Articles

Shine expands PFAS contamination class action against Department of Defence

Shine expands PFAS contamination class action against Department of Defence

Emboldened by a $212.5 million settlement for victims of toxic chemicals from military sites, Shine Lawyers (ASX: SHJ) is taking its class action up a notch against the Department of Defence. In October last year the law firm announced it was investigating a class action over polyfluoroalkyl (PFAS) contamination from firefightin...

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Virgin suspended from ASX

Virgin suspended from ASX

Two days after entering into a trading halt Virgin Australia (ASX: VAH) has requested an immediate suspension of its ordinary shares and unsecured notes on the ASX. The suspension relates to internal discussions at Virgin regarding how the airline intends to continue during the Covid-19 crisis, including deliberation over financial assist...

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Watchdog slams Sportsbet over ASX betting

Watchdog slams Sportsbet over ASX betting

Sportsbet has blamed work from home (WFH) arrangements for a lapse of judgment that led it to offer bets on the S&P/ASX 200 Index. The Australian Securities and Investments Commission (ASIC) intervened in the matter following concerns the bets constituted a financial product that Sportsbet was not licensed to offer, and the produc...

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Aussie Disposals enters administration, 11 stores to close

Aussie Disposals enters administration, 11 stores to close

Australian camping store chain Aussie Disposals appointed voluntary administrators yesterday after bearing the brunt of shopper impacts from bushfires and the Covid-19 crisis. A notice filed with the Australian Securities and Investments Commission (ASIC) shows the company appointed Melbourne-based administrators Magnetic Insolvency....

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The last thing companies should be doing right now is paying dividends

The last thing companies should be doing right now is paying dividends

The economic heart attack induced by COVID-19 has revealed an ugly truth many very large companies have too little cash to ride out sharp downturns. Cash flow variability, and the inability to retain earnings to buffer that variability, is one of the most common reasons small businesses fail. Because large companies have raised large ...

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Bubs sales surge in March quarter

Bubs sales surge in March quarter

Goat's milk formula producer Bubs Australia (ASX: BUB) continues to herd in more consumers with its expanded range of products and channels, delivering 67 per cent year-on-year sales growth in the third quarter. The $19.7 million revenue figure also represents 36 per cent growth on the December quarter, while operating cash flow was p...

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State governments pump billions into land tax and rent relief

State governments pump billions into land tax and rent relief

The Victorian Government is acting on the new commercial tenancies code by pledging half a billion dollars to tenants and landlords as they struggle with the impacts of coronavirus-related economic disruption. The package is the largest state-backed initiative of its kind to date, compared to $440 million from the NSW Government and $400 ...

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GO1 remote learning gets a lift with Microsoft Teams

GO1 remote learning gets a lift with Microsoft Teams

A Queensland-based training and content provider known as the "Netflix for the workplace" will soon be part of Microsoft's answer to business communications tool Slack. GO1, which 13 months ago raised more than $30 million in a Series B funding round led by Microsoft, has announced today its integration with Microsoft Teams....

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Trump suspends funding for WHO

Trump suspends funding for WHO

As the world grapples with containing the Covid-19 pandemic and total deaths now stand at almost 126,000, US President Donald Trump has announced a suspension of his country's funding for the World Health Organisation (WHO). Trump has today alleged the WHO severely mismanaged the health crisis, which began in the Chinese city of Wuhan...

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NSW Premier appoints special commissioner for Ruby Princess inquiry

NSW Premier appoints special commissioner for Ruby Princess inquiry

The NSW Government has today announced a special commission of inquiry into events surrounding the Ruby Princess cruise ship, whereby thousands of passengers disembarked the vessel in Sydney on 19 March despite the known presence of Covid-19 onboard.  The ship is single largest source of coronavirus cases in Australia, and its h...

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Relaxed financial advice rules praised by industry groups

Relaxed financial advice rules praised by industry groups

Several industry bodies have praised regulators for relaxing rules around how financial advice is given during the Covid-19 crisis. The Australian Securities and Investments Commission (ASIC) announced yesterday that registered tax agents (RTAs) would be allowed to temporarily give advice about early access to superannuation without ...

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Genetic Signatures' Covid-19 testing kit receives regulatory approval

Genetic Signatures' Covid-19 testing kit receives regulatory approval

A new rapid testing kit that can detect the virus which causes Covid-19 has been given the tick of approval from the Therapeutic Goods Administration (TGA). Genetic Signatures' (ASX: GSS) SARS-CoV-2 Detection Kit has been approved for inclusion in the Australian Register of Therapeutic Goods (ARTG), giving the company greater access t...

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Smiles Inclusive CEO Tony McCormack steps aside

Smiles Inclusive CEO Tony McCormack steps aside

Smiles Inclusive (ASX: SIL) CEO Tony McCormack (pictured below) has resigned within a week of the embattled dental company announcing the majority of its workforce had been stood down. With most dental practices closed on an "on call" basis, the company was already struggling with cash flow problems prior to the Covid-19 outbrea...

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Mayfair 101 says ASIC action could derail Dunk Island redevelopment

Mayfair 101 says ASIC action could derail Dunk Island redevelopment

The developer behind a $1.6 billion redevelopment of Dunk Island in Far North Queensland says recent legal action taken by the corporate watchdog could disrupt the project. In a statement to the media, Mayfair 101 says the Australian Securities and Investment Commission's (ASIC) legal action regarding alleged false or misleading onlin...

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Sales rise for Afterpay as online drives growth

Sales rise for Afterpay as online drives growth

Shares in Afterpay (ASX: APT) are up 26 per cent today after the buy-now-pay-later (BNPL) powerhouse reported March was its third-highest underlying sales month on record, up 12 per cent on January and February. The group claimed it was "difficult to identify any sustained trends" in any region as a result of Covid-19 impac...

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800,000 businesses register for JobKeeper package

800,000 businesses register for JobKeeper package

Australian businesses have applied en masse for the Federal Government's $130 billion JobKeeper package, keeping the projected unemployment rate much lower than it would have been otherwise. This afternoon Treasurer Josh Frydenberg (pictured) announced more than 800,000 businesses had registered for the scheme so far, while Treasury f...

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Funeral operator InvoCare to raise $150 million

Funeral operator InvoCare to raise $150 million

InvoCare (ASX: IVC) is set to raise $150 million to strengthen its balance sheet as social distancing measures impact its memorial services business. The net proceeds of the raise will be used to reduce net debt and increase liquidity to support the business during the Covid-19 financial crisis. The placement will be conducted at $10....

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Westpac slashes earnings by $1.4 billion due to AUSTRAC and customer remediation

Westpac slashes earnings by $1.4 billion due to AUSTRAC and customer remediation

Australia's second-largest bank Westpac (ASX: WBC) is counting the cost of a money laundering compliance scandal investigated by AUSTRAC, while the aftershock of the Royal Commission continues with hundreds of millions of dollars set aside for customer refunds. The company announced this morning its cash earnings for the first half of...

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Shine investigating class action against Ruby Princess

Shine investigating class action against Ruby Princess

The 2,700 passengers who disembarked the cruise ship Ruby Princess in March may receive justice for how an outbreak of Covid-19 onboard was handled by operators.  Australian law firm Shine Lawyers (ASX: SHJ) has commenced an investigation into whether there are legal avenues to hold the Ruby Princess' US-based owner and oper...

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Virgin Australia enters trading halt over restructuring talks

Virgin Australia enters trading halt over restructuring talks

After announcing the suspension of all domestic passenger flights except a daily Sydney-Melbourne service, Virgin Australia (ASX: VAH) has requested an immediate trading halt today as it explores options to stay aloft. As most air travel grounds to a standstill due to coronavirus-related restrictions, the airline's last reported avail...

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QBE launches $1.3 billion raise to shore up capital

QBE launches $1.3 billion raise to shore up capital

QBE Insurance (ASX: QBE) will dilute more than 12 per cent of its ownership as it rattles the tin to secure $1.32 billion in extra capital. Australia's second-largest global insurer believes the capital raising will give it the strength to withstand "severe market downside scenarios". QBE has announced plans today f...

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Challenger bank Judo poised to guide SMEs through Covid-19 crisis

Challenger bank Judo poised to guide SMEs through Covid-19 crisis

A well-timed investment from the Federal Government is good news for small and medium-sized businesses (SMEs). Judo Bank, an Australian challenger bank dedicated to supporting SMEs, announced last week that it will be receiving a $500 million investment from the Australian Office of Financial Management (AOFM). The funds will be used ...

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Thermal screening tech takes fever detection to new level

Thermal screening tech takes fever detection to new level

Thermal imaging is nothing new, but years of refining computer thermal vision algorithms are now paying off for Brisbane-based company Bigmate as organisations look to all the tools available in preventing the spread of Covid-19. Before the virus outbreak began the group was already in the process of developing a new product called "...

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Flying race car series to take flight from Adelaide

Flying race car series to take flight from Adelaide

The future is now in South Australia where a new flying car racing series called Airspeeder is taking shape in the state's desert. From its new technical facility in Adelaide, Alauda, the parent company of the proposed high-octane race series Airspeeder, hopes to build a global hub for the new sport. The company says Adelaide was ...

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CSL sees dip in plasma as blood donors stay home

CSL sees dip in plasma as blood donors stay home

The largest listed company on the ASX is a world leader in plasma therapies - a business that depends on the supply of blood from donors worldwide. But Melbourne-headquartered CSL (ASX: CSL) has seen a drop-off in blood donations over the past six weeks as people stay at home due to the Covid-19 pandemic. The situation exacerbates an ...

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G8 Education to raise $301 million

G8 Education to raise $301 million

A $301 million equity raise will prepare childcare giant G8 Education (ASX: GEM) for the months ahead. As the nation comes to terms with the prolonged impact Covid-19 will have on the economy, G8 Education, which runs 475 childcare centres in Australia and 17 in Singapore, is making sure it has plenty of cash on hand. The raise will s...

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Preschool will be free for six months in NSW

Preschool will be free for six months in NSW

Parents in New South Wales need not worry about paying preschool fees for the time being as the State Government has made the service free for six months. As part of a $51 million funding package announced this morning, preschool fees have been waived to support parents during the Covid-19 crisis. The State Government has also committ...

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Mesoblast secures US stem cell treatment trial for Covid-19

Mesoblast secures US stem cell treatment trial for Covid-19

Australian regenerative medicine company Mesoblast (ASX: MSB) is moving quickly on plans to repurpose its stem cell treatment to help fight Covid-19, securing a multi-center Phase
2/3 trial in the US. Within days of gaining Investigational New Drug (IND) clearance from the US Food and Drug Administration (FDA) for its product remest...

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Parliament passes $130 billion JobKeeper stimulus package

Parliament passes $130 billion JobKeeper stimulus package

The largest stimulus spend in Australia's history has been passed by the Senate overnight, ensuring millions of Australian workers will be supported during the Covid-19 crisis. Worth $130 billion the package will see around 6,000,000 workers that have been stood down by their employers eligible for economic relief. The package com...

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JobKeeper legislation passes the House of Representatives

JobKeeper legislation passes the House of Representatives

The Federal Government's landmark $130 billion JobKeeper stimulus package has been passed in the Lower House of Parliament. The Bill will now be handed to the Federal Senate where it is also likely to be passed. The JobKeeper legislation will guarantee around 6,000,000 Australians out of work because of Covid-19 will receive a for...

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