ACCC takes Jetstar to court for misleading refund claims

ACCC takes Jetstar to court for misleading refund claims

Australia's consumer rights watchdog has called out budget airline Jetstar for claiming certain guarantees under Australian Consumer Law (ACL) did not apply to its flight services and that some fares were non-refundable. The Australian Competition and Consumer Commission (ACCC) has instituted proceedings against Jetstar for makin...

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ASIC challenges AMP and Clayton Utz over failure to produce documents

ASIC challenges AMP and Clayton Utz over failure to produce documents

As part of its investigation into AMP for charging 'fees for no service' (FFNS), the Australian Securities and Investments Commission (ASIC) has called on the financial services firm and Clayton Utz to provide certain documents it claims have been withheld. ASIC has applied to the Federal Court of Australia for an order that ...

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API offers $727 million for rival Sigma Healthcare

API offers $727 million for rival Sigma Healthcare

Australian Pharmaceutical Industries (ASX: API) has offered its rival Sigma Healthcare (ASX: SIG) $727 million to buy the entire business. API is hoping to consolidate its position in the face of increased regulatory processes and a more competitive market. The $727 million takeover represents a premium of 69.4 per cent ot Sigma's...

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Tomas Steenackers crowned Australian Young Entrepreneur of the Year 2018

Tomas Steenackers crowned Australian Young Entrepreneur of the Year 2018

The nation's leading businesspeople aged under 40 gathered on the Gold Coast for a night of revelry and recognition, but there could be only one outright Australian Young Entrepreneur of the Year 2018. After Business News Australia staff scoured the country for Australia's most enterprising young business minds across 19 different...

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Smart vape breakthrough for cannabis tech LifeSpot Health

Smart vape breakthrough for cannabis tech LifeSpot Health

LifeSpot Health (ASX: LSH) has started distribution negotiations with "key players in recreational cannabis" following production of its first medical cannabis smart vaporiser. At the time of writing shares in the Melbourne-based company were up 13 per cent, with the group highlighting significant growth in the booming cannabis ...

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CannPal to file with FDA after positive and "surprising" results for cannabis pet medicine

CannPal to file with FDA after positive and "surprising" results for cannabis pet medicine

"Having the data now to actually move forward and file an INAD is definitely what we're excited about," says CannPal Animal Therapeutics (ASX: CP1) founder and managing director Layton Mills. An INAD (Investigational New Animal Drug) application in the US may not sound exciting to most, but in pharmaceutical development it s...

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Australian Young Entrepreneur Awards 2018 to acclaim the risk-takers and game-changers

Australian Young Entrepreneur Awards 2018 to acclaim the risk-takers and game-changers

Not content to rest on their laurels as the world changes around them, entrepreneurs are a forward-thinking breed for whom determination is de rigueur and risk is a reality.  As the culmination of a decade hosting Young Entrepreneur Awards and following the journeys of its participants through reportage, Business News Australia will ...

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SumoSalad back in the ring with plans for THR1VE merger

SumoSalad back in the ring with plans for THR1VE merger

Within months of struggling through the toils of voluntary administration, food chain SumoSalad looks set to merge with another company that has fallen on hard times. Led by co-founder Luke Baylis as its company director, SumoSalad has signed a heads of agreement to explore the creation of a leading "house of wellness brands&quo...

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IOOF shares in freefall as APRA looks to ban five senior executives

IOOF shares in freefall as APRA looks to ban five senior executives

The prudential regulator has begun legal action to disqualify five senior IOOF employees from running a superannuation fund for failing to act in their members' interest, as ANZ flagged it would now reconsider its sale of its OnePath Pensions business to the wealth manager. APRA on Friday also revealed it was seeking to impose additio...

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Former Murray Goulburn MD hit with $200k fine

Former Murray Goulburn MD hit with $200k fine

A former Murray Goulburn executive has been fined $200,000 over his involvement in the dairy group's false or misleading claims about the fixed pricing system used to forecast expected farmer payments in 2015-16.  The Federal Court approved a settlement between Murray Goulburn and the Australian Competition and Consumer...

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Zelda reaches cannabis spray deal with SUDA

Zelda reaches cannabis spray deal with SUDA

Perth-based Zelda Therapeutics (ASX: ZLD) is set to develop oral spray formulations for its cannabis medicines thanks to a deal reached with SUDA Pharmaceuticals Ltd (ASX: SUD). SUDA will apply its proprietary OroMist oromucosal spray tech for Zelda's pharmaceutical-grade formulations under a 12-month plan, as part of t...

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Snack Brands signs $400m pre-lease deal in Sydney's west

Snack Brands signs $400m pre-lease deal in Sydney's west

Iconic chip company Snack Brands has secured one of Australia's largest industrial developments of 2018 on a new state of the art 30,000 square-metre pre-lease facility in Erskine Park in Sydney. Snack Brands, whose products include CC's, Thins, Kettles and Cheezels among others, has committed to both a pre-lease facility and adja...

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Forget the sofa: Find comfort with online counselling

Forget the sofa: Find comfort with online counselling

Seeing a mental health professional can be a daunting experience. Never mind the sterile waiting rooms, the unfamiliar office, and the anxiety of having to ask for time off work sometimes the hardest part is finding a car park! With broadband speeds faster than ever, and with telehealth well and truly entering its prime, it might be t...

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ACCC takes on TPG for retaining millions from allegedly misleading conduct

ACCC takes on TPG for retaining millions from allegedly misleading conduct

The Australian Competition and Consumer Commission (ACCC) is hoping to secure compensation for TPG customers after the telco allegedly misled consumers about a "prepayment" fee. The ACCC alleges that TPG misled customers about a $20 "prepayment" made by consumers and that the telco included unfair prepayment contract t...

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Creso to dual list on Canadian exchange

Creso to dual list on Canadian exchange

One of Australia's leading medicinal cannabis producers Creso Pharma (ASX: CPH) is set to list on the Toronto Venture Exchange (TSX-V). This move to dual list in Canada was described as a natural move for the company by Creso CEO Dr Miri Halperin Wernli considering the country recently legalised recreational cannabis. "This i...

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GrainCorp receives $2.4b takeover offer

GrainCorp receives $2.4b takeover offer

One of the country's largest agribusinesses GrainCorp (ASX: GNC) has been valued at a 42 per cent premium thanks to a takeover bid from Long-Term Asset Partners (LTAP), which is offering $10.42 per share. The non-binding, indicative proposal from the Australian outfit values Sydney-based GrainCorp at $2.4 billion, and at the time...

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Godfreys co-founder John Johnston passes away at 100

Godfreys co-founder John Johnston passes away at 100

John Johnston was described as a "driving force" behind the company's growth to become a national retail chain.  The centenarian owner of vacuum cleaner retailer Godfreys passed away last week, around five months after he and his family took back ownership of the group he co-founded almost eight decades ago. Godfrey...

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Myer receives "second strike" on remuneration

Myer receives "second strike" on remuneration

Shareholders of Myer (ASX: MYR) have delivered a "second strike" on remuneration at the company's AGM in Melbourne, with 37.49 percent of proxy votes rejecting the resolution. At perhaps the most important AGM in Myer's history, shareholders backed an aggressive and ongoing campaign from the company's biggest investo...

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Retail Food Group chairman flags asset sales, imminent "major restructuring"

Retail Food Group chairman flags asset sales, imminent "major restructuring"

The new executive chairman brought in to change Retail Food Group's (ASX: RFG) fortunes says 2019 will be "another demanding year", with asset sales and job cuts looking likely for the for the franchise operator. For Peter George, who has worked on the turnaround of companies including Optus and Asciano, RFG's woes ...

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THC Global expands to NZ with medicinal cannabis range

THC Global expands to NZ with medicinal cannabis range

Within weeks of acquiring a Canadian cannabis growing facility, THC Global (ASX: THC) is living up to its name through international expansion into the New Zealand market. The Sydney-based group has secured exclusive rights in New Zealand to import a range medicinal cannabis products based on cannabidiol (CBD) oil extracts from Danis...

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Why should Myer report its quarterly sales?

Why should Myer report its quarterly sales?

Myer Holdings (ASX: MYR) chairman Garry Hounsell (pictured) has lambasted major shareholder Solomon Lew in a letter to the Australian Stock Exchange (ASX), claiming a "particularly disrupted" trading environment has been the result of sustained attacks from Lew's Premier Investments (ASX: PMV). The letter was in response to ...

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Solomon Lew: 'failed' Myer board has handed its keys to the big banks

Solomon Lew: 'failed' Myer board has handed its keys to the big banks

Under-siege Myer Holdings (ASX: MYR) has announced it has completed the refinancing of its bank facility, as Solomon Lew's Premier Investments continues its savage attacks on the department store chain. The company has extended the maturity to February 2021 and says this will give Myer the "confidence and ability" to deliver...

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Catalano lobs new bid to stop Fairfax-Nine merger deal

Catalano lobs new bid to stop Fairfax-Nine merger deal

Former Domain CEO Antony Catalano has confirmed he will mount a court challenge to the merger between Fairfax Media (ASX: FXJ) and Nine Entertainment (ASX: NEC), saying he has the financial backing to acquire a 20 percent stake in his former employer. Catalano says he has a superior proposal to the Fairfax-Nine merger, which was given sha...

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Businesses urged to watch out for email invoicing scams

Businesses urged to watch out for email invoicing scams

Scamwatch, the competition regulator's website highlighting business scams, is calling on businesses to urgently review how they verify and pay accounts and invoices as reports of business email compromise (BEC) scams have grown by a third this year. "This is a very sophisticated scam, which is why many businesses only realise th...

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'It takes time to turn this business around', McGrath CEO says

'It takes time to turn this business around', McGrath CEO says

Collapsing sales volumes and the departure of key sales agents and franchisees have hit real estate group McGrath Limited (ASX: MEA) which has booked a full year loss of $63 million on the back of a revenue drop of 23 percent over the previous year. At the company AGM on Friday, McGrath CEO Geoff Lucas revealed the serious issues facing t...

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Coles starts trading on the ASX

Coles starts trading on the ASX

After an 11-year absence due to its incorporation with Wesfarmers (ASX: WES), one of country's leading supermarkets is back on the Australian Stock Exchange. Shares in Coles Group (ASX: COL) started trading today following a decision from the Supreme Court of Western Australia on Monday to approve a Wesfarmers shareholder vote in...

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Harold Mitchell resigns on ASIC's Tennis Australia probe

Harold Mitchell resigns on ASIC's Tennis Australia probe

The chairman of Free TV Australia Harold Mitchell has been "forced" to resign following allegations made by the Australian Securities and Investment Commission (ASIC) about his involvement with Tennis Australia. Mitchell revealed news of the acrimonious departure in a brief statement. "It is with regret that I have been...

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Our 'failures' hindered police enforcement of major crime, CBA boss admits

Our 'failures' hindered police enforcement of major crime, CBA boss admits

Police and law enforcement authorities were unable to disrupt money laundering by drug and firearm syndicates because of Commonwealth Bank's "failures", according to CBA CEO Matt Comyn. At the banking royal commission on Tuesday, Comyn made the dramatic admission that the contraventions were extremely serious. CBA paid a...

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RCR Tomlinson faces class action over share plunge

RCR Tomlinson faces class action over share plunge

Engineering and infrastructure company RCR Tomlinson Limited (ASX: RCR) is facing a class action in the NSW Supreme Court from aggrieved shareholders after it suffered a massive share price plunge in August. Litigation firm Quinn Emanuel Urquhart & Sullivan filed the class action proceedings with financing from Burford Capital, a glob...

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Freelancer.com moves into freight business with acquisition

Freelancer.com moves into freight business with acquisition

Freelancing and crowdsourcing business Freelancer Limited (ASX: FLN) has moved into the freight and logistics market with the acquisition of Channel 40, an enterprise marketplace connecting freight owners with transport operators. With the acquisition, the company announced the launch of Freightlancer.com, a global marketplace for freight...

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