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Business News - Business, finance, political, & economic news.

Corporate Finance DealsView all

Sea Harvest fishes for takeover of Mareterram

South Fremantle-based seafood company Mareterram has backed a takeover offer from its largest shareholder, Sea Harvest.

Healthscope agrees $4.5bn Brookfield buyout

Healthscope has agreed to a $4.5 billion takeover by Canadian investment firm Brookfield, despite rival bidders suggesting they could increase their offer.

NRW buys RCR businesses for $10m

Belmont-based contractor NRW Holdings will purchase the mining and heat treatment businesses of RCR Tomlinson for $10 million.

Wangara business buys RCR Laser

Unique Metal Works is set to double in size after striking a deal with the administrators of RCR Tomlinson to purchase its laser business, which employs about 200 people.

Sandfire seeks $94.5m takeover of MOD

Sandfire Resources confirmed today it has approached MOD Resources about a potential takeover, with the target proceeding instead with a $15 million capital raising to support work on its T3 copper project.

Politics & the EconomyView all

Rates forecast of 0.5%

There will be a big reduction in the Reserve Bank of Australia’s official cash rate in the next year or two, according to investment analysis Jonathan Pain.

Government compromises on rock lobster plan

The state government and the Western Rock Lobster Council have reached a comprise on the future of the industry, with the annual catch to increase by just 315 tonnes. However, details of how this will be delivered to the local market have not yet been worked out.

Julie Bishop declares intention to run for Curtin

Former foreign minister Julie Bishop says she intends to stand for her seat again at the coming election and has given her backing to Prime Minister Scott Morrison.

ASX posts gains while Aussie dollar drops

Australian shares have finished higher for a third straight day, while the Australian dollar has hit the skids after the Reserve Bank opened the door to a possible rate cut.

WA exports step on the gas

Exports from Western Australia increased by 17.7 per cent to a record $144.8 billion in 2018, underpinning a strong improvement in the nation’s overall trade performance.

Upcoming Business News EventsView all

Hyatt - 28 February 2019

PropertyView all

Action urged on housing pain

Pressure is mounting in WA’s residential construction sector, with insolvencies piling up amid sustained falls in building activity.

Finbar upbeat as Vue, Palmyra near completion

Apartments developer Finbar Group is poised for a strong performance in the second half of the 2019 financial year, forecasting a solid uplift on its first-half net profit of $1.89 million with the expected completion of its Vue Tower and the first stage of the Palmyra Apartment Estate.

Stockland shares slump as profit slides

National property development company Stockland Corporation has reported a decline in half-year funds from operations and warned of weaker full-year results due to a steep decline in the residential property market.

M/Group buys Queensland shops for $36m

Diversified property company M/Group has expanded its portfolio into Queensland through the $36 million, off-market acquisition of Pialba Place Shopping Centre in Hervey Bay.

New homes role for Hawaiian’s O’Hara

Former BGC Australia Residential boss Kelvin Ryan is bringing a distinct Western Australian flavour to his role as managing director of Victorian homebuilder Simonds Group, signing prominent Perth property executive Kate O’Hara to head the company’s marketing operations.

WA Event CalendarView all

WA's most comprehensive guide to forthcoming business-related events. To list an upcoming WA event on this page, complete the online submission form.

Arts & CommunityView all

Funding feeds good food growth

Perth-based EON Foundation is growing its food and nutrition programs in remote communities.

Sunset to become cultural precinct

The Sunset Hospital site on the riverfront in Dalkeith will become a cultural and creative precinct, with Culture and Arts Minister David Templeman today announcing an expressions of interest process.

Kimberley art pays off for artists, Rio

The curators and sponsors of the Desert River Sea: Portraits of the Kimberley exhibition at the Art Gallery of WA are hopeful the more than 150 pieces on display will challenge and broaden the public’s perception of Aboriginal art.

Regional route a funding play

Having spent years working overseas in Europe and the UK, director and lighting designer Mark Howett is acutely aware of the need for art to appeal far beyond its own cultural base.

Stafford drives growth at MSWA

Neurological services provider MSWA has undergone substantial growth in the past 10 years, working towards reliance on private revenue sources.

EnergyView all

AGL increases WA customers by 57%

AGL Energy has continued its growth in the Western Australian gas market, revealing it had approximately 33,000 customers by the end of 2018, a rise of 12,000 from six months prior.

Granny Smith to go solar

Gold Fields has awarded Aggreko a contract to construct and operate a microgrid with 20,000 solar panels and battery storage, which will be integrated with the existing natural gas power supply to reduce fuel consumption at the Granny Smith gold mine near Laverton.

APA's Badgingarra wind farm producing power

Electricity has started flowing from APA Group’s Badgingarra wind farm in recent days, while two of the state’s major coal generating units have been powered down due to low demand.

Sumitomo moves on growing solar market with Infinite buy

Sumitomo Corporation has grown its presence in Western Australia’s retail power market with the acquisition of Infinite Energy, its first investment in a distributed grid business and a move beyond its local coal and gas-focused portfolio.

Clough for civil works at $4bn Snowy 2.0

Perth-based contractor Clough has been chosen in collaboration with Italian business Salini Impregilo as preferred tenderer for civil works at the Snowy Hydro 2.0 pump storage project.

"Mark My Words" PodcastsView all

15 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss a tourism business sale, Airbnb, Vicinity Centres, Galleria Shopping Centre, future CBD development opportunities, infrastructure priorities, and our special report on ports and transport.

08 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss the banking royal commission fallout, private schools, Graham Griffiths' passing, export data, office vacancies, Architectus and our 25th anniversary event

01 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss house prices, RCR sell-off, Zhenya Tsvetnenko, Optus Stadium, lithium strategy, big miners back Indigenous campaign, The Simpsons, and our special report on the big risks to WA.

25 January 2019

PODCAST: Mark Pownall, Mark Beyer and Dan Wilkie discuss Dale Alcock and Adrian Fini, South Perth development, house market sentiment, Infinite Energy, Wright Prospecting’s financials, Kinetic IT, and our special report on major WA private companies.

18 January 2019

PODCAST: Mark Pownall and Mark Beyer discuss Woodside projects, Heath Development, Navitas, rising philanthropy and our special report on WA’s biggest deals and dealmakers.

Food & WineView all

Evolving the offering a priority for Perth publican

With the recent acquisitions of The Breakwater and the Newport, Perth-based hospitality group Capitol Corp is continuing to diversify its offering.

Single Fin drives solid quarter for Gage Roads Brewing

Gage Roads Brewing’s Single Fin Summer Ale has propelled the Palmyra-based brewer to a quarter of solid growth, after the brew was named the nation’s fastest-growing beer brand late last year.

New Normal for restaurant waste

A small bar in Subiaco is demonstrating the benefits to business of developing more efficient waste management practices.

New owner for Beach Bar

Scarborough Beach Bar has been thrown a lifeline, with insolvency specialist WA Insolvency Solutions selling the company to hospitality operator the ARK Group, which currently operates venues including The Generous Squire and Market Grounds.

Settlers Tavern finds growth formula

Never settling for second best, a hardworking couple has spent the past 15 years transforming Margaret River’s local pub, Settlers Tavern, into a venue of national note.

Special ReportsView all

Risks to WA

Risks to WA

04 February 2019

Concern over China, skills shortages, politics

All eyes on China amid slowing global trade
Project pick-up puts pressure on skills
Business, investors count down to key poll
Private companies 2019

Private companies 2019

29 January 2019

The latest update to the BNiQ listing of Western Australia's largest private companies has once again highlighted major shifts in economic activity.

Iron ore boosts private companies
Kinetic IT keeps it private
Corporate finance 2018

Corporate finance 2018

21 January 2019

Annual review of WA deals and outlook

Goldman, Freehills top deal tables
Cutting through tech funding maze
Lithium, gold  and  base metals driving deals

MiningView all

Another miner wins infrastructure funding

Kalium Lakes is a step closer to starting construction on its Beyondie potash project near Newman after receiving $74 million in funding, making it the latest in a string of mining companies to win financial backing from the Northern Australia Infrastructure Facility.

NRW, Seven Group lift earnings

Shares in NRW Holdings and Seven Group Holdings were stronger today after reporting improved earnings on the back of strong resources and infrastructure markets, with NRW adding its first interim dividend in five years.

AIC and Intrepid strike new merger deal

Intrepid Mines and AIC Resources have agreed to a revised merger deal, less than three weeks after Intrepid’s initial attempt to acquire the Subico-based gold junior lapsed.

Fortescue lifts dividend payout

Fortescue Metals Group has reported a 5 per cent dip in half-year profit, but blew past estimates as it won higher prices for its iron ore, pushing its shares to a two-year high.

BHP profit down 8%

BHP Group has posted an 8 per cent fall in first-half underlying profit to $US3.7 billion ($5.2 billion), which it attributed to production disruptions and lower commodity prices.

OpinionView all

State shaking off sick-man status as fertile seeds sown

OPINION: While not all WA’s economic indicators are pointing in the right direction, there’s plenty of cause for optimism, particularly in the minerals and agriculture sectors.

Business News marks 25 years at cutting edge

The media is like any other business, where adapting to consumer needs is the only way to survive.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss a tourism business sale, Airbnb, Vicinity Centres, Galleria Shopping Centre, future CBD development opportunities, infrastructure priorities, and our special report on ports and transport.

Retail reels as net closes in

OPINION: This reporting season will most likely deliver some uncomfortable news for the retail sector.

Payroll tax cut will help jobs

OPINION: Nearly two years in, Mark McGowan is finding it tougher in government to realise a key poll promise to create more jobs in WA.

RetailView all

Woolies dips on 'below expectation' profit

Woolworths shares have taken a knock after the supermarket giant reported a disappointing first half and flagged subdued consumer spending for the foreseeable future.

Coles sales slow, restructure costs weigh

Coles' supermarket sales slowed during the run-up to Christmas, while the newly demerged retailer's first-half profit slipped 29 per cent to $381 million as restructuring costs weighed on the balance sheet.

Super Retail to repay $32m in unpaid hours

Rebel Sport owner Super Retail Group is set to repay six years' worth of unpaid overtime and allowances to retail managers in an expected $43 million pre-tax hit to first-half earnings.

JB Hi-Fi lifts H1 profit 5.5% to $160m

JB Hi-Fi has lifted first-half profit 5.5 per cent to $160.1 million despite volatile holiday trading for the electronics and home entertainment retailer.

David Jones boss David Thomas quits

David Jones chief executive David Thomas has resigned after almost 18 months in the role and just weeks after results showed an improved first-half performance.

SkylineView all

Skyline

Property Council cautiously backs noise reforms

The Property Council of Australia has welcomed proposed laws governing apartment projects in entertainment precincts, but has expressed caution about where the policy applies and its impact on planning approvals.

Hibernian Place tops UDIA awards

BGC Development’s Westin Hotel and Hibernian Place development was picked as the top project in Western Australia in this year’s Urban Development Institute Australia WA awards.

Regus takes space at new Raine Square office

International serviced office provider Regus is close to finalising a lease for new office space at Raine Square, being developed by Charter Hall Group.

Access key at Linc industrial estate

Mining services, logistics warehousing and food services firms are boosting demand for industrial property.

The Village Margaret River on the market

Sirona Capital has engaged Colliers International and CBRE to offer its 5,706 square metre shopping centre in Margaret River to the market.

Bulls N' BearsView all

Bulls N' Bears

Caravel drills 202m wide copper zone in the Wheatbelt

Caravel Minerals has confirmed a new geological model for the flagship Bindi deposit, located near Perth in WA, after drilling multiple new zones of copper sulphide mineralisation up to 202 metres wide grading 0.31% copper at its namesake project. The company will use the new data to update the mineral resource model and estimate for the Bindi deposit later this quarter.

Spectrum starts gold drilling in WA

Spectrum Metals has started spinning the drill bit at its new Penny West project in the Murchison mining district, one of the highest grade open pit gold mines ever worked in Western Australia. The 4500 metre maiden drill campaign is primarily aimed at defining and extending the mineralised envelope below the Penny West open pit. Final assay results are expected during April.

Key cancer drug trial underway for PharmAust

PharmAust has kicked-off its highly-anticipated Phase I clinical trials for its flagship anti-cancer drug Monepantel in dogs using the first batch of 2000 tablets manufactured to its new and better-tasting formulation. The initial component of the trial is designed to validate the performance of the drug in different dietary settings that dogs may encounter at home. First results are expected in the middle of March this year.

Hot tenement granted to Artemis in Paterson Range

Artemis Resources has been granted the key Armada prospect tenement in the emerging Paterson Range copper-gold province in the eastern Pilbara region of WA that surrounds Greatland Gold’s spectacular new Havieron discovery on three sides. The company recently outlined multiple exploration targets on the tenement from a geophysical interpretation of a high-resolution, aeromagnetic survey.

Tyranna eyes suitors for Eureka dirt

Tyranna Resources has completed infill drilling at the mothballed Eureka gold project near Kalgoorlie and is in discussions with nearby processing mills for the sale of ore from potential mining at the project. The in-pit drilling campaign was aimed at confirming the continuity and grade of the mineralisation directly below the open pit floor to support the company’s plan to recommence open pit mining at the project.

Most viewed people

Jeff McGlinn

Jeff McGlinn

Former Chief Executive Officer, Indigenous Construction Resource Group
Former Chief Executive Officer, NRW Holdings

James Baillieu

James Baillieu

Non-Executive Chair, BidEnergy

John Poynton

John Poynton

Non-Executive Chairman, Giving West
Non-Executive Chairman, Warrington Property
Non-Executive Chairman, Jindalee Partners
Non-Executive Director, Crown Perth
Non-Executive Chairman, Strike Energy
Board of Guardians, Future Fund
Executive Chair, Sapien Cyber
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Patrick Allaway

Patrick Allaway

Non-Executive Director, Fairfax Media

Thought LeadershipView all

Is an Online MBA for you?

The education sector is rapidly evolving, especially in an era where everything is accessible at the touch of a button and from the comfort of your home.

Babies, beagles and a bright future for solar savings

Significant energy-bill savings can be made with solar power in almost any business, but the upfront cost of panels and installation can be a barrier, particularly in the not-for-profit sector.

Visa Legislation: Lessons and Tips for Recruiting Overseas Talent

In September Prime Minister Scott Morrison flagged the Australian Government will make it a priority to encourage migrants to move to smaller capital centres - including Perth - and into regional and

More than "giving for good", supporting BCRC-WA saves lives

Breast Cancer Research Centre-WA (BCRC-WA) will open a world class integrated breast cancer treatment, research and patient support service centre in Perth in 2020 which will further consolidate our r

Land of Sweeping Plains

Schneider Electric and SA Power Networks combine to combat distributed power network outages.