West Melbourne office building sold for $38.5m

West Melbourne office building sold for $38.5m

Property transaction activity in West Melbourne has been buzzing recently with a group of vendors selling two assets for a combined value of $48 million. Agent CBRE today announced a commercial property on 355 Spencer Street was sold to funds management company Avari Capital Partners for $38.5 million, up from a purchase price of $27...

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WA prepares hospitality for return to business

WA prepares hospitality for return to business

The path back to reopening cafes, restaurants, venues and bars seems shorter than ever in Western Australia with the announcement of a mandatory COVID-19 hygiene training course. Once restrictions are lifted the state government will only allow hospitality businesses to reopen if every employee has successfully passed assessment. Base...

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Infinite Blue Energy secures funding for $300m "Green Hydrogen" plant in WA

Infinite Blue Energy secures funding for $300m "Green Hydrogen" plant in WA

A WA company aims to achieve a national first with its landmark $300 million Arrowsmith Hydrogen Project, along with ambitions to build a series of installations throughout regional Australia to reduce dependence on coal-fired power stations. Infinite Blue Energy (IBE) has today announced it secured funding for the "100 per cent...

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Rex confirms 88 return service flights will operate weekly with government support

Rex confirms 88 return service flights will operate weekly with government support

Regional Express (ASX: REX) will operate 88 return service flights per week under various funding arrangements that will see the federal and state governments support the airline. The airline was rescued from COVID-19 uncertainty at the end of March when the Federal Government announced a $198 million Regional Air Network Support (RANS) p...

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Booktopia turns new page with global e-book giant

Booktopia turns new page with global e-book giant

Australia's leading online bookseller Booktopia has responded to a spike in demand by penning an exclusive digital partnership with global e-book specialist Rakuten Kobo Inc. At a time when people have been encouraged to stay indoors and practice social distancing, Booktopia has observed a surge in demand for e-books and audiobooks. ...

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PM says COVIDSafe app "the ticket" to easing restrictions

PM says COVIDSafe app "the ticket" to easing restrictions

Every Australian is familiar with "Slip! Slop! Slap!" to stay sun-safe when they want to go outside. Now Prime Minister Scott Morrison wants the public to view the COVIDSafe app in the same way if they want to see the sunlight of a liberated economy.  The PM has today thanked the 2.8 million Australians who have so far down...

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Melco exits Crown in a $550 million deal with Blackstone

Melco exits Crown in a $550 million deal with Blackstone

US private equity investment firm The Blackstone Group has acquired 67 million shares in Crown Resorts (ASX: CWN) from Melco Resorts & Entertainment at $8.15 per share. The bulk-purchase represents 9.99 per cent of the issued capital of Crown and is worth around $550 million. Melco recently pulled out of a $1.76 billion investment...

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Bauer Media stands down staff and suspends print of Australian titles

Bauer Media stands down staff and suspends print of Australian titles

Approximately 70 staff at Bauer Media will be stood down as the publisher temporarily suspends the publication of a number of titles due to the COVID-19 financial crisis. The publisher says the impact of COVID-19 in Australia and the correlated decrease in advertising revenue leaves Bauer Media with no other choice. Titles affected wi...

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Evidence-based report shows "Roadmap to Recovery" from COVID-19

Evidence-based report shows "Roadmap to Recovery" from COVID-19

More than 100 researchers from Australia's Group of Eight (Go8) Universities have prepared a report outlining two possible approaches to recovery from COVID-19. The two options proposed are elimination or controlled adaption, both of which have been assessed by the taskforce in their "Roadmap to Recovery" report that ha...

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UQ COVID-19 vaccine shows "potent protective response" in early tests

UQ COVID-19 vaccine shows "potent protective response" in early tests

Early pre-clinical testing has shown the University of Queensland's (UQ) COVID-19 vaccine candidate has been able to raise high levels of antibodies that can neutralise the virus. UQ has been tasked by the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a vaccine against the novel coronavirus, and is collaborati...

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As Keybridge shakes up Yowie, Wilson shakes up Keybridge

As Keybridge shakes up Yowie, Wilson shakes up Keybridge

Investor advocate group Wilson Asset Management Active Limited (ASX: WAA) has launched yet another bid at taking over Nicholas Bolton-led Keybridge Capital (ASX: KBC). The new bid comes just two weeks after Wilson's previous takeover attempt was blocked by the Australian Takeovers Panel because of "unacceptable circumstances&quot...

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SPC bets on pomegranates with PomLife acquisition

SPC bets on pomegranates with PomLife acquisition

One of the country's largest fruit processors SPC is plunging into the world of pomegranates after acquiring superfood brand PomLife, which over the course of 12 years has helped put the fruit on the map in Australia. Pomegranates have become more noticeable in Sydney and Melbourne's trendy cafés and restaurants over the pa...

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Westpac to be hit with $2.2 billion impairment charge

Westpac to be hit with $2.2 billion impairment charge

The impact of Covid-19 will result in a $1.6 billion impairment charge in 1H20 for Westpac (ASX: WBC). Combined with a $600 million impairment charge from individually assessed provisions and net-write offs, the total impairment charge for the half will reach $2.2 billion. This impairment charge comes after $1.4 billion in slashed ear...

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Home upgrades a boon for Temple & Webster, Bunnings, Officeworks

Home upgrades a boon for Temple & Webster, Bunnings, Officeworks

Today's working from home (WFH) reality has driven a surge of activity for online furniture retailer Temple & Webster (ASX: TPW), as well as bricks-and-mortar icons such as Bunnings Warehouse and Officeworks. TPW shares surged 16 per cent this morning to $3.98 each after the company reported year-to-date revenue (1 January to 24 A...

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Lendlease to raise $1.15 billion

Lendlease to raise $1.15 billion

Property project developer Lendlease (ASX: LLC) has today joined the wave of Australian companies raising enormous amounts of capital to ride out the Covid-19 crisis, with plans to dilute its shareholdings by up to a fifth to secure more cash. This morning the company announced plans for a $950 million fully underwritten institutiona...

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Fella Hamilton gets green light to make sustainable PPE gear

Fella Hamilton gets green light to make sustainable PPE gear

Melbourne-based fashion house Fella Hamilton has achieved a breakthrough in its pivot to simultaneously provide health clothing and tackle the environmental problem of disposable gowns ending up in landfill. The company's reusable clothes, gowns and scrubs for frontline health care workers have received Therapeutic Good...

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Optus faces class action over major data breach

Optus faces class action over major data breach

A class action expected to be brought by Maurice Blackburn against telco Optus will test Australia's privacy laws and seek to deliver compensation to 50,000 aggrieved customers. Maurice Blackburn alleges Optus breached the Privacy Act after personal details of customers, including home addresses and phone numbers, were published by th...

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Monash IVF to raise $80 million as elective surgery ban is lifted

Monash IVF to raise $80 million as elective surgery ban is lifted

Debt repayment and growth opportunities will be the focus for fertility specialists Monash IVF Group (ASX: MVF) following an $80 million equity raise. The raise should leave the company in a position to restart its business after the Australian Federal Government placed restrictions on non-urgent elective surgeries, which included IVF tre...

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Domain pays staff salaries in shares to overcome cost troubles

Domain pays staff salaries in shares to overcome cost troubles

While businesses all over the country are standing down staff to keep costs at bay during the Covid-19 crisis, real estate listings company Domain (ASX: DHG) is taking a different approach. The Nine Entertainment-owned group is offering staff the option to either cut back their working hours or receive part of their salary in share rights...

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Charter Hall REIT to bolster balance sheet with $300 million equity raise

Charter Hall REIT to bolster balance sheet with $300 million equity raise

Charter Hall's real estate investment trust (ASX: CQR) plans to strengthen its balance sheet as retailers around the country put plans in place to reopen in May. CQR has today announced a $275 million institutional placement to strengthen its balance sheet and provide financial flexibility to see it through the Covid-19 financial...

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Aristocrat cut back thousands of staff as pokie playing plummets

Aristocrat cut back thousands of staff as pokie playing plummets

Poker machine giant Aristocrat Leisure (ASX: ALL) expects to save $100 million from cost reductions including a massive scaling back of staff, salary cuts and reduced executive remuneration. The Sydney-based manufacturer is a leading pokie manufacturer and its shares have dropped 43 per cent since 21 February, impacted by social distancin...

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NAB to raise $3.5 billion as earnings dive

NAB to raise $3.5 billion as earnings dive

National Australia Bank (ASX: NAB) will raise $3.5 billion and slash its interim dividend to manage through the economic downturn caused by Covid-19. The raise, which includes a $3 billion institutional placement and a non-underwritten share purchase plan to raise $500 million, will give the big four bank a cash buffer to assist with cred...

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Skechers help quadruple online sales for Accent Group, stores to re-open

Skechers help quadruple online sales for Accent Group, stores to re-open

The company that owns the Australia-New Zealand distribution rights to footwear brands like The Athlete's Foot, Stylerunner, Skechers, Vans and Dr. Martens believes the Covid-19 pandemic has sparked a "seismic" shift in consumer habits, following a massive spike in online spending. In late March around 4,200 employees at&nbs...

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SA hands out more than $50 million in land tax and rent relief

SA hands out more than $50 million in land tax and rent relief

South Australian businesses are set to benefit from over $50 million worth of land tax and rent relief measures announced by the state government today. Commercial and residential landlords suffering from Covid-19 restrictions will be offered a 25 per cent reduction on their 2019-2020 land tax liability on affected properties. The onl...

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PM prepares the nation for 'third wave' of Covid-19

PM prepares the nation for 'third wave' of Covid-19

A concerted national effort to ramp up testing and tracing of Covid-19 will prepare Australia for a 'third wave' of the virus, according to the Prime Minister. The National Cabinet expects to witness another spike in cases caused by community transmission, which will require new tools for containment.  Testing and tracing...

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Mesoblast treatment achieves "remarkable" results for critical Covid-19 patients

Mesoblast treatment achieves "remarkable" results for critical Covid-19 patients

An Australian-developed stem cell treatment has drastically increased survival rates in trials for ventilator-dependent patients suffering from acute respiratory distress syndrome (ARDS) due to Covid-19. Melbourne-based regenerative medicine company Mesoblast (ASX: MSB, NASDAQ: MESO) has been engaged in trials with New York City...

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NSW SMEs flock to grants at $10m per day

NSW SMEs flock to grants at $10m per day

Fast cash grants worth $10,000 each have seen a rapid take-up in NSW with more than 15,000 applications received by the State Government in 10 days since the program opened. The NSW Government has already approved more than $100 million in Small Business Support Fund grants out of a budgeted $750 million. Approvals have been made for ...

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UK starts Covid-19 vaccine trials

UK starts Covid-19 vaccine trials

Around 1,100 volunteers are expected to take part in a Covid-19 vaccine trial that kicked off in the UK yesterday, but the organisers have warned a significant proportion of vaccines tested in clinical trials don't work. University of Oxford researchers started screening healthy volunteers last month for ChAdOx1 nCoV-19, a weaken...

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The ABC launches $5 million arts industry fund

The ABC launches $5 million arts industry fund

The Australian Broadcasting Corporation (ABC) has launched a $5 million development fund to provide much needed support for Australia's creative industries Through the 'Fresh Start Fund' the ABC will invest in Australian content across multiple genres including drama, comedy, children's, factual, music and the arts. Th...

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Aviation expert: Virgin's demise an opportunity for innovation

Aviation expert: Virgin's demise an opportunity for innovation

The fate of Virgin Australia (ASX: VAH) may be in the hands of administrators, but an aviation expert from the University of South Australia believes strong interest from investors like Wesfarmers (ASX: WES) and the Macquarie Group (ASX: MGQ) means the story is not all doom and gloom. UniSA aviation industry expert, Associate Profess...

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