JC Penney Co Inc is preparing to file for bankruptcy protection as soon as next week | Market Update

  • May 09, 2020 AEST
  • Team Kalkine

JC Penney Co Inc is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter of its roughly 850 stores, becoming the latest major US retailer to succumb to fallout from the coronavirus outbreak, according to people familiar with the matter.

Queensland has recorded its third day of zero cases this week but authorities warn the virus has not been eradicated and more cases are expected. There have been only 11 new cases of COVID-19 this week with 20 still active as the state continues to stifle the spread of coronavirus. Restrictions will ease for Queenslanders on Mother's Day, with up to five people from the same home allowed to visit another household from Sunday.

The Western Australian government will offer incentives for the international shipping industry to use the state's Pilbara region as a refueling hub for liquefied natural gas. International Maritime Organisation regulations require trading vessels to reduce their greenhouse gas emissions, and the industry is turning to LNG as a transition fuel as it works towards clean hydrogen and other carbon-free fuels.

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