Melbourne Articles

Zip Co acquires fashion search engine The Urge

Zip Co acquires fashion search engine The Urge

If your business model revolves around helping retailers lift sales through buy-now-pay-later (BNPL) offerings, why limit yourself to the fast money? An $8.5 million acquisition announced by Zip Co (ASX: Z1P) today may pale into insignificance compared to more than $400 million worth of shares shelled out to buy US-based QuadPay, but it mark...

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Coca-Cola Amatil directors support $9.3 billion European takeover offer

Coca-Cola Amatil directors support $9.3 billion European takeover offer

The directors of Coca-Cola Amatil (ASX: CCL) have today backed a proposed $9.3 billion takeover offer from Coca-Cola's European operator. The proposal of $12.75 per Amatil share to acquire 100 per cent of the company represents a premium of 23 per cent for shareholders, and an enterprise value of $10.9 billion. While Coca-Cola European...

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Westpac takes $1.2 billion hit to earnings

Westpac takes $1.2 billion hit to earnings

Australia's oldest bank Westpac's (ASX: WBC) financial woes have continued with the bank revealing it would be copping write downs of more than $550 million on its life insurance and auto finance businesses. It comes after Westpac was slammed by a record fine of $1.3 billion last month when financial intelligence watchdog AUSTRAC rev...

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Victoria reports no new cases of COVID-19 for the first time since June

Victoria reports no new cases of COVID-19 for the first time since June

For the first time since 9 June Victoria has reported no new cases of COVID-19 and zero deaths. As such, metropolitan Melbourne's 14-day rolling average of cases has fallen to 3.6, and there are just seven cases with an unknown source in the Victorian capital. The 14-day rolling average in regional Victoria is now down to just 0.2 and ...

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Easing of restrictions delayed in Melbourne due to northern suburbs outbreak

Easing of restrictions delayed in Melbourne due to northern suburbs outbreak

COVID-19 restrictions in Melbourne will not be eased today as the state's health authorities work to contain an outbreak of the virus in the city's northern suburbs. The news comes after six new cases were identified in Melbourne's northern suburbs, meaning there have so far been 39 cases spread across 11 households in the area. ...

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Adore Beauty in the eye of the shareholder, IPO beats expectations

Adore Beauty in the eye of the shareholder, IPO beats expectations

Following what Wilson Asset Management dubbed as "one of the year's hottest IPOs", Adore Beauty (ASX: ABY) has today landed on the ASX, witnessing a modest rise in its share price. The company, which sells beauty and skincare products online, saw its shares up 10 per cent to their highest point today of $7.42. Eventually the ...

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Border opening delays stymie Qantas earnings by $100m

Border opening delays stymie Qantas earnings by $100m

Qantas Airways (ASX: QAN) CEO Alan Joyce claims ongoing state border closures have delayed the airline's recovery, cutting $100 million from earnings in the September quarter with expected impacts for the months ahead. Joyce told the company's annual general meeting (AGM) today capacity was currently below 30 per cent, but if Queensl...

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Respirator manufacturer CleanSpace passes $500m mark on ASX listing

Respirator manufacturer CleanSpace passes $500m mark on ASX listing

Backed by a board boasting former senior figures from ResMed (ASX: RMD) and Nanosonics (ASX: NAN), CleanSpace Holdings (ASX: CSX) has made an impact with its ASX listing today. CleanSpace has exceeded its own expectations, with shares rising 47 per cent, past the $6.50 mark this morning, giving the company a market capitalisation of around $...

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Casual job opportunities spike in September quarter

Casual job opportunities spike in September quarter

The number of casual job vacancies in Australia rose by nearly 20 per cent in the September quarter, but the quantity of opportunities overall is still one-third lower than a year ago. According to the Sunsuper Australia Job Index, which measures and tracks digital job advertisements, the number of casual roles on offer are at a record high....

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Gaming the board: Crown Resorts shows you just can't bet on 'independent' directors

Gaming the board: Crown Resorts shows you just can't bet on 'independent' directors

What's the difference between an independent and non-independent director? This question lies at the heart of the scandal embroiling Crown Resorts, Australia's largest gaming company, which owns casinos in Melbourne and Perth, and is seeking a licence to run a third in Sydney. The inquiry into the company's suitability to hold ...

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ABS survey shows improved outlook, but Australian businesses are still just hanging on

ABS survey shows improved outlook, but Australian businesses are still just hanging on

The latest survey from the Australian Bureau of Statistics (ABS) shows fewer businesses are reporting revenue declines compared to July, but the proportion recording rising income remains flat along with cash on hand levels. Almost half of the businesses interviewed reported revenue declines in July, but that has since improved to just under...

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Crown chair Helen Coonan apologises "unreservedly" for company failures

Crown chair Helen Coonan apologises "unreservedly" for company failures

The chairman of Crown Resorts (ASX: CWN) has "unreservedly" apologised for the company's failures during an address to shareholders today, one day after admitting that the company 'facilitated' money laundering. Speaking at the company's AGM today, Crown chairman Helen Coonan (pictured) began by addressing matters r...

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MyDeal.com.au is kind of a big deal, enters ASX with a bang

MyDeal.com.au is kind of a big deal, enters ASX with a bang

If there is any sector that symbolises bullish opportunities for a post-pandemic world, it is e-commerce. Kogan (ASX: KGN) shares have tripled since the start of the year, Temple & Webster (ASX: TPW) shares have quintupled, and traditional retailers that have successfully pivoted online are reaping the rewards. Even the incumbent globa...

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Fintech Frollo teams up with BOQ to power Virgin Money's new digital bank

Fintech Frollo teams up with BOQ to power Virgin Money's new digital bank

A new digital bank due for launch later this year at Virgin Money will be aided by the purpose-driven financial wellbeing technology of Sydney-based digital finance platform Frollo. Frollo will be providing the service through a partnership with the Bank of Queensland (ASX: BOQ), which purchased Virgin Money Australia (VMA) for $40 mill...

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Dubber Corp scores coup with Microsoft Teams deal

Dubber Corp scores coup with Microsoft Teams deal

While Zoom has become an icon of online communications in the COVID-19 era, research published by Aternity in June found its user growth had been surpassed by the video conferencing offering of an incumbent tech competitor - Microsoft. Microsoft Teams has played an integral role in the global work from home (WFH) phenomenon, and now the plat...

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NSX shares hit 13-year high with iSignthis blockchain system "operationally ready" for 2021 launch

NSX shares hit 13-year high with iSignthis blockchain system "operationally ready" for 2021 launch

Shares in the National Stock Exchange of Australia (NSXA, ASX: NSX) surged 380 per cent in early trading to reach $0.33 after announcing a platform pitted by its creators as an "Australian NASDAQ" would be up and running early next year. The investor excitement pushed NSX shares to their highest level since 2007, but within 25...

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Australian Family Lawyers to open new Perth office

Australian Family Lawyers to open new Perth office

AF Legal Group (ASX: AFL) has announced the company's expansion to Western Australia with a new Australian Family Lawyers office in Perth to open in November. The new office will be the group's fifth office to open this calendar year, following the openings of AFL in Canberra, Maroochydore, Caloundra and Adelaide. "The opening...

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Online sales soar 400 per cent for Lovisa

Online sales soar 400 per cent for Lovisa

Jewellery retailer Lovisa (ASX: LOV) is glistening at the moment with not just phenomenal growth for its online sales in the first 16 weeks of FY21, but also a significant improvement for its bricks-and-mortar stores globally. Even though 30 stores in metropolitan Melbourne remain closed with a potential re-opening on the cards for 1 No...

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v2food to take plant-based meat global with $77m Series B

v2food to take plant-based meat global with $77m Series B

Plant-based meat manufacturer v2food hopes to take its product to the world following the closing of a $77 million Series B funding round. The Series B brings v2food's total funds raised to $113 million, enabling it to complete its production facility in Wodonga in Victoria, grow its team and continue to launch products into new markets,...

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ASIC bars Smiles Inclusive from capital raises, board overhaul attempt delayed

ASIC bars Smiles Inclusive from capital raises, board overhaul attempt delayed

After drawing the ire of a group of rogue shareholder dentists who believe their attempt to overhaul the board of Smiles Inclusive (ASX: SIL) was sullied by the issuance of 10 million new shares to undisclosed parties, the company has been dealt a new blow by the corporate watchdog. Last night Smiles Inclusive announced it had received a det...

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Westpac and Afterpay tie the knot, Zip taps Visa for everywhere payments

Westpac and Afterpay tie the knot, Zip taps Visa for everywhere payments

Australia's largest buy-now pay-later (BNPL) player Afterpay (ASX: APT) has coupled up with Westpac (ASX: WBC) today to create a new digital banking platform, in a move that sent the fintech's share price past the $100 mark today. Not one to be shown up by its competitor, Zip Co (ASX: Z1P) has also made a major announcement today, la...

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WA Premier delays next easing phase as COVID-positive ship crews pose increasing threat

WA Premier delays next easing phase as COVID-positive ship crews pose increasing threat

Western Australia was due to enter Phase 5 of its recovery roadmap this Saturday with practically all restrictions removed except its hard border, but heightened threats from overseas arrivals have thrown a spanner in the works. As the state now goes six months without community spread, health authorities are on alert over the recent entry o...

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Lawcadia launches intelligent engine to automate legal tasks

Lawcadia launches intelligent engine to automate legal tasks

After notching 72 per cent revenue growth in FY20, legal Software as a Service (SaaS) group Lawcadia is striving for new heights with a product powered by machine learning. The Brisbane-based company is already Australia's leading provider of matter and spend management solutions for in-house legal teams and their law firms, but its...

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NSW eases restrictions, lifts restaurant booking limit to 30

NSW eases restrictions, lifts restaurant booking limit to 30

After reporting zero cases of community transmission in the 24 hours to 8pm yesterday, NSW Premier Gladys Berejiklian has eased restrictions further for hospitality venues while the wedding industry will also receive a boost in time for summer. "All hospitality venues, rather than having bookings of 10, you will be able to have bookings...

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Virgin sacrifice: boardroom bloodletting signals a classic private-equity hijacking

Virgin sacrifice: boardroom bloodletting signals a classic private-equity hijacking

US private equity firm Bain Capital won't formally assume control of Virgin Australia until November. But its coup last week against chief executive Paul Scurrah, dumping him for Jayne Hrdlicka, a former Bain employee with a reputation for toughness, signals the start of a classic private equity smash-and-grab operation. When Virgin'...

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RM Williams acquired by Twiggy Forrest's family fund

RM Williams acquired by Twiggy Forrest's family fund

Bootmaker RM Williams is back under Australian ownership after six years under the control of L Catterton, a US-headquartered private equity firm connected to Louis Vuitton Moët Hennessy (LVMH). The Adelaide-based company has been purchased by Tattarang, an investment group owned by mining magnate Dr Andrew 'Twiggy' Fo...

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AUSTRAC investigates Crown Resorts over anti-money laundering compliance breaches

AUSTRAC investigates Crown Resorts over anti-money laundering compliance breaches

Australia's financial crime watchdog AUSTRAC has launched an investigation into potential non-compliance with anti-money laundering laws at Crown Melbourne. The announcement comes a year after independent MP Andrew Wilkie released whistleblower footage of alleged money laundering at the casino, which is owned by Crown Resorts (...

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Victoria set to open on 1 November, or even earlier if trends continue

Victoria set to open on 1 November, or even earlier if trends continue

Victorian Premier Daniel Andrews has today accelerated the state's plans for reopening towards a COVID normal, with retail, hospitality and other sectors to be back in operation from midnight, 1 November. If recent trends continue, the Premier flagged he could potentially be announcing an even earlier date next Sunday. "There is s...

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Shares surge for Tyro Payments after striking key alliance with Bendigo Bank

Shares surge for Tyro Payments after striking key alliance with Bendigo Bank

Tyro Payments (ASX: TYR) has struck an exclusive agreement with Bendigo Bank (ASX: BEN) to manage merchant acquiring services for its business banking customers potentially for the next 15 years. The alliance represents a potential $19 million boost in gross profit for Tyro Payments in FY21 as it prepares to manage up Bendigo Bank's merc...

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MBA propels founder of drone consultancy Mirragin to new heights

MBA propels founder of drone consultancy Mirragin to new heights

After seeing how expensive and time-consuming it was for the military to fly helicopters, not to mention the risk to human life, army engineer Rob Sutton was determined to make a difference through drones. Coming from a defence background, he understood what the technology could mean to the soldiers, sailors and airmen who put their liv...

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