Black Friday buoys Australian retail but online continues to dominate

Australia's wholehearted embrace of the American Thanksgiving tradition Black Friday has paid off for our retailers, but it's online where shoppers continue to flock. The highly anticipated ABS data on retailing for November 2018 proved to be more positive than expected, with turnover up 0.4 per cent in November 2018. Pundits pred...

ACCC preliminary report slams unfettered dominance of Facebook and Google

The Australian Competition and Consumer Commission (ACCC) has today released its most scathing assessment of how American tech giants are impacting the Australian market, particularly the news and advertising sectors. The regulator released a preliminary report containing 11 preliminary recommendations and eight areas for further analysis...

ACCC takes on TPG for retaining millions from allegedly misleading conduct

The Australian Competition and Consumer Commission (ACCC) is hoping to secure compensation for TPG customers after the telco allegedly misled consumers about a "prepayment" fee. The ACCC alleges that TPG misled customers about a $20 "prepayment" made by consumers and that the telco included unfair prepayment contract t...

Engineering giant RCR Tomlinson goes into administration

After 120 years in business, engineering and construction company RCR Tomlinson (ASX: RCR) has entered administration. A statement from the engineering firm released this morning the company says it has appointed McGrathNicol as administrators to the company overnight. Around 3,400 staff are now in limbo as the company beings its proc...

Harold Mitchell resigns on ASIC's Tennis Australia probe

The chairman of Free TV Australia Harold Mitchell has been "forced" to resign following allegations made by the Australian Securities and Investment Commission (ASIC) about his involvement with Tennis Australia. Mitchell revealed news of the acrimonious departure in a brief statement. "It is with regret that I have been...

Medicinal cannabis access to get a whole lot easier in Queensland

After the Federal Government made it legal to consume cannabis for medicinal purposes two years ago, significant strides have been made to make access easier. Serious developments in the research and cultivation of cannabis for medicinal purposes have been made by private and public companies in the years since. However, the issue of ...

Misbehaving banking and finance leaders could face 10 years in jail

Amidst public outrage over the dodgy dealings revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services, the government is taking action. Treasurer Josh Frydenberg has today announced new legislation in the federal parliament to significantly crack down on the individuals behind major instituti...

IMF Bentham calls $84m raising to seize litigation trends

Global litigation funder IMF Bentham (ASX: IMF) is preparing to raise over $84 million to prepare for a range of opportunities presently in reach for the company. The listed company will conduct a fully underwritten institutional placement to raise $74.48 million, comprising an issue of 26.6 million new IMF ordinary shares. The group ...

Supermarkets facing a potential royal commission following drought levy milk scandal

After Federal Agriculture Minister David Littleproud tore into supermarkets yesterday over a "disappointing" drought levy on in-house milk, members of the government are calling for a royal commission into Australian supermarkets. In parliament yesterday, Queensland Nationals MP Lew O'Brien said there is nearly enough outcry...

Slater & Gordon launches 'Get Your Super Back' class action against Commonwealth Bank

Law firm Slater & Gordon (ASX: SGH) believes it could recoup more than $100 million for thousands of superannuation members through a recently launched class action against Commonwealth Bank (ASX: CBA) and its subsidiary Colonial First State. Slater & Gordon says this is the first class action of its 'Get Your Super ...

Shine's class actions division grows with acquisition of ACA Lawyers

Listed law firm Shine Corporate (ASX: SHJ) will spread its class action division further into New South Wales with the acquisition of ACA Lawyers. ACA Lawyers are a specialist class action firm, with expertise in litigation and dispute resolution. Shine's acquisition was effective from the 1st October, and the firm says it will be...

Max Brenner enters voluntary administration

Decadent chocolatier Max Brenner has announced it has gone into voluntary administration. The dessert chain cited rising costs and tough retail landscape as the reason behind the decision. McGrathNicol has been appointed as administrated to undertake a review of the business, with a meeting of creditors to occur within the coming days...

ASIC review finds "unacceptable" delays by big banks in reporting breaches

ASIC is casting light once again on the poor behaviour of Australia's largest financial institutions. After several controversial issues were uncovered by the royal commission, ASIC has found further "unacceptable" delays by financial institutions in reporting, addressing and remediating significant breaches. In its late...

ACCC scam ad warning raises concerns about 3rd party advertising

Thanks to the proliferation of seamless advertising platforms offered by Google and Facebook, cunning scammers have dug their claws into Australia's biggest content publishers. The Australian Competition and Consumer Commission (ACCC) warns of the abundance of new scams which appear as 'legitimate' advertisements on platforms ...

Aged care providers tank in wake of royal commission announcement

After Prime Minister Scott Morrison announced a royal commission into Australia's aged care system the preeminent providers of the service on the ASX saw their shares take a tumble. At 12.20pm AEST Aveo is down 4.28 per cent to $2.16, Estia is down 18.3 per cent to $2.41 per share, Japara is down 14 per cent to $1.44, and Regis Health...

ASIC to take second bite of the pie in ANZ cartel scandal

Back in June, ANZ, Citigroup, and Deutsche Bank got caught up in a widely publicised scandal relating to alleged criminal cartel charges. The Australian Securities and Investments Commission laid charges against the banks and several senior personnel from each of the financial institutions. Today, ASIC has once again gone after ANZ fo...

Shock claims backfire on Alan Jones in largest defamation payout in Aussie history

Controversial radio star Alan Jones has failed to defend the defamatory claims he made surrounding the 2011 Grantham floods, resulting in Australia's largest ever defamation payout of $3.75 million in damages. The Sydney shock jock and broadcaster for 2GB and 4BC radio was found to have defamed the Wagner family over 27 broadcasts mad...

Slater and Gordon announces all-out attack on banks to get your super back

Slater and Gordon is launching a full-on assault on Australia's financial institutions in a campaign to secure more than one billion dollars in super from the banks. Their campaign is called Get Your Super Back and it is shaping up to be an intensive, lengthy, and expensive battle. "Slater and Gordon will take on the banks on...

Financial advice institutions to refund over $800 million

As the revelations from the Royal Commission continue to pour in, the Australian Securities and Investment Commission (ASIC) has revealed that, in total, Australian financial advice institutions will refund customers over $800 million in reparations over fees for no service (FFNS) programs. The big four banks (ANZ, CBA, NAB, and Westpac) ...

Meriton slogged with $3m fine for misleading customers on TripAdvisor

The latest from the Federal Court might make you want to reconsider how much trust you place in TripAdvisor. Meriton was ordered on Tuesday to pay a $3 million fine for misleading customers on hotel review site TripAdvisor after engaging in the process of 'masking' email addresses. By 'masking' guests that the hotel ch...

Europcar in ACCC bungle over alleged excessive surcharges

The ACCC has launched proceedings against Europcar in the Federal Court, alleging the car rental service has been hitting its customers with excessive credit and debit card charges. The court will hear that Europcar customers who used Visa or MasterCards during July and August 2017 incurred excessive surcharge fees, above what it cost the...

AMP takes a swipe at 'independent' report claims

Financial services giant AMP (ASX:AMP), in response to a damning investigation by Four Corners, has taken a swipe at suggestions that a report it commissioned last year by the AMP board could be construed as fully independent.

The report was prepared by law firm Clayton Utz on behalf of AMP in relation to allegations that AMP was issuing...

Emanuel Exports' affiliate has export licence suspended

A second live export company, closely affiliated with the company behind the tragic Awassi Express voyage, has had its export licence suspended. EMS Rural Exports has been denied a permit to ship the sheep to the Middle East, following considerable outrage from the public, press, and interested animal rights organisations. The suspens...

"Bullshit": despite suspension, Emanuel Exports continues with live export of sheep

Emanuel Exports has found a loophole to continue exporting live sheep from Australia despite its licence being suspended. The company behind the Awassi Express shipment that captured the nation's attention and spurred on significant national protest is attempting to use an associated company to send another load of sheep to the Middle...

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, ...

Air NZ penalised $15 million for price fixing charge

The Australian Federal Court has penalised Air New Zealand (Air NZ) with a $15 million fine after the ACCC took legal action against a global air cargo cartel. The Court found Air NZ made and gave effect to agreements with other airlines to fix the price of fuel and insurance surcharges on air freight services from Hong Kong, and insuranc...

Slater & Gordon refutes ABC's allegations of "claim farming"

Slater & Gordon (ASX: SGH) has hit back at the ABC following Sunday's report that the law firm has been engaged in the practice of "claim farming" using data obtained by online doctor booking service HealthEngine. The ABC alleged over the weekend that Slater & Gordon had been paying a marketing firm called PreLegal $...

Emanuel Exports suspension takes industry closer to its demise

The live export industry is edging precariously to its eventual demise after Australia's largest live sheep exporter Emanuel Exports had its export licence suspended. The Federal Agriculture Department suspended the live export licence of Emanuel Exports as it investigates whether the exporter has been complying with animal and livest...

Kidnapping phone scam targets Chinese students in Australia

The ACCC has warned Australia's Chinese community of a recurring scam that involves threats of arrest and extortion via fake kidnappings. Having already caused victims $1.15 million worth of losses, the perpetrators appear to be targeting Chinese Australians nationwide. The terrifying scam comes in two forms but mostly threatens C...

ASIC launches legal proceedings against former Quintis managing director

Now defunct and previously ASX listed company Quintis is back in the firing line after ASIC announced it has launched legal proceedings against former Quintis managing director Frank Wilson. The corporate watchdog will allege that Wilson failed to discharge his duties as a director in 2017. The proceedings allege Wilson failed to disc...