Articles

Brisbane-based fintech Jacaranda Finance moves into prime lending space

Brisbane-based fintech Jacaranda Finance moves into prime lending space

After making a mark in the sub-prime lending space since its founding in 2013, Brisbane-based fintech Jacaranda Finance is extending its expertise to a new cohort of borrowers. Known for its quick, online personal loans backed by data technology and careful attention to compliance, Jacaranda Finance has now moved into the prime lending arena...

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It's about to become easier to lend irresponsibly, to help the recovery

It's about to become easier to lend irresponsibly, to help the recovery

What used to be known as a requirement to lend responsibly is now regarded as red tape. The National Consumer Credit Protection Act introduced by the Rudd government after the global financial crisis introduced responsible lending obligations that required lenders to ensure the loans they were offering were "not unsuitable" for bor...

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Why Corporate Travel Management bought a loss-making business in the middle of a pandemic

Why Corporate Travel Management bought a loss-making business in the middle of a pandemic

It took a seven-year courtship for Corporate Travel Management (ASX: CTD) to seal the deal on its acquisition of US-based Travel & Transport (T&T), as shareholders dig deep into their pockets to bet on US market revival. As noted in yesterday's announcement of the $275 million takeover deal, T&T has been losing mone...

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Contango pushes back against Wilson's off-market takeover bid

Contango pushes back against Wilson's off-market takeover bid

The board of Contango Income Generator (ASX: CIE) has asked shareholders to take no action with regard to a $91.2 million off-market takeover offer from WAM Capital (ASX: WAM), claiming the bid is part of an effort to destabilise the company. On Monday, WAM announced its off-market takeover bid for all the shares in CIE, a diversified invest...

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Starpharma raises $45 million to launch COVID-19 nasal spray

Starpharma raises $45 million to launch COVID-19 nasal spray

Listed pharmaceutical company Starphrama (ASX: SPL) has today completed a $45 million oversubscribed institutional placement to fast-track the launch of its COVID-19 nasal spray. The spray, called SPL7013, has been shown to inactivate more than 99.9 per cent of SARS-CoV-2, the virus that causes COVID-19. The funds will be directed to the r...

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Global COVID-19 deaths pass one million

Global COVID-19 deaths pass one million

The world has today passed the harrowing milestone of more than one million deaths from COVID-19, as total cases of the virus now exceed 33.5 million. This means almost one in every 200 people on the planet has been infected with the virus, and that's just the recorded cases that we know about. Around one in five of all deaths have bee...

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Government pledges $800m for Australia's digital transformation

Government pledges $800m for Australia's digital transformation

Treasurer Josh Frydenberg wants new businesses in Australia to be "born digital", and his government has today announced almost $800 million worth of investments to help make that vision a reality. Following major investments into cyber security and the national broadband network (NBN) roll-out, Frydenberg and Prime Minister Scott ...

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BOQ records $175m loan expense as COVID-19 alters outlook

BOQ records $175m loan expense as COVID-19 alters outlook

Bank of Queensland (ASX: BOQ) may be seeing positive signs like a reduction in customers seeking pandemic-related relief packages, but updated economic forecasts have led the group to announce a $175 million loan impairment expense for FY20. The Brisbane-based bank will also book a $11 million expense relating to an employee pay review. BO...

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Corporate Travel Management to buy US business for $275m

Corporate Travel Management to buy US business for $275m

While most of its peers slash costs and hunker down, Corporate Travel Management (ASX: CTD) has its eyes set firmly on expansion through the acquisition of one of its largest counterparts in the US. The Brisbane-headquartered company announced this morning it would be raising funds for the US$200.4 million ($274.5 million) acquisition o...

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Ardent Leisure fined $3.6m over Dreamworld tragedy

Ardent Leisure fined $3.6m over Dreamworld tragedy

The operator of Australia's largest theme park has been fined $3.6 million for safety regulation breaches that led to the deaths of four people in 2016. Ardent Leisure (ASX: ALG) pleaded guilty to three charges under the Work Health and Safety Act 2011 (Qld), stemming from the 2016 Thunder River Rapids Ride tragedy at Dreamworld on ...

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Victoria accelerating recovery as daily cases fall below 10

Victoria accelerating recovery as daily cases fall below 10

As Victoria moved to Step Two on its recovery path overnight with expectations the next step could be announced as early as mid-October, health authorities have today announced the lowest case numbers since mid-June. In a tweet this morning Victoria's Department of Health and Human Services (DHHS) reported there were just five cases of C...

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Industry welcomes $150m regional tourism package

Industry welcomes $150m regional tourism package

The Federal Government has announced a new funding package to help regional tourism operators pivot to domestic travellers in the short-term, while putting them in the strongest position to receive international visitors when borders reopen. The new $50 million Regional Tourism Recovery initiative is aimed at assisting businesses in reg...

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Solomon Lew's Premier Retail threatens 350 store closures, plays hardball on rent

Solomon Lew's Premier Retail threatens 350 store closures, plays hardball on rent

While online still only accounts for more than a quarter of Premier Investments' (ASX: PMV) sales, the segment's growth and high profit margins have emboldened the retailer's negotiating stance with landlords for physical stores. Solomon Lew's group - the owner of such retailers as Smiggle, Portmans and Peter Alexan...

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ASIC files proceedings against Smiles Inclusive, director flies the coop

ASIC files proceedings against Smiles Inclusive, director flies the coop

Australia's corporate watchdog has taken legal action against embattled dental group Smiles Inclusive (ASX: SIL) over its inability to produce an audited financial report for the December 2019 half, delivering on a threat made three months ago. The announcement yesterday came after the shock departure of director Peter Evans ye...

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QLD doubles outdoor dining density, lifts stadium capacity

QLD doubles outdoor dining density, lifts stadium capacity

Hospitality venues in Queensland will be able to have more patrons outdoors as of 1 October, while there will also be less bureaucracy for event organisers and more sports fans allowed into stadiums.  Deputy Premier Steven Miles said this morning the permitted density for outdoor spaces such as beer gardens, courtyards, al fre...

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Government proposes changes to smooth the path for borrowers

Government proposes changes to smooth the path for borrowers

The government has announced reforms to facilitate an increased flow of credit to households and businesses. A key change will be that banks and other lenders will be able to rely on the information provided by borrowers, unless there are reasonable grounds for doubting it. The current practice of "lender beware" will be replaced...

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Leaders who don't adapt to technological change risk being left behind

Leaders who don't adapt to technological change risk being left behind

There is a real sense of urgency towards technological adoption at the moment, but how does a leader deploy new systems without staff fearing for their jobs?  And even once new technology is integrated into an operation, what are the unintended consequences a leader must consider?  Answers to these critical questions will va...

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Former Salmat boss named new Afterpay CFO

Former Salmat boss named new Afterpay CFO

Shares in buy-now pay-later giant Afterpay (ASX: APT) have fallen 6 per cent today following the company's appointment of former Salmat boss Rebecca Lowde (pictured) to the role of CFO. Lowde will start in the new role from 6 October 2020 while outgoing CFO Bortoli will remain with the company in an advisory capacity until the end of the...

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The Rivers Restaurant in Thredbo closed after serial COVID-19 safety breaches

The Rivers Restaurant in Thredbo closed after serial COVID-19 safety breaches

Repeated breaches of COVID-19 safety standards have forced New South Wales authorities to close The Rivers Restaurant in Thredbo for one week. It is the second such venue in NSW to be shut down after authorities closed Unity Hall Hotel in Rozelle last month. NSW Police and Liquor & Gaming NSW visited The Rivers Restaurant four times in...

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"Organise that house party": Brisbane, Ipswich gathering restrictions to ease on Friday

"Organise that house party": Brisbane, Ipswich gathering restrictions to ease on Friday

As Queensland goes 14 consecutive days without any confirmed community transmission of COVID-19, today the state government has decided to lift restrictions on gatherings. As such, strict 10 person limits on gatherings inside a home or outdoors in Brisbane and Ipswich will be eased from 1am on Friday to allow for 30-person gatherings. Quee...

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Treasurer to adopt US-style insolvency laws to stop wave of small business closures

Treasurer to adopt US-style insolvency laws to stop wave of small business closures

Small business has been hit hard by COVID-19. Health restrictions forced many small businesses to close their doors, while others have managed to stay open, albeit with significantly less foot traffic through their store. Meanwhile, bills rack up, be it for energy, insurance, rent or interest on a loan all of which need to eventually ...

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Westpac to pay largest ever civil penalty of $1.3 billion over anti-money laundering law breaches

Westpac to pay largest ever civil penalty of $1.3 billion over anti-money laundering law breaches

Westpac Group (ASX: WBC) will pay $1.3 billion in penalties after admitting to breaching anti-money laundering and counter-terrorism laws on more than 23 million occasions. The penalty, if deemed appropriate by the Federal Court, will be the largest ever civil penalty in Australian legal history following proceedings brought by AUSTRAC. Th...

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Atomo Diagnostics to launch rapid COVID-19 test in India

Atomo Diagnostics to launch rapid COVID-19 test in India

Within seven weeks of its fast COVID-19 tests gaining approval from Australian health authorities, Sydney-based Atomo Diagnostics (ASX: AT1) expects to take its technology to one of the countries worst-hit by the pandemic. Atomo has entered into an agreement with PinkTech Design Private Limited, trading as DIVOC Laboratories, to la...

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Australia's Top 10 Startups revealed

Australia's Top 10 Startups revealed

Professional social media outlet LinkedIn has revealed its third annual Top Startups series, profiling 10 young and resilient companies where Australians want to work today. The list is based on analysis from editors and data scientists of LinkedIn's 11 million members in Australia. Four main metrics were used to determine th...

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Melburnians allowed to work in regional Victoria

Melburnians allowed to work in regional Victoria

Victorian Premier Daniel Andrews (pictured) has clarified Melburnians will be allowed to work outside the metro area now that regional Victoria has entered the next stage of its path to COVID-19 recovery.  Workers will however need permits from their employers in regional Victoria, and the Premier emphasised the rule 'if you can wor...

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Costa Group snaps up citrus, grape farms from Murray River Organics

Costa Group snaps up citrus, grape farms from Murray River Organics

Dried fruit producer Murray River Organics (ASX: MRG) is selling the farm - or at least part of it - to pay down debt, reaching a deal to sell 390 hectares of farmland to a subsidiary of Costa Group (ASX: CGC) for $4.5 million. MRG is in the thick of a battle to turn its fortunes around, with drought impacts and the effects of a strategy piv...

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Redcape Hotel Group resilient in record quarter, reinstates dividends

Redcape Hotel Group resilient in record quarter, reinstates dividends

Redcape Hotel Group (ASX: RDC) has bucked the hospitality blues and forecast a record September quarter after adapting to the new hospitality landscape and COVID-19 restrictions. The company witnessed positive trading in the first quarter of FY21 and hopes to deliver EBITDA ahead of the equivalent period last year, even when proceeds receive...

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Rex in talks to secure $150m for launch of interstate operations

Rex in talks to secure $150m for launch of interstate operations

Regional Express (ASX: REX) has today announced it is in exclusive negotiations to bag up to $150 million to support the launch of its domestic operations, due to commence on 1 March 2021. The regional flight operator says it has signed a long-form term sheet and is in advanced exclusive discussions with PAG Asia Capital (PAG) regarding a pr...

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SA border with NSW to reopen from midnight tomorrow

SA border with NSW to reopen from midnight tomorrow

From midnight on Thursday residents of New South Wales will be able to enter South Australia without having to complete 14 days of self-isolation. However, the border reopening is conditional on NSW not recording any cases of community transmission before midnight tomorrow. SA Premier Steven Marshall said the decision will be a relief to t...

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Byron Bay, Lismore and more to be added to QLD border bubble

Byron Bay, Lismore and more to be added to QLD border bubble

Residents of 41 postcodes in New South Wales will be able to head north of the border when Queensland expands its border bubble from 1 October. From 1am on 1 October, a number of NSW Shires will be added to QLD's border bubble including Byron Shire, Ballina Shire, the City of Lismore, Richmond Valley and Glen Innes. Residents of these ...

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