SYDNEY TOP COMPANIES REVEALED

SYDNEY'S top companies are dominated by three of the five banks in Australia with a combined market capitalisation of $285 billion. As for the rest of the top 50, most are household names while others fly under the radar despite establishing a global presence.

Sydney is the quintessential FIRE (finance, insurance, real estate) city, so banking and financial services dominate with 13 of the top 50 but there has been a new entry into the list along with a couple of "movers" who've increased their market caps considerably over a period of 12 months.

The logistics software firm WiseTech Global doubled its market cap since listing in 2016 to enter the top 50 at number 44, while the world's biggest hearing implant maker Cochlear keeps on growing rapidly and poker machine maker Aristocrat entered the top 20.

The Sydney Top 50 Companies list was compiled on market capitalisations at the end of November 2017.


1. Commonwealth Bank

ASX: CBA
Market cap: $142.88b
FY17 profit: $9.92b
FY17 revenue: $44.95b
Staff: 51,800

CEO: Ian Narev
CEO salary: $5.5m
Listed: 1991

THE beginning of FY18 has been controversial for Australia's biggest bank, as it became embroiled in a money laundering scandal which lead to the subsequent resignation of CEO Ian Narev, the announcement of an inquiry by the corporate regulator and the threat of a class action law suit from disgruntled investors.

Despite the controversies, CBA is still Sydney's top company by market capitalisation and it still produced a full year profit of just under $10 billion.

The federal government's financial crime agency, AUSTRAC, launched proceedings in theFederal Court alleging CommBank engaged in 'serious' and systemic breaches of anti-money laundering and terrorism financing laws.

It's alleged the bank breached the law for a period of three years on more than 53,000 occasions and relates to its network of so-called 'intelligent' automated cash deposit machines (IDMs). The IDMs used by the Commonwealth Bank accept deposits both by cash and by cheque and the transactions had a total value of $624million.

Following the allegations, Commonwealth Bank suffered in the court of public opinion. Ian Narev and senior executives made the decision to not receive a bonus in the wake of the scandal and, ultimately he announced he would be leaving the bank in 2018.

Matt Comyn was announced as Narev's replacement in January 2018 and is tasked with turning around the culture at CBA. He was just 36 when he was handed responsibility in 2012 for its largest division, retail banking services, and is regarded as a well-rounded executive who is no stranger to a crisis. Comyn led CBA's response to the Storm Financial debacle and identify where bank failures had occurred and he'll be tasked with handling the pending banking royal commission.

The bank also offloaded its life insurance business in September to Asian giant AIA in a deal worth $3.8 billion as it also considers the future of its global asset business.

The deal was flagged as CBA announced its $9.9 billion annual profit and the sale will be recorded as a loss of about $300 million for CBA, but will release approximately $3 billion of common equity tier 1 capital.


2. Westpac Banking Corporation

ASX: WBC
Market cap: $110.15b
FY17 profit: $7.99b
FY17 revenue: $21.802m
Staff: 39,000

CEO: Brian Hartzer
CEO salary: $5.4m
Listed: 1970

Australia's second largest bank celebrated its 200th year in 2017 and it takes the number two spot thanks to its $110 billion market cap and a net profit of $7.99 billion for FY17, which is up 7 per cent on the previous year.

Like CommBank though, Westpac has had a controversial start to the 2018 financial year as it faced a trial launched by the corporate regulator ASIC as it opened its trial against Westpac over alleged misconduct and market manipulation of the Bank Bill Swap Rate (BBSW).

Westpac was one of three banks which faced trial on allegations of rate rigging between 2010 and 2012. ANZ and NAB reached in-principal settlements with ASIC to pay penalties which are believed to be $50 million each.

It also announced it will spend some of its earnings, around $118 million, on "putting things right" for disadvantaged customers in the form of refunds and payments to super customers who lost out thanks to unsatisfactory disclosure practices, package customers who did not receive benefits to which they were entitled, and others who did not receive on-time advice to which they were entitled.

Despite the negative publicity, Westpac has enjoyed solid growth which is largely underpinned by a boost in Australian mortgages.

In August, Westpac made a strategic investment of $40 million into listed fintech group zipMoney (ASX: ZML). As part of the relationship, the two companies will explore other initiatives including the provision of currently in-development business-to-business products and services.


3. Woolworths Limited

ASX: WOW
Market Cap: $34.33b
FY17 profit: $1.53b
FY17 revenue: $61.1b
Staff: 202,000+

CEO: Brad Banducci
CEO salary: $4.5m
Listed: 1993

Woolworths bounced back from its first loss in 23 years as a listed company to report a full year 2017 profit of $1.53 billion as it lifted comparable food sales by 3.6 per cent on the back of a nearly $1 billion investment in lowering grocery prices.

It followed a $1.23 billion loss in 2016 as it was forced to write down the failed Masters business to the tune of $2.63 billion.

BIG W, one of the brands under the Woolworths umbrella, was for the second year running a blight on the company's report card. BIG W reported a loss of $150.5 million.

This result follows a concerted attempt by the company to turnaround the fortune of the department store, and going into FY18, Woolworths doesn't anticipate much of an improvement any time soon.

"FY18 will continue to be a year of investment for BIG W and we do not expect a reduction in losses as we continue to invest to improve the customer shopping experience, including re-establishing price trust," says CEO Brad Banducci.

Sales at Big W fell 5.8 per cent on the previous year to $3.6 billion, which Woolworths says was down to a "continued multi-year decline in transaction count" and price deflation driven by clearance and discounting.

In November, Big W CEO Sally Macdonald resigned after just 10 months in the job and her successor, David Walker, set up Masters for its sale.

The story for 2018 for Woolworths, and its main competitor Coles, will be the strong performance of Aldi on the east coast with German chain set to grab 10 per cent of the $108 billion grocery market.


4. Macquarie Group Limited

ASX: MQG
Market Cap: $33.46b
HY17 profit: $1.25b
HY17 revenue: $5.4b
Staff: 13,500

CEO: Nicholas Moore
CEO Salary: $18.7m
Listed: 2007

AGAINST the backdrop of the introduction of a $6.2 billion tax on Australia's banks, which includes Macquarie Group, CEO Nicholas Moore announced a first half profit of $1.25 billion and an on-market buyback of up to $1 billion thanks to a $4.2 billion capital surplus.

The company's highly incentivised staff have earned it the nickname "The Millionaire's Factory" and Moore picked up $18.7 million, more than triple the salary of Commonwealth Bank's Ian Narev.

Its net profit for the six months to September 30 was up 19 per cent while income rose 3.4 per cent, driven by a significant lift in fee and commission income of $2.6 billion.

Moore railed against the Federal Government's proposed bank levy in June, telling the Senate Committee that Macquarie Group should be excluded from the tax on the grounds that it was a minor player in the domestic market.

"Macquarie Bank has less than two per cent market share in the domestic mortgage market, less than 2.5 per cent in deposits, less than 2 per cent of Australian lending and advances, and less than 1.5 per cent of the credit card market," Moore said at the time.

The bank also announced that former Reserve Bank of Australia governor Glenn Stevens will join the boards of Macquarie Group and Macquarie Bank as an independent director from November 1.


5. Scentre Group

ASX: SCG
Market Cap: $22.58b
1H17 profit: $1.4b
3Q17 revenue: $23b
Staff: 2,600

CEO: Peter Allen
CEO Salary: $7.05m
Listed: 2014

AUSTRALIA'S largest mall owner is regarded as something of a market bellwether and its third quarter update for 2017 reflected this in the form of weaker consumer sentiment.

The retail property giant's store tenants suffered sales declines of 6.7 per cent for the nine months to September 30 although the launch of the new iPhone X helped tech sales grow by 6.5 per cent.

The company was created in 2014 when it was spun off from Frank Lowy's Westfield Group.

Total sales for the nine months were up by 1.7 per cent to $23 billion and it has $1.1 billion in developments in the pipeline with yields of more than 7 per cent including the $470 million Westfield Coomera development on the Gold Coast, the $160 million Westfield Kotara in Newcastle and the $80 million Westfield Whitford City entertainment precinct in Western Australia.

Many of the company's shopping malls have also been receiving upgrades as CEO Peter Allen takes Scentre on a strategy of transforming the malls from simple markets into places which have been described as "true community hubs".

Scentre has Australian and New Zealand retail real estate assets under management valued at $47.4 billion and shopping centre ownership interests valued at $33.6 billion. This comprises 39 Westfield shopping centres.


6. Westfield Corporation

ASX: WFD
Market Cap: $17.37b
1H17 profit: US$589m
1H17 revenue: US$987.6m
Staff: 4,200

CEO: Peter Lowy & Steven Lowy
Listed: 2014

THE GLOBAL shopping centre landlord hit the headlines in December 2017 when it agreed to sell to French shopping conglomerate Unibail-Rodamco in a deal that values Westfield at US$24.7 billion (AUD$32.8 billion).

The deal, which was was unanimously recommended by both the Westfield and Unibail-Rodamco boards, builds on the international giant's portfolio which now boasts a combined gross market value of US$72.2 billion across 27 different markets and 104 individual assets, most of which are shopping destinations (84 per cent).

Subject to the approval of the transaction, Sir Frank Lowy will retire as chairman, and sons Peter and Steven Lowy will retire as Co-CEOs of Westfield.

The group will have its headquarters in Paris and Schiphol, with two regional headquarters in Los Angeles and London.

Post-transaction, Christophe Cuvillier of Unibail-Rodamco will take over as CEO and Colin Dyer will be the group chairman of the supervisory board.

Prior to the deal, Westfield had adopted a similar strategy to its spin-off company, Scentre, with the creation of "community hubs" driven by leisure and food sales in its redeveloped properties.

It's a strategy designed to counter the increase in online shopping by offering experiences beyond "click and pay" for consumers.

The company revealed flat third quarter growth in the face of a dramatic shift to online retailing in the US in particular, where most of Westfield's assets are now located.

The company says the rapidly shifting retail landscape means that places like Westfield have had to transform, to not only just be shopping centres, but shopping experiences.

"We are creating great experiences for retailers, consumers and brands. We have evolved the composition of our portfolio through the addition of food, leisure and entertainment, and a broader mix of uses including many new concepts, emerging technologies, and online brands," the Lowys say.

During the first half of 2017 Westfield made progress on a number of key developments including the US$1 billion redevelopment of their Century City centre in Los Angeles, and the GBP600 million expansion at Westfield London.


7. Insurance Australia Group

ASX: IAG
2016 Rank: 13
Market Cap: $16.86b
FY17 Profit: $929m
FY16 Revenue: $16.5b
Staff: 15,000

MD & CEO: Peter Harmer
CEO salary: $3.84m
Listed: 2000

INSURANCE Australia Group reaped a bumper full year net profit increase of 49 per cent thanks mainly from its investment income which benefited from stronger equity markets in Australia and overseas.

Insurers, like IAG, generate a lot of their income from investing they money collected through premiums into the markets and with $457 million in its previous year's "war chest", the company was able to generate a full year net profit of $929 million.

Revenue was down by 1.6 per cent but IAG's profit margin, an insurer's key profit measure, came in at 14.9 per cent, which was at the upper end of guidance and an increase on the previous year's 14.3 per cent.

Damage from Cyclone Debbie, the Sydney hailstorm and the New Zealand earthquakes hit the company's natural perils claim budget in FY17 by $140 million above the $680 million that was allocated.

IAG says it will be hiking its motor insurance rates in the coming year and warned this was because of a spike in claims and repair costs.

It's also been reported to be considering selling off its Asian assets as part of a strategic move to focus on its home market.


8. Sydney Airport

ASX: SYD
2016 Rank: 11
Market Cap: $16.32b
HY17 Profit: $166.6m
HY17 Revenue: $714.2m
Staff: 28,000

MD & CEO: Kerrie Mather
CEO Salary: $3.85m
Listed: 2002

The inbound tourism market, particularly from Asia, helped drive an increase in passenger numbers, net profit and total revenue for Sydney Airport as all its divisions produced positive results.

The airport processed 21 million passengers in the six months to June 30, up from 20.2 million from the previous year, with international travellers increasing by 7.7 per cent and domestic up by 1.3 per cent.

The growth in passengers helped generate revenue of $714.2 million for the six months ending 30 June 2017, up from $661.9 million in 2016 while net profit also rose by 4.4 per cent.

Visitors from China, India, Philippines, Indonesia, Japan and Vietnam helped drive the growth for Australia's busiest airport while all divisions generated a rise in revenue including aeronautical, retail, property, car rental and parking, which recorded a modest 2.2 per cent rise because of a shift in choice to trains and ride sharing services.

Sydney Airport spent nearly $400 million in capex programs in the 12 months to June 2017 and plans to spend more than $250 million in the second half of the calendar year. Outgoing CEO Kerrie Mather, who announced her resignation in early 2017 after 15 years in the top job, says the spend is designed to improve the customer experience.

Retail in both the international and domestic terminals of Sydney Airport grew 14.3 per cent to $162.2 million thanks to new additions in both the shopping and food and beverage categories.

High electricity prices hit the airport hard and helped contribute to an $11.4 million increase (9 per cent) in the company's operating expenses to $136.6 million.

Sydney Airport will continue with its expansion into hotel development and expects revenues to be boosted by the opening of their new Mantra hotel and the $34.5 million acquisition of an Ibis budget hotel in July.


9. CIMIC Group

ASX: CIM
Market Cap: $16.4b
2016 Rank: 17
HY17 Profit: $323m
HY17 Revenue: $6.3b
Staff: 43,500

CEO: Adolfo Valderas
CEO Salary: $3.53m
Listed: 1962

CIMIC Group, the construction giant formerly known as Leighton Holdings, is reaping the benefits of a healthy pipeline of work with the company sitting on nearly $50 billion worth of tenders which are to be bid and or awarded in the remainder of 2017, as well as $320 billion of upcoming projects.

The company took full control of UGL in October 2016 as part of its strategic acquisition program and successfully bid for the Gold Coast Light Rail Stage 2 extension, the Canberra Light Rail Stage Once and the design and construction of the Roe Highway in Western Australia.

The most recent contract was signed through Thiess, CIMIC's mining services provider, which secured a $300 million contract extension at Harum Energy's Mahakam Sumber Jaya (MSJ) coal mine in Indonesia. The contract extension will run until March 2021, extending a 13-year relationship at the operation.

The pipeline of work helped CIMIC report a 22 per cent rise in half-year profit to $323 million and it lifted its dividend 25 per cent with the extra cash in its coffers. CIMIC also reported revenue for the six months to June 2017 rose 28 per cent to $6.3 billion on the back of strong growth across all core businesses.

CIMIC, which is majority owned by Germany's Hochtief which in turn is controlled by Spain's Actividades de Construccion y Servicios, also reaffirmed its full-year net profit guidance of between $640 million and $700 million for 2017, up between 10 to 21 per cent on 2016.


10. AGL Energy Limited

ASX: AGL
Market Cap: $16.42b
Profit: $802m
Revenue: $1.36b
Staff: 2,258

CEO: Andrew Vesey
CEO salary: $6.9m
Listed: 2006

ENERGY supplier AGL returned to profitability in 2017 on the back of a surge in power prices, an issue which has sparked heated debate at a national level.

AGL's CEO Andrew Vesey was among the first power bosses summoned to Canberra for a "please explain" on the increases in power prices as his company turned a $408 million net profit loss in 2016 into a $539 million profit in 2017.

The nearly $1 billion turnaround was achieved on the back of major rises in wholesale electricity prices, along with a fall in customer numbers.

AGL blamed higher fuel costs and the dismantling of coal fired generation for the rise in power prices and Vesey has urged the Federal Government to implement all 50 recommendations from a major report by Australia's chief scientist Alan Finkel on the energy industry, including a clean energy target.

AGL has more than $2 billion of projects under development including a planned $250 million liquefied natural gas import terminal at Crib Point in Victoria and the $900 million Coopers Gap wind farm in Queensland, 180 kilometres north west of Brisbane.

AGL expects underlying profit after tax for 2018 to come in at between $940 to just over $1 billion.


READ MORE

        

Never miss a Top Companies update or news story: Sign up to Business News Australia's free news updates

Follow us on Twitter, Facebook, LinkedIn and Instagram

 

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 ...

Read More...
Creso Pharma to expand cannabis-based animal health range in Europe, Latam

Creso Pharma to expand cannabis-based animal health range in Europe, Latam

A partnership with one of the world's leading veterinary pharmaceutical companies is reaping rewards for Australian-Swiss cannabis outfit Creso Pharma (ASX: CPH), with the first major commercialisation of its animal health range now underway. Creso's hemp oil-based anibidiol feed for pets had a slow entry to the European market th...

Read More...
Domain to consolidate digital listings power with CommercialView acquisition

Domain to consolidate digital listings power with CommercialView acquisition

Now under the majority ownership of Nine Entertainment (ASX: NEC), property listings giant Domain Group (ASX: DHG) is set to take on more online territory with the purchase of CommercialView. The deal could be valued anywhere between $4.2 million and $17.2 million depending on various targets, and would give Domain access to a platform su...

Read More...
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...

Read More...
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...

Read More...
Have franchisors killed franchising?

Have franchisors killed franchising?

Unethical franchisors have led the franchising industry to the point it may no longer be a viable business model. The newly formed Australian Association of Franchisees (AAF), are calling for this conduct to stop and for new legal foundations to underpin the industry for the sake of the ethical franchisors and all franchisees. The Parliam...

Read More...
ACCC puts TPG-Vodafone merger in doubt

ACCC puts TPG-Vodafone merger in doubt

The competition regulator says the merger would take away TPG Telecom's (ASX:TPG) incentive for aggressive pricing strategies to offer cheap mobile plans and large data allowances. A merger to form a $15 billion telecommunications powerhouse between TPG Telecom and Vodafone Hutchison Australia has been called into question by the Aust...

Read More...
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 ...

Read More...
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...

Read More...
Sonic Healthcare to boom with $750m US acquisition

Sonic Healthcare to boom with $750m US acquisition

Sonic Healthcare (ASX: SHL) could become one of the world's largest pathology groups after reaching a binding agreement to purchase US company Aurora Diagnostics for US$540 million ($750 million). If the deal passes the necessary anti-trust approvals, Florida-based Aurora will bring 1,200 staff including 200 pathologists under the Son...

Read More...
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 ...

Read More...
Former Leighton CFO found guilty of cooking the books

Former Leighton CFO found guilty of cooking the books

Former Leighton Holdings (LHL) chief financial officer and director Peter Alan Gregg has been found guilty of criminal charges brought by the Australian Securities and Investments Commission (ASIC).  After a five-week trial in the District Court of New South Wales, a jury found Gregg (of Pyrmont, NSW) had engaged ...

Read More...
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...

Read More...
ACCC preliminary report slams unfettered dominance of Facebook and Google

ACCC preliminary report slams unfettered dominance of Facebook and Google

The Australian Competition and Consumer Commission (ACCC) has today released its most scathing assessment of how American tech giants are impacting the Australian market, particularly the news and advertising sectors. The regulator released a preliminary report containing 11 preliminary recommendations and eight areas for further analysis...

Read More...
IOOF leaders step down over APRA row

IOOF leaders step down over APRA row

The managing director and chairman of IOOF Holdings (ASX: IFL) have stepped down from their roles to fight legal action brought by the Australian Prudential Regulation Authority (APRA), in what the finance services provider has described as an "appropriate" step in the interests of governance. APRA announced on Friday that ...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
Fastbrick Robotics launches new service, discontinues Caterpillar MoU

Fastbrick Robotics launches new service, discontinues Caterpillar MoU

The launch of a new 'Wall as a Service' offering and plans to build at least 10 houses outdoors in 2019 were not enough to outweigh the market's negative reaction to Fastbrick Robotics (ASX: FBR) ending a Memorandum of Understanding (MoU) with major US machinery company Caterpillar (NYSE: CAT).  In an announcement yesterd...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
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...

Read More...
Founder of turnkey design construction company wins 2018 Sydney Young Entrepreneur Award

Founder of turnkey design construction company wins 2018 Sydney Young Entrepreneur Award


In the aftermath of the carnage of the GFC, Rouad Elayoubi decided after 13 years in the construction business it was time to got it alone and he formed the Alliance Project Group with a staff of four, taking on small jobs that others didn't want to do. That was 2011 and in the seven years since, Elayoubi's company has evolved ...

Read More...
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 ...

Read More...
First-ever Sydney Young Entrepreneur Awards to kick off tonight

First-ever Sydney Young Entrepreneur Awards to kick off tonight

The cream of the crop of Sydney's young entrepreneur community will converge on Doltone House in Hyde Park tonight for a gathering that promises to be a regular festive evening on the city's calendar for many years to come. The inaugural 2018 Sydney Young Entrepreneur Awards are hosted by Business News Australia, recognising the c...

Read More...
ARA and Roy Morgan forecast Christmas spending to exceed $51b

ARA and Roy Morgan forecast Christmas spending to exceed $51b

The Australian Retailers Association (ARA) and market research group Roy Morgan expect a "bountiful" Christmas this year for stores specialising in electronics, with consumers of all ages set to indulge in new gadgets and technology. Electronics and hi-fi products fall under the groups' 'Other retailing' category whi...

Read More...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter