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Aussie airline's shock collapse

<p>Australia's third largest airline Regional Express, better known as Rex, has entered voluntary administration. </p> <p>The airline will ground all its Boeing 737 jets and cease flying immediately between Australia’s major cities, as Rex struggled to compete with Qantas and Jetstar for customers. </p> <p>In response to the cancellation, Virgin has said it will allow Rex customers with tickets on 737 flights to transfer them to its services.</p> <p>Rex began connecting major cities during the pandemic, but was unable to keep up with other airlines who were more known for servicing Aussie capital cities. </p> <p>While flights to major cities with Rex will cease, the airline confirmed that its flights to and from regional cities, which use smaller Saab 340 turboprops, will continue as normal.</p> <p>The airline currently serves 56 destinations around Australia, many of them remote.</p> <p>In response to the cancelled flights, Qantas and Virgin Australia shared a statement saying they were “sad” for the “difficult” day.</p> <p>“This is a challenging day for our industry and we are sad to see Rex enter voluntary administration with the immediate suspension of its Boeing 737 operations,” a spokesperson for Qantas said.</p> <p>“We know this will be a difficult period for many Rex customers and employees and we stand ready to assist.”</p> <p>The spokesperson said Rex customers impacted by cancelled flights due to the grounding of their domestic jet services can contact Qantas and Jetstar to be reaccommodated on the same route as their original booking at no charge, where seats available.</p> <p>In a statement on the Rex <a href="https://www.rex.com.au/AboutRex/OurCompany/DomesticFlightUpdates.aspx" target="_blank" rel="noopener">website</a>, the stricken airline said it was working with Virgin Australia to assist impacted passengers. </p> <p>“An agreement has been reached with Virgin Australia to honour all prepaid tickets for the Rex Group’ direct services between domestic capital cities, at no additional cost to passengers.</p> <p>“If you hold a prepaid ticket for future travel on any of these routes, you can transfer your Rex booking to a similar Virgin Australia flight.”</p> <p>Customers must re-book their flight by Wednesday August 14th or they will lose their money.</p> <p>“Regional flights are unaffected by the administration and will continue to operate as normal,” it stated.</p> <p><em>Image credits: Shutterstock </em></p>

Travel Trouble

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TGA warns Aussies against using Ivermectin for COVID-19

<div class="body_text redactor-styles redactor-in"> <p>The Therapeutic Goods Administration (TGA) has detected an increase in the amount of a drug called Ivermectin being imported and it warns against the use of this drug for the treatment of COVID-19 as it is untested for this condition.</p> <p>Ivermectin is an anti-parasitic drug which has been shown to be effective in vitro against a broad range of viruses including HIV, dengue, influenza and zika.</p> <p>However, it is not approved for the treatment of COVID-19. In a statement, the TGA said: ‘The Therapeutic Goods Administration (TGA), part of the Department of Health, has detected increased importation and prescribing of Ivermectin for the treatment of COVID-19.’</p> <p>‘The TGA strongly discourages self-medication and self-dosing with Ivermectin for COVID-19 as it may be dangerous to your health.’</p> <p><strong>Even the drug’s manufacturer warns against using it this way</strong></p> <p>Even the drug's manufacturer, Merck Sharp &amp; Dohme (MSD), has urged people not to use the medication to treat COVID-19, warning in a statement saying:</p> <p>"No scientific basis for a potential therapeutic effect against COVID-19 from pre-clinical studies; No meaningful evidence for clinical activity or clinical efficacy in patients with COVID-19 disease, and a concerning lack of safety data in the majority of studies."</p> <p>Despite those urgings, Ivermectin's popularity amongst fringe medical and anti-vaccination groups - and its promotion via the Internet - has seen demand for it increase here in Australia.</p> <p><strong>Ivermectin is often promoted by anti-COVID figures</strong></p> <p>The cheap and common drug is often promoted by anti-COVID vaccination or anti-lockdown figures, such as former Liberal backbencher Craig Kelly and a number of US conservative, fringe campaigners.</p> <p>Ivermectin has been used around the world for years as a treatment for a range of conditions including head lice, parasites, worms and scabies. It is available as a pill, lotion and shampoo.</p> <p>The drug's advocates have pointed to several studies which allegedly show its effectiveness against COVID-19.</p> <p><a rel="noopener" href="https://pubmed.ncbi.nlm.nih.gov/32251768/" target="_blank">Some Australian research</a> indicated Ivermectin could inhibit the virus from replicating within a cell and reported the drug warrants further investigation into the possible benefits for humans. However, this trial was only carried out in a laboratory.</p> <p>Other research found the amounts needed of Ivermectin would not be possible for human and other research said there was <a rel="noopener" href="mailto:https://www.cochranelibrary.com/cdsr/doi/10.1002/14651858.CD015017.pub2/full" target="_blank">‘conflicting’ evidence</a> as to its benefits.</p> <p>The Cochrane alliance, a global collaboration between scientists to assess clinical research, said the completed studies were "small and few are considered high quality".</p> <p>"We are uncertain about the efficacy and safety of Ivermectin used to treat or prevent COVID‐19," the alliance reported.</p> <p>The TGA has not approved the drug for COVID-19 treatment, saying more investigation was needed.</p> <strong>What’s happening overseas?</strong> <p>In the United States, health authorities have warned people against using doses of Ivermectin.</p> <p>The problem has become noticeable in some states where local health authorities have noticed dramatic increases in poisoning.</p> <p>The Health Department of the US State of Mississippi said 70 per cent of the calls it received recently about poisoning have been related to people taking Ivermectin.</p> <p><em>Photo: Getty Images </em></p> </div>

Caring

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Another Aussie fashion label goes bust

<p>Yet another Australian fashion retailer has bitten the dust, joining the likes of Diana Ferrari, Maggie T, Oroton, and David Lawrence.</p> <p>After 76 years, men’s fashion chain Roger David has gone into administration, its collapse because of competition from online and international retailers, reports<span> </span><em><a rel="noopener" href="https://www.news.com.au/finance/business/retail/rogers-david-goes-into-administration/news-story/e8f278b7030938c6e2b039cf63e99f97" target="_blank">news.com.au</a></em>.</p> <p>It is now in the hands of administrators KordaMentha.</p> <p>“Despite the directors’ best efforts with the business, it simply could not compete with the influx of multinational retailers and the rapid, global evolution of online shopping,” Roger David directors said in a statement yesterday.</p> <p>“Thank you also to Roger David’s loyal customers who have been on a journey with Roger David since we opened our doors,” said the directors.</p> <p>“Like you, we are heartbroken but forever grateful to have served generations of your family since 1942.”</p> <p>KordaMentha administrator Craig Shepard said that, "Roger David, like many other fashion retailers, has been buffeted by global competition, stagnant sales and rising fixed costs," according to<span> </span><em><a rel="noopener" href="https://www.smh.com.au/business/companies/heartbroken-roger-david-collapses-into-administration-20181018-p50adk.html" target="_blank">The Sydney Morning Herald</a></em>. "The company has been exploring all options, including a sale of the business, but has been unable to find an alternative to administration."</p> <p>“The competition in the market, the internationals and in general online, it has just got tougher and tougher."</p> <p>Roger David had already closed over half of its stores, downsizing from 135 to 57 locations, and the administrators announced that a closing down sale would begin immediately. Shepard said gift cards for the brand would be honoured for a month.</p> <p>The chain, which employs over 300 staff, is due to operate throughout the Christmas shopping season.</p>

Beauty & Style

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Jamie Durie's legal battle with former right-hand man

<p>Jamie Durie founded his design practice in 1998 and then soon after, became a household name after appearing on home improvement shows, such as Backyard Blitz and The Block.</p> <p>He then received international acclaim after making regular appearances on The Oprah Winfrey Show for over four years and has now hosted more than 50 design shows around the globe.</p> <p>However, the 48-year-old’s multimillion-dollar design company has been quietly crumbling.</p> <p>On May 3, Durie’s company JPD Media and Design Pty Ltd went into voluntary administration, with Simon Cathro from Worrels Solvency and Forensic Accountants appointed to look into the company’s financial affairs.</p> <p>The news followed a long legal battle between Durie and his former employee Mike Curnow, who had worked as the company’s global head of licensing.</p> <p>Curnow was hired by the company in 2004 and let go in 2013.</p> <p>Curnow then launched legal action against his former employer for unpaid commissions.</p> <p>In March, the Supreme Court ruled Mr Curnow was owed $563,049, which does not include the judgement on interest and costs which is yet to be made. Solicitors estimate the interest and costs could push the total amount owed to more than $1 million.</p> <p>Mr Curnow was not paid the initial sum by April, and so his legal team filed a creditor’s statutory demand for the payment, which was due by May 4, reported the <a href="https://www.smh.com.au/entertainment/celebrity/private-sydney-dirt-flies-over-fall-of-gardening-empire-20180531-p4zims.html" target="_blank"><em><strong><span style="text-decoration: underline;">Sydney Morning Herald.</span></strong></em></a></p> <p>However, just one day before the payment was due, Durie placed his company into voluntary administration, with just $1 in the bank.</p> <p>Curnow, who is still waiting for his payout, said he was “absolutely disgusted” over the situation.</p> <p>“This has cost me my marriage, my home and my career,” Mr Curnow said of the legal fight with Durie.</p> <p>“If he thinks I’m going to give up now, he’s mistaken. I’m not going anywhere.”</p> <p>According to the <em>Sydney Morning Herald</em>, the company also owes cash to other creditors including the Australian Taxation Office, with more than $215,000 in unpaid taxes for the 2016/17 financial year.</p> <p>The legal battle also revealed that Durie had taken a $500,000 loan from ex-Macquarie group boss Bill Moss in 2010 to keep his business running.</p> <p>Durie had been forced to ask for an extension on the loan, admitting to Moss that he had “made some bad decisions”.</p> <p>Durie previously told Fairfax reporters that Curnow had “made millions out of me over the years”.</p>

Legal

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Toys 'R' Us goes into voluntarily administration in Australia

<p>Toys 'R' Us Australia has gone into voluntary administration months after the US and UK stores collapsed.</p> <p>Directors of the company appointed voluntary administrators McGrathNicol after the withdrawal of the final bidder for the sale of the Australian business, a McGrathNicol spokesman said in a statement on Monday.</p> <p>All Toys 'R' Us and Babies 'R' Us stores will remain open and continue to trade while the administrators look at their options – either to sell the stand-alone Australian business or a recapitalisation through the voluntary administration process.</p> <p>There are 44 retail stores across Australia which employs about 700 permanent staff.<br /> No employee positions are affected by the appointment, the spokesman said.</p> <p>However, Toys ‘R’ Us Australia will no longer offer refunds, and gift cards and vouchers will only be honoured if customers spent an additional equivalent amount.</p> <p>Online orders and lay-bys will be delivered or honoured where goods have been paid for in full and the stock is available.</p> <p>“The administrators will continue to pay employees and expect that employee entitlements will be met either through a sale of the business, recoveries from the sale of stock, or through the Commonwealth Government's Fair Entitlements Guarantee (FEG) Scheme,” the statement said.</p> <p>Toys 'R' Us Australia posted a $7.7 million loss in the financial year to January 2017 and a $9 million loss the previous year.</p> <p>It follows the announcement in March earlier this year that Toys 'R' Us in the US was preparing to sell or close all its 885 stores.</p> <p>Administrators closed a quarter of the company's 100 UK stores by mid-March with plans to close the remaining stores by the end of April.</p> <p> </p> <p> </p>

Money & Banking

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Bad news for Jamie Oliver’s Aussie fans

<p>Jamie Oliver’s Australian restaurant group has gone into voluntary administration forcing the immediate closure of the Canberra-based restaurant.</p> <p>Two years ago, the celebrity chef bought back the Jamie’s Italian chain from failed hospitality group the Keystone Group in March 2017.</p> <p><em>The Canberra Times</em> revealed that staff at the Canberra restaurant were given no warning of the sudden closure of the eatery.</p> <p>Jamie Oliver’s other Italian restaurants in Perth, Brisbane, Sydney and Adelaide will be taken over by Brisbane-based Hallmark Group.</p> <p>Yesterday, chief operating officer of the Australian Jamie’s Italian chain, Ben Shaughnessy, called in the voluntary administrators after consecutive meetings with Hallmark to discuss the sale and creditor HSBC.</p> <p>On Monday evening, the PR business representing Jamie’s Italian in Australia issued a statement, announcing “a new operating partner for its Australian business”.</p> <p>A spokesperson for the Jamie Oliver Restaurant Group Australia said, “Australia has and continues to be one of our best performing international markets and, after a short period of in-house management we are pleased to be partnering with Hallmark.</p> <p>"The team brings a huge amount of experience and passion for our brand, from collaborating with the key suppliers to our food philosophy, and we look forward to working with them as they develop the Jamie’s Italian restaurant offering across Australia."</p> <p>On social media the Canberra restaurant said, “This is pretty sad news for the staff but Jamie's Italian has closed suddenly this morning and it looks like it won't be reopening anytime soon.”</p> <p>“The remaining restaurants in Sydney, Brisbane, Perth, Parramatta and Adelaide are to remain open.</p> <p>The announcement follows a recent scandal where a chef at one of the Italian restaurants was caught using packet gnocchi – despite claims the restaurant makes produce fresh daily.</p> <p>An observant customer dining at the restaurant on Pitt Street, Sydney, took a photo of a chef preparing to use a packet of ready-made gnocchi.</p> <p style="text-align: center;"><img width="499" height="645" src="https://oversixtydev.blob.core.windows.net/media/7817516/1_499x645.jpg" alt="1 (118)"/></p> <p>On the menus of the popular restaurants, it says that they "make fresh pasta, right here every day”.</p> <p style="text-align: center;"><img width="498" height="355" src="https://oversixtydev.blob.core.windows.net/media/7817517/2_498x355.jpg" alt="2 (69)"/></p> <p>It has been revealed that Jamie Oliver’s international restaurant chains had a pre-tax loss of $17.5 million. The UK business entered into a Company Voluntary Arrangement believing it can trade out of its trouble.</p> <p>On Friday, his chain announced that twelve of his restaurants will close as part of a company restructure.</p> <p>The firm said, “We are pleased to have received the overwhelming support from our creditors for our proposal to reshape Jamie's Italian restaurants.”</p> <p>“We have a strong brand and are focused on continuing to deliver the levels of service, taste and the experience our loyal customers deserve.”    </p> <p>The UK chef has 25 restaurants in the UK and 28 overseas. There are six Jamie’s Italian restaurants across Australia.</p>

Money & Banking

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Bad news for shoppers: Handbag brand Oroton goes bust

<p>Luxury handbag maker Oroton has gone into voluntary administration, with shoppers swarming the retailer to snap up bargains as it attempts to clear stock.</p> <p>Oroton, whose most public face is Australian actor Rose Byrne, made the announcement this morning prompting shoppers to head on line and snap up the heavily-discounted stock ahead of the busy Christmas shopping season.</p> <p>And there are plenty of bargains to be had. For example, the large Melanie tote bag that was retailing for $595 is now going for a paltry $116. And the Signature O Baby Bag which originally cost $495 is now just $148.50. </p> <p>Interim chief executive Ross Lane claimed the 79-year-old Australian retailer had no choice but to go bust, after efforts to recapitalise or sell the business failed miserably.</p> <p>“The board is disappointed that it has had to take this step after running such a comprehensive process,” he said in a statement lodged with the Australian Securities Exchange.</p> <p>“However, having carefully considered the options available to the company at the conclusion of its strategic review, it is apparent that voluntary administration is necessary to protect the Oroton business and the future of this iconic Australian brand.”</p> <p><iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Forotonstudio%2Fposts%2F10155176172128927&amp;width=500" width="500" height="736" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true"></iframe></p> <p>Oroton is the latest company to go bust as retailers continue to struggle with pressures from online shopping, high overheads and an uncertain consumer market.</p> <p>What are your thoughts? </p>

News

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What does the collapse of Network Ten mean for viewers?

<p>Yesterday, Network Ten announced it was going into voluntary administration, putting hundreds of employees – not to mention some of our favourite shows – in jeopardy. So what went wrong? And how will its collapse affect viewers?</p> <p>The announcement comes six years after a major shake-up in which the channel vastly expanded their news line-up and shifted their traditional evening shows to digital Channel Eleven – a move criticised at the time by interim CEO Lachlan Murdoch and shareholder James Packer.</p> <p>Within just one and a half years of the change, Ten had fallen from its position as one of Australia’s most profitable networks to one of its least, losing millions of dollars.</p> <p>Rumours have been circulating for a while now regarding the struggling station, but the final nail in the coffin came when Murdoch, Packer and fellow shareholder Bruce Gordon refused to guarantee a $250 million loan to help Ten repay its $200 million debt to the Commonwealth Bank.</p> <p>“This decision follows correspondence received from Illyria [Murdoch’s investment vehicle] and Birketu [Gordon] over the weekend which left the directors with no choice but to appoint administrators,” the network announced to ASX.</p> <p>However, it’s not the first time Ten has found itself on the brink of disaster. In 1972 and 1990, the network was saved by new strategies, including more content targeted at younger demographics. It’s this move away from youth audiences that Aussie TV historian Andrew Mercado believes is responsible for the collapse.</p> <p>“The last time Ten was in receivership, one Australian show survived,” he recalled to <a href="http://www.news.com.au/finance/business/media/what-went-wrong-at-network-ten/news-story/f81c50a91b464af536faf94bf328bfad" target="_blank"><strong><span style="text-decoration: underline;">News.com.au</span></strong></a>. “That show was <em>E Street</em>, because it had the best advertising demographic of 18-35, it had male viewers, and Ten realised young people could be their future, they could program for that age group.”</p> <p>“That became their strategy through the ‘90s, with <em>The Simpsons</em>, <em>Twin Peaks</em>, <em>Melrose Place</em>, <em>Seinfeld</em>. Ten became the youth network. They weren’t coming number one in the ratings, but they ended up making the most money from advertising.”</p> <p>Mercado believes Ten tried too hard to compete with Seven and Nine, bringing in more news and breakfast programs. “Seven and Nine blatantly copy each other, but Ten always used to have a point of difference. But they got cold feet and automatically reverted back to the same breakfast shows.”</p> <p>As for programming, it will likely be business as usual at Ten and you’ll still be able to tune in to your nightly <em>MasterChef</em> or <em>The Project</em>. It’s lower-rating, American-produced shows that will take the hit. Australian TV networks are required to air at least 55 per cent Aussie content between 6am and midnight, so chances are all our favourites will stay – they’ll just be trimmed back a bit thanks to cost-cutting measures.</p> <p>What do you think about Ten going into administration? Share your thoughts with us in the comments below.</p> <p><em>Image credit: AAP.</em></p>

TV

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Dick Smith to announce new receiver and voluntary administrator

<p>Electronics retailer Dick Smith is expected to confirm the appointments of a receiver and a voluntary administrator in Australia after voluntarily suspending its shares on the Australian Stock Exchange on Monday.</p> <p>According to The Australian, the troubled retailer appointed McGrathNicol as the company's administrator after its lead bankers National Australia Bank (NAB) and HSBC appointed James Stewart from Ferrier Hodgson as receiver.</p> <p>The Australian reported Dick Smith was expected to confirm the appointments today.</p> <p>Investors were already bracing for bad news after the retailer suspended its shares on Monday, with director of investor relations David Cooke announcing in a statement that the company was seeking a trading halt "pending an announcement to be made in respect of the ­company's funding position and debt financing covenants".</p> <p>Dick Smith cut the value of its stock by at least $65.9 million across Australia and New Zealand late last year.</p> <p>At that time, Cooke said its New Zealand sales were declining but the rate of decline had halved in the last second half of the year.</p> <p>Its shares on the Australia Stock Exchange plunged 57 per cent after the company announced it could not guarantee profit guidance given in October and warned of possibly more write-downs.</p> <p><span>First appeared on </span><span style="text-decoration: underline;"><em><strong><a href="http://www.stuff.co.nz/" target="_blank">Stuff.co.nz</a>.</strong></em></span></p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.co.nz/lifestyle/family-pets/2015/11/funny-things-grandkids-say-part-4/"><em>The funniest things grandkids kids say</em></a></strong></span></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.co.nz/lifestyle/family-pets/2015/11/sacrifices-grandparents-make-study/"><em>The many things grandparents sacrifice for their family</em></a></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/lifestyle/family-pets/2015/11/interspecies-animal-friendships/">15 unlikely friendships that will melt your heart</a></em></strong></span></p> <p><strong> </strong></p>

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