CBA to demerge wealth management and mortgage broking businesses

CBA to demerge wealth management and mortgage broking businesses

The Commonwealth Bank of Australia (ASX: CBA) has announced its intention to demerge key businesses and re-list them as separate entities on the ASX. Australia's largest bank will demerge its wealth management and mortgage broking businesses so it can focus on its core banking businesses in Australia and New Zealand. The demerged ...

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Michael Hill axes Emma & Roe to support core brand

Michael Hill axes Emma & Roe to support core brand

Michael Hill International (ASX: MHJ) is saying its final goodbyes to the fledgling brand which, despite promise in the early days of Michael Hill's ASX listing, has proven to be a burden on the group's balance sheet. Following a company-wide review, Michael Hill has decided to close all Emma & Roe fashion jewelry stores to re...

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Apollo scoops up troubled Fleetwood RV brands

Apollo scoops up troubled Fleetwood RV brands

Listed motorhome group Apollo Tourism & Leisure (ASX:ATL) has steered west for its latest acquisition, splashing out $1 million to scoop up brands owned by Perth-based Fleetwood Corporation. While this is the latest in a string of major deals secured since the company listed on the ASX in 2016, the company today warned that FY18 earni...

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New acquisitions make QBL a major cannabis player

New acquisitions make QBL a major cannabis player

After almost two months in a trading halt Queensland Bauxite Limited (ASX: QBL) has returned to the market with a significant announcement about the transformation of its cannabis industry activities. The company, which has become a major player in the cannabis sector over the last year, has announced a transformation project, seeing Quee...

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Offshore buyers may fill the void as BP dumps bid for Woolies petrol

Offshore buyers may fill the void as BP dumps bid for Woolies petrol

The national retail petrol market could open up to new competition after BP Australia pulled out of an ambitious $1.8 billion plan to buy Woolworths' retail fuel network.

At least three international parties have been rumoured to be in the running for the acquisition, namely private equity group Kohlberg Kravis Roberts, Canadian retail fu...

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Bellamy's organic movement hits Tasmania

Bellamy's organic movement hits Tasmania

Bellamy's (ASX: BAL) has made a $5.5 million investment to assist Tassie farmers in transitioning to organic practices. The infant formula producer has signed a deal with global dairy giant Fonterra to help Tasmanian farmers switch to organic practices, in an effort to increase the local supply. Bellamy's will make an initial ...

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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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Satellite company Kleos Space set to launch

Satellite company Kleos Space set to launch

A highly successful seed-funding round in Australia earlier this year prompted Luxembourg-based tech company Kleos Space to seek a listing on the ASX, but according to chairman Peter Round this is no start-up venture. "Technically we're a start-up because of the timing of when the company began, but we're not a start-up in te...

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Cannabis companies hit new high with fresh capital

Cannabis companies hit new high with fresh capital

Two of Australia's leading listed cannabis players have raised millions in funds to boost their businesses in Australia and overseas. Botanix Pharmaceuticals (ASX: BOT), a medical dermatology company combatting serious skin diseases with cannabis-based products, has successfully completed an oversubscribed placement to raise $8 millio...

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Dreamscape makes fourth acquisition in 16 months for $8.5m

Dreamscape makes fourth acquisition in 16 months for $8.5m

Dreamscape Networks Limited (ASX: DN8) has acquired Domain Name Registrar (DNR) for $8.5 million, its fourth acquisition in the past 16 months. The acquisition is part of Dreamscape's "bolt on" strategy, as Dreamscape continues to consolidate local domain and hosting businesses under the Dreamscape Networks' umbrella. D...

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Bank cartel case claims high-profile scalp at ASX

Bank cartel case claims high-profile scalp at ASX

The cartel scandal that has rocked the Australian banking industry has claimed another scalp with the resignation of former JP Morgan Australia CEO Robert Priestley from the board of ASX Ltd (ASX:ASX). The move comes less than two weeks after ASX expressed confidence in Priestley who was head of the investment giant's Australian arm w...

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Watpac dusts off investor stoush, wins major contracts

Watpac dusts off investor stoush, wins major contracts

Listed civil contractor and developer Watpac (ASX:WTP) has shaken off the negativity of a high profile stoush among its shareholders by announcing two major contracts over the past four days. Waptac today revealed it has won a $110 million contract to design and build the new Deakin Law School building at the Burwood Campus in Melbourne. ...

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Bubs announces $40m share placement to support expansion into China

Bubs announces $40m share placement to support expansion into China

Shares in Bubs Australia Limited (ASX: BUB) have resumed trading after the infant formula producer announced a $40 million injection of fresh capital through an oversubscribed share placement. The fresh placement follows the recent announcement of a number of agreements with Australian and Chinese partners as part of the group's Chine...

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Biotech company Sirtex accepts $1.87b foreign takeover offer

Biotech company Sirtex accepts $1.87b foreign takeover offer

Australian biotechnology and medical device group Sirtex Medical (ASX: SRX) has agreed to a $1.87 billion takeover offer from Chinese company CDH Genetech. The listed Australian company says it has entered into a binding agreement with CDH to sell all its shares at $33.60 per share. Varian Medical Systems was previously bidding for Si...

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Aussie drone defence company lands historic deal in the Middle East

Aussie drone defence company lands historic deal in the Middle East

Sydney-based drone defence company DroneShield has completed the largest order in its history, selling a record number of its tactical DroneGun products to the Middle East. The deal, which is also reportedly the largest known order of its kind in the world, is worth $3.2 million and involves the sale of 70 DroneGun units to a classified a...

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Kogan shares plunge after sell off rumours ring true

Kogan shares plunge after sell off rumours ring true

Shares in online retailer Kogan.com (ASX: KGN) have slumped 25 per cent after rumours came true that founder Ruslan Kogan and his chief financial officer were set to offload a large piece of the company. Kogan and CFO David Shafer sold $42 million worth of KGN shares, believed to be six million shares at $7.00 each, and that they had &quo...

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Blue Sky darkens on latest $60 million hit and share price freefall

Blue Sky darkens on latest $60 million hit and share price freefall

After exiting a trading halt on Tuesday afternoon, shares in Blue Sky Alternative Investments (ASX: BLA) immediately went into a freefall, causing more damage to the already battered investments firm. Shareholders continued to offload the embattled Brisbane-based company after it announced an expected $59.4 million hit to its FY18 profit....

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Underwater drone maker scores landmark deal with US Navy

Underwater drone maker scores landmark deal with US Navy

ASX-listed underwater drone manufacturer Aquabotix (ASX: UUV) has entered into an agreement with a major United States defence division which could help change the face of modern naval warfare. Aquabotix signed the cooperative research and development agreement with the US Naval Undersea Warfare Center to test its SwarmDiver product at th...

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APA the target of $13b Chinese takeover

APA the target of $13b Chinese takeover

APA Group (ASX: APA) has opened its books up to a group from China which has offered $13 billion to take over the Australian company. The Australian energy giant says it has granted due diligence to a consortium led by CK Infrastructure Holdings (CKI) following a proposed cash offer of $11 per stapled security. APA holds several key a...

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Superloop acquires broadband customer database from SkyMesh

Superloop acquires broadband customer database from SkyMesh

Connectivity and broadband infrastructure provider Superloop (ASX: SLC) has purchased the fibre broadband customer base operated on the nbn network by internet service provider, SkyMesh. SkyMesh is the Australian subsidiary of Bigblu Broadband and the $1.5 million deal will add over 10,000 broadband subscribers to Superbb, the newly forme...

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John Borghetti to step down as Virgin Australia CEO

John Borghetti to step down as Virgin Australia CEO

Virgin Australia (ASX: VAH) chief executive John Borghetti will not renew his contract after 2020, ending a decade-long tenure leading the low cost carrier. The airline says the announcement has been made to allow for "ample time" to find a successor and allow for a transition and it has already begun a global search for its new...

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Blue Sky in trading halt ahead of major review

Blue Sky in trading halt ahead of major review

Shares in Blue Sky Alternative Investments (ASX: BLA) have been placed in a trading halt as the embattled fund manager prepares to release a company review and balance sheet update to the market. The Brisbane-based Blue Sky requested the trading halt until the release of the review or until the open of trading on Thursday. The review ...

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Creso Pharma scores licence to grow cannabis in Colombia

Creso Pharma scores licence to grow cannabis in Colombia

A subsidiary of Australian cannabis company Creso Pharma (ASX: CPH) has been granted a pivotal licence to grow medicinal cannabis in Colombia. Creso, through Kunna Canada, has been granted a licence to cultivate medicinal cannabis in Colombia, following the receipt of licenses required to produce, manufacture, market and export cannabis d...

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AMP drops off ASX top 20 index

AMP drops off ASX top 20 index

After weeks of bad news, embattled financial services provider AMP has dropped off the top 20 list of ASX listed companies. The company, which has gone through the wringer over the last month, is no longer one of the 20 largest companies on the Australian Securities Exchange, instead being replaced on the list by global packaging company ...

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Bubs signs major deal with leading Chinese e-commerce platform

Bubs signs major deal with leading Chinese e-commerce platform

Bubs Australia (ASX: BUB) has partnered with leading Chinese e-commerce platform Alibaba to sell its products on the Tmall Global store. Alibaba has 580 million monthly users across its different apps, with mother and baby products the second largest category on Alibaba, spearheaded by infant formula. Bubs expects the Global Merchandi...

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Rift opens as Watpac shareholders vote against BESIX takeover

Rift opens as Watpac shareholders vote against BESIX takeover

BESIX might walk away from Watpac (ASX: WTP) following this morning's scheme meeting where Watpac shareholders did not accept BESIX's offer to acquire a majority share of the company. At the scheme meeting held in Brisbane, Watpac's shareholders voted against the resolution relating to the BESIX takeover of 50 per cent of ordi...

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Godfreys flags cash flow problems as takeover looms

Godfreys flags cash flow problems as takeover looms

Vacuum sales specialist Godfreys (ASX: GFY) has flagged potential cash flow challenges as Arcade Finance comes closer to acquiring the company. On Wednesday night the listed company announced to the ASX that it is in the process of reviewing cash flow numbers, but the future looks bleak. The groups says it expects to reveal cash flow ...

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AusCann joint venture completes second cannabis harvest in Chile

AusCann joint venture completes second cannabis harvest in Chile

Listed medicinal cannabis company AusCann (ASX: AC8) has completed its second harvest with DayaCann joint venture partner Fundación Daya in Chile. The second harvest proved to be even more fruitful than the first, yielding 620kg of dried cannabis product, an increase of over 50 per cent on the 400kg yielded in the first harvest. ...

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Why AI could be an entrepreneur's best investment

Why AI could be an entrepreneur's best investment

It's easy to be swayed by doom and gloom headlines questioning whether artificial intelligence (AI) will soon replace certain human jobs for good, or, more outlandishly, become a sentient cause for concern. Thanks Terminator. Realistically however, entrepreneurs and professionals in the IT space agree that AI has inspired some of the ...

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Gold Coast training and recruitment company gets three Shark Tank 'bites'

Gold Coast training and recruitment company gets three Shark Tank 'bites'

The founders of a Gold Coast training and recruitment company have scored a Shark Tank first by securing investment from three of the sharks in a deal which values their business at $625,000. Jack Corbett and Ryan Tuckwood, founders of ISR Training, jumped into Network Ten's Shark Tank Australia hoping to get internet pioneer and Shar...

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