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$10m of emergency funding now available for Melbourne CBD businesses

$10m of emergency funding now available for Melbourne CBD businesses

From today, businesses based in Melbourne's CBD can apply for up to $5,000 in funding as part of the city's COVID-19 business support scheme. Worth $10 million in total, the funding package includes $8 million in grants for business transformation and $2 million for mentoring and business support services. The grants are avail...

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IDP Education overcomes disruption as profits rise on digital pivot

IDP Education overcomes disruption as profits rise on digital pivot

With a business that revolves around international students, IDP Education (ASX: IDP) could have easily been one of the scores of companies reporting losses due to COVID-19 travel restrictions.  But the Melbourne-based group has done just the opposite, reporting a 29 per cent increase in EBITDA to $148.6 million. While the company'...

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The Star dims on loss as high rollers disappear

The Star dims on loss as high rollers disappear

Without international gamblers to fill The Star Entertainment Group's (ASX: SGR) high-value tables, the company's VIP revenues could plummet by half a billion dollars if recent trends continue. The revelation comes as the casino and resort operator posted a full-year statutory loss of $94.6 million today. The Star saw its gambling ...

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Afterpay doubles earnings expectations

Afterpay doubles earnings expectations

Buy-now pay-later (BNPL) giant Afterpay (ASX: APT) has underestimated its earnings potential by half for the financial year according to a trading update issued yesterday. The company says its EBITDA for FY20 will be $44 million, which is almost double what it announced as part of a July 2020 trading update. However, Afterpay still expects...

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COVID-19 alert in Brisbane: cases linked to The Jam Pantry café, youth detention centre

COVID-19 alert in Brisbane: cases linked to The Jam Pantry café, youth detention centre

Queensland Health has issued a public health alert after a woman who spent time in Brisbane tested positive for COVID-19 upon returning home to Japan. The woman arrived in Sydney in mid-July where she spent two weeks in hotel quarantine, before visiting her unwell father in Brisbane. The asymptomatic case, confirmed as a positive COVID-19 ...

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Qantas drops $2.7 billion into the red, significant loss flagged for FY21

Qantas drops $2.7 billion into the red, significant loss flagged for FY21

Qantas (ASX: QAN) has reported a $2.7 billion loss for FY20 amidst what CEO Alan Joyce has described as the worst trading conditions in the airline's 100-year history, with significant losses expected in the current financial year as well. Despite a few bright spots such as Qantas International actually turning a $56 million profit ...

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Australian Vintage named in China's wine dumping probe

Australian Vintage named in China's wine dumping probe

The ASX-listed company behind such wine brands as McGuigan Wines, Tempus Two and Nepenthe has been mentioned in a Chinese investigation into the alleged dumping of Australian wine exports. After the market closed today, Australian Vintage (ASX: AVG) issued a response to the probe being undertaken by China's Ministry of Commerce...

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Woolworths to acquire PFD Food Services for $552m

Woolworths to acquire PFD Food Services for $552m

Woolworths Group (ASX: WOW) has entered an agreement to acquire a 65 per cent stake in Australia's largest family-owned foodservice distributor PFD Food Services, as well as all its freehold properties including 26 distribution centres. Woolworths will acquire its holding for $302 million and spend a further $249 mill...

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COVID-19 uncertainty sees Vocus post $178m loss

COVID-19 uncertainty sees Vocus post $178m loss

Internet service provider Vocus (ASX: VOC) has seen its profits fall away in FY20 as it grapples with how COVID-19 will impact the small-to-medium business sector. The company posted a loss for FY20 of $178.2 million today, down from a profit of $34 million last year, with revenue also dipping by 6 per cent. Vocus attributes this downturn ...

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Awards glory: it's not about you

Awards glory: it's not about you

I can't count how many times I have had the tall poppy syndrome talk with my peers, but it's usually around this time of year that I become more vocal on this topic. In a pre-covid world, we would be gearing up for Awards season and for those of us in PR land, it's one of our busiest times of the year - also the most rewarding! ...

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WiseTech shares jump on bullish FY21 profit forecast

WiseTech shares jump on bullish FY21 profit forecast

Shares in logistics solutions provider WiseTech (ASX: WTC) have risen 32 per cent to $27.51, hitting their highest levels since a February crash when FY20 guidance was cut by 17 per cent due to the onset of COVID-19. Today the group founded by former music executive Richard White reported an EBITDA of $126.7 million, above the midpoint of gu...

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Crown profits take a hammering from closed casinos

Crown profits take a hammering from closed casinos

With its casinos closed in line with COVID-19 restrictions for a chunk of the last financial year, Crown Resorts (ASX: CWN) witnessed an 80.2 per cent dive in profits after tax down to $79.5 million. The group was forced to close all of its gaming facilities as well as a significant part of non-gaming operations at Crown Perth and&...

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Tabcorp to raise $600m as COVID-19 closures spark massive loss

Tabcorp to raise $600m as COVID-19 closures spark massive loss

All bets are off for gambling giant Tabcorp (ASX: TAH) as it looks to raise capital to offset the impacts of more than $1 billion in impairment charges due to COVID-19. The company posted a $870 million loss today, which is a far cry from the company's FY19 profit of $362.5 million. Despite recent reopenings in most of the country CEO&...

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Corporate Travel Management surprises market with underlying profit

Corporate Travel Management surprises market with underlying profit

After Flight Centre (ASX: FLT) last week reported a loss equivalent to around 39 per cent of its market capitalisation, Corporate Travel Management (ASX: CTD) has today reported a marginal loss while recent monthly revenue is tracking well above expectations. The group reported a statutory loss of $8.2 million for FY20, which is less than 1 ...

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Domino's delivers record earnings as digital sales dominate

Domino's delivers record earnings as digital sales dominate

Domino's Pizza Enterprises (ASX: DMP) has has reported record earnings and significant sales growth as more customers turn to online ordering during the COVID-19 pandemic. However, despite a lift in local sales earnings dropped by 5 per cent in Australia and New Zealand. The company's 'Zero Contact' delivery model paid off ...

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Cann Group share purchase plan oversubscribed by $10m

Cann Group share purchase plan oversubscribed by $10m

One of the biggest names in Australia's medicinal cannabis industry has increased the size of a share purchase plan (SPP) by 62 per cent after an encouraging uptake from investors. Following a successful $14.3 million placement including a close to 8 per cent participation from directors, Cann Group (ASX: CAN) was aiming to raise a ...

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Record profit for EML Payments despite mall gift card slowdown

Record profit for EML Payments despite mall gift card slowdown

Brisbane-based prepaid card solutions provider EML Payments (ASX: EML) has achieved record results in FY20, with buoyant growth in its reloadable cards and North American virtual account numbers businesses.  Net profit after tax and amortisation (NPATA) rose 17 per cent to $24 million, while the revenue increase was greater still a...

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"Endless money printing" prompts short sell pullback at VGI Partners

"Endless money printing" prompts short sell pullback at VGI Partners

The COVID-19 crisis has been a time for introspection at hedge fund VGI Partners (ASX: VG1), which after suffering from poor timing with the market rebound has now scaled back its short positions significantly. This morning the fund announced a loss of $45.5 million due to lower net tangible asset (NTA) values, but investors were given ...

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Tasmanian border measures to remain in place until 1 December

Tasmanian border measures to remain in place until 1 December

Victoria's ongoing outbreak of COVID-19 is still of serious concern for the state's southern neighbour, forcing Tasmania to keep current restrictions and border measures in place until 1 December. As such, the island state will keep its hard border up with the rest of the country, and current gathering restrictions on businesses, ...

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Treasury Wine shares fall as China opens investigation alleging Australian dumping

Treasury Wine shares fall as China opens investigation alleging Australian dumping

After imposing restrictions on certain abattoirs and slapping an 80 per cent tariff on barley this year, the Chinese Government has today singled out another Australian agribusiness for scrutiny. The Chinese Ministry of Commerce has announced it will carry out an anti-dumping investigation into Australian wines - an allegation "categori...

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WA extends Phase 4 restrictions for another two months, Royal Show cancelled

WA extends Phase 4 restrictions for another two months, Royal Show cancelled

Current COVID-19 restrictions in Western Australia will be extended for another two months to allow for the outbreak in Victoria to come under control. As such, WA will move to Phase 5 of its restriction easing roadmap on Saturday 24 October. The delay also means the 2020 Perth Royal Show has been cancelled. "I know this will c...

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$10k grants on offer for NSW businesses to go global

$10k grants on offer for NSW businesses to go global

The New South Wales Government has unveiled a $12 million 'Going Global Package', with grants of up to $10,000 available to eligible businesses that want to boost their export capabilities. The package is available to SMEs across NSW who will benefit from the state government's push to showcase local products and develop global e...

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Gold Coast Airport to get new gateway to NSW

Gold Coast Airport to get new gateway to NSW

The QLD-NSW border may be closed but the states' governments are paving the way for improved connectivity after pledging funds to build a new southern entryway for the Gold Coast Airport. The Queensland Government has today announced its commitment to a capped $6.2 million spend on the 50-50 project with its NSW counterpart, as well...

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QLD AI Labs takes collaborative tech development to the masses

QLD AI Labs takes collaborative tech development to the masses

Blackbook.ai founder Thuy Lam has created a new non-profit initiative in Queensland that aims to de-risk AI-based problem solving for businesses, drawing on the expertise of the state's creative minds and the backing of corporate sponsors. Queensland AI Labs turns traditional hackathons upside down, helping corporates better address thei...

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Sendle raises $19m to surf e-commerce surge

Sendle raises $19m to surf e-commerce surge

Carbon neutral courier service Sendle has raised $19 million as the e-commerce boom opens up new opportunities. An oversubscribed funding round will allow the Sydney outfit to expand its shipping network and support growth while online shopping is in the spotlight.  It comes as Sendle recently reached a milestone of half a million cus...

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Patent litigation, COVID-19 send Cochlear into the red with $238m loss

Patent litigation, COVID-19 send Cochlear into the red with $238m loss

Hearing implant maker Cochlear (ASX: COH) has reported its first ever loss since listing on the ASX almost 25 years ago, as a US court battle and suspended surgeries due to COVID-19 weighed heavily on its results in FY20. The Sydney-based group has today announced a $238.3 million loss, down 186 per cent from a profit of $276.7 mil...

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COVID-19 health alert issued for Sydney Market Flemington

COVID-19 health alert issued for Sydney Market Flemington

A health alert has been issued for Sydney Market Flemington overnight after person who worked at the market tested positive for COVID-19. The person worked at the market while infectious on Sunday 9 August and is now in isolation. The case was reported positive on 16 August but the source of infection is still under investigation. NSW Heal...

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Gary Weiss launches third attempt for a seat on Cromwell board

Gary Weiss launches third attempt for a seat on Cromwell board

Corporate raider Dr Gary Weiss (pictured) has launched his third bid to land a position on the board of Cromwell Property Group (ASX: CMW) as part of an improved takeover offer from ARA Group. Weiss attempted to push for a seat at the Cromwell table at an extraordinary general meeting in March, and following a similar move at last year's...

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Adelaide to trial the return of international students to Australia

Adelaide to trial the return of international students to Australia

Around 300 international students will make their way back to Adelaide, South Australia from early September as part of a pilot test program. The trial will test how the Federal Government will manage the return of international students to Australia, including quarantine management, testing requirements, and getting students back at univers...

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Profit soars as Kogan rides e-commerce bonanza

Profit soars as Kogan rides e-commerce bonanza

Online retailer Kogan.com (ASX: KGN) has emerged as a success story of the COVID-19 pandemic period, notching a $27 million profit today. Much of the company's success can be attributed to the growth of its Amazon-style storefront Kogan Marketplace, with gross sales increasing by 71.2 per cent in the second half.  However, it was ...

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