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Yahoo Finance's Friday morning wrap

Calombaris' creditors seek payment - and more in our morning wrap. Source: Getty

Good morning.

Here’s everything you need to know in finance today.

The ASX is expected to open flat as US markets soured following a rise in coronavirus cases.

The Australian dollar was buying 66 US cents, at 0700 AEDT, down from 66.47 US cents on Thursday.

George Calombaris’ creditors and staff have met with the celebrity chef’s administrators, KordaMentha, to determine their payment amid restaurant closures.

A report on MadE Group's affairs will be released on March 10 and the next creditor's meeting will be on March 17.

One in eight Australians live in poverty, as do one in six children, a new report has found, leading experts to call for Newstart payments to be raised.

NSW rail project costs skyrocket: The cost of a major construction project to build a rail line that will run under Sydney Harbour is likely to blow out by up to $3 billion, the NSW government has admitted.

Woolworths’ big blow to Coles: Woolworths has been crowned Australia’s number one online retailer, beating out Coles, Bunnings and Target in the latest online retail rankings.

Subdividing your property? It can be a quick an easy way to make cash, but it can also cause you a serious tax headache. Here’s everything you need to know about subdividing and your taxes.

Victoria’s Secret is on the market: The lingerie giant is being sold as women increasingly look for styles that suit more diverse and realistic body types.

WHO urges more funding for coronavirus: The head of the World Health Organization called for nations around the globe to boost funding to fight the coronavirus while the outbreak is still mostly confined to China.

Have a great day.

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