggrieved shareholders. QE announced that it will investigate a class action against the financial services giant which has admitted to lying to its customers and regul...

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Google to ban all cryptocurrency ads from June 2018

Google to ban all cryptocurrency ads from June 2018

In a move that is sure to ruffle a few feathers in Silicon Valley, Google is set to ban all cryptocurrency advertising and initial coin offerings (ICO's) from June 2018. The move is part of a new financial product policy set to come into effect from June 2018, and sees all ads about cryptocurrency and related content banned, including...

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Billabong continues to sink, management looks to Quiksilver parent for a lifeline

Billabong continues to sink, management looks to Quiksilver parent for a lifeline

Affirming its relatively grim guidance from earlier in the year, Billabong's financial results have dropped across the board during the first half. The surf retailer warned in January that losses would compound during 1H18, and compound they did. Billabong posted a net loss after tax of $18.4 million for the first half, and its ea...

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Chinese demand for Australian wine pushes towards $1b

Chinese demand for Australian wine pushes towards $1b

EXPORTS of Australian wine to mainland China have soared by 63 per cent to a record breaking $848 million in 2017. China accounted for a third of total exports by value last year, with growth to the Asian powerhouse offsetting declines in exports to the US, UK, and Canada. Overall, Australian wine exports were worth $2.56 billion in 2...

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Pioneer of crowd-sourced funding on why it could be the retail industry's saviour

Pioneer of crowd-sourced funding on why it could be the retail industry's saviour

Capital raising in Australia is on the cusp of a new era, one defined by the rise of crowd-sourced funding (CSF). Last week, ASIC gave the green light for CSF intermediaries to begin providing financial services to growing businesses which are seeking to raise capital from investors. The new regime is designed to provide start-ups and...

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Mining sector on the mend with strong growth poised for 2018 and beyond

Mining sector on the mend with strong growth poised for 2018 and beyond

ACTIVITY in Australia's mining sector is set to accelerate in 2018 according to a recent report from BIS Oxford Economics. The industry is poised to grow through 2018 and beyond, arguing well for exports and the broader Australian economy, with mining exploration, production, and maintenance are all expected to lift significantly thro...

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INTERNATIONAL PASSENGER NUMBERS HELP SYDNEY AIRPORT POST GROWTH ACROSS ALL DIVISIONS

INTERNATIONAL PASSENGER NUMBERS HELP SYDNEY AIRPORT POST GROWTH ACROSS ALL DIVISIONS

SYDNEY Airport (ASX: SYD) has posted a first half profit rise of 4.4 percent to $166.6 million, thanks to a rise in international passenger numbers. The airport processed 21 million passengers in the six months to June 30, up from 20.2 million from the previous year, with international travellers increasing by 7.7 per cent and domestic up...

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GOVERNMENT'S NEW BUY QUEENSLAND INITIATIVE AN AUSTRALIAN FIRST

GOVERNMENT'S NEW BUY QUEENSLAND INITIATIVE AN AUSTRALIAN FIRST

THE QUEENSLAND Government has announced its latest plan to support Queensland-based businesses through the new 'Buy Queensland' initiative. The new plan, which will prioritise Queensland goods and services, will apply across all agencies, statutory bodies, and government owned corporations. The Queensland cabinet has agreed, i...

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MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT Limited (ASX: MP1) has seen its share price rise by almost two per cent following the announcement of strong results for the June 2017 quarter. The group, who delivers internet connectivity solutions to businesses, saw their revenue for the June quarter increase by 18 per cent compared to the previous quarter to $3.47 million. ...

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