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Wall St dives as US states lockdown

Wall Street has wrapped up its worst week since October 2008, with the Dow and S&P 500 sliding more than 4 per cent on Friday.

US crude's biggest weekly loss since 1991

US crude tumbled 10.7 per cent on Friday and posted its biggest weekly decline since the 1991 Gulf War as the coronavirus epidemic dried up global demand and as officials in Washington said an envoy would head to Saudi Arabia to deal with fallout of a Saudi-Russia oil price war.

Gold rises as virus-led cash run ends

Gold rebounded on Friday, rising as much as 3.1 per cent, as a wave of fiscal and monetary stimulus by global central banks to counter the economic impact from coronavirus spread halted investors lure for cash.

$50bn+ for business in pandemic package

A $20 billion loan guarantee for small businesses, $31.9 billion of grants to encourage small businesses to keep workers and $18 billion of support for welfare recipients and people who lose their jobs are the key elements in the federal government’s second round COVID-19 economic response.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss the market overview in these dramatic times, government and industry policy responses, travel challenges, earning guidances, businesses taking on staff, Acciona and CPB Contractors going head to head, Cottesloe aged care and apartment project, and our special report on the ICT sector.

ASX finishes worst week in over 11 years

The Australian share market has finished its worst week since October 2008 with a modest daily gain.

COVID-19 daily wrap: PM tightens indoor gatherings

PM Scott Morrison announces further restrictions on indoor gatherings. He also announced a delay to the federal budget. Australia has recorded its seventh COVID-19 death. WA has 12 new cases.

Iris nears construction start at Booragoon

Iris Residential has overcome a range of challenges to build its Booragoon apartments project, to begin within weeks.

Extra cash to aged care to cope with virus

The federal government will pour an extra $444.6 million into aged care facilities, including money to help them hold onto staff amid the coronavirus crisis.

Neometals surprises with $10.9m in dividends

Lithium miner Neometals has declared a partially franked dividend of 2 cents per share, despite challenging economic times and after the company delivered $45 million to shareholders over the past four years.

Big Australian in jobs boost

BHP will hire 1,500 temporary workers across the country on six month contracts, with at least 400 to be at Western Australian iron ore operations, Business News understands, while Woodside has pledged to cut payment times for contractors.

Universities prepare students for online move

Curtin and Murdoch universities have introduced early semester breaks to prepare students and staff for a transition to online learning, in response to the global COVID-19 pandemic.

Wesfarmers unable to quantify impact

Wesfarmers has disclosed that nearly every part of its business has been affected by COVID-19, with Bunnings and Officeworks doing better while Target is suffering.

Aust small businesses to get loan relief

Small businesses impacted by the coronavirus crisis will be able to defer their loan repayments for six months under a plan put forward by the banking industry.

Confusion over awards to blame for underpayments

The underpayment of staff highlights the complexities of Australian labour laws.

Telstra halts job cuts, suspends late fees

Telstra has frozen its job cutting program for six months, suspended late payment fees and disconnections, and has invited stood-down Qantas employees to apply for 1,000 temporary jobs to help virus-proof the economy.

Aust stocks jump 3% as confidence rises

Big banks have led an almost three per cent surge in Australian shares after an overnight buying spree on US and European markets .

Morning Headlines

Chamber boss stares down virus with bold claim

Gold drops 1% as investors cash out

Gold prices slipped more than 1 per cent on Thursday as the dollar jumped to multi-year highs, with the coronavirus pandemic threatening to cripple economic activity and prompting investors to sell assets to keep their money in cash.

BHP improves payment terms

BHP will start paying invoices from small business suppliers after just seven days and has created a $6 million fund to support labour hire companies affected by COVID-19.

Arts sector says the show must go online

The performing arts sector is coming up with new ways to ensure people are entertained, in light of government restrictions on indoor events attended by 100 people or more as a result of the COVID-19 pandemic.

COVID-19 daily wrap: First community transmission in WA

Roger Cook confirms community transmission in WA. Prime Minister Scott Morrison has imposed a travel ban on all non-residents. Confirmed COVID-19 cases in Australia has reached 514.

Metronet precincts defined in eastern suburbs

Large portions of Bayswater and Forrestfield have been defined as Metronet precincts, with state government agency DevelopmentWA to guide future development in the areas.

ASX plunges again to hit fresh four-year low

The Australian stock market has shrugged off an emergency rate cut from the Reserve Bank, hitting a fresh four-year low in the process, while the Australian dollar has sunk to an 18-year low.

MinRes in $30m asset sale

Mineral Resources boss Chris Ellison has struck a deal with his brother Andrew Ellison’s company to sell two of its non-core manganese assets while also providing project funding and mining services assistance.

FBR slashes spending, activities

Robotic bricklaying company FBR has slashed its workforce, saving $10 million per year, and postponed the construction of its first display home, which was due to commence in a matter of days.

RBA in unprecented rescue package

Two new facilities to support lending worth a combined $105 billion are key elements of the Reserve Bank and federal government’s plans to support the economy in response to COVID-19, while the RBA cut rates to 0.25 per cent and promised an unprecedented target on government bond yields.

Zenith wins power supply extension

Zenith Energy will increase the capacity of a power station at one of Toronto-based Superior Gold’s operations in Western Australia after receiving a 52-month contract extension.

Focus on jobs, not cash splash: Deutsche Bank

Support for businesses to hold on to workers should be prioritised over cash handouts for households, according to Deutsche Bank, which forecasts Australia’s economy will fare better than most with a contraction of only 0.1 per cent in 2020.

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