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Afterpay sales double to $11.1 billion

Afterpay sales double to $11.1 billion

After seeing its share price rise 10-fold since March, buy-now-pay-later (BNPL) darling Afterpay (ASX:APT) has today announced a 112 per cent jump in underlying sales to $11.1 billion. The largest part of that increase came from the US where underlying sales were up 330 per cent to reach $4 billion, compared to a 52 per cent uptick for its l...

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Zip launches credit product for SMEs with eBay partnership

Zip launches credit product for SMEs with eBay partnership

eBay merchants will be the first to access Zip Co's (ASX: Z1P) new business-focused product, designed to give merchants access to working capital. The partnership between the buy-now pay-later (BNPL) player and eBay will give merchants the ability to purchase inventory, cover short-term expenses, and manage cashflow via access to flexibl...

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AMP doesn't just have a women problem. It has an everyone problem

AMP doesn't just have a women problem. It has an everyone problem

The sexual harassment scandal enveloping AMP is another graceless turn in what looks like the death spiral of one of Australia's oldest and formerly most trusted companies. Joining a long line of executives to walk the plank at the venerable financial services giant, AMP chairman David Murray and board member John Fraser have quit over t...

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COVID-19 impacts dull Lovisa's profits

COVID-19 impacts dull Lovisa's profits

The standing down of staff, store closures and supply chain disruptions had a significant impact on jewellery retailer Lovisa's (ASX: LOV) full year profits. The COVID-19 pandemic took the shine off Lovisa's profit after tax this financial year, down 69.7 per cent to $11.2 million. However, a focus on digital during the fourth quar...

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Flexigroup to raise $140m for Humm repayments brand

Flexigroup to raise $140m for Humm repayments brand

Sydney-based fintech Flexigroup (ASX: FXL) plans to raise $115 million at a 12.6 per cent discount in a bid to bolster 'Humm', its Afterpay-like solution for large transactions. Unlike Afterpay's maximum transaction of $1,500, Flexigroup - soon be renamed as Humm - allows for transactions of up to $50,000. With income sources r...

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Public health alerts issued for Apple and Kmart at Broadway Sydney

Public health alerts issued for Apple and Kmart at Broadway Sydney

A number of public health alerts have been issued in Sydney overnight, including at the Broadway shopping centre and the City Tattersalls Fitness Centre on Pitt Street. According to NSW Health, a confirmed COVID-19 case visited the Apple and Kmart stores on 22 August between 3:30pm and 5pm. Further, two cases of COVID-19 attended the Tatte...

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NAB House in Adelaide sold for $47.2m

NAB House in Adelaide sold for $47.2m

A building that is home to National Australia Bank (ASX: NAB) on 22-28 King William Street in Adelaide has been sold by Southern Cross Equity Group for $47.2 million, representing the city's first major CBD office transaction since COVID-19 hit the SA capital. The property, known as NAB House, was purchased by Sydney-based Inte...

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Servcorp profit up despite "severe" impact on coworking

Servcorp profit up despite "severe" impact on coworking

Serviced offices provider Servcorp (ASX: SRV) has seen occupancy levels decline by four percentage points and had to close 29 floors globally due to COVID-19, but the Sydney-based company is optimistic for the year ahead. After announcing a 28.9 per cent increase in net profit after tax (NPAT) in FY20 to $6.9 million, of which more than $1 m...

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SA to reinstate buffer zone with Victoria, NSW border relaxation considered

SA to reinstate buffer zone with Victoria, NSW border relaxation considered

South Australia will reimplement a COVID-19 buffer zone along its border with Victoria, and NSW residents may soon be able to come into SA without restrictions.  As of midnight on Thursday evening a 40-kilometre buffer zone on either side of the border will come back into effect, which Premier Steven Marshall (pictured) says will make t...

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Qantas puts another 2,500 jobs on the chopping block

Qantas puts another 2,500 jobs on the chopping block

Thousands of Qantas Group (ASX: QAN) ground operations staff face an uncertain future after the airline announced a review to outsource their jobs and save $100 million. The latest cost-cutting measure could potentially impact 2,500 baggage handler, aircraft cleaning and ground transport jobs for the airline and its subsidiary Jetstar, ...

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Unsecured creditors not left out of Bain's $3.5 billion buyout of Virgin Australia

Unsecured creditors not left out of Bain's $3.5 billion buyout of Virgin Australia

All employee entitlements will be paid in full and unsecured creditors will receive a partial return as part of Bain Capital's $3.5 billion acquisition of ailing airline Virgin Australia (ASX: VAH). Revealed today in Deloitte's second report to creditors, unsecured creditors will see a return of between $462 million and $612 million ...

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One in three stores could close permanently for owner of Rockmans, Noni B, Millers, Rivers, Katies

One in three stores could close permanently for owner of Rockmans, Noni B, Millers, Rivers, Katies

The owner of some of the country's most iconic fashion brands plans to close 300-500 stores for good within two years, with its CEO signalling the retail rental market is not just paused but is "fundamentally changed for the future". Mosaic Brands (ASX: MOZ) has today reported a statutory loss of $170.36 million for FY20, ...

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Pandemic slams Scentre with $3.6 billion loss

Pandemic slams Scentre with $3.6 billion loss

The operator of Westfield shopping centres in Australia has seen the value of its properties dive by around $4 billion in the first six months of 2020, leading to a loss of $3.6 billion. The devaluation was the main driver of Scentre Group's (ASX: SCG) fall from a 2019 first half profit of $740 million, with much of the rest explained by...

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Fees for no service payouts and offers approach $900m

Fees for no service payouts and offers approach $900m

Six of Australia's largest banking and financial institutions have now collectively paid or promised $1.05 billion in compensation for fees for no service (FFNS) conduct and non-compliant advice. These types of behaviour drew the ire of the public when they were revealed by the Royal Commission, and just last week the country's corpo...

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Zip Co propels higher on US takeover target update

Zip Co propels higher on US takeover target update

A proposed US acquisition that put a rocket under Zip Co (ASX: Z1P) shares in June is once again lifting investor sentiment for the buy-now-pay-later (BNPL) group, whose price rose 13.05 per cent today to $7.45. With shareholders set to vote on the acquisition of QuadPay on 31 August, Zip Co announced encouraging indicators from its int...

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McGrath pulls off turnaround, CEO Geoff Lucas resigns

McGrath pulls off turnaround, CEO Geoff Lucas resigns

The CEO of listed real estate group McGrath (ASX: MEA) has resigned today, just after the company turned things around and posted a full year profit of $700,000. Geoff Lucas' (pictured) resignation from the top role of McGrath is effective today, and he will be replaced by former ANZ (ASX: ANZ) executive Edward Law. McGrath chair Peter...

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Super Retail Group thrives online as Australians embrace domestic travel

Super Retail Group thrives online as Australians embrace domestic travel

Super Retail Group's (ASX: SUL) omni-channel retail model enabled the company to ride out the worst of the initial COVID-19 market shock as online sales rose by 44.4 per cent in FY20. However the company's net profit after tax was down by approximately 21 per cent in the financial year to $110.2 million. The retailer is the parent ...

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Rio Tinto exec salaries cut by $7m after Aboriginal site destruction review

Rio Tinto exec salaries cut by $7m after Aboriginal site destruction review

Rio Tinto (ASX: RIO) chief executive officer Jean-Sebastien Jacques (pictured) will have his pay docked by around 38 per cent following a review of the practices and systems that led to the destruction of the heritage Juukan rockshelters in the Pilbara in May. Jacques' payments will go down by $4.93 million, while Rio's chief ex...

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Reliance rises as US sales rebound

Reliance rises as US sales rebound

Plumbing supplies company Reliance Worldwide (ASX: RWC) is bouncing back after a slow FY20, with US sales up 22 per cent in July. The company's optimism for the future follows a soft financial year, during which RWC reported net profit after tax of $89.4 million, down 33 per cent. RWC's results were largely impacted by COVID-19, wi...

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Qantas lets go of international CEO Tino La Spina

Qantas lets go of international CEO Tino La Spina

With overseas flights unlikely to be reactivated until FY22 except for New Zealand, Qantas Group (ASX: QAN) has today announced the departure of the boss in charge of its international business. Tino La Spina will leave the company on 1 September following 14 years of service, having previously held the position of CFO before taking on the i...

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Health warning issued for Indooroopilly Shopping Centre, Brisbane youth detention cluster grows

Health warning issued for Indooroopilly Shopping Centre, Brisbane youth detention cluster grows

Queensland Health has implemented urgent protection measures over the weekend after nine more people linked to the Brisbane youth detention centre cluster tested positive for COVID-19. As such, a number of public health warnings have been issued, including for the Indooroopilly Shopping Centre, Ikea (Slacks Creek), Westfield Carindale, and t...

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Shareholder pressure ousts Pahari from AMP Capital top job, chairman departs

Shareholder pressure ousts Pahari from AMP Capital top job, chairman departs

New AMP chairman Debra Hazelton says she is determined to restore the trust and confidence of clients, shareholders and employees. Sexual harrassment allegations made by a former employee have led to the demotion of AMP Capital CEO Boe Pahari, just two months after he was promoted to the high-level position.  Pahari will now resume hi...

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It's hard to tell why China is targeting Australian wine. There are two possibilities

It's hard to tell why China is targeting Australian wine. There are two possibilities

It's on again. This time it's Australia's wine industry that's under investigation in China for allegedly violating anti-dumping rules. The investigation has sent shock waves through the wine industry and beyond. Broadly speaking, anti-dumping rules prohibit producers from selling anything for less than its market value. Th...

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ASIC comes for IOOF subsidiary over inadequate cyber security infrastructure

ASIC comes for IOOF subsidiary over inadequate cyber security infrastructure

The Australian Securities and Investment Commission (ASIC) has launched legal proceedings against a subsidiary of IOOF (ASX: IFL) for failing to have adequate cyber security systems. The case, now in the Federal Court, follows a number of alleged cyber breach incidents at authorised representatives of RI Advice Group, an Australian Financial...

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E-commerce native Redbubble sees earnings more than quadruple

E-commerce native Redbubble sees earnings more than quadruple

Print-on-demand fashion and art marketplace Redbubble (ASX: RBL) has seen its niche offering ride the rise of e-commerce during FY20, with earnings up by 358 per cent during the period to $5.1 million. The company says its FY20 financial result reflects a positive shift to online retail, which saw its marketplace recording revenue of $349 mi...

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Smiles Inclusive has three weeks to cough up $12m to NAB

Smiles Inclusive has three weeks to cough up $12m to NAB

For at least 14 months struggling Gold Coast-based company Smiles Inclusive (ASX: SIL) has barely put a dent into a $19 million debt to National Australia Bank (NAB), despite capital raisings and asset sales.  Now the dental practice network, having burned around $7 million in cash in FY20, is expected to pay back more than $12 mil...

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Westpac to offload vendor finance business

Westpac to offload vendor finance business

Westpac Group's (ASX: WBC) vendor finance business will be sold to Angle Finance, a portfolio company of US private equity firm Cerberus Capital Management. Given the size of the portfolio, which Westpac describes as "modest", the sale is expected to have a negligible impact on the bank's balance sheet and capital ratios. ...

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Investors hungry for City Chic Collective

Investors hungry for City Chic Collective

Women's fashion retailer City Chic Collective (ASX: CCX) has seen strong demand for its share purchase plan (SPP), and in response has increased it from $10 million to around $31.1 million. The tripling of the SPP follows the completion of an $80 million institutional placement, bringing the total raised by the company to $111.1 million....

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Cromwell alleges conflicts of interest in ARA takeover bid

Cromwell alleges conflicts of interest in ARA takeover bid

Cromwell Property Group (ASX: CMW) is ramping up the rhetoric in its bid to derail a proportional offer from Gary Weiss-backed ARA Group to take an influential albeit not majority holding in the $2.3 billion Brisbane-based company. Cromwell has previously described the bid as an opportunistic takeover by stealth and is trying to establi...

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ASIC launches fees for no service cases against StatePlus Super, Westpac subsidiaries

ASIC launches fees for no service cases against StatePlus Super, Westpac subsidiaries

The Australian Securities and Investments Commission (ASIC) has today commenced its third and fourth legal actions over 'fees for no service' (FFNS) behaviour, this time with StatePlus Super, Asgard Capital Management and BT Funds Management in the firing line. Like ongoing cases launched over the past couple of years against Na...

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