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Four Virgin Australia bidders shortlisted

Four private equity firms are the leading candidates to buy Virgin Australia, the biggest regional casualty of the coronavirus crisis in the global aviation industry.

Cafes, pubs open as WA returns to work

Normality is starting to resume for Western Australians with cafes, restaurants and pubs reopening their doors and workers returning to offices

Aust shares up more than 1% early

Shares on the Australian market are off to a good start, with a gain of more than 1.0 per cent and most sectors trading higher.

Morning Headlines

Perth is test case for return to office

Oil prices jump on signs of higher demand

US crude prices have reached their highest price since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.

US-China tensions help gold to 7-year high

Gold prices have jumped to levels last seen in 2012, as renewed US-China trade tensions added to concerns about a deep economic slump due to the coronavirus pandemic.

WA to resume half of all elective surgeries

The state government has said it will allow public and private hospitals to increase elective surgeries to 50 per cent of normal activity as of Monday, following new guidelines set today by the national cabinet.

See-saw ASX up 1.4% as miners shine

The whipsaw action on the Australian share market has continued for a fifth straight day of back-and-forth action.

Virgin Australia expected to get eight offers

Virgin Australia is expected to receive as many as eight non-binding indicative offers from potential buyers, which will be whittled down over the next few days to a shortlist of around three, its administrators said.

COVID-19 daily wrap: Details released on business safety plan

Premier Mark McGowan has announced details on the COVID Safety Plan businesses need to complete before reopening next week. The federal government has announced a $48.1 million mental health support package.

CBH director ousted on 51% vote

Trevor Badger has been voted off the CBH Group board by the slimmest of margins at a special general meeting today, with the vote exposing a divide between members and the farm co-operative's board.

Designing an economic recovery

Architects are hoping the government will consider a series of targeted initiatives to stimulate the economy as attention shifts to COVID-19 recovery plans.

Commercial construction takes a hit

An expected pick-up in commercial construction activity in Western Australia has been wiped out by COVID-19 restrictions, with Master Builders Association now tipping a small decline over the next two years. The outlook is worse at a national level,

Finding the right retail therapy

As shops across WA begin to reopen as social distancing restrictions ease, retail property owners are starting to reflect on the health of their assets.

Mair in $24m commercial property move

Western Australia-based Mair Property Funds has bought a West Perth property and an office in Victoria, for $10.6 million and $13.9 million respectively.

WA homebuilding outlook worsens

The Housing Industry Forecast Group (HIFG) has downgraded its estimate on the number of dwellings to be built in Western Australia for the current financial year, with the updated figure almost 20 per cent lower than FY19.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss the pandemic’s economic impact, labour force, construction, hospitality, Qantas and Perth Airport, Minderoo rebrand, China spat, new corporate finance deals, Jennifer Lawrence, the City of the Future and our special report on the education sector.

GR Engineering wins $32m contract

GR Engineering Services has received a contract extension from the federal government for operations and maintenance services at the Northern Endeavour Floating Production Storage and Offtake (FPSO) vessel in the Timor Sea.

EMCO secures Esperance TAFE build

Local company EMCO Building has been awarded the build contract at South Regional TAFE’s new $18.34 million Esperance campus, under a deal with the state government.

AFL announces return date

Australian Football League boss Gillon McLachlan has confirmed the resumption of the 2020 season, with an initial four rounds of football to begin on June 11.

Perth Airport, Qantas resolve dispute

Perth Airport has resolved its recent dispute with Qantas over unpaid fees during the COVID-19 pandemic, following weeks of acrimonious brinkmanship with the nation’s flag carrier.

ASX higher by about 1%; energy, banks up

Shares on the Australian market were up by about one per cent in early trade and most industry sectors were higher.

Morning Headlines

Beijing options limited to Australian iron ore

Oil rises on dip in US crude stockpiles

Oil prices settled higher overnight after the International Energy Agency (IEA) forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.

Gold's 3-week high as trade risks mount

Gold climbed to a three-week high overnight, propelled by safe-haven demand, as investors ditched riskier assets on concerns over long-drawn economic weakness and renewed US-China trade tensions.

Minderoo Group becomes Tattarang

Andrew and Nicola Forrest have rebranded their private company as Tattarang, with the change of name coming soon after several board and executive changes.

ASX drops 1.7% with all sectors down

The volatile Australian share market has plunged 1.7 per cent, repeating a familiar pattern as it trades in a fairly tight range.

COVID-19 daily wrap: Students make full return on Monday

All school students in Western Australia are required to return to the classroom on Monday, with some exceptions. The state reported one new coronavirus infection overnight. There were 13 new COVID-19 cases reported nationally.

Viburnum buys into Cranecorp

Private investment group Viburnum Funds has acquired a majority shareholding in Henderson-based Cranecorp Australia in a deal believed to be worth about $50 million.

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