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Canada cannabis industry merger creates pot giant

Canadian cannabis producer Aurora’s Can$1.1 billion (US$890 million) acquisition of rival CanniMed Therapeutics on Wednesday will create a global pot behemoth as the legalization of recreational-use of marijuana takes hold.The deal is the largest yet in Canada’s hot cannabis industry, which has seen stocks soar in anticipation of Canada’s legalization of marijuana for recreational use…

Macron ‘completely changed’ France’s image, says tech billionaire

President Emmanuel Macron has ‘completely changed’ France’s image, telecoms billionaire Xavier Niel said Wednesday, crediting the youthful, pro-business politician with attracting an influx of tech talent.‘He has given France a pro-startup, pro-entrepreneur image abroad that we did not really have before,’ said Niel, who bankrolled a giant startup incubator on the banks of the Seine…

CommSec Daily Report Thursday

Latest NewsLocal shares started the eve of the Australia Day public holiday under pressure, reflecting mixed outcomes for US shares overnight. The main feature of US trade was a mid-session sell off reflecting the (continuing) rise US 10 year bond yields (long term interest rates) which hampered interest rate sensitive sectors of the market, such…

Chinese wind turbine maker found guilty of stealing US trade secrets

Sinovel, one of China’s leading wind turbine makers, was found guilty Wednesday of stealing proprietary technology from US firm AMSC, causing ASMC $800 million in losses, the Justice Department said.A Wisconsin jury convicted Beijing-based Sinovel Wind Group Co Ltd, of conspiracy to commit trade secret theft, theft of trade secrets, and wire fraud after an…

Priceline owner seeking takeover targets

Australian Pharmaceutical Industries says the time is right to seek health and beauty acquisitions that build on its retail operations such as Priceline Pharmacy and Soul Pattinson chemists. Chief executive Richard Vincent told the company’s annual general meeting that the company will look for “smaller, scalable acquisitions” after failing in its attempt to buy Laser…

CEOs upbeat about economy in 2018

Australian chief executives are optimistic about the year ahead but concerned about rising energy prices, a new study shows. The Australian Industry Group 2018 Business Prospects report, released on Wednesday, found investment plans and expectations of employment growth are higher than at any time since 2012. ‘Looking to the year ahead, CEOs expect general business…

GetSwift faces questions over major deals

Shares in the logistics software company GetSwift have been suspended from trade amid allegations it failed to tell investors about the loss of significant contracts. GetSwift shares have been halted from trade since Monday and the publication by Fairfax Media of reports that the company has breached its continuous disclosure obligations. GetSwift on Wednesday requested…

Shares post second straight day of gains

The share market gained ground as demand for energy, healthcare and some financial stocks offset the impact of weaker commodity prices on miners. The benchmark S&P/ASX200 index gained 0.3 per cent to 6,054.7 points, with most sectors in positive territory. Macquarie Private Wealth division director Martin Lakos said several factors contributed to a solid run….

Santos lifts FY revenue 20%, cuts debt

Oil and gas producer Santos has lifted full-year revenue 20 per cent to $US3.1 billion ($A3.88 billion), with higher prices offsetting falls in production and sales volume. The energy producer said fourth quarter production was flat at 15 million barrels of oil equivalent, but a 27 per cent rise in average realised prices over the…

Michael Hill to leave US in overhaul

Jewellery chain Michael Hill International will shut shop in the US after 10 years of losses, and reduce the store count of its struggling charm brand Emma & Roe. The Brisbane-based retailer’s US business and Emma & Roe stores accounted for five per cent of group revenue in the last financial year, but booked a…