Articles

Cleanaway responds to CEO bullying accusations, CFO resigns

Cleanaway responds to CEO bullying accusations, CFO resigns

Cleanaway Waste Management (ASX: CWY) has today issued a response to allegations published in the Australian Financial Review that CEO Vik Bansal (pictured) bullied and intimidated employees. Shortly after issuing its response the Melbourne-based company also revealed chief financial officer (CFO) Brendan Gill had resigned and would retire. ...

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Cannabis licence milestone means Althea can kick off production in Canada

Cannabis licence milestone means Althea can kick off production in Canada

Althea Group (ASX: AGH) subsidiary Peak Processing Solutions will immediately start commercial operations at its high-tech Ontario facility after securing a cannabis processing licence from Canadian authorities. The Standard Processing Licence from Health Canada comes just six months after Peak completed its unique 3,716sqm facility des...

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Station locations revealed for Western Sydney Airport metro project

Station locations revealed for Western Sydney Airport metro project

The NSW Government has announced the exact station locations for a metro line as part of an $11 billion mega-project to develop the Western Sydney International Airport with rail linkages to the city's transport system. Locations on the 23km driverless railway line were confirmed yesterday for St Marys, Orchard Hills and L...

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Victorian restrictions eased overnight: curfew extended, social bubbles introduced

Victorian restrictions eased overnight: curfew extended, social bubbles introduced

Victorians can now expect more social interaction and extra time outside after the state cautiously eased out of heavy lockdown restrictions at midnight. The gradual easing of restrictions, part of the 'First Step' of the state's roadmap to reopening, comes as Victoria records just 35 new cases of COVID-19 and seven deaths today....

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Victoria announces $3 billion business support package

Victoria announces $3 billion business support package

When asked recently about whether the Federal Government would give additional support to Victoria given lockdowns are still in place and JobKeeper amounts will be scaled back, Prime Minister Scott Morrison played hardball, indicating he would wait for Premier Daniel Andrews' (pictured) next move. Today that move has come in the form of ...

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Suncorp store closures will lead to 550 job cuts

Suncorp store closures will lead to 550 job cuts

The Finance Sector Union of Australia (FSU) has today revealed Suncorp's (ASX: SUN) major restructure will involve 550 job losses, following the announcement on Wednesday that 19 stores and one business centre would be closed. The Brisbane-headquartered banking and insurance group will permanently close several locations across&nbsp...

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Corporate dysfunction on Indigenous affairs: Why heads rolled at Rio Tinto

Corporate dysfunction on Indigenous affairs: Why heads rolled at Rio Tinto

Outraged investors have forced the board of Rio Tinto to sack its chief executive Jean-Sebastien Jacques along with two of the senior executives partially responsible for the destruction of the Juukan Gorge caves in the Pilbara region of Western Australia, which contained evidence of human habitation 46,000 years ago. Why did the company com...

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Relax, losing access to China won't make us the 'poor white trash of Asia'

Relax, losing access to China won't make us the 'poor white trash of Asia'

In another round of the increasingly bitter exchanges between China and Australia, a columnist for China's Global Times, Yu Lei, suggested that a further decoupling from China will make former Singapore Prime Minister Lee Kuan Yew's famous prediction a reality: Australia would become the "poor white trash of Asia." The &...

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Gold Coast studio Bignote Productions to host prestigious songwriting camp

Gold Coast studio Bignote Productions to host prestigious songwriting camp

In what is a major coup for the Gold Coast entertainment industry, music rights organisation and industry body APRA AMCOS has selected studio Bignote Productions for its next SongHubs program. Now in its seventh year, the initiative has been held around the world in the likes of London, New York, Stockholm and Sydney; but now the Gold Coast ...

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Federal Government to subsidise business events with $50m in grants

Federal Government to subsidise business events with $50m in grants

The Federal Government will cover up to half of the costs for Australian businesses involved in conferences and events as part of a $50 million grant program intended to help restart the sector. Under the Business Events Exhibitor Grants program, Australian businesses exhibiting at an approved business meeting, convention, conference or ince...

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RFG to sell Dairy Country to Fonterra for $19m

RFG to sell Dairy Country to Fonterra for $19m

Retail Food Group (ASX: RFG) has entered an agreement to sell its Victorian cheese business to New Zealand-based dairy giant Fonterra (NZX: FCG) for $19.23 million. The decision to sell Dairy Country, which will still be subject to Foreign Investment Review Board (FIRB) approval, was made after management concluded it did not align with...

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Rio Tinto boss steps down over Aboriginal heritage destruction debacle

Rio Tinto boss steps down over Aboriginal heritage destruction debacle

Three leading Rio Tinto (ASX: RIO) executives including CEO Jean-Sebastien Jacques (pictured) will leave the company after its Aboriginal site destruction in the Pilbara became too much to stomach for shareholders. Public outcry has escalated following a review that effectively valued the now obliterated heritage Juukan rockshelters at ...

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New QLD public health alerts for Westfield Garden City, Orion Springfield Central

New QLD public health alerts for Westfield Garden City, Orion Springfield Central

Queensland Health has today expanded its list of venues where confirmed cases of COVID-19 cases visited while infectious. The list now includes two major shopping centres in South East Queensland, including Orion Springfield Central Shopping Centre in Springfield Central and Westfield Garden City in Mount Gravatt. The public health alerts ...

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NAB takes the fight to Afterpay with no interest credit card

NAB takes the fight to Afterpay with no interest credit card

National Australia Bank (ASX: NAB) is hoping to reel in younger customers with its new no interest credit card, called the 'StraightUp' card, taking a punt at the booming buy-now pay-later (BNPL) sector. The move is potentially a game-changer for NAB and sees the Big Four Bank take on Afterpay's (ASX: APT) BNPL product used by ne...

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Solomon Lew mocks Myer as 'Amazon's post office'

Solomon Lew mocks Myer as 'Amazon's post office'

Solomon Lew's (pictured) Premier Investments (ASX: PMV) has ridiculed the management of Myer (ASX: MYR) after the group reported a $172.4 million loss today, reigniting a longstanding feud with chairman Garry Hounsell and his supporters. Premier Investments issued a statement today calling for the immediate resignation of the b...

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Tax on vacant properties waived in Victoria

Tax on vacant properties waived in Victoria

Owners of vacant land in Victoria will not have to pay tax on their properties this year as part of the state government's sweeping pandemic relief measures. Announced today by Victorian Treasurer Tim Pallas, the government will waive the Vacant Residential Land Tax for properties that are vacant in 2020. The state government says the ...

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Virgin to cut seven regional flights under new owner Bain

Virgin to cut seven regional flights under new owner Bain

Virgin Australia (ASX: VAH) will withdraw from several regional flight routes as part of its business recovery plan under new owner Bain Capital. The airline says due to ongoing subdued customer demand it will be cutting services from Uluru, Albury, Tamworth, Harvey Bay, Port Macquarie, Mildura and Cloncurry for the foreseeable future. The...

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Myer brands devalued by $120m as sales slide

Myer brands devalued by $120m as sales slide

Department store Myer (ASX: MYR) has announced a $172.4 million loss for FY20 after a deteriorating sales environment took its toll on the brand, along with associated labels like sass & bide which it purchased for more than $70 million between 2011 and 2013. Myer has recorded an impairment charge of $119.7 million for its bran...

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SenSen to light up ACE electric vehicles with artificial intelligence

SenSen to light up ACE electric vehicles with artificial intelligence

Adelaide-based electric vehicles (EV) manufacturer ACE has penned a deal that will see its cars become a whole lot smarter and capable of autonomous driving. In partnership with leading smart cities solution provider SenSen Networks (ASX: SNS), ACE's cars will develop a "brain" of sorts, allowing its light electric utility vehi...

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Inner Melbourne economy to take $23.5 billion hit from COVID-19 in 2020, PwC research shows

Inner Melbourne economy to take $23.5 billion hit from COVID-19 in 2020, PwC research shows

Modelling released today shows the City of Melbourne's (CoM) economy is likely to contract by 22 per cent on pre-COVID levels this year, making it the hardest hit region in the country. PricewaterhouseCoopers (PwC) research commissioned by the CoM estimates a $23.5 billion reduction on last year's record economic output of $104 ...

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Deloitte reveals scale of hospitality spending slump, but retail rebounds

Deloitte reveals scale of hospitality spending slump, but retail rebounds

Divergence in spending across the retail landscape means not all categories are on an equal footing, despite a strong lift in total spending volumes during June and July 2020. As a result, there has been a wide range of growth across both categories and states, with sectors like recreational goods and liquor performing exceptionally well whi...

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Creso Pharma welcomes TGA decision opening up commercial cannabis opportunities

Creso Pharma welcomes TGA decision opening up commercial cannabis opportunities

Creso Pharma Limited (ASX: CPH, FRA: 1X8) has welcomed yesterday's interim decision from the Therapeutic Goods Administration (TGA) regarding the sale of cannabidiol (CBD) over the counter in pharmacies. As reported yesterday, the TGA's decision recommends that CBD products be down-scheduled from schedule 4 and classified as sch...

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Cannabis stocks jump as TGA backs over the counter CBD sales

Cannabis stocks jump as TGA backs over the counter CBD sales

ASX-listed cannabis stocks are on a high today after the Therapeutic Goods Administration (TGA) paved the way for over the counter cannabidiol (CBD) sales without a prescription at pharmacies. The TGA has made an interim decision to amend the Poisons Standard to down-schedule medicinal cannabis to a Schedule 3 product in oral, oral muco...

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Robot bricklayer constructs FBR's first non-residential building

Robot bricklayer constructs FBR's first non-residential building

A commercial and community centre in Bayford, Western Australia is the first non-residential building to be constructed by FBR Limited's (ASX: FBR) Hadrian X bricklaying robot. It took just five business days for the Hardian X to complete the build at a speed of 174 blocks per hour; bettering results previously achieved by FBR during a d...

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Aussie space firms team up for nation's largest rocket payload to date

Aussie space firms team up for nation's largest rocket payload to date

Two Australian companies are on track to achieving a new milestone for the country's space sector, one of the fastest-growing globally thanks to an ideal geographic position and a flurry of interest from government and private industry. While Elon Musk's SpaceX is emblematic of the modern space race buoyed by private capital and rese...

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To buy or build software? That is the question

To buy or build software? That is the question

There are many decisions to make when starting a business, but one of the most important will be deciding whether to buy or build your own software. The 'buy vs. build dilemma' comes up often in the fintech (financial technology) space especially, given that technology or products are utilised to deliver financial services. As a fi...

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Sale or IPO on the cards for refurbishment specialist Shape

Sale or IPO on the cards for refurbishment specialist Shape

Australian fit-out and refurbishment specialist Shape (formerly known as ISIS) is looking for a buyer or an ASX listing to strengthen its market position, 30 years after launching. Announced today, the company says it is exploring several liquidity options including an IPO or a sale to a strategic or financial buyer. The move comes af...

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The Agency sells off WA rent roll to pay down debt

The Agency sells off WA rent roll to pay down debt

Despite encouraging results in FY20 with its first full-year EBITDA profit since listing, real estate group The Agency (ASX: AU1) faces the cold reality of a $12 million loan that is due to Macquarie Bank by the end of this month. A deal announced today is set to pay off 30 per cent of that sum following the $3.6 million sale of The Agency...

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Safety concerns trigger pause of AstraZeneca COVID-19 vaccine trial

Safety concerns trigger pause of AstraZeneca COVID-19 vaccine trial

Pharmaceutical company AstraZeneca has put its late-stage trial of a potential COVID-19 vaccine on hold after a participant fell ill. According to the British-Swedish multinational, which is working on the vaccine with Oxford University, the voluntary pause is part of its "standard review process". The suspension, described as a ...

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BAF shareholders agree to kick out Blue Sky, bring in Wilson as manager

BAF shareholders agree to kick out Blue Sky, bring in Wilson as manager

Blue Sky Alternatives Access Fund (ASX: BAF) shareholders have voted overwhelmingly in favour of a plan to shake off the yoke of their fallen manager. At an EGM yesterday afternoon BAF shareholders voted to bring in Wilson Asset Management (WAM) as its manager, and do away with the similarly named Blue Sky Alternative Investments (ASX: ...

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