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

Corporate Finance DealsView all

Sea Harvest fishes for takeover of Mareterram

South Fremantle-based seafood company Mareterram has backed a takeover offer from its largest shareholder, Sea Harvest.

Healthscope agrees $4.5bn Brookfield buyout

Healthscope has agreed to a $4.5 billion takeover by Canadian investment firm Brookfield, despite rival bidders suggesting they could increase their offer.

NRW buys RCR businesses for $10m

Belmont-based contractor NRW Holdings will purchase the mining and heat treatment businesses of RCR Tomlinson for $10 million.

Wangara business buys RCR Laser

Unique Metal Works is set to double in size after striking a deal with the administrators of RCR Tomlinson to purchase its laser business, which employs about 200 people.

Sandfire seeks $94.5m takeover of MOD

Sandfire Resources confirmed today it has approached MOD Resources about a potential takeover, with the target proceeding instead with a $15 million capital raising to support work on its T3 copper project.

Politics & the EconomyView all

Rates forecast of 0.5%

There will be a big reduction in the Reserve Bank of Australia’s official cash rate in the next year or two, according to investment analysis Jonathan Pain.

Government compromises on rock lobster plan

The state government and the Western Rock Lobster Council have reached a comprise on the future of the industry, with the annual catch to increase by just 315 tonnes. However, details of how this will be delivered to the local market have not yet been worked out.

Julie Bishop declares intention to run for Curtin

Former foreign minister Julie Bishop says she intends to stand for her seat again at the coming election and has given her backing to Prime Minister Scott Morrison.

ASX posts gains while Aussie dollar drops

Australian shares have finished higher for a third straight day, while the Australian dollar has hit the skids after the Reserve Bank opened the door to a possible rate cut.

WA exports step on the gas

Exports from Western Australia increased by 17.7 per cent to a record $144.8 billion in 2018, underpinning a strong improvement in the nation’s overall trade performance.

Upcoming Business News EventsView all

Hyatt - 28 February 2019

PropertyView all

New policy brings design to the development forefront

New rules will soon apply to high-density developments across the Perth metropolitan area, including minimum apartment sizes, guidelines around tree retention and natural light, and how projects integrate with the wider neighbourhood.

$500m Galleria expansion deferred

The long-anticipated expansion of Galleria Shopping Centre in Morley has been deferred, just days after receiving final planning approval, though its co-owner has committed to a $63 million expansion of Ellenbrook Central.

Developers line up for Perth’s next office opportunity

Developers across Perth’s CBD are positioning themselves to ride the city’s next wave of office development, with options for tenants with large space requirements becoming scarce despite an overall vacancy rate of 18.5 per cent.

HBF to sell Kings Square headquarters

Insurance giant HBF has placed its headquarters at Kings Square on the market, appointing JLL to handle the sale of the asset in an improving Perth CBD office market.

Office vacancies continue downward trend

Perth’s office vacancy rate has fallen to its lowest level since 2015, with increasing momentum in commercial leasing reflecting brighter sentiment across Western Australia’s business sector.

WA Event CalendarView all

WA's most comprehensive guide to forthcoming business-related events. To list an upcoming WA event on this page, complete the online submission form.
20 Feb 2019 to 22 Feb 2019 | @ 09:00am
20 Feb 2019 | @ 04:00pm
20 Feb 2019 | @ 05:30pm
22 Feb 2019 | @ 07:30am
23 Feb 2019 | @ 06:00am
23 Feb 2019 to 24 Feb 2019 | @ 08:30am

Arts & CommunityView all

Funding feeds good food growth

Perth-based EON Foundation is growing its food and nutrition programs in remote communities.

Sunset to become cultural precinct

The Sunset Hospital site on the riverfront in Dalkeith will become a cultural and creative precinct, with Culture and Arts Minister David Templeman today announcing an expressions of interest process.

Kimberley art pays off for artists, Rio

The curators and sponsors of the Desert River Sea: Portraits of the Kimberley exhibition at the Art Gallery of WA are hopeful the more than 150 pieces on display will challenge and broaden the public’s perception of Aboriginal art.

Regional route a funding play

Having spent years working overseas in Europe and the UK, director and lighting designer Mark Howett is acutely aware of the need for art to appeal far beyond its own cultural base.

Stafford drives growth at MSWA

Neurological services provider MSWA has undergone substantial growth in the past 10 years, working towards reliance on private revenue sources.

EnergyView all

AGL increases WA customers by 57%

AGL Energy has continued its growth in the Western Australian gas market, revealing it had approximately 33,000 customers by the end of 2018, a rise of 12,000 from six months prior.

Granny Smith to go solar

Gold Fields has awarded Aggreko a contract to construct and operate a microgrid with 20,000 solar panels and battery storage, which will be integrated with the existing natural gas power supply to reduce fuel consumption at the Granny Smith gold mine near Laverton.

APA's Badgingarra wind farm producing power

Electricity has started flowing from APA Group’s Badgingarra wind farm in recent days, while two of the state’s major coal generating units have been powered down due to low demand.

Sumitomo moves on growing solar market with Infinite buy

Sumitomo Corporation has grown its presence in Western Australia’s retail power market with the acquisition of Infinite Energy, its first investment in a distributed grid business and a move beyond its local coal and gas-focused portfolio.

Clough for civil works at $4bn Snowy 2.0

Perth-based contractor Clough has been chosen in collaboration with Italian business Salini Impregilo as preferred tenderer for civil works at the Snowy Hydro 2.0 pump storage project.

"Mark My Words" PodcastsView all

15 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss a tourism business sale, Airbnb, Vicinity Centres, Galleria Shopping Centre, future CBD development opportunities, infrastructure priorities, and our special report on ports and transport.

08 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss the banking royal commission fallout, private schools, Graham Griffiths' passing, export data, office vacancies, Architectus and our 25th anniversary event

01 February 2019

PODCAST: Mark Pownall and Mark Beyer discuss house prices, RCR sell-off, Zhenya Tsvetnenko, Optus Stadium, lithium strategy, big miners back Indigenous campaign, The Simpsons, and our special report on the big risks to WA.

25 January 2019

PODCAST: Mark Pownall, Mark Beyer and Dan Wilkie discuss Dale Alcock and Adrian Fini, South Perth development, house market sentiment, Infinite Energy, Wright Prospecting’s financials, Kinetic IT, and our special report on major WA private companies.

18 January 2019

PODCAST: Mark Pownall and Mark Beyer discuss Woodside projects, Heath Development, Navitas, rising philanthropy and our special report on WA’s biggest deals and dealmakers.

Food & WineView all

Evolving the offering a priority for Perth publican

With the recent acquisitions of The Breakwater and the Newport, Perth-based hospitality group Capitol Corp is continuing to diversify its offering.

Single Fin drives solid quarter for Gage Roads Brewing

Gage Roads Brewing’s Single Fin Summer Ale has propelled the Palmyra-based brewer to a quarter of solid growth, after the brew was named the nation’s fastest-growing beer brand late last year.

New Normal for restaurant waste

A small bar in Subiaco is demonstrating the benefits to business of developing more efficient waste management practices.

New owner for Beach Bar

Scarborough Beach Bar has been thrown a lifeline, with insolvency specialist WA Insolvency Solutions selling the company to hospitality operator the ARK Group, which currently operates venues including The Generous Squire and Market Grounds.

Settlers Tavern finds growth formula

Never settling for second best, a hardworking couple has spent the past 15 years transforming Margaret River’s local pub, Settlers Tavern, into a venue of national note.

Special ReportsView all

Risks to WA

Risks to WA

04 February 2019

Concern over China, skills shortages, politics

All eyes on China amid slowing global trade
Project pick-up puts pressure on skills
Business, investors count down to key poll
Private companies 2019

Private companies 2019

29 January 2019

The latest update to the BNiQ listing of Western Australia's largest private companies has once again highlighted major shifts in economic activity.

Iron ore boosts private companies
Kinetic IT keeps it private
Corporate finance 2018

Corporate finance 2018

21 January 2019

Annual review of WA deals and outlook

Goldman, Freehills top deal tables
Cutting through tech funding maze
Lithium, gold  and  base metals driving deals

MiningView all

Hallam to lead Capricorn

Warren Hallam has been tapped as the new managing director of Capricorn Metals, as the company ramps-up the development of its flagship Karlawinda gold project.

Imdex profit up 27%

Mining equipment supplier Imdex has announced a half-year profit of $13.5 million, compared with $10.6 million in the corresponding period last year.

Technology Metals raises $4.5m

Technology Metals Australia has secured $4.5 million via a share placement, with the funds set to advance the definitive feasibility study on its flagship Gabanintha vanadium project, located 40 kilometres south of Meekatharra.

RCR’s remaining WA assets sold

The sale of RCR Tomlinson’s Western Australian operations is complete, with RCR Resources, RCR Power and RCR Water West sold to AvidSys Group for an undisclosed sum.

Liontown to raise $7.9m

Liontown Resources has announced a $7.9 million capital raising, with the funds set to go towards project development activities at its Kathleen Valley lithium project, located 60 kilometres north of Leinster.

OpinionView all

Business News marks 25 years at cutting edge

The media is like any other business, where adapting to consumer needs is the only way to survive.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss a tourism business sale, Airbnb, Vicinity Centres, Galleria Shopping Centre, future CBD development opportunities, infrastructure priorities, and our special report on ports and transport.

Retail reels as net closes in

OPINION: This reporting season will most likely deliver some uncomfortable news for the retail sector.

Payroll tax cut will help jobs

OPINION: Nearly two years in, Mark McGowan is finding it tougher in government to realise a key poll promise to create more jobs in WA.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss the banking royal commission fallout, private schools, Graham Griffiths' passing, export data, office vacancies, Architectus and our 25th anniversary event

RetailView all

Super Retail to repay $32m in unpaid hours

Rebel Sport owner Super Retail Group is set to repay six years' worth of unpaid overtime and allowances to retail managers in an expected $43 million pre-tax hit to first-half earnings.

JB Hi-Fi lifts H1 profit 5.5% to $160m

JB Hi-Fi has lifted first-half profit 5.5 per cent to $160.1 million despite volatile holiday trading for the electronics and home entertainment retailer.

David Jones boss David Thomas quits

David Jones chief executive David Thomas has resigned after almost 18 months in the role and just weeks after results showed an improved first-half performance.

Prominent Perth fashion label to close

One of Perth’s most prominent fashion designers has announced the closure of an internationally successful label, but hinted at plans for something big in the pipeline.

Napoleon Perdis Group in administration

Australian cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk.

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

PharmAust subsidiary secures contract extension

PharmAust’s wholly-owned subsidiary Epichem will continue to provide its synthetic and medicinal chemistry expertise to leading research and development organisation Drugs for Neglected Diseases initiative, or “DNDi”, which extended its current contract for an 11th year. The contract extension is expected to generate up to $1.24 million in revenues for Epichem this year.

Abundant pegmatites for Lithium Australia at Youanmi

Lithium Australia has mapped three swarms of outcropping lithium-rich pegmatites over a total strike length of 2.5km and widths to 50 metres at its Youanmi project near Sandstone in the Murchison region of WA. The company will use recently acquired high-resolution geophysical surveys of the region, along with its recent geological mapping program, to delineate lithium drilling targets at the broader Youanmi project.

Image completes Boonanarring ramp-up ahead of schedule

Image Resources has completed the ramp-up of its Boonanarring project just north of Perth to full production in just two months, well in advance of the planned six month ramp-up schedule in the bankable feasibility study. The company has also shipped a full complement of about 20,000 tonnes of heavy mineral sands this month and expects to achieve positive project cash flow before the end of the current quarter.

96% recoveries for Caravel’s flagship copper project

Caravel Minerals has reported high recoveries of copper averaging 96.1% at coarse grind sizes from a metallurgical test program carried out on diamond core ore composites at its namesake project in the Wheatbelt of WA. The results eclipse the 92% recovery used in the 2016 scoping study and will now feed into the company’s updated scoping study report, which is due for release next month.

New find of copper/gold on Bougainville for Kalia

Kalia Limited has delineated a new exploration target at its Teosiri prospect on Bougainville Island in PNG, with rock chip sampling turning up assays of 2.76 g/t gold, 4.9g/t silver, 0.32% copper, 1.22% lead and 2.4% zinc. The company is also finalising an independent geophysical analysis report from a detailed airborne survey completed last year, which will guide future exploration programs across its Toro JV tenements.

Most viewed people

Jeff McGlinn

Jeff McGlinn

Former Chief Executive Officer, Indigenous Construction Resource Group
Former Chief Executive Officer, NRW Holdings

Patrick Allaway

Patrick Allaway

Non-Executive Director, Fairfax Media

Peter Landau

Peter Landau

Former Executive Director, Hipo Resources
Former Non-Executive Chair, Citation Resources
Former Interim Executive Director, Continental Coal
Former Executive Chairman, AusRoc Metals
Former Non-Executive Director, Range Resources
Former Executive Director, Legal Counsel, Joint Company Secretary, NKWE Platinum
Former Non-Executive Director, Continental Coal
Former Non-Executive Chair, Paynes Find Gold
Former Non-Executive Director, Eclipse Metals
Former Director, Cape Lambert Resources
Former Executive Director, Company Secretary, Blaze International
Former non-executive director, Poseidon Nickel
Former Director &
Company Secretary, Indus Energy

James Baillieu

James Baillieu

Non-Executive Chair, BidEnergy

Thought LeadershipView all

Babies, beagles and a bright future for solar savings

Significant energy-bill savings can be made with solar power in almost any business, but the upfront cost of panels and installation can be a barrier, particularly in the not-for-profit sector.

Visa Legislation: Lessons and Tips for Recruiting Overseas Talent

In September Prime Minister Scott Morrison flagged the Australian Government will make it a priority to encourage migrants to move to smaller capital centres - including Perth - and into regional and

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

Land of Sweeping Plains

Schneider Electric and SA Power Networks combine to combat distributed power network outages.

Amazon Alexa is coming, you're invited.

In 1950, Bell Labs invented Audrey, a machine that could understand the digits zero to nine with a degree of accuracy up to ninety percent.