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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Brisbane food precinct launches takeaway app to skirt hefty Uber charges

Brisbane food precinct launches takeaway app to skirt hefty Uber charges

With restaurants forced to boost their takeaway credentials to stay afloat amidst Covid-19 social distancing measures, a shopping centre in Brisbane's northern suburbs is easing the burden. Everton Plaza has launched an app so its tenants can bypass the hefty percentages taken by food delivery services such as Uber. "All rest...

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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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Gym equipment and self-sufficiency goods a boon for Super Retail Group

Gym equipment and self-sufficiency goods a boon for Super Retail Group

The Covid-19 crisis has presented opportunities for Super Retail Group (ASX: SUL), which has seen total sales growth of 2.7 per cent this financial year despite the impact of bushfire-related closures over the summer.  Supercheap Auto and BCF stores in particular have benefited from increased demand for essential and self-sufficiency...

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Bauer Media's $40m Pacific Magazines acquisition greenlit by watchdog

Bauer Media's $40m Pacific Magazines acquisition greenlit by watchdog

Bauer Media's proposed $40 million acquisition of Seven West Media (ASX: SWM) owned Pacific Magazines has received regulatory approval from the Australian Competition and Consumer Commission (ACCC). The ACCC has decided the merger of the two businesses is not likely to substantially lessen competition in the magazine market. In De...

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6,000 Flight Centre staff stood down, 35 per cent of stores to close globally

6,000 Flight Centre staff stood down, 35 per cent of stores to close globally

Travel agency Flight Centre (ASX: FLT) will stand down 30 per cent of its global workforce, including 3,800 Australian employees, as the tourism sector languishes in limbo. Covid-19 has had a dramatic effect on the global tourism sector, with many countries closing borders to help slow the spread of the coronavirus. Flight Centre has ...

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Lovisa closes all stores in Australia, NZ and South Africa

Lovisa closes all stores in Australia, NZ and South Africa

Jewellery retailer Lovisa (ASX: LOV) has now closed the majority of its 400 stores worldwide in response to the government's containment measures against Covid-19. The company announced today it had temporarily closed all its stores in Australia, New Zealand and South Africa. The move follows decisions in France, Sp...

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Guidance withdrawn at AMP, Dexus Property Group

Guidance withdrawn at AMP, Dexus Property Group

Financial services giant AMP (ASX: AMP) and commercial and industrial property owner Dexus Property Group (ASX: DXS) are the latest ASX100 companies to withdraw their guidance due to uncertainty surrounding Covid-19. In a release today, AMP explained its capital position and liquidity remained strong while its three-year transformational ...

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SA Premier announces $650 million stimulus package

SA Premier announces $650 million stimulus package

Premier of South Australia Steven Marshall (pictured) has teased a $650 million package to help local businesses survive the Covid-19 financial crisis. While details are yet to be released, Marshall says the Jobs Rescue Package will be discussed with a newly-established Industry Response and Recovery Council. "This is, without qu...

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Vans and Dr Martens to lose grip as footwear giant Accent Group closes 470 stores

Vans and Dr Martens to lose grip as footwear giant Accent Group closes 470 stores

The company that owns the Australia-New Zealand distribution rights to footwear brands like The Athlete's Foot, Hype DC, Skechers, Vans and Dr. Martens has today made the "difficult decision" to temporarily close its network of more than 470 stores. Accent Group (ASX: AX1) - which also has the rights to sell Platyp...

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Hairdresser restrictions lifted

Hairdresser restrictions lifted

The 30 minute per patron social distancing rule imposed on hairdressers has been lifted by the National Cabinet. Following feedback on the rule Australia's premiers and chief ministers have decided to remove the 30 minute per customer rule but the four square metre per person rule will remain in place. "Personal contact durin...

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White House, Senate reach deal for US$2 trillion stimulus package

White House, Senate reach deal for US$2 trillion stimulus package

The wheels are now in motion for the largest economic stimulus package in US history, after the Trump Administration and the Senate reached a deal to pump US$2 trillion (AUD$3.3 trillion) into the economy. The Washington Post reports the breakthrough was announced at 1:30am on the Senate floor by Senate Majority Leader and Mitch McCo...

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NSW supermarkets and pharmacies can now operate 24/7

NSW supermarkets and pharmacies can now operate 24/7

While there may be restrictions around what you can do when you leave home, in NSW you will at least be free to choose when you shop for groceries or medicine, whether it's 3pm or 3am. That is if supermarkets and pharmacies make the most of the state government's latest relaxation of laws to guarantee access to essential good...

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Yarra Valley winery turns cellar door into grocery

Yarra Valley winery turns cellar door into grocery

With restrictions now in place for hospitality providers and public gatherings, the owner of a Yarra Valley winery is thinking outside the box to keep customers coming through the cellar door. Normally operating a winery, restaurant and concert venue, it could have easily been a case of sour grapes for the team at Rochford Wines this...

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ACCC allows medical tech companies to coordinate

ACCC allows medical tech companies to coordinate

The national competition regulator has shown a sign of goodwill to medical technology companies that will allow them to coordinate supplies and manufacturing in response to the Covid-19 pandemic. Following a similar approach towards supermarkets, the Australian Competition and Consumer Commission (ACCC) is putting the immediate national i...

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$5000 fines for NSW businesses that ignore Covid-19 restrictions

$5000 fines for NSW businesses that ignore Covid-19 restrictions

NSW police will now have the power to give on-the-spot fines to individuals and businesses that flout ministerial directions aimed at preventing the spread of Covid-19. The rules relate to incoming travellers, people who have been diagnosed with the virus, mass gatherings and social distancing rules, and the closure of social ga...

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Fitness, wellness and beauty facilities take stock as Covid-19 restrictions come into play

Fitness, wellness and beauty facilities take stock as Covid-19 restrictions come into play

As new social distancing measures fall into place as per the Federal Government's Covid-19 plan, businesses around the country are trying to figure out where to next. The fitness, wellness and beauty industries have effectively been ordered to shut down immediately, with many businesses unable to offer a virtual or distance-based alte...

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Cash Converters settles class action for $42.5 million

Cash Converters settles class action for $42.5 million

Nearly 70,000 Queensland Cash Converters customers will share in the spoils of a $42.5 million class action settlement. The Federal Court approved the settlement on Tuesday following a successful class action brought by Maurice Blackburn Lawyers that will benefit those affected by Cash Converters' alleged breach of credit laws. Ac...

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Palaszczuk: The intention is "not to disrupt" border communities

Palaszczuk: The intention is "not to disrupt" border communities

Queensland Premier Annastacia Palaszczuk (pictured) says the state disaster coordinator "is throwing everything at this" to make the border closure with NSW happens with as little disruption as possible. It is an issue that is of particular concern to communities living in the Tweed region, whose lives and businesses are he...

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All stores to close at Rockmans, Noni B, Millers, Rivers, Katies, Autograph, W.Lane, Crossroads

All stores to close at Rockmans, Noni B, Millers, Rivers, Katies, Autograph, W.Lane, Crossroads

The company that owns iconic brands including Rockmans, Noni B, Millers and Rivers has decided to suspend all store operations starting tomorrow. Mosaic Brands (ASX: MOZ) will shut almost 1,400 stores across its network because its personal service mandate conflicts with the government's social distancing recommendations. "Al...

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Challenger bank Tyro Payments sees transactions grow despite Covid-19

Challenger bank Tyro Payments sees transactions grow despite Covid-19

The macro-trend of neobanking has so far held up well against the economic headwinds of Covid-19, with challenger bank Tyro Payments (ASX: TYR) continuing to grow its transaction volume over the past three weeks. The latest numbers from March 1-20 show processed transactions were up 20 per cent year-on-year at $1.19 billion. This does...

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