Melbourne Articles

Murray Goulburn settles one of two class actions for $42 million

Murray Goulburn settles one of two class actions for $42 million

Murray Goulburn (ASX: MGC) has settled one of its class actions, known as the Endeavour River class action, for $42 million. Slater and Gordon launched the suit on 16 August 2018, acting on behalf of aggrieved Murray Goulburn shareholders who the firm argued suffered losses at the hands of misleading and deceptive conduct. The key all...

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Kogan powers up with new energy service brand

Kogan powers up with new energy service brand

Kogan.com (ASX: KGN) has a reputation for delivering basically every service under the sun. Insurance, Internet, loans, and travel are just some of the more recent additions to the growing portfolio of brands under the Kogan umbrella. The group's latest endeavour sees the company offering power and gas services to Australians unde...

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Mirvac to transform Boral quarry into major Melbourne housing estate

Mirvac to transform Boral quarry into major Melbourne housing estate

Boral has tapped Mirvac to transform its Melbourne quarry into a $1 billion suburb. Mirvac will manage the urban development of the Boral-owned 171-hectare site in Wantirna South, Victoria, over a multi-decade period, including a proposed new housing community and substantial new parklands. If Mirvac receives the necessary approvals t...

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Althea riding high after receiving first UK patient prescription

Althea riding high after receiving first UK patient prescription

Shares in Althea are hitting an all-time high following the announcement that it has received its first patient prescription in the United Kingdom for medicinal cannabis. But the good news doesn't stop there the company has also received a planning permit from the Frankston City Council for the group's Australian cultivation and m...

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CEOs will sleep rough tonight to raise money for homelessness

CEOs will sleep rough tonight to raise money for homelessness

Business leaders around the country will tonight take warm clothes, their sleeping bags and sheets of cardboard to city centres in a bid to raise awareness about homelessness. The Vinnies CEO Sleepout is still about $700,000 shy of meeting last year's donations of $6.9 million and still has the goal of raising $7.1 million. The 2018 eve...

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SaaS scale-up Whispir makes ASX debut

SaaS scale-up Whispir makes ASX debut

With "on fire" growth in Southeast Asia and major customers like Disney and Virgin Australia, Melbourne-founded global cloud communications scale-up Whispir (ASX: WSP) has opened a new chapter as a public company today. Co-founder Jeromy Wells (pictured) tells Business News Australia the initial public offering (IPO) has be...

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The programmatic ad platform to give Silicon Valley a run for its money

The programmatic ad platform to give Silicon Valley a run for its money

Programmatic advertising forms the bedrock of most publishers in 2019. Major rags, websites and blogs have all dived into it in the past and still use it today for a very good reason - it is an automated, easy way to boost revenue from websites. But it also comes with a number of problems, which Business News Australia has dived into ...

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Jenny Hutson sidekick avoids jail

Jenny Hutson sidekick avoids jail

A former director of Wellington Capital found guilty of giving false or misleading information has been given a light sentence thanks to her cooperation with authorities. Mary-Anne Greaves has been discharged without proceeding to conviction after giving the Brisbane Magistrate's Court a security of $5,000 on the condit...

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AGL walks away from Vocus takeover

AGL walks away from Vocus takeover

AGL Energy (ASX: AGL) had four weeks to conduct its due diligence for a potential takeover of Vocus (ASX: VOC), but it only needed one. Following in the footsteps of Swedish company EQT which had pulled out of its $3.3 billion bid for the telco, AGL has determined its lower offer of $3 billion for Vocus wouldn't be worthwhile eit...

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Will Australia become Asia's 'clean green' medicinal cannabis supplier?

Will Australia become Asia's 'clean green' medicinal cannabis supplier?

From powdered milk to multivitamins to fresh fruit, Australian and New Zealand products command a health premium in Asian markets but can the medical cannabis industry leverage this 'clean green' image and follow suit?  Cann Group (ASX: CAN) CEO Peter Crock believes they will, and this was a driver for the company securing a ...

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ANZ sacks NZ chief citing "concerns" over transactions

ANZ sacks NZ chief citing "concerns" over transactions

Australia and New Zealand Banking Group (ASX: ANZ) has announced its New Zealand business CEO David Hisco (pictured) is stepping down after an internal review of his personal expenses. The board has raised concerns about the "characterisation of certain transactions" while the decision also follows ongoing health ...

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Honey Birdette hits back: 'There will be nipples. And plenty of them'

Honey Birdette hits back: 'There will be nipples. And plenty of them'

Multinational lingerie brand Honey Birdette has launched a new "Red Alert" ad campaign to fight against increased censorship it has received following pressure from a conservative lobby group. With the hashtag #notaskingforit, the Australian company's new campaign features censorship banners across the front of every image. ...

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Losses deepen for McGrath but can new CFO turn the tide?

Losses deepen for McGrath but can new CFO turn the tide?

A new CFO will soon fill the void left by the departure of Glynn Wright at listed property company McGrath (ASX: MEA) in March, with Howard Herman set to start in the role on 24 June. But Herman, who was recently CFO at NASDAQ-listed Australian apparel business Naked Brand Group, will have a tough job on this hands as the c...

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Ousted founder pulls out of Smiles Inclusive board bid

Ousted founder pulls out of Smiles Inclusive board bid

Dental care company Smiles Inclusive (ASX: SIL) has today confirmed an attempt to hold a second vote over the board's future has been withdrawn by ousted founder Mike Timoney (pictured). Timoney and ex-chairman David Herlihy were voted off the board by shareholders at an extraordinary general meeting (EGM) held last month, b...

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Evans Dixon CEO steps aside to lead struggling US fund

Evans Dixon CEO steps aside to lead struggling US fund

Amidst falling profits and complaints over high fees and investment recommendations for its own in-house funds, financial advisory firm Evans Dixon (ASX: ED1) will see its CEO Alan Dixon (pictured) step aside to focus on the company's US residential property fund. Executive chairman David Evans will act as a temporary CEO while a...

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Afterpay faces AUSTRAC audit into anti-money laundering compliance

Afterpay faces AUSTRAC audit into anti-money laundering compliance

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has ordered an audit of fintech Afterpay's (ASX: APT) after identifying concerns over compliance with financial crime legislation. The announcement prompted a 12.6 per cent drop in APT shares this morning down to $22.41. The financial intelligence agency ha...

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From Tinybeans big things grow

From Tinybeans big things grow

Has Australian-founded social media network Tinybeans (ASX:TNY) found the sweet spot between keeping user data strictly private and also monetising it?  With 3.2 million registered users and expectations cash flow will start to break even by the end of this calendar year, the now US-headquartered company is starting to reap the rewar...

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Stars align for THC Global after cannabis manufacture licence granted

Stars align for THC Global after cannabis manufacture licence granted

One of Australia's leading listed cannabis companies is on track with its 'farm to pharma' business model after crossing a key regulatory hurdle. Shares in THC Global (ASX: THC) rose 12.5 per cent this morning to $0.50 after the company announced its subsidiary Canndeo was granted a manufacture licence from the Australian Offi...

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Uber Air pilot to take off in Melbourne

Uber Air pilot to take off in Melbourne

After becoming an essential part of the fabric of our roadways, ridesharing and transport service Uber now plans to take to the skies in a bid to reduce traffic on the ground. Australia will play a key role in the deployment of the Uber Air program, with Melbourne set to join Dallas and Los Angeles as the service's third official...

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Afterpay shares rise as capital raising exceeds target

Afterpay shares rise as capital raising exceeds target

Buy-now pay-later (BNPL) heavyweight Afterpay (ASX: APT) have surged 9.5 per cent this morning to $26.47 after an institutional placement raised $317 million. Those who took part in the capital raising will already be reaping the rewards as the new shares were issued at $23 each, while a $30 million share purchase plan (SPP) is on its way...

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Wesfarmers to buy online retailer Catch Group for $230m

Wesfarmers to buy online retailer Catch Group for $230m

Perth-based Wesfarmers (ASX: WES) is entering new territory in e-retail through an agreement to buy Catch Group, a homegrown company that has recently beefed up its warehouse capacity in Melbourne.  If the $230 million transaction goes ahead, Catch Group will operate independently of Wesfarmers' other retail businesses Bunni...

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The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

Fund manager Blue Sky Alternative Investments (ASX: BLA) ended its 7.5-year run on the ASX after going into receivership. At its peak the Brisbane-based investment firm was worth almost $1.2 billion, with capital raisings easily fulfilled and an aggressive investment strategy fuelling global interest.  During what appeared t...

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Construction entrepreneur thinks outside the box

Construction entrepreneur thinks outside the box

On the back of projects ranging from office fit-outs to schools to nightclubs, Chapcon Design & Construct is growing at a swift pace as revenue doubles each year. Founded by carpenter Nick Chapman in 2011, the group's portfolio of projects has been buoyed by word-of-mouth and strengthened by its track record and willingness to tak...

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Afterpay to raise $330m for US expansion

Afterpay to raise $330m for US expansion

Shares in Australian fintech Afterpay (ASX: APT) have entered a trading halt amidst the announcement of a $330 million capital raising aimed at funding overseas expansion. In a release today, the company says its experience to date "confirms that the US scale-up opportunity is clear" and a strong growth strategy is needed to ach...

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Booktopia turns a new page after failed crowdfund attempt

Booktopia turns a new page after failed crowdfund attempt

Online bookseller Booktopia is looking for new investment sources after an ambitious crowdfunding scheme failed to achieve its minimum target. The company's offer on Equitise was due to expire in three days and would have needed investments of at least $3 million to go ahead, but had only reached commitments of $892,750. The decis...

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Australia's largest cannabis company enters JV with RFI

Australia's largest cannabis company enters JV with RFI

Major Australian cannabis player Elixinol (ASX: EXL) expects its US subsidiary will have greater exposure to markets thanks to a strategic partnership secured with RFITD Holdings. The new alliance links Elixinol to RFI, a New York-based food ingredients manufacturer that has been in business since 1989. The two new partners ...

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AGL makes $3 billion bid for Vocus

AGL makes $3 billion bid for Vocus

AGL Energy (ASX: AGL) is having a second crack at acquiring internet service provider Vocus (ASX: VOC) after Swedish suitor EQT backed down from its bid last week.  In late May AGL confirmed it had already made a confidential offer for the telco which owns the Dodo and iPrimus brands, but an inability to reach acceptable due diligenc...

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Uber comes out on top in Fair Work investigation

Uber comes out on top in Fair Work investigation

The results of an investigation conducted by the Fair Work Ombudsman is sure to have Uber smiling, with the watchdog confirming that Uber is not an "employer" in the traditional sense. The investigation was launched to determine whether Uber's Australian operations could be considered as that of an employer, the natural resu...

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Are businesses taking the threat of cybercrime seriously?

Are businesses taking the threat of cybercrime seriously?

The news that Australian National University suffered from a massive hack, seeing 19 years of data stolen made headlines earlier this week. According to the ABC names, addresses, dates of birth, phone numbers, personal email addresses and emergency contact details, tax file numbers, payroll information, bank account details, and passport ...

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Afterpay buy-now pay-later formula proves a success in the US

Afterpay buy-now pay-later formula proves a success in the US

Buy-now pay-later fintech Afterpay Touch Group's (ASX: APT) latest business update shows the company's US expansion is performing well on track. As it stands Afterpay's US business is generating approximately $1.7 billion in annualised underlying sales. This figure was achieved just 13 months after the group first landed in th...

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