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

Corporate Finance DealsView all

Apollo to raise $10m

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 pledges $15m for third RFDS jet

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 sells down stake in Horizon Gold

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.

Green light for $15bn Vodafone TPG merger

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 to raise $5m

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.

Politics & the EconomyView all

Containers for Change prices announced

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.

Saul’s call: March quarter warning

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

Virus threat to group travel model

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

Divergence and delusion

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

Measured approach to virus threat

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

Perth childcare centre sells for record yield

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

Cedar Woods, Stockland flag stronger second-half results

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.

Iluka Beach: upscale for downsizers

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.

Work starts on Freo apartments, Beechboro shops

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.

Developers still wary in South Perth

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

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

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

New regional childcare model

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.

Otherside, AGWA partner after hours

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 kicks off for 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.

EnergyView all

AGL Energy grows its WA presence

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

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.

Waste projects shift the dial

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.

Seven hydrogen projects secure study funds

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

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

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

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.

Besk's niche offering comes with broad appeal

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

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.

Diverse offering fits the bill in Freo

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

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

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.

Shooting for the stars in a smart WA
Rethinking the brain drain
Bigger bandwidth for STEM women
Mindset shift at core of STEAM
Ports and transport 2020

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
Cost, delay troubles for Metronet
Freo keen to realise port potential
Most Influential 2020

Most Influential 2020

14 February 2020

WA's 50 most powerful people in business and politics

Power rests with a select few
Private business 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

MiningView all

NRW Holdings appoints female director

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

Macmahon lifts 2020 guidance

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 shares surge on takeover offer

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 posts $US284m annual loss

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 to demerge iron ore royalty

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.

OpinionView all

Mark my words podcast

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

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

Mark my words podcast

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

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.

Connections could lift lithium

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

Colette to close five WA stores

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 sells $1.1bn Coles stake

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.

Wage thieves could face naming and shaming

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

Freo getting its mojo back

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.

Administration, restructure planned for Fashion Festival

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

Skyline

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

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

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

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

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

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

Bulls N' BearsView all

Bulls N' Bears

Lithium Australia locks down patent for new processing tech

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 test work reaches 6% lithium oxide threshold

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 forms Broken Hill Alliance

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 hits high grade bauxite in Guinea

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

MGC Pharmaceuticals recently unveiled Murcury Pharma, a new medicinal cannabis-based line for Australian and New Zealand markets. MGC has now seen an 85% increase in orders for its product, including Mercury Pharma 100, a prescription-only 100mg/mL canibodol solution and other white label cannabidiol products that are used for treatments such as anxiety, cancer and arthritis. The company’s revenues have now reached over $430,000.

Most viewed people

Quentin Gracanin

Quentin Gracanin

Former Non-Executive Director, XTD

Stefano Carboni

Stefano Carboni

Former Chief Executive &
Director, Art Gallery of WA
Former Adjunct Professor, Islamic Art, University of Western Australia

Malenga Machel

Malenga Machel

Former Non-Executive Director, was Chair 2012-2016, Kaboko Mining
Former Non-Executive Director, AusRoc Metals

John Poynton

John Poynton

Non-Executive Chair, Giving West
Non-Executive Chair, Warrington Capital Partners
Non-Executive Chair, Jindalee Partners
Non-Executive Chair, Strike Energy
Board of Guardians, Future Fund
Non-Executive Director, Crown Resorts
Founding Chair of Advisory Board, Alterra
Deputy Chair, Sapien Cyber

Lacey Filipich

Lacey Filipich

Co-Founder, Director, Money School

Thought LeadershipView all

How specialist residential assets will re-shape WA’s traditional development landscape

The residential development sector in WA has suffered more than its fair share of battle scars.

Mentoring, values and purpose

Deep diving on values and purpose to define how we engage with our world and shape how and what we deliver.

Why unlisted property funds will take the spotlight in 2020 and beyond

Shares often take centre stage when it comes to building a wealth portfolio, but there’s another asset class that’s been waiting in the wings, developing a strong foundation for investment portfolios.

Modern luxury living that still feels like home

Many Australians have always aspired to own a home in the burbs, complete with pool, backyard and a verandah out the front. But you don’t need to have a big home, garden and outdoor entertaining area to live in comfort in the inner city.

Nexteel paints new future for steel

Contrary to the popular saying, it’s often what’s on the outside that counts when it comes to a building’s structural integrity.