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

Corporate Finance DealsView all

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.

Northern Minerals undertakes fresh equity raising

Northern Minerals is set to raise $20 million via a private placement, the latest in a string of significant capital raisings the rare earths hopeful has undertaken this year.

Calidus raises $9m for Warrawoona

Calidus Resources has completed a placement to raise $9 million, with the funds to go towards the development of its Warrawoona gold project.

Castle shares skyrocket on Ghana deal

Shares in Castle Minerals have risen by as much as 150 per cent today, after the junior gold explorer signed a $US11.7 million ($17.2 million) farm-out agreement for two of its licences in Ghana.

Rhinohide takes crowdfunding equity route

Rhinohide is seeking to raise up to $500,000 via equity crowdfunding platform Equitise, after raising $791,000 from private investors earlier this year, as the vehicle protection panel business looks to launch in the US.

Politics & the EconomyView all

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.

Latest labour data highlights WA volatility

Western Australia has recorded the largest decrease in jobs for July, just a month after it was the only state or territory in Australia to experience an increase in employment.

Key McGowan adviser in fight over CCC inquiry

The head of the Department of the Premier and Cabinet has been accused of an “extremely serious intentional breach of parliamentary privilege” by a parliamentary committee chaired by Labor's Kate Doust for his actions during a Corruption and Crime Commission investigation.

Economy reaches 'turning point': RBA boss

Reserve Bank of Australia Governor Philip Lowe believes the nation's economy may have reached a "gentle turning point", paving the way for growth to pick up again next year.

Aussie dollar hits 10-year low against USD

The Australian dollar has hit a 10-year low against the US dollar after New Zealand's central bank cut the country's cash rate by a larger than expected 50 basis points.

PropertyView all

Incentives distort two-tiered market

Optimism is emerging in Perth’s office market, but that doesn’t mean landlords’ challenges are over.

Vicinity hit with $191m WA write-downs

Shopping centre giant Vicinity Centres has felt the full force of WA’s weak retail climate, after it recorded a $227 million write-down, largely due to the performance of its WA portfolio, which had $191 million wiped off its value.

Work begins on major Claremont development

Construction has started on a new aged care centre at LandCorp’s Claremont on the Park redevelopment, with Oryx Communities today breaking ground on The Queenslea project.

Developer pioneers new solar plan

An initiative being rolled out in Perth’s northern suburbs promises to reduce the costs of installing residential solar panels while also creating a new asset class for institutional investors.

CBRE leads in shopping centre sales

Neighbourhood shopping centres and supermarkets are drawing significant investor interest, with more than $140 million worth of transactions occurring in 2019.

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

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.

First we take Hydra, then we take Hollywood

Perth academics Tanya Dalziell and Paul Genoni have sold the film rights to their book Half the Perfect World, a biographical account of the time Australian literary couple George Johnston and Charmian Clift spent on the Greek island of Hydra.

EnergyView all

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.

Valmec shares surge on strong growth

Investors have welcomed Valmec’s announcement that it expects to record a 64 per cent rise in net earnings for the 2019 fiscal year.

Food & WineView all

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.

Hot prospects for Bunsters

One of Perth’s sauciest companies is seeking a $5 million valuation with a hand from the Perth Angels.

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

OreCorp raises $13.3m

Gold explorer Orecorp is raising $13.3 million from an institutional share placement to fund its move to full ownership of the Nyanzaga gold project in Tanzania.

Ora Banda raises $18.5m

Ora Banda Mining, formerly known as Eastern Goldfields, has continued its revival after gaining commitments to raise $18.5 million through a share placement.

Newcrest lifts dividend on 22% profit jump

Newcrest Mining has posted a 22.2 per cent increase in annual profit, buoyed by robust gold and copper sales volumes from its flagship Cadia mine in NSW, while its Western Australian Telfer project also performed well.

Hallam to lead Millennium

Millennium Minerals has appointed Warren Hallam as managing director, marking Mr Hallam’s return as the leader of a junior miner since his short-lived stint at Capricorn Metals ended abruptly in March.

Civmec wins FMG contract

Civmec has announced $120 million of new work, led by a contract to build and instal the primary crushing and ore processing facility at Fortescue Metals Group’s Eliwana iron ore mine.

OpinionView all

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.

MSM misjudged social media threat

OPINION: Has the horse bolted in terms of the way Google and Facebook have changed mainstream media?

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss the lithium slowdown, house prices, BGC brands, Rita Saffioti, Minderoo, gold and our special report on the arts sector.

RetailView all

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.

New car sales record first rise in 14 months

Sales of new vehicles in Western Australia bucked the national trend and rose by 5 per cent in July, primarily due to the sports utility vehicle (SUV) market segment, marking the first overall increase in monthly sales since May last year.

Signs of WA retail revival

A rebound in the local retail sector may be on the horizon, after Western Australia recorded the second largest rise in retail spending among states and territories, according the latest Australian Bureau of Statistics data.

Cashies forecasts FY19 loss

Cash Converters International says it expects a loss of between $2 million and $4 million for the 2019 financial year, largely due to a class action settlement in Queensland.

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

Vonex takes off with Qantas rewards partnership

Australian telco disruptor, Vonex, has officially launched its partnership with Australia’s largest business to business loyalty program, Qantas Business Rewards. The partnership allows businesses of any size in the QBR program to earn reward points for their expenditure on the company’s products and has the potential to grow its brand awareness, recognition and sales growth.

Classic gets gold fever at Kat Gap

Clutching an armoury of excellent previous gold drilling results, Classic Minerals is now well and truly blooded and up for the hunt at Kat Gap near Southern Cross. The ASX minnow has kicked off a new drilling campaign aimed at testing down-dip projections of high-grade mineralisation it previously intersected with drilling to focus on the 400 metres of strike to a depth of about 100m, double the average depth of previous holes.

Venus/Rox target more high grade gold near Youanmi

Venus Metals and Rox Resources have recommenced reverse circulation drilling to follow up on high-grade hits of more than two ounces to the tonne gold at the Currans Find North prospect, near Youanmi in Western Australia. The current drill program will explore the down-plunge and along-strike extensions of the high-grade gold mineralisation that was intersected in previous drilling.

Hammer poised to kick off Bronzewing drilling

Hammer Metals is gearing up to kick off its maiden drill program at the Bronzewing South gold project in Western Australia over several targets that are located immediately south and along strike of Echo Resources’ 4 million ounce Bronzewing mine. A recent survey over these targets identified conductive zones that are in most cases spatially associated with areas of higher gold accumulation anomalies in historical drilling.

Buru firms up potential oil zone at Adoxa-1

Buru Energy has identified the potential for an 11 metre oil pay zone in the Upper Anderson section after completing wireline operations at its Adoxa-1 conventional oil exploration well on shore in the Canning Basin, Western Australia. The company will now case the well before mobilising the NGD 405 rig to drill the nearby Ungani-7H production well at the Ungani oil field before returning to Adoza-1.

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Thought LeadershipView all

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.

What do your Graduates want?

There is a whole new generation of university graduates stepping out into the world, eager to make a start on their professional careers. As a recent graduate myself I fall into this category.

Is WA ready for a hydrogen boom?

In March this year, Perth schoolchildren took to the streets and protested against climate change inaction.