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

Corporate Finance DealsView all

Bardoc Gold seeking $15m

Bardoc Gold has received firm commitments to raise $12 million through a share placement to advance its Kalgoorlie region developments.

Swick to raise up to $17m

Swick Mining Services has raised $15 million via share placement, as the company positions itself for a period of growth.

Azumah fires back at Ibaera

Azumah Resources has pushed back against Ibaera Capital’s hostile takeover bid, stating that the mining equity fund has paid substantially more for its current stake in the gold junior than the price of its takeover offer.

Equity crowdfunding on the rise

Interest in equity crowdfunding is growing locally, after Rhinohide reached its investment goal and fellow Perth-based business Tiller Rides announced more than 300 investors have expressed interest in supporting its capital raising.

Matsa to raise up to $6m

Matsa Resources is seeking to raise up to $6 million via a share placement, with a portion of the funds to go towards further development at its Red October gold project.

Politics & the EconomyView all

Uniformity needed on donations

One of Australia's most experienced electoral officials has called for a major shakeup in the regulation and reporting of political donations at federal and state levels.

Slow recovery in WA’s population growth

Western Australia’s annual population growth rate has lifted slightly to 1 per cent but continues to lag the national growth rate of 1.6 per cent.

WA jobless at 5.8%

Unemployment fell 0.1 percentage points in Western Australia in August to be 5.8 per cent, although the number of people employed full time fell by about 7,900.

Report shows $13.8bn budget improvement

The federal budget was in a $700 million deficit in the 2018/19 financial year, the Final Budget Outcome report shows.

Premier says China tension won't affect foreign buyer tax

Premier Mark McGowan says the state government has not considered scrapping its foreign buyer surcharge for residential property to help smooth over tension with Western Australia's biggest trading partner, despite rising concern over risks to the state’s economy.

PropertyView all

Cott, Sarich JV on Dempsey radar

Gary Dempsey has Cottesloe and Scarborough in his sights as he prepares to launch a development pipeline worth more than $200 million.

Far East wants Perth Hub builder

Far East Consortium has put an end to speculation that it had shelved its $300 million Perth Hub, putting out a call for a builder for the first stage of the project, which will comprise 314 apartments in a 32-storey tower.

Cedar Woods to acquire second Perth infill site

Cedar Woods Properties is preparing to launch a second urban infill project in Perth, after entering an agreement to acquire a 12.4-hectare site in Hamersley for $21.2 million.

Warrington strikes this year's biggest Perth office sale

ASX-listed investment fund Centuria will acquire Warrington Capital Partners’ William Square office building in Northbridge for $189.5 million, in the highest value commercial property transaction in Perth since December last year.

Pyke leads student build group

A new student accommodation proposal has emerged on Wellington Street, on a development site owned by a syndicate of investors including former Adelaide Crows coach and West Coast Eagles footballer Don Pyke.

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

WASO appoints local artist

WA Symphony Orchestra (WASO) has announced the appointment of Perth soprano Sara Macliver to its board of directors.

Volunteers offer Lifeline

Lifeline WA is on its way to meeting its ambitious goal to answer the equivalent of all the state’s crisis calls by June 2020, after doubling its volunteer workforce in the past three years to answer a record 32,000 calls last year.

Orange Sky wins corporate backing

A unique mobile service for homeless people will benefit from a recent injection of funding.

Black Swan, Perth Festival announce new board members

Two Western Australian arts organisations have made changes to their boards, with appointments including David Shirley, Rowena Albones, Ben Lisle and Rishelle Hume.

Film innovators launch whale tale

Prospero Productions will premiere its new immersive documentary Whale Super Highway, which tracks a mother and a baby whale down the coast of Western Australia, in a 35-seat dome at CinefestOz at the end of August.

EnergyView all

Coal use declines in Australian energy mix

Australia is now less reliant on coal than at the beginning of the century even as energy consumption steadily climbs with a growing population.

Carnegie revises prospectus plans

Carnegie Clean Energy, which is seeking to raise up to $11.5 million after going into voluntary administration earlier this year, has issued a supplementary prospectus that tones down some of the key claims it made to investors only six weeks ago.

Juwi to take RCR's role at Greenough solar

Synergy’s renewable power joint venture has chosen Juwi Renewable Energy to complete the expansion of Greenough River solar farm, nearly a year after previous contractor RCR entered administration.

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.

Food & WineView all

Bellamy's stock soars 56% on China buyout

Bellamy's shares have surged by more than 50 per cent after the infant formula maker announced it had entered into a $1.5 billion takeover scheme with the China Mengniu Dairy Company.

HYDE Kitchen coming to Perth

International bar and restaurant chain HYDE Kitchen + Cocktails will feature at Accor’s The Adnate hotel when it opens in October.

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.

Special ReportsView all

Gold Miners

Gold Miners

16 September 2019

Our updated list of WA’s top gold miners shows stagnant production despite a surging gold price. This feature also delves into the Super Pit sale and the deal behind WA's biggest new gold mine in years.

Production lags record gold price
Gold stars prepare for pit fight
Gold Road’s  bright deal  delivers at  Gruyere
Retail property 2019

Retail property 2019

09 September 2019

Retailers, landlords evolve to meet changing market

Retail downturn more perfect storm than rent recalcitrance
Shopping centres meet the market
Power and energy 2019

Power and energy 2019

02 September 2019

Gas peaking generation and utility scale batteries will become increasingly valuable in Western Australia as coal power units are retired and new wind farms enter the market.
616MW of new capacity is approved for construction, including 394MW of wind power.

Gas, batteries firm as coal exits
Great for the State – Edition 6: Values & Purpose

Great for the State – Edition 6: Values & Purpose

27 August 2019

We’re taking a close look at how our biggest businesses operate with values and purpose for the good of Western Australia.

Authenticity an opportunity for business success
Pursuit of purpose key to Wesfarmers rise
Main Roads committed to indigenous impacts
Miners embrace challenge of social licence
Small business and franchises

Small business and franchises

26 August 2019

Business closures around the city have increased drastically in recent years, with the slowing economy and high rents two major concerns. Plus, franchising may be under constant scrutiny but we explore how WA entrepreneurs are using the model.

Retail, hospitality hit by rents, slow spending
Reward for effort despite looming franchise regs

MiningView all

Breight fills training gap, wins Newmont contract

Mining services company Breight Group has established a specialist training centre in Belmont to lift the skill level of workers undertaking maintenance and shutdowns on mine sites.

Metals X seeking over $32m to revive Nifty

Copper and tin producer Metals X has launched a $32.7 million capital raising to turn around its struggling Nifty copper operation, less than three weeks after it refreshed its board at the behest of its largest shareholder.

Worker death at IGO’s Nova mine

A truck driver has passed away following an accident at Independence Group’s Nova nickel-copper mine in the Goldfields last week.

Rinehart’s $340m potash investment in strife

Gina Rinehart’s Hancock Prospecting may have to pour more funds into the severely cash-strapped UK-based Sirius Minerals, after the company shelved a $US500 million bond issue for a multi-billion dollar potash project in the UK, blaming factors such as a lack of government support and Brexit uncertainty.

AMMA report overstates WA mining jobs

A widely publicised report out today that claimed Western Australia will need 10,700 more operational workers in the mining sector by 2024 appears to be misleading, according to a review by Business News.

OpinionView all

Port a solidarity test for Labor

OPINION: WA’s fraught journey towards creation of a new port near Perth has continued with a split in Labor ranks.

Mark my words podcast

PODCAST: Mark Beyer and Mark Pownall discuss the mining jobs outlook, workplace deaths, population growth, apartment projects, our special report on tourism, and our latest instalment of Great for the State.

Saudi sting opens window for WA

OPINION: Every cloud has a silver lining, even the attacks on the Saudi Arabian oil industry, because they could provide the incentive for customers to seek more liquefied natural gas from Western Australia.

Mark my words podcast

PODCAST: Mark Beyer and Mark Pownall discuss Landgate's sale, Brexit impact, Tianqi Lithium, hospitality's surprise new offerings, Yukich expansion, and our special report on the gold sector.

State services not safe from disruption

Digital disruption seems set to affect the government’s provision of transport services, and other offerings are also ripe for the picking.

RetailView all

Premier profit up 28% despite retail downturn

Premier Investments shares have surged to their highest value in nearly a year after the Solomon Lew-backed retail conglomerate lifted profit and hiked its payout on strong sales at pyjama shop Peter Alexander and Just Jeans.

Kathmandu FY profit climbs on Aussie sales

Kathmandu's key Australian market appears to be weathering the retail chill, with sales of its signature puffer jackets helping offset a revenue decline in New Zealand and propel the company to a new full-year profit peak of $NZ57.63 million ($A53.3 million).

Myer's FY profit impresses, but sales slip

Myer shares have climbed nearly 12 per cent on a better-than-expected full-year profit, but the department store chain's sales are still falling.

WA hospitality sector shows signs of resurgence

Western Australia has bucked the national trend and recorded a 0.6 per cent rise in retail spend for July, underpinned by gains in the hospitality sector, according to the latest data from the Australian Bureau of Statistics.

Offshore boost for Harvey Norman profit

Harvey Norman has lifted full-year profit by 7.2 per cent to $402.3 million as its overseas ventures offset another weak result for local franchisees.

SkylineView all

Skyline

Perfect storm brewing for Perth office market

Activity in Perth's CBD office market reflects the start of a rebound, leading office specialists Sheffield Property say.

Density, diversity and the new Australian dream

There’s a word that triggers fear in the community. It’s the D-word – density. That’s why Property Council WA commissioned research to find out what density really means to people and how they believe it will impact their lives.

Tax levers could stimulate property growth

It’s encouraging to hear Treasurer Ben Wyatt being upfront about how land and other taxes may be contributing to weaker conditions for West Australian homeowners and investors.

Spaces for flexible office growth

The opening of Spaces Wentworth at Charter Hall’s Raine Square is the latest in a series of growth initiatives in Perth’s flexible office market.

Government approves $227m Subi investment

Subiaco’s transformation post-football is gaining momentum, with the state government approving $227 million of funding to revitalise the Subi East precinct, a commitment expected to be a catalyst for more than $1 billion of private sector investment.

Bulls N' BearsView all

Bulls N' Bears

Azumah rallies shareholders against takeover

Azumah Resources has advised shareholders to ignore a 2.8c a share takeover bid from Ibaera Capital, its private equity partner in the Wa gold project in Ghana, saying the offer appears opportunistic given the recent strengthening in gold prices and it overlooks the upside potential of the recent Bepkong underground deposit discovery. Azumah says that Ibaera has paid up to 3.7c a share in the past for its stock.

Ironbark gets new MD set for Greenland zinc play

Ironbark Zinc has appointed Michael Jardine to drive its zinc-lead project in Greenland from the Managing Director’s chair. Mr Jardine has a technical background in a range of industries including corporate development in mining and investment banking and looks well placed to take the helm at Ironbark. Former M.D and Ironbark prime mover Jonathon Downes will stay on as a Non-exec director.

Sovereign generates premium African graphite product

Sovereign Metals has successfully extracted a high-quality graphite concentrate during its pilot plant test program in Africa. The processed graphite originated from the company’s Malingunde deposit in Malawi. Sovereign discovered Malingunde in 2015 where it has since delineated a total graphite resource of 65.1Mt @ 7.1% TGC. The company says Malingunde is the world’s largest saprolite-hosted graphite deposit.

Anglo nails gold hits near Kambalda

Anglo Australian looks like it is well and truly onto something now at its Mandilla East project near Kambalda in Western Australia. Latest eye-catching drill intersections include a staggering 112m-wide zone going 1.5 g/t gold from just 41m down-hole and a 93m-wide hit going 3.11 g/t gold from 49m. Anglo is now working double time to unearth the full extent of this remarkable mineralised zone.

German Govt invites Altech to build 2nd plant

Altech Chemicals has been invited by the Saxony State Government in east Germany, to consider building a second HPA plant to lever off the burgeoning lithium-ion battery and EV manufacturing hub in that region. Saxony is one of the leading vehicle construction areas in Germany, with Volkswagen, BMW, Porsche and Daimler all operating plants in the State.

Thought LeadershipView all

The Benefits of a US or UK University Education

In today’s increasingly globalized world, many Australians are considering the option of pursuing university degrees abroad.

Does your organisation contribute to the cost of mental health?

There is no doubt mental health is topical.

Perth's shopping centre evolution

The needs and expectations of shopping centre customers has been rapidly evolving for many years, and while customers still value a traditional brick-and-mortar experience with quality customer servic

Boys and Girls: Career interests are established early

Last week saw the USA celebrate Women’s Equality Day, recognising the 99th anniversary of women in the world’s largest democracy, the United States, gaining the right to vote.

Vision for world-class treatment, research centre for Perth

Consolidating its reputation as a global-leader in breast cancer advancements, Breast Cancer Research Centre WA has revealed a bold plan to develop a world-class integrated breast cancer treatment and