News

Oil prices overnight jumped to their highest values in over two months on positive early results on a potential coronavirus vaccine, optimism about a resumption in economic activity and signs producers were following through on planned output reductions.

Gold retreated overnight from a more than seven-year high, as stocks and oil surged on optimism surrounding the trial of a potential COVID-19 vaccine.

The Australian share market has gained more than one per cent for the second straight day, with miners shining after iron ore and gold prices both jumped.

BGH Capital has entered into talks with Village Roadshow to acquire the cinema and theme park owner for between $429.4 million and $468.5 million.

The federal government has granted Perth company Agrimin major status for its Mackay potash project in Western Australia for an initial three-year period.

The Lateral INCITE Awards has shortlisted 26 entrants for this year’s program, with Leederville-based startup InteliCare and IT consultancy firm Modis Australia among those advancing to the second round of judging.

Emirates Group is planning to cut about 30,000 jobs to reduce costs amid the coronavirus outbreak, which will bring down its number of employees by about 30 per cent from more than 105,000 at the end of March, Bloomberg News reports.

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.

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

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.

Perth is test case for return to office

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.

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.

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.

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

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.

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.

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

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.

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

Beijing options limited to Australian iron ore

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 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.

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

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.

Virgin Australia's administrators at Deloitte will have a better sense of which parties are interested in buying the beleaguered airline, when non-binding indicative offers are made tomorrow.

NBN Co says it has connected 670,000 premises in the March quarter, with 11.2 million homes and businesses connected to the broadband network by March 31.

Graincorp has swung to a half-year profit of $388 million following the sale of its Australian Bulk Liquid Terminals business and demerger of United Malt.

Share market investors have seen a dip on the ASX in early trading, with nearly all industry sectors lower.

Public servants may stay home

Oil prices fell about 2 per cent overnight despite the first decline in US crude inventories since January, as the US Federal Reserve chairman stoked demand fears with a warning the economy would take many months to recover from the coronavirus pandemic.

Gold rose overnight after US Federal Reserve Chairman Jerome Powell pledged more stimulus measures, if required, to ease the economic blow from the novel coronavirus.