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Former Swisse CEO to head up cannabis leader Elixinol

Former Swisse CEO to head up cannabis leader Elixinol

The former head of Swisse Wellness Oliver Horn (pictured) has been appointed as the CEO of Australia's leading cannabis company Elixinol (ASX: EXL). Horn's experience with the vitamin giant will serve him well at Elixinol, a cannabis stock specialising in cannabidiol dietary supplements and topical products. The appointment is...

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Elective surgeries to restart, ventilator goal reached

Elective surgeries to restart, ventilator goal reached

The Australian National Cabinet has agreed to the first major easing of Covid-19 containment restrictions with elective surgeries to recommence after the Anzac Day long weekend on 27 April. Prime Minister Scott Morrison told a press conference today the move will lead to the reopening of around 25 per cent of activity for elective su...

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Premier Investments stores to remain closed until mid-May

Premier Investments stores to remain closed until mid-May

All of Premier Investments' (ASX: PMV) stores will remain closed until at least 11 May 2020, extending the period of closure by three more weeks. The decision to leave Dotti, Portmans, Jacqui E, Jay Jays, Peter Alexander, Smiggle, Jay Jays and Just Jeans closed for the extended period of time is in line with current health guidance fr...

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Virgin Australia receives interest from "extraordinary number" of potential backers

Virgin Australia receives interest from "extraordinary number" of potential backers

The administrator charged with turning the fortunes of embattled airline Virgin Australia (ASX: VAH) says the intent is to "run hard" to avoid a protracted restructuring process. Deloitte administrator Vaughan Strawbridge (pictured) says there is a "good sophisticated group of interested parties" in the airline wh...

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Virgin Australia enters voluntary administration

Virgin Australia enters voluntary administration

After 20 years in business the airline that changed the competitive landscape of Australian aviation has fallen into voluntary administration. Coronavirus-related travel restrictions proved too much for Virgin Australia (ASX: VAH), which will now need to reassess its business model as airports are shut down for international travel, borde...

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SA scores a hat-trick with three days of no new Covid-19 cases

SA scores a hat-trick with three days of no new Covid-19 cases

There have been no new confirmed cases of Covid-19 in South Australia for three consecutive days as the state leads the country in suppressing the coronavirus. The last new confirmed case of Covid-19 was recorded on Friday 17 April just as the state began its 'testing blitz'. This milestone comes as 62 active cases remain in S...

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Data-driven hot spots key to relaxing Covid-19 restrictions

Data-driven hot spots key to relaxing Covid-19 restrictions

While the Federal Government's roll-out of a Covid-19 tracing app has received some pushback, a QUT data scientist says available technologies can protect privacy while informing better  policy decisions on both restrictions and their relaxation. Professor Raja Jurdak, from QUT's Centre for Data Science, says blanket Cov...

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Metcash embarks on $330 million equity raise

Metcash embarks on $330 million equity raise

Wholesaler Metcash (ASX: MTS) hopes to raise $330 million to pay off debt despite its retailers performing well in the Covid-19 economy. The company behind major Australian retailers like IGA, Mitre 10, and Cellarbrations, intends to repay $292 million of net debt from the $300 million placement that will be offered to institutional inves...

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No new Covid-19 cases in WA

No new Covid-19 cases in WA

Western Australia has joined Queensland as the second state in the country to record no new cases of Covid-19 today. Both states made the announcements after South Australia recorded no new cases of the virus over the weekend, while Victoria reported just one new case today.  WA health minister Roger Cook (pictured) told a press ...

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Don't expect pubs to reopen in Victoria any time soon

Don't expect pubs to reopen in Victoria any time soon

A cold glass of beer at the local pub might be what many of us need right now, but Victorians will have to hold onto that fantasy for a while longer. Victorian Premier Daniel Andrews says pubs, restaurants, bars and cafes will not re-open for anything other than takeaway or delivery any time soon, but other social distancing measures may ...

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No new Covid-19 cases recorded in Queensland

No new Covid-19 cases recorded in Queensland

Queensland has recorded no new cases of Covid-19 for the first time since the outbreak began, according to the State's Premier Anastacia Palaszczuk. Speaking to the press this morning Palaszczuk said the news was "tremendous" and could mean restrictions may be lifted if numbers remain down for an extended period of time. ...

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National Storage unpacks lower guidance

National Storage unpacks lower guidance

National Storage (ASX: NSR) shares dipped 1.4 per cent this morning to $1.63 after the company cut its earnings forecast for FY20. The Brisbane-based company's shares have bounced overall back since the last of its takeover talks fell through a month ago, buoyed by its status as an essential service in Australia and New Zealand. T...

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QLD tells NSW to "back off" over Virgin HQ relocation

QLD tells NSW to "back off" over Virgin HQ relocation

Queensland Minister for State Development Cameron Dick has slammed New South Wales for attempting to relocate the headquarters of ailing airline Virgin Australia (ASX: VAH) to Sydney. Speaking to the press this morning Dick told New South Wales Treasurer Dominic Perrottet to "back off", saying his state will fight to keep Virgin...

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NAB earnings take $1.1 billion hit

NAB earnings take $1.1 billion hit

First half earnings at National Australia Bank (ASX: NAB) will take a $1.1 million negative impact after tax due to factors including customer remediation a drop in value for its investment in MLC Life. The lion's share of the impact comes from applying software capitalisation policy that lifts the minimum threshold at which software ...

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NSW gives $14m for SME advisory to get through Covid-19

NSW gives $14m for SME advisory to get through Covid-19

The NSW Government is injecting $14 million into a small business advisory program to help company owners get through the Covid-19 pandemic. On Sunday, Minister for Finance and Small Business Damien Tudehope said Business Connect would have additional advisors to help small and medium-sized enterprises (SMEs) navigate this chall...

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Cough up: Mandatory code of conduct for digital giants to support Australian publishers

Cough up: Mandatory code of conduct for digital giants to support Australian publishers

A proposed mandatory code of conduct for overseas digital platforms will be designed to support Australian publishers and level the imbalanced playing field. Included in the government's proposal are arrangements to ensure the sharing of data between publishers and digital platforms and the monetisation and sharing of revenue generate...

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Mayfair 101 restrained from promoting debenture products

Mayfair 101 restrained from promoting debenture products

The Federal Court has restrained Mayfair 101 from promoting its debenture products and prohibited the company from using specific words and phrases in its advertising. The Australian company was taken to the Federal Court last week by the Australian Securities and Investment Commission (ASIC) after allegedly producing misleading and decep...

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US launches three-phase reopening plan as cases pass 670,000

US launches three-phase reopening plan as cases pass 670,000

US President Donald Trump has put the wheels in motion to ease coronavirus-related restrictions if certain benchmarks are hit within fortnightly periods. In an announcement that pushed Wall Street higher overnight, the White House released "gating criteria" that must be met before states and regions can enter a new phase within ...

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Flight Centre founders see shareholding drastically diluted

Flight Centre founders see shareholding drastically diluted

Flight Centre's (ASX: FLT) proposed $700 million raise was always going to result in a major dilution of ownership for shareholders, but the impact on the company's founders has been severe. Prior to the raise, which ultimately saw the company issue around 78.1 million new shares at a 27.3 per cent discount, the Flight Centre...

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Australian universities facing a $19 billion cumulative loss

Australian universities facing a $19 billion cumulative loss

Losing international student revenue could result in Australian universities posting a $19 billion cumulative loss from 2020 to 2023. According to the latest research from think tank Mitchell Institute the impact from Australia's borders being closed on the higher education industry could be a loss in the range of $10 billion to $19 b...

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Michael Hill sales dive as executives take pay cuts

Michael Hill sales dive as executives take pay cuts

Covid-19 trading restrictions have taken the shine off jewellery group Michael Hill (ASX: MHJ) with total store revenue down 11.9 per cent in the third quarter of FY20. The results come as the listed retailer cuts board fees and slashes executive bonuses entirely to manage the fallout from the financial crisis. The effects were felt t...

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Master Builders Australia survey shows orders have "fallen off a cliff"

Master Builders Australia survey shows orders have "fallen off a cliff"

A survey of builders and tradies around the country has found new work could run out in the next few months if orders don't pick up. Master Builders Australia CEO Denita Wawn describes the results of a recent Covid-19 impacts survey as "alarming", with 73 per cent of respondents reporting substantial fall in f...

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Government props up Virgin, Qantas to keep critical flights and freight alive

Government props up Virgin, Qantas to keep critical flights and freight alive

The Federal Government will underwrite $165 million for domestic flights run by Qantas (ASX: QAN) and Virgin Australia (ASX: VAH) during the Covid-19 pandemic. The investment from the Government will allow both Qantas and Virgin to reinstate some domestic services, and is a big support for Virgin in particular which is currently suspended...

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PM outlines triggers for easing of restrictions

PM outlines triggers for easing of restrictions

The Australian Government has set a four-week goal to achieve surveillance, tracing and response milestones if social distancing measures are to be eased, but Prime Minister Scott Morrison emphasises there will be "sobering" economic news along the way.  While 63 people have lost their lives so far to Covid-19 in Australia ...

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Cbus to build $300 million CBD office building for SA Government

Cbus to build $300 million CBD office building for SA Government

Cbus Property will deliver a $300 million 20-storey CBD office building in Adelaide for the South Australian Government. The build will be managed in partnership by the SA Government and Cbus Property, and the building will house the South Australian Department of Planning, Transport and Infrastructure (DPTI) as an anchor tenant. Cbus...

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Harris Scarfe sold to Spotlight Group

Harris Scarfe sold to Spotlight Group

Australian department store chain Harris Scarfe has been sold to Spotlight Group, leaving unsecured creditors in the lurch. A deed of company arrangement (DOCA) has been agreed upon by creditors which will see Harris Scarfe continue to trade under the ownership of Spotlight Group, the parent company of craft retailer Spotlight and outdoor...

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Bapcor launches $210 million capital raise

Bapcor launches $210 million capital raise

Car parts retailer Bapcor (ASX: BAP) is raising $210 million in an effort to reduce debt and build a cash foundation to see the Covid-19 crisis through. The fully underwritten institutional placement of $180 million and a non-underwritten share placement plan of $30 million will be used to reduce the company's net debt position. F...

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QLD Government to tackle "hefty" food delivery fees

QLD Government to tackle "hefty" food delivery fees

The Queensland Government has called a meeting for Monday to address ways of tackling the delivery fee burden on restaurants and cafés. Minister for Employment and Small Business Shannon Fentiman says key stakeholders will come together to discuss the issue of "exorbitant delivery fees as a matter of urgency". &q...

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Casinos cut CEO pay as thousands of staff stood down

Casinos cut CEO pay as thousands of staff stood down

Two of Australia's largest casino operators have announced pay cuts for CEOs as staff are stood down across the board to manage costs during Covid-19. Star Entertainment Group (ASX: SGR) and Crown Resorts (ASX: CWN) have stood down around 12,355 staff cumulatively to manage operating costs. To reflect the sacrifices made by staff,...

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Sewage the next frontier in tracking Covid-19 cases

Sewage the next frontier in tracking Covid-19 cases

Researchers from the University of Queensland (UQ) and the CSIRO have taken the first steps to develop a sewage-based early warning surveillance system to track Covid-19 prevalence in the community. Scientists have successfully demonstrated the presence of SARS-CoV2, the virus which leads to the disease COVID-19, in untreated wastewa...

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