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

Corporate Finance DealsView all

Pilbara signs new lithium buyer

Pilbara Minerals has signed a five-year offtake agreement with China-based Yibin Tianyi to supply lithium from its Pilgangoora project in Western Australia.

Strandline completes $6.5m raising

Strandline Resources has completed a raising announced in January, while Southern Gold has cut the size and pricing of a planned capital raising.

MinRes in $30m asset sale

Mineral Resources boss Chris Ellison has struck a deal with his brother Andrew Ellison’s company to sell two of its non-core manganese assets while also providing project funding and mining services assistance.

Ramelius reaches 50.5% interest in Spectrum

More than half of Spectrum Metals shareholders have accepted $208 million takeover by Ramelius Resources, resulting in a wholly unconditional offer.

Nordgold makes $227m Cardinal move

Russia-based Nordgold is looking to expand its operations in Africa by making a takeover bid for Cardinal Resources after increasing its stake in the West Perth-based company to nearly 20 per cent.

Politics & the EconomyView all

Investors hope historical form guides COVID-19 recovery

While circumstances change and these times are unique, the market will bounce back; always has, always will – the only question is timing.

COVID-19 daily wrap: Premier announces hard border closure

WA's borders will officially close to the eastern states at midnight on Sunday. Confirmed COVID-19 cases have grown by eight in WA and 244 nationally. The federal government has announced a childcare service support program.

Government urged to widen wage subsidy criteria

Concerns have been raised that eligibility criteria for Prime Minister Scott Morrison’s $130 billion bailout plan for business is too restrictive and many businesses with spiralling revenue projections could miss out, and with Parliament in recess, first payments are unlikely to be available until May at the earliest.

$130bn wage subsidy scheme revealed

Businesses and non profits suffering big falls in turnover will receive subsidies of up to $1,500 per worker per fortnight under the federal government's new Jobkeeper program, with up to 6 million people to be supported.

Confronting challenges with an eye on the future

Flexibility and clarity are two attributes business leaders need in times of economic upheaval.

PropertyView all

Auto landlord backs rental move

Michelle Prater (nee Wheatley) brings a unique perspective to the natural tension between landlords and tenants in the current market - she is a director of the country's largest car dealer and one of their largest landlords.

Code of conduct coming for commercial tenancies

A mandatory code of conduct for commercial leases is expected to be finalised by next week, as federal and state governments continue to work towards a mutually-beneficial solution for landlords and tenants affected by COVID-19.

Govt policy clouds future of residential tenancies

One of Western Australia’s biggest residential property managers has called for more clarity around how tenants impacted by COVID-19 renegotiate rental agreements and how landlords can continue to service debt under the federal government’s moratorium on evictions.

No ‘how-to’ guide on DIY rent relief

The operator of Metropolis Fremantle says the nightclub faces a difficult rebound from COVID-19 if and when it can begin operating again, with a stalled rent negotiation a demonstration of the uncertainty building over commercial property leases.

Perth house values up 0.5% in March

The value of Perth’s houses increased 0.5 per cent in the month of March, strengthening the recovery underway for the past six months, but the onset of COVID-19 means the recent gains are unlikely to continue.

Arts & CommunityView all

Resources sector donates $6.6m for COVID-19 support

In an initiative led by the Chamber of Minerals and Energy of WA, the Western Australian resources sector has pledged $6.6 million to Royal Flying Doctor Service Western Operations, Foodbank WA and Lifeline WA.

Navigating disability change

Two long-standing disability services chief executives share how they have dealt with upheaval and disruption in the sector.

Minderoo pledges $160m for COVID-19 response

Andrew and Nicola Forrest’s Minderoo Foundation is flying in tonnes of medical supplies from China and increasing Western Australia's capacity to test for COVID-19, as part of a rescue package announced today.

Arts sector says the show must go online

The performing arts sector is coming up with new ways to ensure people are entertained, in light of government restrictions on indoor events attended by 100 people or more as a result of the COVID-19 pandemic.

VisAbility happy to be home

A Victoria Park disability service provider was under financial pressure and planned to sell its specifically adapted building to stay viable, until management devised a new plan.

EnergyView all

Forrest joins consortium to buy Windlab for $68m

Andrew Forrest has added to his diverse business portfolio, purchasing global renewable energy development company Windlab in a consortium with Sydney-based Federation Asset Management.

$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

Hospitality sector plans for uncertainty

Hospitality businesses are making difficult decisions about whether to stay open and offer takeaway options or close.

Foodie fights the viral downturn

Regulars at Rachael Torre’s cafe and convenience store Wholefood Circus would notice the differences as the hospitality entrepreneur adapts to the new environment, simultaneously seeking to save her business and “feed half of the Western suburbs".

Gage Roads increases packaged beer production

Gage Roads Brewing Company has increased its weekly production of packaged products by 80 per cent to meet a recent surge in demand but has cut production of draught beer and withdrawn its earnings guidance because of the uncertain outlook.

Alcohol restrictions considered, hospitality sector shuts down

Volume restrictions on alcohol sales will be required to ensure staff safety and avoid public panic buying, according to Australian Hotels Association WA chief executive Bradley Woods.

Entertainment venues hit by new rules

A growing number of hospitality venues are either closing or revising their operations, after the Prime Minister announced the ban of all non-essential gatherings of 100 plus people. The ban is effective immediately and will impact religious services.

Special ReportsView all

Pandemic special report

Pandemic special report

30 March 2020

We assess the economic impact of COVID-19 on the state of Western Australia.

Digging in as pandemic pain hits
Corporates act to ease pressure
ICT sector - COVID19

ICT sector - COVID19

23 March 2020

How has Western Australia's ICT industry responded to the COVID-19 pandemic?

Virus creates new ICT opportunities
Cyber security on the front line
Great for the State 2020: A Caring Society

Great for the State 2020: A Caring Society

16 March 2020

Taking action to help Western Australia's most vulnerable should be a priority for everybody.

Homelessness: the view from the street
Strong support for battling addiction
Smarter welfare to engage all
Thinking beyond beds for mental health
Land developers 2020

Land developers 2020

16 March 2020

Major players optimistic recovery is taking hold

Optimism back but risk remains
Resources driving industrial rebound
Density debate reaches  the ’burbs
Junior miners 2020

Junior miners 2020

10 March 2020

Capital for the junior mining sector is drying up amid growing concern the traditional business model for small explorers is broken.

Investors balk at juniors risk

MiningView all

Macmahon keeps FY20 guidance

Mining contractor Macmahon Holdings has maintained its full-year earnings guidance but will delay previously planned capital expenditure in an effort to preserve cash.

EcoGraf to focus on graphite facility

EcoGraf has cut its executive and management salaries by half and further reduced operational expenditure in West Africa in a bid to save costs during the COVID-19 pandemic.

Mader scales back global operations, expects revenue hit

Mining services company Mader Group has taken the decision to withdraw all personnel from its overseas operations, with the US the only exception.

The shape of things to come relies on resources

I was involved in a private discussion group today where the question was asked whether we would experience a V-shaped or U-shaped recovery.

BCI, MinRes strike three deals

The Kerry Stokes-backed BCI Minerals has agreed to co-fund further development of the Iron Valley mine in the Pilbara, as part of a package of deals that will see Mineral Resources buy its Buckland pr

OpinionView all

Will startups bloom?

Farmers typically await the autumnal rains before they sow their seeds, planting ahead of the gloom and cold of winter. If goes well, a crop will emerge and grow over the next few months until it is ready for harvest.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss market volatility, rescue packages for federal and state, WA's hard border, Minderoo, tenant-landlord dilemma, project news, and house prices.

Home work the clear winner

There are already some early signs of very clear winners and losers from the COVID-19 crisis, no matter how much we want to believe we are all in this together.

The soft side of capitalism has to be on display

This is a big moment for capitalism in democracies, especially Australia, which sits somewhere between the genuine version of the US and virtual socialism across big parts of Europe.

Delayed decisions can cost

Investors seem wary of a couple of WA stalwarts, with a lack of timely decision-making in a changing marketplace part of the problem.

RetailView all

Retail spending bounces back in February

Retail spending increased more sharply than expected in February thanks to a surge in spending on basic necessities in supermarkets and department stores.

More shops close amid virus crisis

More Perth eateries are set to shut their doors in response to a weakened retail environment, particularly in shopping centres, while blinds retailer Kresta has announced it will close all of its showrooms across the country.

Webjet, Kathmandu announce capital raisings

Online travel agency Webjet will raise $275 million and retailer Kathmandu Holdings will raise $201 million, to deal with the impact of COVID-19 on their businesses.

Woolies hiring 20,000, others flag cuts

Woolworths is creating 20,000 new jobs to meet a surge in demand but the list of companies shutting stores and standing down staff continues to grow.

More retailers shut down in COVID-19 crisis

Just Jeans, Peter Alexander and Smiggle are among several Australian brands set to close their doors tonight due to the COVID-19 crisis, while commercial landlord Dexus has withdrawn its earnings guidance for 2020.

SkylineView all

Skyline

Property Council WA supports efforts to ease virus pain

Property Council WA Executive Director Sandra Brewer has offered the State Government industry support to protect incomes, jobs and solvency.

Project 90K sets out bold vision for Perth’s CBD

Property Council WA has unveiled a bold vision to set aside the areas needed for foundation infrastructure to support a central Perth population of three times its current level.

Property Council WA advocates for affordable medium density

Perth’s so-called missing middle must be affordable and well-designed, Property Council WA says.

Primewest selects Sheffield to manage significant Perth office assets

Primewest has appointed WA-owned commercial office specialist Sheffield Property to manage a key group of office assets in the city.

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.

Bulls N' BearsView all

Bulls N' Bears

Australian Potash taps federal funding for Lake Wells SOP

Australian Potash is moving to the due diligence phase of its application for federal funding through the Northern Australia Infrastructure Facility to support the DFS for its Lake Wells SOP fertilizer project near Laverton in WA. Whilst there are no guarantees, the company said the transition from the strategic assessment phase to due diligence was a positive step in its plans for funding support at Lake Wells.

Venus/Rox Graced with gold

Venus Metals and its JV partner Rox Resources have produced some exceptional gold grades from the Grace prospect at the Youanmi project near Mt Magnet WA including 7m grading 54.6g/t gold from just 8m downhole. The Grace prospect sits neatly between the old Youanmi pit and the mothballed mill and is shaping up as a standalone deposit in its own right. Other exceptional results tabled this week include 6m grading 5.7g/t from 24m.

Adriatic fully operational in Bosnia

Adriatic Metals has systems kept its foot on the gas at its remarkable poly-metallic Vareš project in Bosnia with the ASX listed company continuing to successfully manage the global coronavirus pandemic right across its operational areas and only experiencing minor delays as a result of some border closures. Adriatic has already drilled 2,800 metres this year of a planned 20,000m program between an impressive five drill rigs.

Terrain offloads Great Western for $2.2M in scrip

Terrain Minerals has offloaded its Great Western gold project near Leonora to ASX-listed Red5 under an option agreement that will see Terrain receive $2.2 million worth of Red5 scrip. The company has already pocketed $300k from Red5, who purchased the option for the Great Western project in November last year. Terrain will use the funds to launch exploration programs at its Wild viper and Smokebush projects.

Neometals completes lithium recycling pilot

Neometals has completed pilot plant testing on its potentially lithium-ion battery recycling technology with the work pointing to high recoveries of nickel, cobalt and other valuable battery materials such as lithium from spent and scrapped batteries. The company’s proprietary hydrometallurgical process can then turn the metals into a host of chemicals for re-use within the lithium supply chain. Commercial-scale feasibility studies and demonstration trials in Europe are next.

Thought LeadershipView all

Crisis communications – how being prepared will help your business

When a crisis occurs, it is often those that have systems in place to mitigate that crisis that best handle the situation.

Authenticity, values key to enacting change

CHANGE is one of those things that’s certainly ‘easier said than done’ according to Jen Evans, who is a director at Velrada - a contemporary technology partner that brings true business context to the

Digital transformation a boost for business

As technological advancements continue to accelerate at pace, businesses are faced with the reality of constant innovation and transformation, but what does that actually look like?

Flexible Workspaces

True to the long history and traditions of the company, the new workplace of this international oil and gas company was inspired in both the work style and design by their cultural origins.

Is it time to outsource your ICT? Get support during COVID-19

Outsourcing your Information, Communications and Technology (ICT) services to a specialist solutions provider is something to be embraced in the age of rapidly changing technology.