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

Corporate Finance DealsView all

Seven West offloads magazines for $40m

Seven West Media has struck a deal to sell its magazine assets, which include Marie Claire, Men's Health and New Idea, to Bauer Media for $40 million in cash.

Seven West strikes $92m worth of M&A deals

Seven West Media has announced an agreement to acquire regional TV broadcaster Prime Media, while the Kerry Stokes-chaired company will also divest its radio assets in Western Australia to Southern Cross Austereo.

Canva raises $125m

Perth-founded online design platform Canva has raised $US85 million ($125 million), which it said had boosted its value to $US3.2 billion.

Two juniors raise capital

AusQuest is set to raise $2.4 million to advance exploration projects in Western Australia and Peru, while Sagon Resources tapped the market for $1.25 million.

BGH to create Australia’s largest cyber firm

Perth-based Diamond Cyber Security and Asterisk Information Security will be two of at least 12 Australian cyber security firms bought out by BGH Capital and merged into a new entity to compete with the larger US-based vendors.

Politics & the EconomyView all

Ports, utilities add $1.2bn to coffers

Almost $1.2 billion in dividends flowed to the state government from 11 of its businesses in the year to June 2019, according to their recently published annual reports.

Citic resolution a key for China

Continued Chinese investment into Western Australia could hinge on a fair outcome in the long-running dispute between CITIC Pacific and Clive Palmer's Mineralogy, according to Consul General Zhihua Dong.

WA unemployment edges lower

Western Australia’s seasonally adjusted unemployment rate fell 0.1 percentage points in September to 5.7 per cent, marking the fourth month in a row the rate has remained below 6 per cent.

Harvard's complexity call way too simple

A recent Harvard study that found Australia’s export economy lacks complexity may itself be something of an oversimplification.

Climate protesters shut down Perth CBD

Climate activists have brought traffic to a standstill in Perth's CBD as streets were shut down and police arrested protesters causing disruption.

PropertyView all

Industry welcomes stamp duty relief for apartments

Off-the-plan apartment buyers in Western Australia will receive a 75 per cent rebate on stamp duty for the next two years, capped at $50,000, under a stimulus package unveiled by the state government today that has been roundly welcomed by the development industry.

Veris bounces back after cutting costs

Surveying services business Veris recorded a 27.8 per cent rise in underlying earnings for the September quarter, underpinned by a substantial cost cutting strategy, which has been welcomed by investors.

DoricJaxon posts $5.4m profit

DoricJaxon Consolidated maintained a modest profit for the 2019 fiscal year, despite sluggish conditions in Western Australia's commercial construction sector.

BGC boss urges bold moves to boost Perth growth

The new chief executive of one of Western Australia’s most iconic companies says the state government needs to adopt a bold vision to help shake-off the state’s population growth woes and kickstart residential construction, with the establishment of Perth as the world leader in autonomous vehicles the type of initiative that should be embraced.

Land developers on board with infill

Changing market conditions are driving a shift in strategy for WA greenfields land developers.

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

Noongar lullaby under the stars

Community Arts Network has announced a partnership with The City of Perth to bring ‘Djinda Djinda Kanangoor’, a Noongar version of the lullaby ‘Twinkle Twinkle Little Star’, to outdoor screens throughout Yagan Square, Perth Cultural Centre and Northbridge Piazza this summer.

Aikins brings gift for generating giving

Fundraising is a mechanical process and 90 per cent of the work is research, according to an international expert visiting Perth next week.

Taylor goes solo at PICA

Emerging visual artist Curtis Taylor will hold his first solo exhibition at the Perth Institute of Contemporary Arts later this month, titled ‘Untitled (Uura)’.

NDIS providers embrace technology

With the rollout of the NDIS due to be completed by mid-2020, disability service providers are turning to IT solutions to improve efficiency and make the system more accessible to users.

Creatives hit The Heights, now on with the show

An ABC serialised drama is providing consistent work for creatives in WA’s television industry.

EnergyView all

Perth Energy wins $4.5m gas contract

AGL Energy subsidiary Perth Energy has secured a $4.5 million three-year contract with the North Metropolitan Health Service, its biggest natural gas supply agreement with a state government agency this year.

Fed govt backs Alinta-FMG power station

The use of renewable energy in the mining sector is being given a boost, with the federal government and Alinta Energy jointly funding a $200 million solar facility that will help to power Fortescue Metals Group’s iron ore mines.

Coventry Village installs 4,600 solar panels

Coventry Village in Morley has joined the list of Perth shopping centres to go solar, with the installation of a new 1.3-megawatt solar power system.

Synergy hit by $657m loss

Power utility Synergy has taken a $446 million impairment and reported a loss of $656.9 million in the year to June, which the state government-owned business said was driven by higher fixed costs as revenue fell.

Perth business goes carbon neutral

Family-owned fertiliser producer Baileys has been the given the green light as a carbon neutral certified business, as part of an overall strategy to become more environmentally friendly.

Food & WineView all

Chocolate artisan builds the brand

Coolbellup-based Nakamura Chocolates is aiming to triple Western Australian sales after a successful entry into the Japanese market.

Prominent Perth restaurateur accused of extortion

The Perth restaurateur behind The Meatball Bar chain, Gourmet Republik, and Thuggs Fried Chicken and Waffles, is accused of threatening to destroy a man's cafe and put him "in a coffin" over some fruit and vegetables.

Twenty-five businesses share $166m food contract

The Department of Finance has selected 25 businesses for its new common-use arrangement contract to supply food and beverage items to government agencies across Western Australia.

WA wins big at national food awards

Bacon from Perth, coffee from Broome, pork from Fremantle, and nougat from the Swan Valley have all claimed awards at the 2019 Sydney Royal Fine Food Show’s Taste of Excellence event.

A Pirate Life for Perth in 2020

Local hospitality entrepreneur Andy Freeman is leading a move to build a local branch of South Australian brewery Pirate Life in Perth, with a three level, 1000 person venue to open on Murray Street next year.

Special ReportsView all

Great for the State – Edition 8: Generosity & Giving

Great for the State – Edition 8: Generosity & Giving

22 October 2019

The 8th monthly edition of Business News' Great for the State has a focus on philanthropy. We profile some of the people and organisations who have made a big difference in Western Australia, and those set to have a large impact in future. These include:

Museum foundation sets big targets
Perron foundation set up for long-term future
Aikins brings gift for generating giving
From shale gas to philanthropy
ICT Infrastructure

ICT Infrastructure

21 October 2019

This feature analyses the growing debate over broadband services, as construction of the NBN approaches completion.
It also looks at WA data centres – while NEXTDC and Equinix are investing, Fujitsu has cancelled a planned upgrade.

Criticisms continue for NBN as rollout nears completion
Data deployment shift as 5G nears
Biggest Exporters 2019

Biggest Exporters 2019

14 October 2019

Resources exports continue to surge after years of significant capital investments, while other industries face challenges.
- Chevron dramatically lifts WA exports
- UWA catching up to Curtin on international students
- Competition grows for grain traders

Investment boom pays export dividends
State’s universities bring in $466m
Unpacking the grain drain
Residential builders

Residential builders

09 October 2019

Western Australia’s biggest builders are cautiously optimistic that the worst of the state’s biggest downturn in residential construction is over, with forecasts finally turning positive after five years of declining activity.

Patient still breathing, recovery to take time
ABN heads field in tough market
Professional Services

Professional Services

07 October 2019

Accounting firms are widening their services into new areas as they seek a competitive edge.

PwC extends  full-service  offering
Busy quarter for private, public deals

MiningView all

TNG plans London listing

ASX-listed TNG is seeking a dual listing on the main market of the London Stock Exchange, as the Subiaco-based company hunts for investors to get its $824 million Mount Peake vanadium-titanium-iron project off the ground.

Vimy to raise $6.9m

West Perth-based Vimy Resources has announced commitments to raise $3.9 million through a share placement and up to $3 million through a share purchase plan to fund the development of its uranium projects in Western Australia and the Northern Territory.

Panoramic appoints new MD

Nickel miner Panoramic Resources has announced Victor Rajasooriar will commence as its new managing director and chief executive on November 11.

Rio Tinto targets lithium from waste rock

Rio Tinto is studying ways to extract lithium from waste rock at a mine it controls in California, making it the latest company trying to produce the battery metal in the US for the fast-growing electric vehicle market.

Saracen posts record quarter

Gold miner Saracen Mineral Holdings has produced a record 96,324 ounces for the September quarter, at a lower cost than it anticipated.

OpinionView all

Mark my words podcast

PODCAST: Mark Beyer and Dan Wilkie discuss the Biome tourism project, Pilbara power, high rise in South Perth, Pindan, Santos, Woodside and big gas projects, cyber security, ICT infrastructure and philanthropy.

Getting it right on Rottnest

OPINION: The relevant authorities could do more to improve tourists’ experience of the island jewel off Perth’s coast.

Federal Labor out of step

OPINION: The Labor Party is struggling to embrace a common view of why it lost the 2019 federal election.

Tall poppies and gender imbalance

OPINION: Undermining successful co-workers is not unique to schools, but it goes some way to explaining the under-representation of women in leadership roles.

Many roads to failure

OPINION: Business sectors slow to recognise the need to shift gears in the face of technological change will struggle to survive.

RetailView all

Super Retail sales rise but margin dips

The owner of Rebel Sport and Supercheap Auto says like-for-like sales have increased 3.2 per cent so far this financial year, but promotions to attract cautious consumers have hit margins.

Perth restaurateur not guilty of extortion

The Perth restaurateur behind The Meatball Bar and MOP Donuts has been found guilty of assault but acquitted over claims he threatened to destroy a man's cafe and put him "in a coffin" over some fruit and vegetables.

Bunnings' super error 'wage theft': Labor

Labor Leader Anthony Albanese has branded Bunnings underpaying some workers' superannuation for almost a decade as "wage theft".

WA hospitality sector shows signs of resurgence

Western Australia has bucked the national trend and recorded a 0.6 per cent rise in retail spend for July, underpinned by gains in the hospitality sector, according to the latest data from the Australian Bureau of Statistics.

AHG slumps to $233m loss

Automotive Holdings Group has suffered a loss of $232.6 million for the 2019 financial year, following major asset write-downs to its automotive and refrigerated logistics businesses during the period.

SkylineView all

Skyline

WA industrial players build on infrastructure momentum

As consumer demand changes, retail and logistics operations start to blur - with automated warehouses a notable aspect of the changing landscape.

Sub-lease office space in hot demand

Perth's office market is heating up, leading independent commercial property specialists Sheffield Property say.

Glimmer of hope in WA house prices

Perth house prices have slumped over the past five years but positive signs are emerging for West Australian households, creating hope of a rebound in residential values.

Density, diversity and the new Australian dream

There’s a word that triggers fear in the community. It’s the D-word – density. That’s why Property Council WA commissioned research to find out what density really means to people and how they believe it will impact their lives.

Tax levers could stimulate property growth

It’s encouraging to hear Treasurer Ben Wyatt being upfront about how land and other taxes may be contributing to weaker conditions for West Australian homeowners and investors.

Bulls N' BearsView all

Bulls N' Bears

Ardiden primed to drill test Canadian gold play

Gold explorer, Ardiden, will kick off a program of winter drilling at its emerging Kasagiminnis deposit in Ontario, Canada, where it has defined a resource of 110,000 ounces grading at a very respectable 4.4g/t gold. The company has also planned surveys and the drilling of its South Limb prospect, airborne geophysical surveys at the West Pickle prospect and it is reviewing historical data and resource estimates for the Dorothy-Dobie prospect.

Buru firing on multiple fronts in the Canning Basin

Canning Basin focussed hydrocarbon explorer and producer, Buru Energy, has commenced wireline logging operations at its latest exploration well known as Miani 1. The new well is to the northwest of the company’s Blina oilfield near Derby in WA. Buru recently reported some $3m in revenue from its Ungani oilfield, with two further production wells looming at Ungani 6H and 7H, expected to come on-line during December.

Venus sniffs out new copper-nickel targets with EM survey

Venus Metals has completed a high-powered, electromagnetic geophysical survey at its Vidure copper-nickel prospect that has thrown up at least four shiny new massive sulphide targets. The Vidure copper-nickel prospect is located near the Youanmi region of WA with Venus set to drill test its new targets in the area shortly. Two of the new targets have conductivities that are directly comparable to the existing Vidure discovery EM results.

Strike begins flow testing at Perth Basin gas play

Strike Energy has started flow testing at its exciting West Erregulla-2 gas discovery well in the Perth Basin where it has identified three separate gas discoveries and possibly the deepest occurrence of hydrocarbons onshore anywhere in Australia. The company has also given an update and provided a strategy to begin unlocking value from the surrounding gas field, with a schedule now developed to produce gas by early 2022 and fast-track cash flows.

Kairos secures funds to drill out WA gold project

Kairos Minerals has secured commitments for approximately $1.35M from sophisticated investors and will look to raise another $650K in a share placement plan to underpin exploration activities at its flagship Pilbra Gold project in WA. The funds will be used to drill out some high-grade gold targets across the project and undertake resource and mining studies. Drilling is planned to commence in November.

Thought LeadershipView all

The future of work: why a ‘wait and see’ approach is no longer an option

One in three workers are concerned about how much advances in technology could disrupt their current role and function at work. And understandably so.

China's One Belt, One Road Initiative – What does it mean for Western Australia?

Asia-Pacific infrastructure is booming. In Australia, little is made of China's vast One Belt, One Road Initiative. The initiative revives and connects ancient trading routes and will drive huge growth in Chinese investment and infrastructure until the mid-2020s. How does WA fit in?

Are you up to date with personal and carer’s leave changes?

In the months following the Mondelez v AMWU case, which resulted in significant changes to personal and carer’s leave, many businesses have been left feeling confused and uncertain about how personal

The rise of retail living

As shopping centres continue to evolve, owners are embracing the concept of mixed-use developments; combining shopping, work, entertainment and living to create vibrant destinations.

Retaining heritage and embracing the future at Montario Quarter

Perth’s medical specialists have always endeavoured to discover new treatments, surgeries and approaches to improve results for their patients.