The ASX 200 (ASX: XJO) is currently up 0.15% at lunch after spending the morning in the red.
The COVID-19 outbreak in Melbourne continues to spread, there were 127 new cases in Victoria, the highest one-day total of the pandemic. The NSW and Victoria border will be closed from tomorrow at midnight. It will be policed by NSW so that Victoria’s resources can be used to work on controlling the virus.
Afterpay (ASX:APT) and Qantas (ASX:QAN) team up
Qantas and Afterpay have teamed up which will allow Qantas Frequent Flyers (QFF) to earn points on the buy now, pay later platform.
New people to Afterpay will earn 500 QFF points when they link to their Afterpay account. $1 spent will earn 1 QFF point, up to 5,000 Qantas points.
If people already shop with Afterpay they’ll earn 1 Qantas point per $1 spent (after they’ve initially spent $1,000), up to 5,000 points. The offer for existing Afterpay customers is limited to the first 50,000 members who sign up.
Qantas Loyalty CEO Olivia Wirth said: “Financial services is one of the most popular ways to earn points in the program, it’s the quickest and easiest way to build your points balance.
“With our 13 million members all having different spending habits and financial preferences, it’s great to be able to offer more options and more rewards.”
The Afterpay share price is up 0.75%, but the Qantas share price is down 0.5% right now.
Event (ASX:EVT) gives an update
The company announced that it has successfully refinanced its debt. The debt facility has been increased by $205 million to $750 million. That means the company now has available cash and undrawn debt of around $320 million.
The majority of cinemas in Australia and New Zealand are now open. During the restrictions the company stood down many of its global workforce. It successfully applied for jobkeeper in Australia, the New Zealand wage subsidy and the Germany short-time work scheme. It has restructured, renegotiated its supplier contract and commenced landlord negotiations.
The majority of hotels have remained open throughout the COVID-19 shutdown with a number of initiatives implemented to mitigate the impact of COVID-19. The hotels business successfully applied for wage help in Australia and New Zealand. It has been generating revenue from activities like government quarantine and isolation, essential workers and self-isolation guests.
There is going to be a restricted opening for the winter season for Thredbo from 22 June 2020 with a 50% capacity.