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

Corporate Finance DealsView all

Stealth Global acquires Industrial Supply Group for $1m

Workplace consumable products supplier and distributor Stealth Global has acquired distribution business Industrial Supply Group for about $1 million, the third deal the company has made since listing on the ASX in October 2018.

Dulux shares soar on $3.8bn Nippon offer

Shares in DuluxGroup have soared more than 27 per cent to a record high after its board backed a $3.8 billion acquisition proposal by Japanese paint giant Nippon.

Shell sells $420m Timor stake

Shell has sold its interest in the Greater Sunrise offshore fields to Timor Gap, the national oil company of Timor-Leste, for US$300 million ($420 million).

Altech raises $18m

Altech Chemicals has raised $18 million via a share placement, with the proceeds to primarily go towards the company’s high purity alumina (HPA) plant in Johor, Malaysia.

Antipa completes $5.1m raising

Antipa Minerals has announced it completed a $5.1 million capital raising, with the funds set to further its exploration in the Paterson province of the Pilbara.

Politics & the EconomyView all

WA unemployment up at 6 per cent

Western Australia’s unemployment rate has increased by 0.1 per cent taking it to 6 per cent in March, making it 1 per cent higher than the national average of 5 per cent.

Oil dips as inventories disappoint market

Crude have prices declined slightly as US government data showed inventories drew down less than an industry report had suggested on Tuesday.

Gold dips as new data lifts risk sentiment

Gold has fallen again, holding near the 2019 lows touched in the previous session, as economic growth data from China assuaged concerns about global growth and drove investors into riskier assets.

Wall St weighed down by health care stocks

US stocks have ended slightly lower as a drop in healthcare shares overshadowed a string of positive corporate earnings and upbeat economic data from the United States and China.

Gold falls 1% to 2019 low as equities gain

Gold has dropped one per cent to its lowest level of 2019, as a string of robust economic data boosted demand for riskier assets like equities while bullion was further weighed down by gains in the US dollar.

Upcoming Business News EventsView all

Hyatt Regency Ballroom - 30 May 2019

PropertyView all

Apartment owners upbeat on values

Western Australian apartment investors are overwhelmingly confident of capital growth over the medium to long term, according to fresh research.

3 Oceans scraps Scarborough project, seeking JV

Developer 3 Oceans Property is looking for joint venture partners for a redesigned Iconic Scarborough project, after it announced the $450 million project is officially on hold due to the current market making the development financially unviable.

WA building hotspots dominated by outer suburbs

Perth City was the only inner city area to be classed as a building hotspot in Western Australia, with most building approvals occurring in the outer suburbs, according to a Housing Industry Association report.

Liquidators appointed to Handle Property Group

The developer behind the Red Castle and Bottleyard apartments complexes has been forced into liquidation, the latest victim of difficult conditions in Western Australian property.

Mirvac starts building last stage at Leighton

Mirvac Group will start construction on the final stage of its Leighton Beach precinct this week, with a $40 million, 104-apartment complex expected to take around 18 months to complete.

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.

Arts & CommunityView all

New chair for Perth Festival

Perth businessman Tim Ungar has been appointed chair of Perth Festival.

Overcoming the isolation of leadership

Anglicare WA’s Kate Chaney boasts an impressively diverse resume, but a recent experience led her to realise a challenge that faces all her peers.

Youth orchestra keen to jazz up its image

In any arts landscape the word ‘youth’ is often used interchangeably with ‘amateur’, but that association is far from the reality emerging at the West Australian Youth Jazz Orchestra.

Black Swan Prize rebrand honours history

Western Australia’s $50,000 Black Swan Prize for Portraiture has been renamed the Lester Prize, in honour of the award’s leading patron, Dick Lester.

Variety Bash goes the distance

Plugging the funding gap for disadvantaged kids is a key issue for Variety WA chief executive Tony Hume, who has had to make some significant decisions on the future direction of the charity during his six months in the role.

EnergyView all

iSelect 'deceived' energy customers: ACCC

The consumer watchdog says price compare website iSelect misled customers for two years by recommending energy retailers that paid it higher commissions.

Chevron, Woodside to expand Canadian site

Woodside Petroleum and Chevron have applied for a new licence for their Kitimat LNG plant in northern British Columbia that could nearly double the project's size to produce 18 million tonnes per annum (mtpa).

Synergy accused of $102m of market breaches

An investigation of Synergy’s bidding behaviour by the state’s Economic Regulation Authority found the power generator may have breached pricing rules in nearly 13,000 half-hour trading intervals between March 2016 and July 2017.

McGowan heads to China to talk up LNG

Western Australian Premier Mark McGowan is in Shanghai this week, spruiking the state's LNG industry.

Woodside signs deal with space agency

Woodside Energy and the Australian Space Agency (ASA) have signed a statement of strategic intent and cooperation, which is aimed at promoting technology transfer between the space sector and the oil and gas industry.

"Mark My Words" PodcastsView all

18 April 2019

PODCAST: Dan Wilkie and Delia Price discuss Iconic Scarborough, a developer collapses, Hossean Pourzand, Ausdrill fraud, Nedlands' density, the Pavilion Markets, and philanthropy and charitable donations.

12 April 2019

PODCAST: Mark Pownall and Mark Beyer discuss house price fundamentals — positive or negative? Perth tech deals, hostile takeovers, election called, Lester art prize, and our special report on the legal sector.

08 April 2019

Mark Pownall talks to former University of Notre Dame Australia vice-chancellor Celia Hammond about her early life, career and running for the federal seat of Curtin.

05 April 2019

PODCAST: Mark Pownall and Mark Beyer discuss the AHG takeover, FMG’s Iron Bridge project, house prices and apartment sales, who is WA’s biggest manufacturer, tourism statistics and indigenous cultural precinct plans, P&N bank merger and our special report on agribusiness.

29 March 2019

PODCAST: Mark Beyer and Matt Mckenzie discuss Scott Morrison and roads funding, Perth's wave park, the Hopman Cup and other tourist attractions we don't have in Perth, urban sprawl, Wesfarmers' surprise takeover target, growth in WA's resources sector, and our new supplement Great for the State.

Food & WineView all

Gage Roads raises $8m for canning

Gage Roads Brewing Company has raised $8 million via a share placement, with the funds raised to go towards its new canned beer product strategy.

Lookout! Galway’s a go while Beach Bar’s a Peach

Publicans and restaurateurs have spent more than $5 million on a string of refurbishments and new developments in the flourishing precinct around Scarborough.

Order-In, Yordar make WA moves

Two online platforms are aiming to shake up business catering in WA.

Freo.Social brews festival feel

New Fremantle venue Freo.Social is drawing on the founders’ experience with music festivals and outdoor cinema.

Gage Roads to open microbrewery in Sydney

Perth-based Gage Roads Brewing Company is setting up shop in Sydney after securing a site for its first microbrewery and taproom in the inner-city suburb of Redfern.

Special ReportsView all

Legal review

Legal review

15 April 2019

Law firms adapt to opportunity

Taking stock as sector splutters
Corporate lawyers busy as M&A deals on the rise
Martin off the bench and in the game
Agribusiness 2019

Agribusiness 2019

08 April 2019

CBH Group and Seafarms Group are working on major investments to create scale and efficiency, while smaller agribusinesses are cooperating to access new markets with niche products. In the south west, about $100 million of timber projects are under consideration.

Infrastructure investment, marketing to grow agribusiness
Collaborating to harvest forests’ value
Most Influential 2019

Most Influential 2019

01 April 2019

Looming federal election the key factor

Election set to spark power shift
Power resides where decisions are made
ICT – small business 2019

ICT – small business 2019

25 March 2019

The challenges of digital transformation and cyber security for SMEs.

Rapid tech changes create challenges
Cyber security a key risk

MiningView all

Galaxy abandons JV search for Sal De Vida

Galaxy Resources has abandoned its search for a joint venture partner for Sal de Vida, after no company was willing to inject enough capital for the Argentinian project.

FMG follows BHP and Rio with cyclone iron ore cuts

Iron ore miner Fortescue Metals Group has reported flat third-quarter iron ore shipments and cut its annual shipments forecast because of disruptions caused by a tropical cyclone.

South32 coking coal output falls 37%

South32 has reported a 37 per cent fall in its third-quarter coking coal production compared to the second quarter, as its continues to focus on keeping down costs at its Illawarra operation.

Ausdrill sacks employee and alerts police over $10m fraud

Ausdrill has sacked an employee and reported them to police after discovering approximately $10 million of allegedly fraudulent payments over eight years.

Record production for Saracen

Saracen Mineral Holdings posted record quarterly gold production of 89,208 ounces for the March quarter, with costs below its previous guidance.

OpinionView all

Mark my words podcast

PODCAST: Dan Wilkie and Delia Price discuss Iconic Scarborough, a developer collapses, Hossean Pourzand, Ausdrill fraud, Nedlands' density, the Pavilion Markets, and philanthropy and charitable donations.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss house price fundamentals — positive or negative? Perth tech deals, hostile takeovers, election called, Lester art prize, and our special report on the legal sector.

Nuance lacking from federal policies

OPINION: You have to look closely to find them, but some key policy differences could make all the difference in the looming federal election.

Banks sour on WA gas projects

OPINION: Global oversupply and price pressure, in addition to local environmental regulations, could spell trouble for major LNG projects.

Podcast: Celia Hammond interview

Mark Pownall talks to former University of Notre Dame Australia vice-chancellor Celia Hammond about her early life, career and running for the federal seat of Curtin.

RetailView all

UNIQLO to open second store in Perth

Japanese fashion store UNIQLO has announced it will open a second Perth store at Westfield Carousel this winter.

Perth entrepreneur develops ‘clicks-and-bricks’ strategy

A focus on high-end retail and a unique shopping experience are key factors driving Bethany James’ latest move.

Woolworths to close 30 Big W stores

Woolworths will close about 30 underperforming Big W stores and two distribution centres over the next three years after increasing numbers of shoppers took their business online.

Wesfarmers experiments with Bunnings after Coles sell-off

ANALYSIS: As many retailers struggle to deal with the internet revolution, Wesfarmers is undertaking two significant experiments in managing the disruptive influence of online trading to bricks-and-mortar businesses.

Coles’ $150m deal to double deliveries

Coles will spend up to $150 million over the next four years to double its home delivery capacity after signing a deal to use tech from UK online supermarket Ocado.

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

Middle Island identifies numerous gold targets in WA

Middle Island Resources has identified new targets at the southern end of its Sandstone gold project in WA, which the gold explorer says indicates the area could host the densest clustering of gold deposits within the entire Sandstone greenstone belt. The targets lie within 2.5km of the company’s gold processing plant and significantly enhances the potential to contribute to a mill recommissioning decision.

Novo considers options for East Pilbara gold assets

Novo Resources has appointed two Perth-based technical consultants to examine development options for its East Pilbara gold assets, including the 900,000 ounce Beatons Creek conglomerate project near Nullagine in WA. The company has several prospective gold projects outside of Beatons Creek, including the Blue Spec gold-antimony deposit to the east and the under-explored Talga Talga deposit, located 35km north of Calidus Resources’ 1.25 million ounce Warrawoona gold project.

Rox verifies 1.2 million gold ounces at Youanmi

Rox Resources has completed due diligence of an expansive drilling database from the Youanmi gold project in the Murchison region of WA and confirmed a 1.2 million ounce gold mineral resource estimate for the mine area. The company last week entered into a deal with Venus Metals under which it has the right to acquire a majority position in the Youanmi gold mine.

MGC Pharma signs Chinese distribution deal

MGC Pharmaceuticals has inked a deal with Chinese e-commerce import platform YuShop Global to sell the Perth-based company’s cannabis-based nutraceuticals into the Chinese market. The deal will see MGC Pharma’s products sold via YuShop’s online platform and network of 1,500 retail channel partners across China, including a luxury spa chain.

Positive test work results for Infinity lithium project

Infinity Lithium said that recent metallurgical test work studies completed on its San Jose lithium project in Spain have produced positive results and replicated the ore upgrades it achieved in 2018’s Scoping Study. In March, the company increased its ownership in San Jose to 75% and is now accelerating its PFS works for the project, which is on track for completion in June or July this year.

Most viewed people

Keith Bowker

Keith Bowker

Company Secretary, NKWE Platinum
Company Secretary, Moho Resources

Peter Burke

Peter Burke

Managing Director, Handle Property Group

Warwick Hemsley

Warwick Hemsley

Chairman, Hemsley Paterson
Director, WA Opera
Chairman, Art Gallery of WA Foundation
Non-Executive Director, Kimberley Foundation Australia

John Poynton

John Poynton

Co-Founder, Director, Linc Property
Non-Executive Director, Crown Resorts
Executive Chair, Sapien Cyber
Board of Guardians, Future Fund
Non-Executive Chairman, Strike Energy
Non-Executive Director, Crown Perth
Non-Executive Chairman, Jindalee Partners
Non-Executive Chairman, Warrington Property
Non-Executive Chairman, Giving West
Founding Chair of Advisory Board, Alterra

Chris Ellison

Chris Ellison

Managing Director, Mineral Resources
Honorary Consul, Consulate of New Zealand
Co-Founder, Crushing Services International
Co-Founder, PIHA

Thought LeadershipView all

BCRC-WA study on the effects a cancer diagnosis has on offspring

In 2018, BCRC-WA conducted a study on the effects a breast cancer diagnosis has on offspring.

Constraint Innovation – Unlocking Value

Constraint Innovation allows management to plan for and manage constraints in dynamic, uncertain environments despite scarce resources.

Business Focus on Real Estate Agencies

What the changing business landscape means for real estate It’s a fact that our business environment is changing significantly, and the real estate sector is no exception.

Europe is open for business

Europe and Australia are closer than ever in terms of bilateral, regional and global cooperation. This partnership continues to grow.

Green tips to introduce CSR to your organisation

It’s the three words that all companies hear, yet most find hard to actively respond to; Corporate Social Responsibility.So, what actually is Corporate Social Responsibility (CSR) and how can you, as