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

Corporate Finance DealsView all

Prodigy raises $12m

Prodigy Gold has raised $12 million via a share placement as the company seeks to advance its exploration projects.

Shell makes $617m offer for ERM

Shell is seeking to build its presence in the Australian power sector, launching a $617 million takeover bid for Australia’s second-largest energy retailer that looks likely to be accepted.

Australian Vanadium raises $3.5m, Volt $1.6m

Australian Vanadium has raised $3.5 million in capital to advance its vanadium project near Meekatharra, while Volt Resources has raised $1.6 million to fund the development of its Bunyu graphite project in Tanzania.

Beacon raises $8m

Beacon Minerals has taken advantage of a strong run-up in its share price to raise $8 million through a share placement at 4.2 cents a share.

AHG to make further write-downs

Takeover target Automotive Holdings Group will pursue the sale of its refrigerated logistics business after a strategic review found it had overstated revenue in the underperforming unit.

Politics & the EconomyView all

Rail cars to test government

OPINION: The state government’s $1.6 billion plan to build railcars at Bellevue for the Metronet project represents a massive public sector investment in local manufacturing.

Former deputy PM Tim Fischer dies aged 73

Former deputy prime minister and Nationals leader Tim Fischer is being remembered as an "Australian original" and "one of the finest" after his death at the age of 73.

Banks beware a currency revolution

Australia’s big four banks could be reduced to one within a decade, in an extreme scenario, as Western countries follow moves in China towards the mass adoption of social media-based payment systems, according to a New York University professor visiting Perth.

Pay deal approved by public workers

A new wages deal for public sector workers that offers an extra holiday and superannuation payments during unpaid leave had been approved by workers, two months after Business News revealed the public sector union had claimed the deal broke the state government’s pay policy.

Activists arrested in parliament showdown

Eight protesters were arrested at state parliament today as members of the Extinction Rebellion group took their climate change activism to the next level, with a sitting in the legislative assembly brought to a standstill.

PropertyView all

Calls for greater defect protection

Apartment building defects have been thrust into the national spotlight via a series of major problems at east coast developments.

Fini Group, Linc Property lead consortium to buy Midland Brick

Midland Brick is coming back into Western Australian ownership, with a consortium featuring Fini Group, Linc Property and Birchmead acquiring the brickmaker from ASX-listed building products supplier Boral for $86 million.

LOGOS delivers logistics facilities

International property group LOGOS has announced the development of two state of the art facilities for Fisher & Paykel and Toll Transport at its Hazelmere Logistics Estate in Perth.

BGC discloses big losses

Perth’s largest home builder has shone a rare light on its financial performance, with annual accounts for BGC Australia revealing big investment write-downs and large bottom-line losses over two years.

ABN Group's new HQ wins planning approval

Residential construction giant ABN Group has received the green light to shift its headquarters from Osborne Park to Leederville, after FJM Property’s $35 million proposal to build on the Leederville Hotel car park site was approved by planning authorities today.

WA Event Calendar View all

WA's most comprehensive guide to forthcoming business-related events. To list an upcoming WA event on this page, register with Scoop Online..

Arts & CommunityView all

Ayles gives fashion fest a sporting chance

Creating a more inclusive fashion festival and controlling costs have been the two priorities for the new boss of the Fashion Council WA.

Arts, cultural bodies stick to script on performance matrix

WA’s major performance-based arts groups have persevered through a broadly stagnant economic environment this past year.

Working to end homelessness

This year’s Homelessness Week brought together business, government and not-for-profits to figure out how to meet Australia’s affordable and social housing needs.

Art and environment a precious pairing

AGWA chair Janet Holmes a Court spoke to Business News about the gallery’s latest exhibition, art in public spaces, and why she won’t put a price on art works.

Cancer No Bueno to go out with a bang

With Cancer No Bueno having raised awareness and funds for the Leukaemia Foundation since 2014, the event’s directors will step away this August and let us others continue their work.

EnergyView all

Seven’s non-media businesses perform strongly

Seven Group Holdings has reported a 40 per cent surge in full-year underlying earnings but a $291 million write-down in the value of its media business, which hit its bottom line.

Western Power seeking millions in class action court costs

Western Power is seeking an order in the Supreme Court of Western Australia to recover its costs from a class action following the Parkerville bushfire in 2014.

Two coal units to close at Muja

The state government will shut two more generating units at the Muja coal power station, in October 2022 and October 2024, much earlier than scheduled.

Treasury bosses extend reach into utilities

Deputy under-treasurer Michael Court has joined the board of Horizon Power, the latest in a string of moves to appoint government employees to directorships at energy utilities.

Power politics shock looms

There’s growing pressure for the state government to rethink how it prices electricity because of the proliferation of solar panels, but the issue could be electoral dynamite.

Food & WineView all

Crown full-year profit slumps

Crown Resorts’ full-year profit has fallen 4.7 per cent to $368.6 million, with revenue from floor gaming down in Perth and reduced VIP revenue across Australia.

Sweetlips and Tim Ho Wan close doors

Perth’s hospitality woes have continued, after fish and chip chain Sweetlips entered liquidation and Raine Square tenant Tim Ho Wan closed its doors after less than a year.

Rebelles aspire for Beaufort St revival

Liam and Sarah Atkinson have made what some might say is a rebellious move, taking the plunge and setting up a restaurant in the underperforming Beaufort Street precinct.

Blue Cow into administration

Food distributor Blue Cow Cheese has been placed into administration, with Cor Cordis’s Joseph Nipps and Clifford Rocke appointed as administrators.

Miss Chow’s continues rapid expansion

Jacquie Chan is set for a busy few weeks, with four new venues under the Miss Chow’s Group banner set to open by the end of July.

Special ReportsView all

Great for the State – Edition 5: Disruption

Great for the State – Edition 5: Disruption

30 July 2019

In this edition, we’re painting a picture of how disruptive technology can change our state for the better.
- How can images of your eye help prevent disease?
- Are driving, petrol and car ownership meeting an end?

Innovation revolution for disease, disability
Seven WA disruptions, then and now
Disruption in motion
Blue sky opportunities
Infrastructure 2019

Infrastructure 2019

29 July 2019

Unprecedented transport infrastructure spending and an uptick in mining investment have boosted confidence, but civil contractors are facing new labour and capacity challenges as the market rebounds.

Contracting  concerns as workflow expands
Economics, environment weigh on Westport
Aviation

Aviation

22 July 2019

Air travel in Western Australia has started to recover from an extended slump. This Special Report has data on all WA’s major airports, and details on an innovative inter-regional service coming to the state’s north.

Regional aviation on the rise
Aviair flies in with regional routes
Apartment developers 2019

Apartment developers 2019

15 July 2019

Heightened levels of competition are driving a design renaissance in Perth’s apartment market, as the city’s top developers stake their claim to market segments by establishing a point of difference through innovation and experimentation.

Design, innovation top priorities list
Canning Bridge an apartment hotspot

MiningView all

Gold Fields offloads $126m Gold Road stake

Shares in Gold Road Resources have closed trade down 17.1 per cent, after its joint venture partner in the Gruyere gold project sold its 9.9 per cent stake in the company.

Ellison takes pay cut as MinRes profit falls

Mineral Resources managing director Chris Ellison’s base salary will be reduced by $300,000, as the miner’s full-year net profit after tax slumped 39 per cent to $165 million.

NRW revenue passes $1bn

Civil and mining contractor NRW Holdings has reported a significant boost in revenue and employees across its major projects in Western Australia.

South32 profit falls by a quarter

South32 has announced it is in talks to sell its struggling South African energy-coal business to Seriti Resources, but its Worsley alumina operations performed strongly.

Emeco shares slump despite 214% profit increase

Emeco Holdings tripled its profit for the 2019 financial year, but its shares dropped 9 per cent today after it flagged flat earnings in the first half of this fiscal year.

OpinionView all

Mark my words podcast

PODCAST: Mark Beyer and Mark Pownall discuss EC&M collapse, Midland Brick sale, BGC results, Metronet developments, CEO changes, Waterbank, Great for the State values and purpose, and our special report on small businesses covers the struggling hospitality sector and rise of coworking spaces.

Productivity coming whether we like it or not

OPINION: Are we better off under the relentless drive to lift productivity?

Mark my words podcast

PODCAST: Mark Beyer and Mark Pownall discuss markets drama, Cockburn harbour recommendation, Infrastructure Australia, shopping centres write down, planning law changes, Altrad, AFG, and our special report on major projects.

Mark my words podcast

PODCAST: Mark Beyer and Mark Pownall discuss markets volatility, trade surplus, HealthEngine, Michael Chaney, energy news, EY entrepreneur of the year awards, and our special report on the oil & gas industry.

Mark Barnaba podcast interview

PODCAST: Mark Beyer and Mark Pownall talk to business leader and company director Mark Barnaba about the economic outlook, the role of central banks and our relationship with China.

RetailView all

AHG slumps to $233m loss

Automotive Holdings Group has suffered a loss of $232.6 million for the 2019 financial year, following major asset write-downs to its automotive and refrigerated logistics businesses during the period.

Coles FY profit down 9.1% to $1.43bn

Coles' full-year profit has slipped 9.1 per cent to $1.43 billion, despite an increase in supermarket comparable sales as it invested in supply chain improvements and restructured following its spin-off from Wesfarmers.

Tax, rate cuts lift retail confidence

ANALYSIS: A recent rise in share prices for listed retailers reflects some positive signs across the economy.

Super Retail profit up 8.6% to $139m

The owner of Rebel sports clothes stores and Supercheap Auto has recorded an 8.6 per cent increase in full-year profit to $139 million after pinning its hopes on what it calls a 'clicks-and-bricks' strategy.

JB Hi-Fi lifts profit, says more to come

JB Hi-Fi shares have surged after the electronics and whitegoods retailer lifted full-year profit 7.1 per cent to $249.8 million and tipped more to come.

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

MGC to conduct medical cannabis driving trials

MGC Pharmaceuticals is set to kick off a controlled trial to discover if its medical cannabis product for the treatment of drug-resistant epilepsy has any impact on driving performance. The trial seeks to overturn legislation that forbids medical cannabis users from driving and will also provide safety data required for the European Medicines Agency and Australian Therapeutic Goods Administration product registration.

88 Energy snags UK oil firm for Alaska play

88 Energy has brought on UK oil and gas independent Premier Oil as its farm-in partner for the conventional rights at the project known as “Project Icewine” in the famed North Slope oil province. Premier will earn 60% in Area A of Project Icewine’s conventional oil rights by drilling a USD$23m well to appraise the historical Malguk-1 discovery well that intersected 251 feet of light oil pay in the Torok formation.

Anticipation building at Strike’s Perth Basin well

Strike Energy has observed that the primary objective at its multi-target West Erregulla-2 well in the Perth Basin, Western Australia, may hold the same excellent reservoirs seen at the neighbouring Waitsia gas field. Cuttings from the Kingia sandstones drilled to date include clean sands with some evidence of grains being coated in chlorite, a mineral that is a key element required for the preservation of porosity at depth.

Novo unearths more coarse gold nuggets at Egina

Novo Resources is building up excitement at its Egina project in the Pilbara, WA, after a bulk sampling program of surface gravels recovered significant quantities of gold nuggets at grades well above typical alluvial gold deposits. The company said the gold is coarse enough to extract without using water and is evaluating whether the ores could be extracted using simple and cheap mining methods like continuous mining.

Vonex files unique App patent

Vonex has filed a new application with the Australian Patent Office to secure additional intellectual property protection over the unique message functionality of its game-changing “Oper8tor” communications app. The company is also carrying out more work to stabilise the app’s performance in relation to the increased complexity of two-factor authentication, a security feature that is common amongst social media platforms.

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Thought LeadershipView all

The Changing Face of Food

In recent years, the property market has witnessed the emergence of a range of independent, small food and beverage operators opening and succeeding with their own unique concepts.

Artificial intelligence and ethics: Facing the challenges for WA businesses

Interview with Brian Ferreira FGIA, Vice President - Executive Programs, ANZ - Business & Technology Advisory

Q&A with Crimson Education's Jamie Beaton

Jamie Beaton, the Co-Founder and CEO of Perth-based Crimson Education applied to the world’s top 25 universities, and was accepted by them all. He says this experience was a key factor behind his decision to start Crimson Education – to help students achieve a similar level of success.

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

Floating Liquefied Natural Gas (FLNG) – Where to next?

It is not often that truly revolutionary ideas in industry take hold.