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

24 Feb 2020

The Australian share market has suffered losses across the board, with $60 billion in value wiped out in the local bourse's worst day in six months. Energy stocks were hardest hit, as concerns grow over coronavirus, while gold was one of the few positive sectors.

Macmahon Holdings

Macmahon lifts 2020 guidance

24 Feb 2020

Shares in mining contractor Macmahon Holdings have touched a new high for the year after the company reported a strong interim profit and upwardly revised its revenue and earnings guidance for the full financial year.

Alto Metals

Alto shares surge on takeover offer

24 Feb 2020

Junior gold explorer Alto Metals has received an off-market takeover bid from Chinese-owned Goldsea Australia Mining in an all-cash deal worth $20.7 million.

NRW Holdings

NRW Holdings appoints female director

24 Feb 2020

NRW Holdings, which had been one of just six ASX 200 companies without a female director, has appointed Fiona Murdoch to its board.

WBHO Infrastructure

Mondium contracts WBHO Infrastructure

24 Feb 2020

WBHO Infrastructure has been awarded a $43.3 million sub-contract from Perth-based engineering firm Mondium for works at Rio Tinto’s Western Turner Syncline Phase 2 mine site.

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Corporate Finance DealsView all

Apollo Consolidated

Apollo to raise $10m

24 Feb 2020

Gold explorer Apollo Consolidated is raising $10 million through a share placement to advance drilling activities at its flagship Lake Rebecca project in Western Australia.

Rio Tinto

Rio pledges $15m for third RFDS jet

19 Feb 2020

Rio Tinto has purchased a third jet for Western Australia’s aeromedical fleet, as part of a six-year partnership extension with the Royal Flying Doctor Service (RFDS).

Panoramic Resources

Panoramic sells down stake in Horizon Gold

18 Feb 2020

Panoramic Resources has sold a portion of shares in its Perth-based subsidiary, Horizon Gold, to the company’s major shareholder for $5.5 million.

TPG Telecom

Green light for $15bn Vodafone TPG merger

13 Feb 2020

A $15 billion merger between Vodafone Australia and TPG Telecom has been given the green light in the federal court, but the consumer watchdog says it will cause mobile data prices to rise.

Magmatic Resources

Magmatic to raise $5m

12 Feb 2020

Magmatic Resources has secured commitments to raise $5 million from a share placement to explore its tenements in the East Lachlan gold-copper province in NSW.

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Perth Airport

Biome project a beacon of hope for WA tourism

21 Feb 2020

Potential partners are lining up to get involved with the Australian Biome Project, as the team behind the $550 million tourism development seeks $6.5 million to conduct a full feasibility study and advance the proposal to its next stage of development.

'Bloodbath' as ASX loses $60bn in value

24 Feb 2020

Humm

Rethinking the brain drain

18 Feb 2020

Almost one in 10 people aged 24 to 30 have left WA in the past five years, signalling more must be done to create a culture of opportunity.

Finbar Group

Developers still wary in South Perth

18 Feb 2020

Recent planning decisions have been positive for developers in South Perth, but several major players have cautioned that significant challenges remain in the near-city suburb.

West Coast Eagles

Eagles post bumper profit

Western Australia Return Recycle Renew

20 Feb 2020

The West Coast Eagles have reinforced their status as the financial powerhouse of the AFL, increasing revenue to $88.7 million and annual profit to $8 million, according to financial statements lodged with the corporate regulator.

Politics & the EconomyView all

Containers for Change prices announced

14 Feb 2020

Beverage manufacturers have been informed of the prices for Western Australia’s container deposit scheme on Friday, with the average price of a container starting at 11.65 cents.

ANZ Banking Group

Saul’s call: March quarter warning

13 Feb 2020

Australia’s economy could go backwards in the March quarter, although a recession is unlikely, one of Australia’s top economists has warned.

Uber

Virus threat to group travel model

Tim Treadgold

13 Feb 2020

Tourism is the canary in the coalmine ahead of the global economic hit expected as China slows while dealing with the coronavirus.

Wesfarmers

Divergence and delusion

Tim Treadgold

05 Feb 2020

There are concerns the share market’s strength doesn’t accurately reflect the nation’s economic performance, or outlook.

Tourism Council WA

Measured approach to virus threat

Jordan Murray

31 Jan 2020

Representatives from Western Australia’s education and tourism sectors have expressed cautious optimism the state’s institutions are well placed to ride out the effects of the current novel coronavirus outbreak, as the state government pledges $2.9 million in extra funding to aid in combatting the impact it will have on WA's tourism sector.

PropertyView all

Savills

Perth childcare centre sells for record yield

24 Feb 2020

A new childcare centre in North Coogee has been sold off-market to a syndicate arranged by Perdaman for $7.1 million.

Cedar Woods Properties

Cedar Woods, Stockland flag stronger second-half results

19 Feb 2020

Cedar Woods Properties is targeting a stronger second half of FY2020 after recording an expected profit dip in the first six months of the financial year, while Stockland said its results were also in line with expectations, with its earnings also weighted towards the second half.

Knight Frank Australia

Iluka Beach: upscale for downsizers

19 Feb 2020

A focus on the emerging downsizers market and collaboration with some established firms has proved a successful strategy for one of Perth’s newest developers.

Yolk Property Group

Work starts on Freo apartments, Beechboro shops

18 Feb 2020

Work has begun on a Fremantle apartments project that promises to enliven the port city’s east end, while a $6.8 million redevelopment of Beechboro’s Altone Park Shopping Centre has also kicked off.

Finbar Group

Developers still wary in South Perth

18 Feb 2020

Recent planning decisions have been positive for developers in South Perth, but several major players have cautioned that significant challenges remain in the near-city suburb.

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..

Aboriginal Culture in WA View all

With a history stretching back at least 50,000 years, there are many ways to explore WA’s rich and diverse indigenous heritage..

Arts & CommunityView all

EY, WASO mark a milestone

18 Feb 2020

When their first sponsorship arrangement was introduced 25 years ago, EY was an accounting, tax and corporate finance business and WASO was part of the ABC.

Fringe World attendance up, box office down

17 Feb 2020

Fringe World Festival recorded a drop in box office sales, despite higher attendance, as it wrapped up its 2020 season last night.

Shire of Brookton

New regional childcare model

17 Feb 2020

REED WA has acquired eight struggling childcare centres in regional Western Australia and plans to keep them operational by implementing a cluster model of management.

Art Gallery of WA

Otherside, AGWA partner after hours

14 Feb 2020

Otherside Brewing is cementing its position as a supporter of Western Australian artists by collaborating with the Art Gallery of WA to bring beer, music and art to the gallery after hours this month.

Perth Festival

Perth Festival kicks off for 2020

07 Feb 2020

Perth Festival begins tonight with a week of indigenous programming and the unveiling of a new venue, City of Lights at Perth Concert Hall.

Featured PhotographsView all

Jessica Gethin, Perth Symphony Orchestra chief conductor and artistic director.

Fremantle Ports

Hadiqa Moroccan Restaurant & Bar at Hibernian Place

Meeting room and rooftop

Success & Leadership breakfast with Chris Sutherland, Programmed

Element office kitchen

The Melbourne Hotel

Conservatory

Riff powered by SpaceCubed

Riff powered by SpaceCubed

EnergyView all

AGL Energy

AGL Energy grows its WA presence

Economic Regulation Authority

13 Feb 2020

AGL Energy has achieved a 37 per cent rise in the number of Western Australian customers buying its gas, as it continues to eat into the market share of Alinta Energy and Kleenheat.

$241m saving for gas users

24 Jan 2020

Domestic gas users will benefit by as much as $241 million over five years under Australian Gas Infrastructure Group’s latest pricing proposal for the Dampier to Bunbury Natural Gas Pipeline.

Suez

Waste projects shift the dial

14 Jan 2020

Western Australia is leading the country in the adoption of waste-to-energy projects, with $1.2 billion being invested in two path-breaking facilities under construction.

Hazer Group

Seven hydrogen projects secure study funds

08 Jan 2020

Kununurra and Mandurah could be hubs for renewable hydrogen production, while the gas could be blended with natural gas already supplied through the state’s main transmission pipeline, as part of a series of projects revealed today.

Australia becomes world’s largest LNG exporter

Australian Hotels Association

06 Jan 2020

Australia has edged out Qatar to become the world’s largest exporter of liquefied natural gas (LNG) on an annualised basis, according to national consultancy Energy Quest.

Food & WineView all

Tech takes on hospitality

Jordan Murray

19 Feb 2020

For all the advances and disruptive opportunities available via everyday tech such as smartphones, Pubster founder Adam Mastey still sees opportunities in the hospitality sector.

SeaLink to stock Spinifex beers on Rottnest ferries

14 Feb 2020

Spinifex Brewing Co’s range of infused beers using native ingredients will soon be available for travellers heading to Rottnest and cruising the Swan River, with SeaLink Travel Group’s Captain Cook Cruises division becoming the Aboriginal-owned brewery’s first stockist.

Braham Architects

Besk's niche offering comes with broad appeal

Gage Roads Brewing Company

05 Feb 2020

Besk co-owners Elliot Moore and Ben Braham are committed to delivering a dynamically different hospitality experience in West Leederville.

Gage Roads fizzes on soft earnings result

04 Feb 2020

Gage Roads Brewing Company shares have lost a bit of fizz with the WA company's stock plunging to a more than two-year low after it flagged a shortfall in sales was likely contribute to a full-year guidance miss.

Young George

Diverse offering fits the bill in Freo

Jordan Murray

20 Jan 2020

Almost 10 months after it opened, Freo.Social has expanded its range to include a dining option with the addition of Beer.Kitchen, the venue’s new 22-item dining offering launched in mid-December.

Special ReportsView all

Women in business

24 February 2020

WA companies are making workplaces more equitable but more change needs to come from those at the top.

Great for the State 2020: Knowledge Economy

17 February 2020

WA is ready to apply its technology to opportunities beyond resources, but developing and attracting the brightest minds is crucial.

Ports and transport 2020

17 February 2020

Updates to the freight network, Metronet, BNiQ trucking and logistics list, and more

Freight network upgrades a complex priority

Dan Wilkie 17 Feb 2020

Cost, delay troubles for Metronet

Matt Mckenzie 17 Feb 2020

Freo keen to realise port potential

Dan Wilkie 17 Feb 2020

Most Influential 2020

14 February 2020

WA's 50 most powerful people in business and politics

Power rests with a select few

Mark Beyer 14 Feb 2020

Private business 2020

03 February 2020

Data compiled by Business News has highlighted the prominence of private companies and not-for-profit businesses.

Private companies deliver strong growth

Mark Beyer 03 Feb 2020

MiningView all

NRW Holdings

NRW Holdings appoints female director

24 Feb 2020

NRW Holdings, which had been one of just six ASX 200 companies without a female director, has appointed Fiona Murdoch to its board.

Macmahon Holdings

Macmahon lifts 2020 guidance

24 Feb 2020

Alto Metals

Alto shares surge on takeover offer

24 Feb 2020

Junior gold explorer Alto Metals has received an off-market takeover bid from Chinese-owned Goldsea Australia Mining in an all-cash deal worth $20.7 million.

Galaxy Resources

Galaxy posts $US284m annual loss

21 Feb 2020

Galaxy Resources has disclosed a $US284 million ($A430 million) loss for the 2019 financial year, driven by lower lithium prices and non-cash write-downs and impairment at its Mt Cattlin mine near Ravensthorpe.

Iluka Resources

Iluka to demerge iron ore royalty

20 Feb 2020

Mineral sands company Iluka Resources is planning to demerge its BHP iron ore royalty business into a new ASX-listed entity, while at the same time announcing its 2019 full-year results.

Current IssueView all

Issue for 17 February 2020 to 1 March 2020

Issue for 02 February 2020 to 16 February 2020

Issue for 20 January 2020 to 02 February 2020

Book of Lists 2020

Issue for 16 December 2019 to 19 January 2020

OpinionView all

Mark my words podcast

Mark Pownall

21 Feb 2020

PODCAST: Mark Beyer and Mark Pownall discuss $A slide, footy club financials, new tech index, iron ore profits, Iluka spinout, mineral sands, property recovery, and our special report on women in business.

Money not the only ROI

Mark Pownall

20 Feb 2020

OPINION: A decades-long investment has provided little in the way of financial reward but offers lessons nonetheless.

Mark my words podcast

Mark Pownall

14 Feb 2020

PODCAST: Mark Beyer and Mark Pownall discuss the China travel ban extension, Woodside project challenges, AirBNB regulations, Wright family feud, Roy Hill, Wayne Martin joins a WA innovator, the launch of our Great for the State second series, and our special report on ports and transport.

Retirements leave major gaps

Peter Kennedy

14 Feb 2020

OPINION: State Labor’s hold on several regional seats could be in jeopardy with the impending retirement of some stalwarts and tough electoral fights for others.

UBS

Connections could lift lithium

Tim Treadgold

10 Feb 2020

OPINION: Western Australia’s lithium boom, which ran out of steam last year, will not be returning soon given the nationwide slowdown in China as it battles to contain the coronavirus outbreak.

RetailView all

Deloitte

Colette to close five WA stores

21 Feb 2020

Fashion accessory chain Colette by Colette Hayman will close five of its stores in Western Australia, including both stores in the CBD, after the struggling retailer was placed into voluntary administration earlier this month.

Wesfarmers

Wesfarmers sells $1.1bn Coles stake

19 Feb 2020

Wesfarmers has sold $1.1 billion of Coles shares, reducing its holdings of the supermarket chain to 10 per cent, while revealing $24 million of payroll problems during its half-yearly results released today.

Coles

Wage thieves could face naming and shaming

18 Feb 2020

Attorney-General Christian Porter has sent a warning to corporate Australia after Coles became the latest major company embroiled in an underpayment scandal.

City of Fremantle

Freo getting its mojo back

18 Dec 2019

There’s a sense of optimism in Fremantle amid a flurry of new venue openings, supported by a potential investment pipeline of nearly $1 billion.

Fashion Council WA

Administration, restructure planned for Fashion Festival

19 Nov 2019

The entity which ran the Perth Fashion Festival for 20 years, before operations were passed to the Fashion Council WA, has entered administration owing $819,000, with owners Mariella Harvey-Hanrahan and Tony Sage planning a deed of company arrangement.

SkylineView all

Reclaiming residential: How Perth is going bill-free, mixing up our communities and helping the homeless

18 Feb 2020

The Property Council of Australia's Reclaiming Residential conference in March will showcase the changing face of suburban residential living.

Alan Tudge outlines city deal opportunity for Perth CBD

12 Feb 2020

A March lunch being hosted by Property Council WA will present a not-to-be-missed chance to hear about Perth's future City Deal.

Civic Heart centre of debate about certainty

06 Feb 2020

Planning Minister Rita Saffioti should be commended for her leadership, carefully considering a range of factors before approving Finbar’s Civic Heart project in South Perth.

It’s office-ial, East Perth included in Property Council’s Office Market Report

17 Jan 2020

For the first time ever, the Property Council’s February Office Market Report will capture East Perth specific information about office vacancies and performance.

Retirement village review risks alienating residents and operators

19 Dec 2019

Property Council of Australia says the State Government's retirement village review lacks transparency and is being made overly complex.

Bulls N' BearsView all

Lithium Australia

Lithium Australia locks down patent for new processing tech

24 Feb 2020

Lithium Australia has received a notice of acceptance from IP Australia, all but ensuring that the patent applications for its “LieNA” lithium processing technology will be approved. The company patents will provide for 20 years of protection for its intellectual property with the technology set to revolutionise the lithium industry by increasing lithium recoveries by more than 85% from fine spodumene ore, waste or even tailings streams.

AVZ Minerals

AVZ test work reaches 6% lithium oxide threshold

24 Feb 2020

AVZ Minerals is on the home stretch of its mammoth DFS, which is due to hit the market next month, with phase two metallurgical test work delivering another exceptional batch of results that reinforce the potential economic viability of its Manono lithium and tin project in the Democratic Republic of Congo. A bulk 2,000 kilogram sample yielded a 160-kilogram concentrate grading 6.1% lithium oxide at over 60% lithia recovery.

Impact Minerals

Impact Minerals forms Broken Hill Alliance

24 Feb 2020

In a potentially transformative move, Impact Minerals has formed a strategic “Broken Hill Alliance” with fellow ASX-listed companies, Castillo Copper and private group, Squadron Resources, to amalgamate what will be the largest landholding that surrounds the world-class Broken Hill zinc-lead-silver mine in NSW. Importantly, Impact will retain the rights to explore for all platinum group metals, nickel, copper and other precious metals across its tenements.

Lindian Resources

Lindian hits high grade bauxite in Guinea

24 Feb 2020

Lindian Resources maiden auger drilling program at its Gaoual bauxite project in Guinea has confirmed that the company is sitting on a very high-grade conglomerate-hosted bauxite deposit, with drill holes encountering exceptional grades of over 60% aluminium oxide right across the Bouba Plateau. The thickness of the mineralisation varies and in some areas is over 15m according to Lindian.

Mercury Pharma brand sees revenue hike for MGC