Flight Centre appeals $11m fine

Flight Centre appeals $11m fine

AAP Travel agency Flight Centre has appealed an $11 million fine for anti-competitive behaviour. Federal Court judge John Logan imposed the fine in March after the court ruled in December that Flight Centre had threatened to stop selling flights on several airlines in order to offer the lowest fares. In a case brought by the Australian Competition and Consumer Commission, Flight Centre was found…

Australian Markets

  • Japara Healthcare Ltd gives IPO investors a 27.5% stag profit – what investors need to know The Motley Fool Australia - 10 hours ago

    Freshly floated aged care operator Japara Healthcare Ltd (ASX:JHC) has surged 27.5% to $2.55 by early afternoon on Thursday after debuting on the stock market this morning. It's an amazing immediate profit for IPO investors - otherwise known as a 'stag profit'. The initial public offering (IPO) was priced at $2.00 per share which equated to an expensive looking 22.6 times price-to-earnings (PE) ratio. The market however appears comfortable with ascribing a high value to Japara, with investors excited by the quality of the business and its growth potential.

  • 'Chinese Twitter' firm Weibo to go public in US AFP - 12 hours ago
    'Chinese Twitter' firm Weibo to go public in US

    Sina Weibo, widely known as China's version of Twitter, is to go public in the United States Thursday at a price below expectations after a recent sell-off in technology stocks. The microblogging subsidiary of Chinese Internet behemoth Sina was to make its debut on the Nasdaq exchange under the symbol "WB" in an initial public offering (IPO) expected to raise at least $340 million. Sina Weibo -- launched in August 2009 to provide services similar to Twitter, which is banned in China -- is a leading social media site in a country with 618 million Internet users -- the world's largest online community. But the estimated value of the IPO, filed by Weibo with the US Securities and Exchange Commission this month, was down on the sum of up to $500 million indicated in March -- reflecting a gloomy market outlook after the Nasdaq index suffered more than three weeks of declines.

  • Stocks to watch at noon on Thursday AAP - 13 hours ago

    Stocks to watch on the Australian stock exchange at noon on Thursday: API - AUSTRALIAN PHARMACEUTICAL INDUSTRIES - down 1.5 cents, or 2.65 per cent, at 55 cents Australian Pharmaceutical Industries is ...

  • Weibo, a Chinese Answer to Twitter, Prices Its Offering at $17 The New York Times - 14 hours ago

    The microblogging service set a price at the bottom of its expected range, and will carry a value well below that of Twitter when it begins trading on the public markets.

  • Weibo IPO below expectations, raises $285.6 mn AFP - 15 hours ago
    Weibo IPO below expectations, raises $285.6 mn

    Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street. The firm, often described as China's version of Twitter, sold 16.8 million US depositary shares, according to Dow Jones Newswires, while a person familiar with the deal told AFP each share was priced at $17. In March, Weibo had estimated the value of its initial public offering at as much as $500 million. The offering comes as Chinese e-commerce giant Alibaba -- a shareholder in Weibo -- is preparing its own eagerly anticipated IPO later in the year, which is expected to be the biggest in the tech sector since Facebook's in 2012.

  • McAleese Ltd plunges 15.5% – Should you sell too? The Motley Fool Australia - 16 hours ago

    If you were unlucky enough to receive an allocation in the McAleese Ltd (MCS.AX) initial public offering (IPO) last November, or unfortunate enough to have decided to purchase stock on market since the IPO you are no doubt bewildered by the transport company's second profit warning which has sent the share price down 15.5% to close at a new all-time low of 43.5 cents. Perhaps one comforting factor for investors is that Chairman and now CEO Mark Rowsthorn - who was previously CEO at rail freight company Asciano Ltd (AIO.AX) and before that a senior director at freight and logistics group Toll Holdings Limited (TOL.AX) - owns around 30% of McAleese, so at least he is feeling the pain of the company's dismal performance too! McAleese has certainly been the worst of the recent bundle of floats to hit the market and a far cry from Beacon Lighting Group Ltd's (ASX:BLX) 60% gain on debut. It's a good reminder that IPO investing does not guarantee profits and sooner or later - in McAleese's case sooner - the stock price will be driven by fundamentals not hype.

  • Denbury Announces Pricing and Upsizing of Its Senior Subordinated Notes Offering GlobeNewswire - 17 hours ago

    PLANO, Texas -- Denbury Resources Inc. ("Denbury" or the "Company") today announced that it has priced its public offering of senior subordinated notes due May 2022 and increased the ...

  • CORRECTING and REPLACING -- Sonoco Board Increases Common Stock Dividend GlobeNewswire - 19 hours ago

    Please replace the release with the following corrected version due to a revision.

  • Weibo IPO below expectations, raises $285.6 mn: report AFP - 21 hours ago
    Weibo IPO below expectations, raises $285.6 mn: report

    Sina Weibo has sold fewer shares than expected in its US IPO which has been priced below expectations, a report said Thursday, ahead of its listing which takes place after selloffs on Wall Street. The Beijing-based firm, often described as China's version of Twitter, sold 16.8 million US depositary shares at $17, raising $285.6 million before the sale of any additional shares to underwriters, Dow Jones Newswires said, quoting two people familiar with the deal. Those figures are well below the 20 million shares and $340 million which it had been aiming for -- reflecting a cautious mood after the tech-weighted Nasdaq index tumbled for more than three weeks. Sina Weibo -- launched in August 2009 to provide services akin to Twitter which is banned in China -- is a leading social media site in a country with the world's largest population of Internet users at 618 million.

  • Moelis & Co. prices initial public offering at $25 Associated Press - Wed, Apr 16, 2014 8:58 PM AEST

    Moelis & Co. priced its initial public offering at $25 per share, which was below expectations. The New York investment bank plans to offer 6.5 million shares to raise $162.5 million. Underwriters have ...

 

Company Finances

  • Chipotle sales surge as it draws more customers Associated Press - 30 minutes ago
    Chipotle sales surge as it draws more customers

    Mexican food chain Chipotle reported a higher quarterly profit Thursday as more customers flocked to its restaurants for burritos, bowls and tacos. The Denver-based chain's popularity has kept growing ...

  • CyberZ: In 2013, the Smartphone Game Market Reached 546.8 Billion, Rising 178% from Last Year, Comprising … Business Wire - 31 minutes ago

    TOKYO--(BUSINESSWIRE)-- CyberAgent Co., Ltd. (headquarters: Shibuya, Tokyo, CEO: Susumu Fujita, Tokyo Stock Exchange Mothers listing: code 4751) and the consolidated subsidiary CyberZ Co., Ltd. (headquarters: Shibuya, Tokyo, CEO: Takahiro Yamauchi) collaborated with Seed Planning Co., Ltd (headquarters: Bunkyo, Tokyo, CEO: Yoshio Umeda) in launching a survey of the market trends of smartphone games with the Japan Online Society (headquarters: Shibuya, Tokyo, CEO: Shuuhei Ueda, Kenichi Takano). The survey, in which the smartphone games were categorized as "native apps" and "browser games" (*1), provided the estimation of the user's annual expenditures from January 2013 to December 2013 of smartphone games and in calculating the market scale. The smartphone game market scale in 2013 was 546.8 billion yen, rising 178% from the prior year. Reaching approximately 2.2 times the domestic home video game market, it comprised of close to half of the game market of Japan.

  • Philip Morris Int'l 1Q profit falls nearly 12 pct Associated Press - 1 hour 7 minutes ago

    Philip Morris International's first-quarter profit dropped nearly 12 percent as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar. ...

  • Nike, USATF extend partnership through 2040 Associated Press - 1 hour 11 minutes ago

    USA Track and Field has extended its partnership with Nike Inc. through 2040 to outfit teams and sponsor national championships. The new deal was announced Wednesday by USATF. Max Siegel, the CEO for track's ...

  • Brazil unveils $11 billion in 'legacy' budget Associated Press - 1 hour 13 minutes ago

    Brazilian government officials announced Wednesday that almost $11 billion (24.1 billion Brazilian reals) will be spent on major transportation and environmental projects, which they argue are not related ...

  • Revenue from Pennsylvania table games up slightly Associated Press - 1 hour 22 minutes ago

    Pennsylvania casinos are reporting a slight increase in revenue from table games. The Pennsylvania Gaming Control Board said Wednesday that revenue from table games totaled $67.9 million last month, up ...

  • How the Coolhaus Founder Stayed Chill as One Food Truck Became a Frozen Treat Empire Entrepreneur - 1 hour 43 minutes ago

    Coolhaus founder Natasha Case went from selling ice cream sandwiches out of an old postal truck to self-made millionaire. Here's how.

  • PepsiCo's profit rises on snack sales, cost cuts Associated Press - 1 hour 58 minutes ago
    PepsiCo's profit rises on snack sales, cost cuts

    PepsiCo reported a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world. The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, ...

  • News Summary: Philip Morris Int'l 1Q profit falls Associated Press - 2 hours 10 minutes ago

    THE RESULTS: Philip Morris International Inc.'s first-quarter profit dropped nearly 12 percent to $1.88 billion as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign ...

  • FarmVille Anywhere: Zynga Launches New Mobile FarmVille Game on iPhone, iPad, and Google Play GlobeNewswire - 2 hours 31 minutes ago

    FarmVille 2: Country Escape Begins Global Roll-Out Across Mobile Platforms Starting Today