Sydney Articles

Primewest to float $288m commercial property IPO

Primewest to float $288m commercial property IPO

Property fund manager Primewest has proposed a fresh initial public offering (IPO) worth almost three times as much as its own $100 million IPO in November.  The Perth-based company founded by John Bond, Jim Litis and David Schwartz (pictured left to right) has been a transactional powerhouse over the past three months, and appe...

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Webjet strikes back at "inaccurate" Morgan Stanley report

Webjet strikes back at "inaccurate" Morgan Stanley report

Australia's major travel companies were slogged on the ASX yesterday as shareholders panicked about the threat of the coronavirus to the tourism sector. At first glance it appeared as if Webjet (ASX: WEB) was the hardest hit in yesterday's landslide sell-off of tourism stocks, but the company was suffering from a bout of another u...

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Centuria launches $174 million takeover bid for New Zealand real estate fund manager

Centuria launches $174 million takeover bid for New Zealand real estate fund manager

Investment manager Centuria Capital Group (ASX: CNI) has launched a bid to take over one of New Zealand's leading real estate funds management platforms Augusta Capital Limited for $174 million. If the takeover is successful Centuria would integrate Augusta into its own platform and grow assets under management (AUM) by $1.9 billion t...

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Gadens mulls iSignthis class action

Gadens mulls iSignthis class action

National law firm Gadens is investigating a possible class action against payment identity verifier iSignthis (ASX: ISX), adding salt to the wounds of a company that has been suspended from trading since October and has a court case of its own pending against the ASX. The Melbourne-based fintech founded and led by CEO John Karantzis has c...

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oOh!media founder and CEO to step down after 30 years

oOh!media founder and CEO to step down after 30 years

The founder of oOh!media (ASX: OML) Brendon Cook has announced his intention to step down from his role of managing director and CEO of the advertising and media company. His resignation follows 30 successful years leading the business made famous for its unmissable billboards and digital signage campaigns. Cook will remain on the boa...

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Profit growth outlook cut in half for Treasury Wine Estates

Profit growth outlook cut in half for Treasury Wine Estates

Treasury Wine Estates (ASX: TWE) may have seen profits grow at home and in Asia recently, but challenging market conditions in the US have led to a hangover that will need time for recovery. In the company's unaudited results released yesterday, Treasury noted net profit after tax (NPAT) for the first half was likely to be up 5 per ce...

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Healthia makes US footprint with 3D-printed orthotics

Healthia makes US footprint with 3D-printed orthotics

Diversified health business Healthia (ASX: HLA) is exporting its proven iOrthotics business model to the US with the launch of a 3D-printed orthotics manufacturing lab in New York City. The Brisbane-based company backed by Shark Tank shark Glen Richards has secured a five-year lease for a facility in Astoria, Queens, where an HP Fusi...

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Macquarie staff and CEO in German short selling probe

Macquarie staff and CEO in German short selling probe

Up to 60 current and former Macquarie staff including CEO Shemara Wikramanayake (pictured) have been confirmed as suspects in a German investigation into historical short-selling activities. As reported by the ABC, the investigation revolves around a legal loophole called "cum-ex trades" where two parties claim ownership of the ...

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Lights to stay on in Adelaide as new electricity interconnector approved

Lights to stay on in Adelaide as new electricity interconnector approved

The Australian Energy Regulator (AER) has approved an electricity interconnector linking South Australia to New South Wales on paper, describing the concept as "robust" and in the best interest of South Australian consumers. While the company behind the proposed project, Adelaide-based ElectraNet, must still complete a test of t...

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What will happen once Kaufland is gone for good?

What will happen once Kaufland is gone for good?

Kaufland was meant to be the heroic European supermarket to land in Australia and give its competitors a bit of a shake up. Instead, like a German high school exchange student, the 'hypermarket' announced its departure before we even got to know it properly. The company announced its departure from the Australian market on Wed...

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Jeanswest to close 37 stores as sale campaign begins

Jeanswest to close 37 stores as sale campaign begins

The latest Australian retailer to fall into voluntary administration, Jeanswest, will close 37 stores as a campaign to sell the business commences. The total of 37 stores represents one quarter of the group's 146 total stores, with 263 employees to be made redundant as part of the retailer's restructure. 21 of the 263 redundan...

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Evie Networks slates surge in EV charging station openings in 2020

Evie Networks slates surge in EV charging station openings in 2020

Patient capital is essential for anyone wanting to take on the uphill task of building electric vehicle (EV) infrastructure in a country with no formal EV policy. The installation cost is high with Evie Networks CEO Chris Mills estimating more than $750,000 is needed to set up an ultra fast-charging two-head station, while a six...

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Former Barclays exec John McFarlane to chair Westpac

Former Barclays exec John McFarlane to chair Westpac

Westpac (ASX: WBC) has appointed John McFarlane (pictured) as chairman after the AUSTRAC money laundering scandal triggered Lindsay Maxstead's resignation from the role. McFarlane is the former chairman of British multinational investment bank Barclays and has more than four decades' experience in the financial services sector. ...

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Mulpha gets green light for $203m Sydney InterContinental revamp

Mulpha gets green light for $203m Sydney InterContinental revamp

A $203 million proposal to redevelop Sydney's InterContinental Hotel has been approved by the state Independent Planning Commission despite opposition from the City of Sydney Council. Mulpha Australia plans extensions to the building such as a grand ballroom and a new plant room enclosure, as well as internal upgrades to her...

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Colonial First State hit with class action over alleged excessive insurance premiums

Colonial First State hit with class action over alleged excessive insurance premiums

Commonwealth Bank (ASX: CBA) subsidiary Colonial First State is now facing its third class action lawsuit as Shine Lawyers follows in the footsteps of Maurice Blackburn and Slater & Gordon. The law firm alleges customers were slugged excessive insurance premiums. Shine alleges on behalf of "thousands of Australians" that...

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Surprise exit for Kaufland from Australia

Surprise exit for Kaufland from Australia

Kaufland's first foray outside Europe has fizzled today after the German retail giant announced it would abandon plans for Australian market development.  The group was previously planning to shake up Australia's retail market with 11 stores in Victoria to be supported by a 110,000sqm purpose-built distribution centre, along ...

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2020s Predictions: How new tech and demands will shape the decade

2020s Predictions: How new tech and demands will shape the decade

At the beginning of 2010 we arguably had no real blueprint to understand the dramatic social, economic and psychological impact that would result from the global population being tethered to the Internet 24/7. Apple's pioneering of smartphones was undoubtedly the driving force behind most of the changes over the last decade; constant c...

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Class action launched against NAB alleging superannuation "rip off"

Class action launched against NAB alleging superannuation "rip off"

More than 330,000 account holders at National Australia Bank (ASX: NAB) will be represented in a class action lawsuit against the banking giant, alleging customers were paying more than they should have in fees. The class action, filed in the Victorian Supreme Court by law firm Maurice Blackburn this morning, has been launched on behalf o...

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Freight forwarding startup Verus Global hits $24m in first year

Freight forwarding startup Verus Global hits $24m in first year

Just over a year ago Jackson Meyer was spruiking a new freight forwarding business model built on overhauling "outdated" processes and branding while cutting third-parties out of the picture. The budding entrepreneur claimed his business Verus Global would be able to reach turnover of $12 million in the first year of operation. ...

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Board directors ousted in Keybridge shake-up

Board directors ousted in Keybridge shake-up

Executive numbers are shrinking at embattled investment firm Keybridge Capital (ASX: KBC) as the tussle between CEO Nicholas Bolton and major investor Farooq Khan takes a fresh turn. One director has been stood down by the board, another voted off by shareholders, and the company's chairman has resigned against the backdrop of a tumul...

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Trivago misled travellers by promoting more expensive hotels

Trivago misled travellers by promoting more expensive hotels

Hotel comparison site Trivago has been found by the federal court to have misled consumers by promoting hotels that pay for the coveted top spot on the platform. If you've seen the endless ads run by Germany-based Trivago on TV or online, you'll know their prerogative is to help customers find the cheapest hotel rate possible. ...

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With costs approaching $100 billion, the fires are Australia's costliest natural disaster

With costs approaching $100 billion, the fires are Australia's costliest natural disaster

It's hard to estimate the eventual economic cost of Australia's 2019-20 megafires, partly because they are still underway, and partly because it is hard to know the cost to attribute to deaths and the decimation of species and habitats, but it is easy to get an idea of its significance - the cost will be unprecedented. The deadlie...

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Australian business leaders the most pessimistic over climate change

Australian business leaders the most pessimistic over climate change

While Australia has one of the world's lowest rankings on climate change policy, our business leaders have a much stronger belief than others worldwide that climate change will bring negative impacts to their industries.  A new global report from Deloitte found 81 per cent of Aussie execs believe they will be adversely affected b...

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Neobank Volt one step closer to IPO after $70m equity funding round

Neobank Volt one step closer to IPO after $70m equity funding round

'Neobank' Volt is inching closer to its planned IPO following an oversubscribed $70 million Series C equity funding round. The Series C, which was oversubscribed by $10 million beyond its original target of $60 million, lifts the bank's total funding to $100 million in equity. Volt now intends to launch a Series D equity f...

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Kogan shares dip despite record half

Kogan shares dip despite record half

E-commerce giant Kogan (ASX: KGN) recorded its highest ever gross sales and gross profit in the first half of FY20, bolstered by record trading results on Black Friday and Boxing Day. In a trading update today, the company noted gross sales were up 16 per cent for the half, while gross profit rose 9 per cent and active customer numbers we...

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Super Retail Group sales weighed down by fire and drought

Super Retail Group sales weighed down by fire and drought

Fire and drought impacts have combined with higher labour costs brought about by an enterprise agreement to weigh down on Super Retail Group's profit forecast. Bushfire smoke haze has led like-for-like (LFL) sales growth to go backwards at Super Retail Group's (ASX: SUL) outdoor-focused stores BCF and Macpac, especially for campin...

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THC Global in trading halt as it strikes deal with MGC Pharma

THC Global in trading halt as it strikes deal with MGC Pharma

Medicinal cannabis companies THC Global (ASX: THC) and Europe-based, Australian-listed MGC Pharma (ASX: MXC) have signed a new supply deal this morning. The agreement will see MGC Pharma provide THC Global with an "immediate" source of medicinal cannabis products to be packaged and made available to Australian patients under THC...

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Government offers $500,000 loans to drought-hit farm businesses

Government offers $500,000 loans to drought-hit farm businesses

The Federal Government will be offering loans of up to $500,000 to help small farmers affected by drought pay for operating expenses and refinance existing debt. Minister for Drought and Rural Finance David Littleproud says the new Regional Investment Corporation (RIC) loan for farm-dependent small businesses will be availa...

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Tourism body calls for positive campaign to counter $4.5 billion booking shortfall

Tourism body calls for positive campaign to counter $4.5 billion booking shortfall

Softened bookings from international tourists due to the bushfires could have an estimated $4.5 billion impact on the industry.  The main body representing the tourism export sector has called for a positive messaging campaign highlighting that Australia is 'open for business' as international tourism wanes. The ongoing b...

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F45 Training files for US IPO

F45 Training files for US IPO

An Australian group workout class franchise that attracted an investment from Hollywood star Mark Wahlberg is now one step closer to listing in the US.  Anonymous sources close to F45 Training told Bloomberg the company had confidentially filed for an initial public offering that could take place as soon as the first half. Founde...

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