Surprise exit for Kaufland from Australia

Kaufland's first foray outside Europe has fizzled today after the German retail giant announced it would abandon plans for Australian market development.  The group was previously planning to shake up Australia's retail market with 11 stores in Victoria to be supported by a 110,000sqm purpose-built distribution centre, along ...

Class action launched against NAB alleging superannuation "rip off"

More than 330,000 account holders at National Australia Bank (ASX: NAB) will be represented in a class action lawsuit against the banking giant, alleging customers were paying more than they should have in fees. The class action, filed in the Victorian Supreme Court by law firm Maurice Blackburn this morning, has been launched on behalf o...

Board directors ousted in Keybridge shake-up

Executive numbers are shrinking at embattled investment firm Keybridge Capital (ASX: KBC) as the tussle between CEO Nicholas Bolton and major investor Farooq Khan takes a fresh turn. One director has been stood down by the board, another voted off by shareholders, and the company's chairman has resigned against the backdrop of a tumul...

Trivago misled travellers by promoting more expensive hotels

Hotel comparison site Trivago has been found by the federal court to have misled consumers by promoting hotels that pay for the coveted top spot on the platform. If you've seen the endless ads run by Germany-based Trivago on TV or online, you'll know their prerogative is to help customers find the cheapest hotel rate possible. ...

THC Global ready to manufacture medicinal cannabis with receipt of final licence

Hot on the heels of a new partnership with MGC Pharma (ASX: MXC) THC Global (ASX: THC) has received a licence to manufacture therapeutic goods at its state-of-the-art facility in Southport. The licence, known as a GMP Licence, is the final piece of the puzzle required by THC Global to begin commercial manufacture of medicinal cannabis at ...

Neobank Volt one step closer to IPO after $70m equity funding round

'Neobank' Volt is inching closer to its planned IPO following an oversubscribed $70 million Series C equity funding round. The Series C, which was oversubscribed by $10 million beyond its original target of $60 million, lifts the bank's total funding to $100 million in equity. Volt now intends to launch a Series D equity f...

Kogan shares dip despite record half

E-commerce giant Kogan (ASX: KGN) recorded its highest ever gross sales and gross profit in the first half of FY20, bolstered by record trading results on Black Friday and Boxing Day. In a trading update today, the company noted gross sales were up 16 per cent for the half, while gross profit rose 9 per cent and active customer numbers we...

Super Retail Group sales weighed down by fire and drought

Fire and drought impacts have combined with higher labour costs brought about by an enterprise agreement to weigh down on Super Retail Group's profit forecast. Bushfire smoke haze has led like-for-like (LFL) sales growth to go backwards at Super Retail Group's (ASX: SUL) outdoor-focused stores BCF and Macpac, especially for campin...

THC Global in trading halt as it strikes deal with MGC Pharma

Medicinal cannabis companies THC Global (ASX: THC) and Europe-based, Australian-listed MGC Pharma (ASX: MXC) have signed a new supply deal this morning. The agreement will see MGC Pharma provide THC Global with an "immediate" source of medicinal cannabis products to be packaged and made available to Australian patients under THC...

Guzman y Gomez returns 'home' with launch in the US

Australian Tex-Mex restaurant chain Guzman y Gomez has launched its first ever restaurant in the United States. The Illinois store is the group's 135th restaurant globally, with the chain's footprint extending from Australia to Singapore, Japan, and now the US. But for the founders of Guzman y Gomez, launching in the US is som...

Hotel SaaS SiteMinder joins unicorn club

The Australian tech scale-up scene is getting points on the board early this year after a recent equity raise lifted the valuation of SiteMinder to $1.1 billion. The accommodation guest acquisition software outfit processed 105 million bookings for more than 35,000 hotels in 2019. Founded in 2006 by Mike Ford (pictured) and Mike Roger...

'LinkedIn for music' Jaxsta hits play on groundbreaking deal

The volume has been turned up a few decibels for music-tech start up Jaxsta (ASX: JXT) after signing a commercial deal with Australian music royalties association APRA AMCOS. The milestone is the first revenue-generating commercial deal for the company's Jaxtsa Pro platform - a comprehensive music credits site where industry...

Carly moves up a gear into New Zealand

Car subscription company Carly has inked a deal with listed automotive company Turners Automotive Group (ASX: TRA) to launch the platform in New Zealand by March 2020. The deal, between Carly's parent Collaborate (ASX: CL8) and Turners, will see the New Zealand company commit to supply 200 vehicles for their own stock within six month...

Jeanswest appoints voluntary administrators

Classic Australian clothing retailer Jeanswest faces a possible restructure after voluntary administrators KPMG stepped in today. KPMG's Peter Gothard and James Stewart have been appointed as voluntary administrators for the brand which first opened its doors in Perth in 1972. The announcement will only impact Jeanswest's...

Pegasus secures $28 million investment from US firm Accel-KKR

Newcastle-based safety and competency tech company Pegasus has secured a $28 million capital injection from Silicon Valley investment firm Accel-KKR. The Australian company, which offers competency management, training, and site safety services for a variety of industries intends to deploy the funds to expand rapidly in the UK, Europe, an...

Smoothie Bombs' 'cybersquatting' case is a lesson for every business owner

In this modern era, having a good product and a strong sales plan in place is just one part of the equation for retail success. As marketing, sales, promotion and products are more online than ever before, ensuring your intellectual property is in place and sufficiently protected is essential. One Australian founder learned this the h...

Kangaroo Island Plantation Timbers hit again by bushfires

The bushfires on Kangaroo Island, South Australia, which have ravaged a large swathe of the western part of the island continue to cause problems for farmers in the region. In particular Kangaroo Island Plantation Timbers (ASX: KPT) has felt the heat, with the fires forcing the company into voluntary suspension from the ASX while the dama...

Former Guvera CEO banned from managing companies

Darren Herft, the former CEO of music streaming platform Guvera, has been banned from managing corporations for a period of two years by the Australian Securities and Investments Commission (ASIC). Herft's ban follows the failure of four companies within the Guvera group which collapsed in June 2017. Guvera was founded in 2008 by ...

Ailing Evans Dixon US property fund reports further woes

Evans Dixon's (ASX ED1) US Masters Residential Property Fund (ASX: URF) has been on rocky ground of late, and its woes have continued to worsen into the new year. The company has been forced to reduce its net asset value (NAV) by up to 30 per cent as a result of a struggling New York City housing market, an unfavourable exchange rate,...

Medicinal cannabis clinic company to list on the ASX

Emerald Clinics, a company that specialises in cannabinoid treatments, has launched a $6-8 million IPO ahead of a launch on the ASX next month. The company has four clinics in Sydney, Melbourne, Perth and the Northern Rivers region of NSW, providing safe access to cannabinoid medicines for qualified patients in collaboration with referrin...