Unlocking "unprofitable beasts" and why they need more patient capital

Unlocking "unprofitable beasts" and why they need more patient capital

Companies are staying private for longer than ever before with abundant capital on offer, but the flipside is that sizeable global funds are entering the Australian market earlier to make their mark on the startup community. Meanwhile, local public equity funds are often unable to do the same due to mandates that don't allow investmen...

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Aged care providers tank in wake of royal commission announcement

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...

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Crowdfunding reforms bolster investment pool for Aussie businesses

Crowdfunding reforms bolster investment pool for Aussie businesses

"It's almost creating Shark Tank for the public, or be your own Shark Tank, which is phenomenal from an innovation perspective in Australia," says Crowdfunding.com.au founder Chaz Prezident (pictured). Private Australian businesses will soon no longer need to become public companies if they want to access crowdfunding to rai...

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AusCann lists on US stock exchange to boost international operations

AusCann lists on US stock exchange to boost international operations

One of Australia's leading listed cannabis companies has jumped across the Pacific to list on one of America's leading stock exchanges. AusCann Group (ASX: AC8) has commenced trading on the US OTCQX Market under the stock symbol ACNNF. The OTCQX is an investor-focused US market featuring US and global companies. To qualify for...

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

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...

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Yellow Brick Road to beef up lending with $300m facility

Yellow Brick Road to beef up lending with $300m facility

Update: Since this story was published YBR has advised that negotiations with the bank have terminated. Click here for more.  Financial services group Yellow Brick Road (ASX:YBR) is on track to beef up its loan business after confirming that one of the big four banks is poised to provide it with a $300 million residential mortgage-ba...

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Double digit growth again for Villa World

Double digit growth again for Villa World

Residential property developer Villa World Limited (ASX: VLW) has reported strong results for FY18 amid solid sales from its flagship projects on the east coast. The company has posted double digit profit growth for the fifth consecutive year with a statutory net profit after tax of $43.6 million for FY18, up 15 per cent year-on-year. ...

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New TV show set to open Blockchain to the world

New TV show set to open Blockchain to the world

A new weekly business TV show is set to showcase Blockchain companies, cryptoassets and ICOs to a global audience. Coincast TV, created by ICO advisor DigitalX and respected crypto business news platform Multiplier Crypto, will be broadcast on Sky News Business, and syndicated across Apple TV, the Wall St Journal and related social platfo...

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It's all over red rover for Dover following ASIC undertaking

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, ...

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Court approves history-making settlement between Comm Bank and AUSTRAC

Court approves history-making settlement between Comm Bank and AUSTRAC

The Federal Court has today approved settlement between Commonwealth Bank (ASX: CBA) and the Australia Transaction Reports and Analysis Centre (AUSTRAC) over the anti-money laundering case which was brought against the financial services giant in August last year. CBA agreed in early June 2018 that it would pay $700 million in civil penal...

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Bubs enters into trading halt ahead of capital raising announcement

Bubs enters into trading halt ahead of capital raising announcement

After last week's news that Bubs Australia (ASX: BUB) is making a significant push into the Chinese market the company has entered into a trading halt on Thursday morning. The company says the trading halt has been requested pending an announcement by Bubs in relation to a capital raising. Last Friday the Australian infant milk fo...

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AMP faces class action over Royal Commission scandal

AMP faces class action over Royal Commission scandal

Less than a week after the resignation of its CEO Craig Meller, AMP is facing a potential class action lawsuit from Quinn Emanuel Urquhart & Sullivan (QE) on behalf of aggrieved shareholders. QE announced that it will investigate a class action against the financial services giant which has admitted to lying to its customers and regul...

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Google to ban all cryptocurrency ads from June 2018

Google to ban all cryptocurrency ads from June 2018

In a move that is sure to ruffle a few feathers in Silicon Valley, Google is set to ban all cryptocurrency advertising and initial coin offerings (ICO's) from June 2018. The move is part of a new financial product policy set to come into effect from June 2018, and sees all ads about cryptocurrency and related content banned, including...

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Billabong continues to sink, management looks to Quiksilver parent for a lifeline

Billabong continues to sink, management looks to Quiksilver parent for a lifeline

Affirming its relatively grim guidance from earlier in the year, Billabong's financial results have dropped across the board during the first half. The surf retailer warned in January that losses would compound during 1H18, and compound they did. Billabong posted a net loss after tax of $18.4 million for the first half, and its ea...

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Chinese demand for Australian wine pushes towards $1b

Chinese demand for Australian wine pushes towards $1b

EXPORTS of Australian wine to mainland China have soared by 63 per cent to a record breaking $848 million in 2017. China accounted for a third of total exports by value last year, with growth to the Asian powerhouse offsetting declines in exports to the US, UK, and Canada. Overall, Australian wine exports were worth $2.56 billion in 2...

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Mining sector on the mend with strong growth poised for 2018 and beyond

Mining sector on the mend with strong growth poised for 2018 and beyond

ACTIVITY in Australia's mining sector is set to accelerate in 2018 according to a recent report from BIS Oxford Economics. The industry is poised to grow through 2018 and beyond, arguing well for exports and the broader Australian economy, with mining exploration, production, and maintenance are all expected to lift significantly thro...

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GOVERNMENT'S NEW BUY QUEENSLAND INITIATIVE AN AUSTRALIAN FIRST

GOVERNMENT'S NEW BUY QUEENSLAND INITIATIVE AN AUSTRALIAN FIRST

THE QUEENSLAND Government has announced its latest plan to support Queensland-based businesses through the new 'Buy Queensland' initiative. The new plan, which will prioritise Queensland goods and services, will apply across all agencies, statutory bodies, and government owned corporations. The Queensland cabinet has agreed, i...

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MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT SHARES RISE FOLLOWING STRONG QUARTERLY RESULTS

MEGAPORT Limited (ASX: MP1) has seen its share price rise by almost two per cent following the announcement of strong results for the June 2017 quarter. The group, who delivers internet connectivity solutions to businesses, saw their revenue for the June quarter increase by 18 per cent compared to the previous quarter to $3.47 million. ...

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NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

NEXTDC ENTERS BIDDING WAR WITH 360 CAPITAL GROUP FOR APDC

DATA centre operator NEXTDC (ASX: NXT) has started a bidding war with 360 Capital Group to take over Asia Pacific Data Centre (ASX: AJD) after it launched a fully funded $1.85 a share cash offer for the company. The takeover bid trumps the offer made by 360 Capital to acquire all the securities in APDC for $1.80 per share. NEXTDC CEO ...

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SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent research suggests that cash doesn't always talk. A study, commissioned by specialised recruiter Robert Half surveying 160 chief financial officers in Australia, shows more than 94 per cent of Australian CFOs have extended cou...

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WESTPAC LOOKING TO SELL HASTINGS TO CHARTER HALL

WESTPAC LOOKING TO SELL HASTINGS TO CHARTER HALL

Westpac Group (ASX: WBC) has entered discussions with property investment group Charter Hall (ASX: CHC) to sell Hastings Management, a global infrastructure-assets business with funds under management of about $14.3 billion. Charter Hall is considering the purchase of Hastings following the completion of due diligence and regulatory ...

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ACCC TO SMALL BUSINESSES: REVIEW PAYMENT SURCHARGES NOW

ACCC TO SMALL BUSINESSES: REVIEW PAYMENT SURCHARGES NOW

SMALL business owners have been urged to review their payment surcharges ahead of the ban on excessive payment surcharges in force 1st September. The ACCC recommends small businesses assess their current surcharge models before the law comes into force, which limits the amount a business can charge customers for use of EFTPOS, MasterCard,...

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CONTROVERSIAL BANK LEVY SHOULD BE APPLIED TO OTHER BIG BUSINESSES, BOURIS SAYS

CONTROVERSIAL BANK LEVY SHOULD BE APPLIED TO OTHER BIG BUSINESSES, BOURIS SAYS

THE BANK LEVY imposed on the so-called 'Big Five' should be extended to include all government-licenced companies with a turnover of $1 billion or more, according to Yellow Brick Road executive chairman Mark Bouris.

Speaking at the launch of 2017 Gold Coast Queensland Small Business Week, Bouris also says the money raised should be us...

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BIS SAYS INFRASTRUCTURE BUDGET BOOST IS WELCOME, BUT LIKELY UNSUSTAINABLE

BIS SAYS INFRASTRUCTURE BUDGET BOOST IS WELCOME, BUT LIKELY UNSUSTAINABLE

ANALYSTS say that the public infrastructure and construction industry has emerged among the clear winners from last Tuesday's budget, as BIS Oxford Economics forecasts imminent major growth across the sector. Funds allocated from the 2017 Federal Budget will help drive an estimated 30 per cent growth for the industry, which is already...

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BANK LEVY ON BIG FOUR COULD DRIVE CUSTOMERS TO REGIONAL BANKS

BANK LEVY ON BIG FOUR COULD DRIVE CUSTOMERS TO REGIONAL BANKS

THE BANK of Queensland (ASX: BOQ) is expected to be a major beneficiary of the Federal Government's bank levy which was introduced in Tuesday's Budget. The Government levy will raise $1.5 billion a year over the next four years, or around five per cent of the profits from the so-called 'Big Four' which includes Commonwealt...

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SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from the venture capital fund it has set up in partnership with Artesian Venture Partners and industry superannuation fund Hostplus.

This follows the SproutX pre-accelerator program, held in late 2016, where 110 startups and entr...

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ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

ASIC DROPS CIVIL CASE AGAINST LM INVESTMENT DUO

TWO directors of failed Gold Coast funds manager LM Investment Management (LMIM) have been spared further proceedings by the corporate watchdog after it dropped a civil action against them. However, the Australian Securities and Investments Commission is still pursuing the matter against three others, including former CEO Peter Drake (pic...

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TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the broader economy. Figures from Tourism Research Australia show there was a record 7.2 million international visitors in the 12 months to June 30, up 10 per cent on the previous year. The level of spending grew at a faster r...

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SURFSTITCH SHARES HALVED AS LOSS HITS $155M

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares more than halved on news that its annual loss has blown out to $154.7 million. The FY16 result by the Gold Coast-based company, a former subsidiary of Billabong (ASX:BBG), has been impacted by $99.3 million in goodwill impairm...

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G8 SHARES STILL TENDER AFTER WILD RIDE

G8 SHARES STILL TENDER AFTER WILD RIDE

SHARES in Australia's largest listed childcare centre operator G8 Education (ASX:GEM) edged lower today after briefly recovering from a $400 million rollercoaster ride in the wake of a disappointing profit result yesterday. The stock dipped as much as 6 per cent in morning trade, but it was a far cry from the 30 per cent thumping give...

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