Helloworld puts 1,575 jobs on the chopping block

Helloworld puts 1,575 jobs on the chopping block

As the travel industry draws to a standstill, tourism deal provider Helloworld (ASX: HLO) is slashing jobs to keep its costs down while CEO and executive director Andrew Burnes will forego his salary for the next three months. All the cost-cutting and cash preservation measures being put in place are expected to reduce monthly outlays by ...

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Sales rise at JB Hi-Fi, The Reject Shop

Sales rise at JB Hi-Fi, The Reject Shop

"Essential services" is a term that has become the new holy grail for Australian retailers amidst the pandemic, and two companies that have benefited include JB Hi-Fi (ASX: JBH) and The Reject Shop (ASX: TRS). JB Hi-Fi, which also owns home appliances retailer The Good Guys in addition to its eponymous electronics stores, report...

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Victorian Government announces $1.7 billion stimulus package

Victorian Government announces $1.7 billion stimulus package

A $1.7 billion 'survival package' will assist Victorian businesses and workers to overcome the impacts of the coronavirus pandemic according to the state government. The stimulus package includes full payroll tax refunds for FY20 to SMES with payroll of less than $3 million. Payments will begin flowing soon and will save eligi...

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Rex to cease all passenger air services except Queensland

Rex to cease all passenger air services except Queensland

After slating a 45 per cent reduction in flights on Friday, airline Regional Express (ASX: REX) has decided to shut down its expansive Regular Public Transport (RPT) air services in all states except Queensland. Operations will continue in Queensland because services are underwritten by the State Government. The closures are expected ...

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Theme parks, casinos and cinemas shut down

Theme parks, casinos and cinemas shut down

Theme parks on the Gold Coast will close from today in order to comply with restrictions on non-essential indoor and mass gatherings. Dreamworld and Whitewater World, owned and operated by listed entertainment group Ardent Leisure (ASX: ALG), will retain minimal staff during this period to ensure the ongoing care of animals and maintenanc...

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Australia will go into lockdown with restaurants and pubs to close

Australia will go into lockdown with restaurants and pubs to close

After Australians flouted social distancing recommendations this weekend by flocking to public beaches and clubs, the country's federal, state and territory governments have determined an escalation to "Stage 1" restrictions is necessary. Following a national cabinet meeting, Prime Minister Scott Morrison announced the count...

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PM commits an extra $66.1 billion to businesses and households

PM commits an extra $66.1 billion to businesses and households

PM commits an extra $66.1 billion to businesses and households The Federal Government has announced a third stimulus package targeted at those receiving government benefits and Covid-19 affected business. Included in the $66.1 billion package is support for Australia's households, and assistance for SMES struggling to pay their em...

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New $66.1 billion stimulus package for businesses and households

New $66.1 billion stimulus package for businesses and households

The Federal Government has announced a third stimulus package targeted at those receiving government benefits and Covid-19 affected business. Included in the $66.1 billion package is support for Australia's households, and assistance for SMES struggling to pay their employees. It brings the total injected into the economy by the G...

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China releases industrial output and retail sales update

China releases industrial output and retail sales update

China's National Bureau of Statistics has revealed the extent of the economic impacts of Covid-19 in the first two months of the year, with big drops for manufacturing and retail consumption in particular. The total value added for industrial enterprises with annual revenue above AUD$4.6 million fell by 13.5 per cent year-on-year...

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PM recommends avoiding mass gatherings, but not until Monday

PM recommends avoiding mass gatherings, but not until Monday

Prime Minister Scott Morrison has advised Australians to take precautionary measures by advising against attending mass gatherings from Monday. The PM says the Government advises against organised, non-essential gatherings of 500 people or greater. By non-essential gatherings the PM is not referring to places like university, school o...

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Filming of Baz Luhrmann's Elvis biopic and Marvel movie postponed indefinitely

Filming of Baz Luhrmann's Elvis biopic and Marvel movie postponed indefinitely

Staff working on Baz Luhrmann's film about Elvis have been given one week of severance pay after the Covid-19 threat led producers to postpone the project.

A source close to the production has told Business News Australia that filming was put on hold for two days after actor Tom Hanks tested positive to the virus, but they came back ...

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CBA to auto-enroll loan repayment deferrals

CBA to auto-enroll loan repayment deferrals

After announcements from thee of the big four banks about how they would implement a six-month loan payment deferral for pandemic-affected businesses, the Commonwealth Bank of Australia (ASX: CBA) put forward an idea that could take a lot of rigmarole out of the process. The bank's streamlined solution involves auto-enrolling tens of ...

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Lifeline for pandemic-hit small businesses with banks pausing loan repayments

Lifeline for pandemic-hit small businesses with banks pausing loan repayments

Australia's banks will defer loan repayments for all small businesses affected by Covid-19 for six months. According to Australian Banking Association (ABA) CEO Anna Bligh the measures to be taken by all Australian banks will deliver $8 billion back into the pockets of small businesses. The deferment option is available to any sma...

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Air cargo networks in turmoil as international flights cancelled

Air cargo networks in turmoil as international flights cancelled

Qantas and Virgin Australia's decision to cut international passenger flights will have a tremendous impact on Australia's air freight industry according to a coalition of independent global business associations. While closing borders to international travellers and slashing flights en masse is expected to slow the spread of Covi...

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Rex cuts routes in half for survival

Rex cuts routes in half for survival

Within two days of claiming it would go bust in six months without government intervention, Regional Express (ASX: REX) has announced a 45 per cent cut to its capacity including the suspension of three routes. The move comes after chief operating officer Neville Howell penned an open letter to Deputy Prime Minister Michael McCormack on We...

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Baz Luhrmann's Elvis biopic and Marvel movie postponed indefinitely

Baz Luhrmann's Elvis biopic and Marvel movie postponed indefinitely

Staff working on Baz Luhrmann's film about Elvis have been given one week of severance pay after the Covid-19 threat led producers to postpone the project. A source close to the production has told Business News Australia that filming was put on hold for two days after actor Tom Hanks tested positive to the virus, but they came back o...

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PM tightens indoor gathering restrictions, ups support for aged care, national budget postponed

PM tightens indoor gathering restrictions, ups support for aged care, national budget postponed

Prime Minister Scott Morrison announced tougher restrictions to indoor gatherings during a press conference this afternoon as the Covid-19 situation worsens in Australia. Indoor, non-essential gatherings will be restricted even further to four square meters per person in a room. For example, in a room the size of 100 square meters onl...

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Littleproud slams tech platforms for allowing "parasites" to profiteer

Littleproud slams tech platforms for allowing "parasites" to profiteer

With supermarket shelves stripped bare of many basic household goods panic buyers, hoarders and hawkers alike are taking advantage of the situation online. Auction sites like Facebook Marketplace and eBay have become popular outlets for those wanting to make a quick buck off those desperate for essential items. This practice has attra...

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More guidance withdrawals: Scentre Group, Vicinity Centres, Sonic Healthcare, Carsales.com

More guidance withdrawals: Scentre Group, Vicinity Centres, Sonic Healthcare, Carsales.com

Yesterday's stimulus package and an emphasis on "essential services" have lifted shares in shopping centre owners and operators, despite two major players withdrawing guidance. Vicinity Centres (ASX: VCX) suspended its guidance yesterday evening, and its shares jumped by more than 10 per cent to $1.147 this morning. Vici...

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Michael Hill shuts down stores in Canada

Michael Hill shuts down stores in Canada

Pursuant to public health guidance in Canada jewellery retailer Michael Hill (ASX: MHJ) will shut down its store network for a period of two weeks. The company says it will revisit the decision and either reopen or extend store closures as necessary. Michael Hill's Canadian workforce will take leave without pay or allow staff to t...

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US to introduce malaria and HIV meds as Covid-19 treatment

US to introduce malaria and HIV meds as Covid-19 treatment

US President Donald Trump says he is slashing red tape in order to get potential treatments for Covid-19 in the hands of patients. Trump says an existing treatment for malaria called Chloroquine and its derivative Hydroxychloroquine, and an experimental HIV medicine Remdesivir, could soon be available for patients suffering from the coron...

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Visas to be extended for backpackers and seasonal ag workers

Visas to be extended for backpackers and seasonal ag workers

The Federal Government is on the cusp of answering the agricultural industry's call to extend backpacker and seasonal worker visas to allow fruit and vegetables to stay on shelves, and keep farmers in business.  Last night the Australian Fresh Produce Alliance (AFPA) urged the government to take action on the issue to ensure the ...

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No new cases in Wuhan

No new cases in Wuhan

No new cases in Wuhan. The Chinese city where the Covid-19 outbreak began has reported no new cases for the first time yesterday, according to the country's National Health Commission (NHC). In a summary released today, the NHC notes there were no new cases yesterday in the province of Hubei or its capital Wuhan.  There w...

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Secret suitors interested in buying entirety of AAP

Secret suitors interested in buying entirety of AAP

Though details are very much under wraps, AAP has confirmed it is in early talks with a potential buyer of the entire business. In a letter to staff and AAP subscribers general manager of Medianet and AAP Directories Sarah Higgins confirmed the company has received approaches from several potential suitors interested in buying the whole b...

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Retailers rocky from store closures

Retailers rocky from store closures

The impact of store closures and a lethargic supply chain are weighing down some of Australia's listed retailers.    Lovisa (ASX: LOV) in particular has felt the brunt of disruption in Chinese production and the flow on effects to its global supply chain. While production capacity at Lovisa's suppliers and distri...

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Afterpay on the defensive after enormous share price drop

Afterpay on the defensive after enormous share price drop

The S&P/ASX All Technology Index has fallen much harder than the market overall since Black Monday, and few companies embody this rapid drop in sentiment as much as buy-now-pay-later darling Afterpay (ASX: APT). The stock has lost two thirds of its value since Monday 9 March, before which it was trading at $32.94 and a whopping $4...

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RBA cuts cash rate to all-time low

RBA cuts cash rate to all-time low

The country's monetary policy will now have very little wiggle room after the Reserve Bank of Australia (RBA) made cut interest rates further in a bid to keep the economy afloat. The cash rate target has been reduced to 0.25 per cent until progress starts to be seen towards full employment. This latest move will be accompanied by ...

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APRA loosens up bank capital requirements

APRA loosens up bank capital requirements

Australia's bank capital targets monitored by the Australian Prudential Regulation Authority (APRA) are some of the strictest on the planet. But with the world as it is today APRA has decided to loosen things up a little bit and is letting banks eat into some of their large reserves to encourage lending. APRA's announcement th...

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Tasmania to close borders to non-essential travellers

Tasmania to close borders to non-essential travellers

From midnight on Friday 20 March travellers entering Tasmania for non-essential purposes will be required to go into a 14-day quarantine period. Premier Peter Gutwein says only "essential" travellers will be allowed to enter the state without going into quarantine. "Essential travellers will be those that are important ...

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Qantas to stand down majority of employees, suspends all international flights

Qantas to stand down majority of employees, suspends all international flights

Two-thirds of Qantas Group's (ASX: QAN) entire workforce will be temporarily stood down as the airline suspends all international flights from the end of March. All international Qantas and Jetstar flights will be suspended until at least the end of May 2020. Because of the suspension, the majority of Qantas Group's 30,000 emp...

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