Two big Australian banks abandoned plans to raise money from investors this week and observers say that’s just the start
The devastation wrought on the Australian stockmarket by the coronavirus pandemic has made it impossible for companies to raise fresh money, with two bank funding injections totalling at least $2.5bn called off.
Billions of dollars in other attempts to raise money have also been cancelled as investors close their wallets after two wild weeks of trading erased more than a year’s worth of gains.
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