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

Corporate Finance DealsView all

US bidder warns Poseidon

US group Black Mountain Metals has threatened to walk away from its proposed $66 million takeover bid for Poseidon Nickel after the local company disclosed it was pursuing a substantial capital raising.

Poseidon attracts $66m takeover

Privately-held US group Black Mountain Metals, which has recruited three experienced Perth mining executives to its leadership team, has flagged a takeover bid for Poseidon Nickel at six cents per share.

Cassini raises $4.2m

West Perth-based Cassini Resources has completed a $4.2 million share placement, with backing from the chairman of Chinese company Tinci Materials.

Sultan debuts after $4.8m IPO

Shares in Sultan Resources began trading on the ASX today, after the company raised $4.8 million via an initial public offering.

Risco ups Tap offer to $39m

Tap Oil major shareholder Risco Energy Investments has increased its takeover offer for the oil and gas company to $38.7 million on the back of BDO’s independent expert valuation.

Most CommentedView all

Tourism isn’t rocket science

Opinion: A more creative approach is required if the state’s weak spots on tourism are to be overcome.

International students bypass WA

South Australia is giving Western Australia a run for its money in the race to attract international students.

Supreme Court rules on broken soap dish

It may seem a trivial matter, but a recent Court of Appeal ruling on who was responsible for maintaining the shower recess in a $1,700 per week rental property should be of keen interest to many landlords and insurers.

Dodds dives into water venture

Suzanne Dodds puts much of her entrepreneurial success down to dogged persistence and an ability to remain focused when the pressure is on.

Works starts on $90m aged care precinct

Broad Construction has commenced building works at Hall & Prior’s $90 million planned community Karingal Green, a new aged care precinct set to provide 160 beds, health and wellness hubs, as well as research and training facilities.

Politics & the EconomyView all

Rates to head up as jobs market booms

The next move for interest rates is up, but the outlook for jobs is good and a wage rise could be around the corner, says Reserve Bank governor Philip Lowe.

Govt seeks to revive international student market

The state government has foreshadowed a new graduate visa scheme to attract international students to WA but has no plans to reverse earlier policy decisions that have contributed to a plunge in the state's share of foreign students coming to Australia.

WA jobless rate at 6%

The state’s unemployment rate has declined for a fourth straight month, after the economy added about 13,000 full-time jobs in July, according to the latest figures from the Australian Bureau of Statistics.

WA wages beat inflation

Western Australia continues to have the slowest nominal wages growth in Australia, with the latest data showing growth of 1.5 per cent, slightly ahead of local inflation at 1.1 per cent.

No leadership challenge for WA Libs leader

Opposition leader Mike Nahan insists he'll lead the Liberals to the next state election and says he has the overwhelming support of his colleagues, rejecting reports confidence in him is wavering.

PropertyView all

Hotel operator sells Canning Hwy plot

ASX-listed Transmetro Corporation, the owner and operator of the Metro Hotels group, has sold a surplus landholding adjacent to its Metro Hotel Perth on Canning Highway for $3.18 million.

Experiential retail connections

SPECIAL REPORT: The reinvention of retail assets has taken centre stage when it comes to online competition, with centre owners, developers and tenants seeking to create experience-driven destinations.

Retail assets prove value

SPECIAL REPORT: Investors are eyeing opportunities in the state’s retail property market.

Shopping for experiences

SPECIAL REPORT: New retail property developments are driving offerings that capitalise on lifestyle needs, but five of the biggest projects are yet to push the button.

Ric New honoured with Robert Law Award

Midland Brick founder, the late Ric New, has been honoured for his influence on Western Australia’s building industry, receiving the Master Builders Association’s Robert Law award.

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

Wesfarmers and CSL top corporate philanthropy

Australia’s most generous corporate donors have been named in the inaugural GivingLarge report, with Wesfarmers and CSL receiving top billing.

Obscure venues provide opera diversity

From an asylum to a pool, Lost and Found Opera artistic director and co-founder Chris van Tuinen is bringing shows to unlikely Perth spaces.

Collaboration key for niche art works

Rick Vermey has been creating art since childhood, and recently found a niche producing integrated public works.

Grants for WA not-for-profit groups

Anglicare WA and UnitingCare West are among eight not-for-profit organisations nationally to have secured financial backing from Community Sector Banking, which has distributed $300,000 through its 2018 national grants pool.

Ned Kelly provides opportunity for AGWA

The Art Gallery of WA has welcomed an exhibition of works by Sidney Nolan in partnership with the National Gallery of Australia, providing an opportunity to showcase an existing historical collection of art.

EnergyView all

CCC flags corruption by former Horizon Power manager

The Corruption and Crime Commission has released its second damning report in less than a week, calling for criminal charges against a former Horizon Power IT manager, his business partner and his accountant.

Calima raising $65m for Canada

Subiaco-based oil and gas junior Calima Energy has raised $25 million through a placement, and aims to pick up a further $40 million through debt to underpin a drilling campaign at its Canadian exploration tenements.

Origin lifts profit, signals dividend return

Origin Energy has more than doubled underlying profit on the back of improved performance in its retail and gas production operations, and signalled a return to dividend payouts in the current financial year.

Nahan commits to electricity competition

State opposition leader Mike Nahan has locked in part of his party’s energy policy early in the election cycle, pledging on the weekend to allow competition in retail power markets if his party wins the 2021 election.

APA accepts $13bn offer from CKI

The board of APA Group has accepted a $12.98 billion takeover offer from a consortium led by Hong Kong's CK Infrastructure (CKI), in a deal that will see major gas pipelines in WA sold to a new owner.

"Mark My Words" PodcastsView all

17 August 2018

This week Mark My Words covers a broad range of topics including international students, health department corruption, liquor licenses, Ausdrill and Barminco merging, our exclusive report on retail property, and our special projects list.

10 August 2018

Podcast: Mark Beyer and Matt McKenzie discuss a newly created Business News database with details of more than 140 major projects, Carnarvon Petroleum, York Civil, RCR Tomlinson, Tourism, International education, energy policy, a record grain harvest, and WA’s tech sector leaders.

03 August 2018

Podcast: Mark Beyer and Matt McKenzie discuss the WA Club, Subiaco Pavilion Markets, two hotels changing hands, house prices, Andrew Forrest's philanthropy, WA's award winning wineries and our special report on small business.

27 July 2018

Podcast: Mark Beyer and Mark Pownall discuss lithium's $2 billion plus expansion, iron ore revival continues, Charlie Bass, digital health, Brendan Gore, and our oil and gas features reveals 15 projects.

20 July 2018

PODCAST: Mark Beyer and Mark Pownall discuss positive signs in the property market, new mining and gas projects, a 'staggering' oil discovery, and our annual review of WA's arts companies.

Food & WineView all

Liquor licensing reforms take effect

State government reforms that liberalise the rules governing permanent licensed premises but tighten up on pop-up venues come into effect this weekend, as new data shows 114 licensed premises have opened in Western Australia this year.

Gage secures nib Stadium supply deal

Gage Roads Brewing Company has won a five-year beer and cider supply contract with nib Stadium, adding to a similar deal with Optus Stadium.

Patience, provenance key ingredients for Yarri

Six months after Dunsborough restaurant Yarri opened to much fanfare, we talk to the team behind the venture about their long-term strategy.

New Northbridge venue shuts down

Northbridge restaurant and microbrewery Cyril Mason’s has closed its doors less than three months after opening at the William Street location.

WA tops Halliday wine awards

Great Southern wine producer Duke’s Vineyard and Deep Wood Estate’s Julian Langworthy have topped the prestigious Halliday Wine Companion Awards announced in Melbourne last night.

Special ReportsView all

Technology Innovators 2018

Technology Innovators 2018

13 August 2018

Who are the WA market leaders?

Tech leaders slowly emerge
Progress made on submarine cables
Oil & Gas 2018

Oil & Gas 2018

30 July 2018

Fifteen projects under way or planned as sector turns.

Expansion plans get energy sector pumping
Cha play buoyant FLNG role
Staff cuts add to red tape concerns
Corporate finance June 2018

Corporate finance June 2018

16 July 2018

Six-page analysis of the top advisers

Sternship making its mark
New corporate advisory players lift market share
Growth in alternative financing

MiningView all

Imdex lifts profit to $21m

Mining equipment company Imdex has attributed a big jump in revenue for the 2018 financial year to improved market conditions in the resources sector and growing interest in the company’s technology offerings.

Fortescue FY profit plunges 58%

Fortescue Metals Group has posted a 58 per cent drop in annual profit for the 2018 financial year compared with the previous period, but has increased its dividend payout ratio to shareholders.

Gascoyne to raise up to $24m

Gold miner Gascoyne Resources has announced a $19 million equity placement, along with a share purchase plan to raise up to $5 million.

Kangaroo approves PT Bayan bid

Directors of junior miner Kangaroo Resources has given a tick to a bid from Indonesian coal miner PT Bayan which values the company at $515 million.

Evolution full-year profit jumps

Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, helped by the sale of its Edna May gold mine in Western Australia for $90 million.

OpinionView all

Mark my words podcast

This week Mark My Words covers a broad range of topics including international students, health department corruption, liquor licenses, Ausdrill and Barminco merging, our exclusive report on retail property, and our special projects list.

Energy policy a power failure

Opinion: WA’s interest and those of other states are poorly aligned in terms of national energy policy, and the same is increasingly the case given US trade tensions with China.

Winning play on home turf

Opinion: Home-ground advantage works for sports teams, and it can work for your business, too.

Mark my words podcast

Podcast: Mark Beyer and Matt McKenzie discuss a newly created Business News database with details of more than 140 major projects, Carnarvon Petroleum, York Civil, RCR Tomlinson, Tourism, International education, energy policy, a record grain harvest, and WA’s tech sector leaders.

Targets are fine, just not on your back

Sustainable growth based on realistic projections and outcomes can help business avoid the pitfalls some in the timber and wine sectors have experienced.

RetailView all

Woolworths sales under pressure

Retail giant Woolworths has posted a 12.5 per cent jump in annual net profit but has flagged that supermarket sales in the new financial year have come under pressure by the removal of single-use plastic bags.

Bunnings UK savages Wesfarmers profit

Wesfarmers has suffered a 58 per cent drop in full-year net profit after taking more than $1.3 billion in costs and losses on its disastrous Bunnings UK exit and a $300 million write-down on underperforming Target, while also announcing leadership changes at its department stores.

Wesfarmers in $350m KTAS sale

Wesfarmers has struck a deal to sell its Kmart Tyre and Auto Service (KTAS) business to German company Continental AG for $350 million.

KFC expansion swells Collins Foods profit

Collins Foods, Australia's biggest KFC franchisee, has lifted full-year profit by 16 per cent, buoyed by the addition of new stores to its network, and despite the Western Australian market being an under-performer.

Metcash shares lift despite $150m FY loss

Metcash shares have rallied after the supermarkets wholesaler announced a $125 million share buyback alongside an impairment-driven full-year loss of $149.5 million.

Bulls N' BearsView all

Bulls N' Bears

Droneshield jumps red tape with US pre-approval

DroneShield’s entire suite of anti-drone products has been placed on the GSA Schedule, allowing US Government agencies to purchase its drone combating products at pre-negotiated prices and purchase terms without going through a competitive process. Its products have also been placed in the GSA advantage catalogue which allows authorised Governmental employees to purchase them online.

Ironbark discovers lucrative mineral in Greenland

Ironbark Zinc has received a study indicating that there is valuable “germanium” present in the lead minerals at its Citronen project in Greenland and that the metal is likely to be part of the planned lead concentrate. The study by the University of W.A indicated that germanium is associated with the pyrite and the company is planning to carry out further test work to determine if the grades are payable.

Vonex telco user base in rapid climb

Vonex’s registered cloud based PBX users has risen 28% year-on-year to 24,000 users at the end of July 2018 up from 18,700 in 2017, derived mainly from Channel Partner sales. The company has started a trial marketing campaign in south-eastern Queensland to gather information ahead of a launch across major Australian capital cities in October 2018.

Azumah extends gold mineralisation in Ghana

The latest drilling results from Azumah Resources’ Wa East prospect in north western Ghana have confirmed the overall prospectivity of the region and will most likely have positive implications for future increases in mineral resources and ore reserves at the broader Wa gold project. Results up to 2.44m @ 7.12g/t gold from 106m and 20m @ 1.44g/t gold from 121m in the same hole, have extended mineralisation by 80m.

Northern ready to export first rare earths shipment

ASX listed Northern Minerals has brought its Browns Range pilot plant project in W.A.’s Kimberley region to mechanical completion and has produced about 100 tonnes of xenotime concentrate for commissioning into the hydrometallurgical plant. The company can now start production of export quality rare earth carbonate, making it the only significant dysprosium and terbium producer outside of China.

Most viewed people

John Poynton

John Poynton

Director, Linc Property
Non-Executive Chairman, Giving West
Council Chairman, Christ Church Grammar School
Non-Executive Chairman, Warrington Property
Non-Executive Chairman, Jindalee Partners
Non-Executive Director, Crown Perth
Non-Executive Chairman, Strike Energy
Board of Guardians, Future Fund

Patrick Kedemos

Patrick Kedemos

Former Honorary Consul , Consulate of France
Former Director, BlueMount Capital
Former Managing Director (CEO 2011-2012), AnaeCo
Former General Manager (since 2007), Air Liquide Australia

Jacquie Thomson

Jacquie Thomson

General Manager, Lottery Operations (since 2016), Lotterywest

John Gelavis

John Gelavis

Incoming Executive Director (from 19 Sept 2018), Master Builders Association of WA

Denby Roberts

Denby Roberts

Director, DR Capital

Thought LeadershipView all

Cyber Villains and Heroes: the quest for a cyber-secure future.

The Cyber Security Review, led by the Department of the Prime Minister and Cabinet, found that cybercrime costs the Australian economy up to $1 billion annually. According to the U.S.

No point going back to the future, we’re in it!

Do you use Siri on your iPhone? Own a smart vehicle? Used the on-line pop-up helper on the ATO or a similar website?

Breaking into the global marketplace

With the rise of globalisation comes the increasing demand for businesses to expand into international markets in order to stay competitive. This can create significant opportunities for organisations of all sizes, however it can also pose a great risk if approached in the wrong way.

Helping people with no choices

Imagine what you would do if you found yourself homeless, if you lost your job and couldn’t pay your bills, if you couldn’t provide a meal for yourself or your family, if you didn’t have a safe and se

How the GDPR affects you, even if you think it doesn’t

You’ve probably heard about the GDPR, but have you taken action in time for the 25 May enforcement date? Here’s my quickstart guide to compliance for Australian businesses.