Business News Australia reports on business news, trends, and profiles for Adelaide business owners, executives and entrepreneurs.

Wesfarmers sells chunk of Coles for $1 billion

Wesfarmers sells chunk of Coles for $1 billion

Wesfarmers (ASX: WES) has sold 5.2 per cent of issued capital in supermarket Coles Group (ASX: COL) for $1.06 billion. The sale will proceed at $15.39 per share, and Wesfarmers expects to recognise a pre-tax profit on sale of around $130 million as a result. Wesfarmers, the former parent company of the well-performing supermarket, wil...

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Nick Scali closes all stores, stands down majority of staff

Nick Scali closes all stores, stands down majority of staff

Furniture retailer Nick Scali (ASX: NCK) has announced it will temporarily shut all stores from the close of business today, standing down the majority of its 500-strong workforce in the process. The group said it took the decision due to social isolation and distancing measures implemented by governments in Australia and New Zealand, as ...

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Genetic Signatures sends first shipments of Covid-19 testing kits

Genetic Signatures sends first shipments of Covid-19 testing kits

Specialist molecular diagnostics company Genetic Signatures (ASX: GSS) is sending its first shipments of a new Covid-19 testing kit to labs in Europe and Australia, with its manufacturing facilities in Sydney gearing up for "anticipated initial high-volume orders". The company announced today it had submitted formal applications...

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PM announces $130 billion job keeper plan to keep businesses alive

PM announces $130 billion job keeper plan to keep businesses alive

Prime Minister Scott Morrison has announced a $130 billion stimulus package to partially pay the salaries of workers around the nation for the next six months. The JobKeeper Coronavirus Supplement will see the Government pay Australian employers $1,500 per fortnight - around 70 per cent of the median wage - per employee. "We will...

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Guidance withdrawal update: QBE Insurance, BOQ, Tyro Payments

Guidance withdrawal update: QBE Insurance, BOQ, Tyro Payments

A string of new ASX-companies have today joined the long list of businesses opting to withdraw or suspend earnings guidance due to the uncertain economic outlook with Covid-19. Click here for a full list of Australia's leading companies that have withdrawn guidance since the saga began. QBE Insurance (ASX: QBE) and Bank of Queensl...

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MinRex Resources is actively exploring near $1.1 billion Silver Lake resource

MinRex Resources is actively exploring near $1.1 billion Silver Lake resource

Gold explorer MinRex Resources (ASX: MRR), which holds ground just a few kilometres north-east of the $1.2 billion capped Silver Lake Resources Ltd's (ASX: SLR) gold and copper Deflector Mine, is set to release new exploration results at its Deflector Extended Gold Project at Gullewa in Western Australia. MinRex currently holds five p...

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Ansell maintains guidance as glove demand stays strong

Ansell maintains guidance as glove demand stays strong

Glove and protective equipment manufacturer Ansell (ASX: ANN) saw its shares surge 17 per cent this morning after reaffirming earnings guidance and noting "very strong demand" for its AlphaTec range. The company explains that despite the unprecedented uncertainties and implications from the unknown extent of the Covid-...

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WOTSO to benefit from BlackWall rent deferrals

WOTSO to benefit from BlackWall rent deferrals

BlackWall Property Trust (ASX: BWR) has announced it will be offering rent abatements or deferrals to tenants suffering due to the Covid-19 crisis, with co-working provider WOTSO WorkSpace set to be one of the key beneficiaries. The trust has put forward a strategy to give its tenants the best chance of survival while limiting the im...

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Australian banks extend loan deferrals to 30,000 more businesses

Australian banks extend loan deferrals to 30,000 more businesses

More than 30,000 Australian businesses can now access the six-month loan repayment deferral program after the Australian Banking Association (ABA) decided to extend the relief. Businesses with total loan facilities of up to $10 million (up from the $3 million small business threshold initially announced on 20 March 2020) will now be able ...

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PM announces moratorium on evictions, gatherings restricted to two persons only

PM announces moratorium on evictions, gatherings restricted to two persons only

Australian commercial and residential tenants impacted by Covid-19 have been given a six month reprieve as the country's total number of confirmed coronavirus cases creeps closer to 4,000. The National Cabinet has agreed to a moratorium on evictions over the next six months for both commercial and residential tenancies in financial di...

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Myer stores closed, 10,000 staff stood down

Myer stores closed, 10,000 staff stood down

Department store Myer (ASX: MYR) is the latest retailer to shut down in the face of strict gathering restrictions and government advice regarding Covid-19. To protect the wellbeing of customers, team members and the broader community, Myer will close all stores from the close of business on Sunday 29 March for an initial period of four weeks...

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Rex rescued by $198 million government assistance package

Rex rescued by $198 million government assistance package

Australia's regional airlines will be kept in the sky after the Federal Government announced a $198 million Regional Air Network Assistance Package. The new funding brings the total amount of money committed to the Australian aviation industry to $1 billion and will ensure regional airlines can continue to deliver critical services du...

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US stimulus package includes US$350 billion for job restoration and retention

US stimulus package includes US$350 billion for job restoration and retention

US President Donald Trump passed an historic US$2.2 trillion (AUD$3.56 trillion) stimulus package on Friday night after it was passed by the House, including hundreds of billions of dollars for keeping Americans in jobs and supporting the unemployed. Under the CARES Act $350 billion (AUD$566 billion) has been slated for job restoration an...

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Carlton & United Breweries donates hand sanitiser to health workers

Carlton & United Breweries donates hand sanitiser to health workers

Australia's largest brewer has announced it will donate 20,000 litres of hand sanitiser to frontline medical staff as they fight COVID-19 in emergency wards around the country. Belgian-owned, Melbourne-based Carlton & United Breweries (CUB) is producing at least 40,000 500ml bottles of hand sanitiser in partnership ...

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Stamford to temporarily close five hotels in Australia and New Zealand

Stamford to temporarily close five hotels in Australia and New Zealand

A number of Stamford Hotels and Resorts hotels around the country will close in response to the Covid-19 crisis. To ensure the health and wellbeing of guests, staff, and the wider community the following hotels will close temporarily from 31 March 2020: Stamford Plaza Melbourne Stamford Plaza Brisbane Stamford Plaza Ad...

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Storm Financial directors lose appeal

Storm Financial directors lose appeal

A Federal Court has confirmed the directors of Townsville-based Storm Financial breached their duties in advice to clients that led to losses of more than $1 billion in 2008. Emmanuel and Julie Cassimatis ran a financial advice model whereby clients took out home loans and margin loans that were then put into index fund investments. ...

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PM wants businesses to "hibernate" until recovery, forced quarantine for new arrivals

PM wants businesses to "hibernate" until recovery, forced quarantine for new arrivals

Prime Minister Scott Morrison will introduce a third stimulus package to put businesses into 'hibernation', alongside heightened border control measures in an effort to isolate those returning to Australia from overseas. At a press conference today, the PM announced that from midnight (after 11:59PM) on Saturday 28 March those ent...

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Premier Investments slams Westfield owners over coronavirus management

Premier Investments slams Westfield owners over coronavirus management

An owner of iconic retail brands ranging from Peter Alexander to Smiggle has hit out at the nation's shopping centres, questioning their handling of the public safety threat posed by Covid-19. Premier Investments (ASX: PMV) executive director and Premier Retail CEO Mark McInnes issued a statement today criticising shopping mall o...

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Woolworths Group to recruit 20,000 extra staff

Woolworths Group to recruit 20,000 extra staff

Australia's largest retailer is going on an aggressive recruitment drive in a bid to meet "unprecedented demand" for food and drinks. Woolworths Group (ASX: WOW) has today announced plans to hire up to 20,000 new roles across its supermarkets, e-commerce, supply chain and drinks businesses in Australia over the next mon...

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S&P downgrades rating for "fundamentally well managed" Virgin Australia

S&P downgrades rating for "fundamentally well managed" Virgin Australia

Virgin Australia (ASX: VAH) has received its second credit rating downgrade in almost as many weeks, with Standard & Poor's (S&P) expecting a cut to the airline's variable costs will not be enough to offset its collapse in revenue. A decision to cut domestic capacity by 90 per cent and suspend subsidiary Tigerair have...

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Adairs, Review, Black Pepper and JETS Swimwear to shut down bricks & mortar stores

Adairs, Review, Black Pepper and JETS Swimwear to shut down bricks & mortar stores

More retailers have announced store closures in the face of lower in-store foot traffic and Covid-19 social distancing requirements. Adairs (ASX: ADH) will temporarily close all of its Australian stores from close of trade on Sunday 29 March 2020. This follows the group's decision to shut down its six Adairs stores in New Zealand ...

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Retail Food Group cuts working hours, stands down staff

Retail Food Group cuts working hours, stands down staff

A strong performance from bakeries and pizza stores has not been enough to prop up the franchise network of Retail Food Group (ASX: RFG) from depressed sales due to Covid-19. The company announced this morning it would be consulting with personnel to either stand down or reduce the working hours of the majority of staff. RFG note...

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Further lockdowns being considered in NSW

Further lockdowns being considered in NSW

The next level of lockdowns could be coming soon for residents of New South Wales as State Premier Gladys Berejiklian considers tightening restrictions ahead of the rest of the nation. Speaking at a press conference this morning, Premier Berejiklian says a number of conditional thresholds will need to breached before she pulls the trigger...

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Kathmandu to close Australian retail network

Kathmandu to close Australian retail network

Following in the footsteps of fellow listed retail groups Kathmandu (ASX: KMD) will be shutting down its Australian store network from 5pm today. Kathmandu, which also owns surf brand Rip Curl and footwear retailer Oboz, says the closures are the result of social distancing measures imposed by the Government. As such, retail store and...

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Key regional flights could be revived after ACCC call on Rex

Key regional flights could be revived after ACCC call on Rex

After ceasing all its flights except in Queensland earlier this week, Regional Express (ASX: REX) may have a shot at reviving 10 key regional routes due to a regulator decision on coordinating with competitors. The Australian Competition and Consumer Commission (ACCC) has granted Rex interim authorisation to coordinate flight schedul...

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Administrators to close all Colette by Colette stores

Administrators to close all Colette by Colette stores

Voluntary administrators steering the fortunes of retailer Colette by Colette Hayman (CBCH) have opted to close the company's remaining 93 stores in Australia, putting health first in response to the Covid-19 pandemic. The closures will affect 210 permanent staff as well as casuals, who were all advised today that business would ...

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SA businesses to benefit from $650 million rescue package

SA businesses to benefit from $650 million rescue package

Payroll and land tax relief, the waiver of fees and charges, and a new community and jobs fund are the major pillars of South Australia's $650 million stimulus package. The Marshall Government says individual businesses and industry sectors facing collapse will reap the benefits of the relief fund as the state teeters on the edge of l...

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US Senate passes US$2.2 trillion Covid-19 stimulus

US Senate passes US$2.2 trillion Covid-19 stimulus

An economic stimulus package now estimated to be worth US$2.2 trillion (AUD$3.7 trillion) has been unanimously passed in the US Senate with 96 votes, and will go to the House where a vote is expected on Friday. The Washington Post reports the bill includes a $500 billion business lending program, a $367 billion employee retentio...

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MedAdvisor launches fast-tracked medicine delivery app

MedAdvisor launches fast-tracked medicine delivery app

The developer of a home delivery service for prescription medicines hopes to ease the burden placed on pharmacies and help those most vulnerable to Covid-19. Listed digital medication management company MedAdvisor (ASX: MDR) has fast-tracked the rollout of its medicine delivery service, which it believes will assist in slowing the spread ...

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Premier shutters all stores at Peter Alexander, Just Jeans, Portmans, Smiggle, Jay Jays, Dotti

Premier shutters all stores at Peter Alexander, Just Jeans, Portmans, Smiggle, Jay Jays, Dotti

Retail investor Premier Investments (ASX: PMV) will temporarily close all retail stores from 6pm (local time) tonight, leaving thousands of employees affected. The impact of the store closures will mean more than 9,000 employees in Premier Investments retail portfolio will be stood down. Premier Investments owns a number of prominent ...

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