Business stories from the past week, compiled by Jason Maywald:
1) News.com.au: Lottoland considering high court challenge
Lottoland will consider a High Court challenge if legislation to ban betting on overseas lotteries passes federal parliament.
The Gibraltar-based company is fighting for survival in Australia after the Turnbull Government announced plans to ban its product, known as “synthetic lotteries”.
“With 700,000 customers in Australia, we’re going to continue to fight this,” Lottoland chief executive Luke Brill told reporters in Canberra on Monday.
Legislation banning Lottoland’s business model is due to be debated in the House of Representatives on Wednesday.
2) SMH.com.au: The little telco taking on Optus
Ehab Abdou isn’t afraid of taking on telecommunications giant Optus.
Since starting his business in 1995, the founder of TeleChoice has already salvaged it twice and so is unperturbed by the legal battle he has started against Optus in the Victorian Supreme Court.
TeleChoice is a mobile virtual network operator that sells mobile plans and phones almost entirely online. It operates out of a small office in Melbourne with a staff of 14 and a contract for call centre staff in the Philippines, a far cry from the 500 staff and 160 stores TeleChoice once had.
3) AFR.com.au: Reece group in $1.9b purchase of US firm Morsco Inc
The chief executive of Australia’s largest plumbing and bathroom products company, ASX-listed Reece Group, says the $1.9 billion acquisition of MORSCO in the US is a “transformational opportunity” that will drive returns for the next generation of shareholders.
Reece on Monday announced that it would acquire MORSCO, which operates 171 commercial and residential plumbing showrooms across 16 states in the southern parts of the US, in a deal that will double the size of the normally conservative Melbourne-based company.