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

Corporate Finance DealsView all

Lateral raises $7.3m for Soar, Unocar

Tommy Shin-led Lateral Capital Ventures has secured funding for two Perth-based startups, led by a $6.8 million raising for blockchain platform Soar.

TSI in $8.6m purchase

Local tech company Transaction Solutions International has acquired a Sydney-based cloud management business in a deal worth $8.6 million.

P&N ponders $6bn tie-up

P&N Bank is considering a merger with regional east coast credit union bcu, which is about half the size of the Perth-based lender, to form a combined group with a $6 billion asset base and 150,000 customers across the country.

HeraMED launches on ASX

Israeli tech company HeraMED, which is commercialising a home pregnancy monitoring device, started trading on the ASX today, after raising $6 million via an initial public offering.

BGC appoints Macquarie Capital

The planned sale of BGC Australia has taken another step forward with the appointment of investment bank Macquarie Capital as corporate adviser to the family-owned business.

Politics & the EconomyView all

McGowan reshuffles cabinet

Premier Mark McGowan has reallocated six portfolios within his cabinet, including the energy portfolio being transferred from Treasurer Ben Wyatt to Mines and Petroleum Minister Bill Johnston.

Freight links still key for Freo port future

Fremantle’s port has room to grow container trade, possibly for three decades, according to a new report by the state government’s Westport taskforce, but freight infrastructure improvements are needed in the short term at Fremantle, Bunbury and Kwinana.

WA misses out on space station

The state government has voiced its frustration at the Commonwealth’s decision to choose Adelaide as the home of Australia’s $41 million space agency.

WA accepts $121m remote housing deal

The state government has reluctantly accepted an improved offer from the Commonwealth for remote housing funding.

Housing, red tape focus as state budget lifts

The state budget will be in surplus in 2019/20, according to Premier Mark McGowan, while a $421 million expansion of the Keystart program for first homebuyers and a move to reduce red tape will be two new policies to support the local economy.

PropertyView all

Offshore buyers, institutions drive office sales near $1bn

Australian institutional investors and offshore property powerhouses sharpened their focus on potential upside in Perth’s office market in 2018, as the total value of transactions approached $1 billion.

Singapore's GIC adds Exchange Tower to Australian portfolio

Singapore’s GIC Real Estate has made its second major Perth commercial property purchase, acquiring A-grade office building Exchange Tower from joint owners Primewest and AMP Capital for $326 million.

Old school cool in new Northbridge

Graham Hardie is continuing to evolve his entertainment empire after nearly four decades in Northbridge hospitality.

Westforce in $4.2m property spend

Engineering contractor Westforce Construction has purchased two adjoining properties in Welshpool for $4.2 million, as the company plans to expand its business.

WA housing lags nation: HIA

Western Australia has the worst residential building conditions in the country, according to a new report from the Housing Industry Association.

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.
29 Jan 2019 | @ 06:00pm
31 Jan 2019 | @ 08:00am
08 Feb 2019 | @ 07:00pm
17 Feb 2019 | @ 10:00am
23 Feb 2019 | @ 06:00am
13 Mar 2019 | @ 06:30pm

Arts & CommunityView all

Perron pledges billions to charity

Perron Group has announced key board appointments after the passing of its founder Stan Perron and disclosed the “greater majority” of its $4 billion in net assets will be donated to charity.

Nulsen, Outcare announce merger

Two Western Australian charities have announced plans to join forces next year, creating a major new player in the sector.

New leadership for WASO, WAAPA

Two major arts companies have today announced new leadership, with the WA Symphony Orchestra appointing Mark Coughlan as chief executive and the Western Australian Academy of Performing Arts naming David Shirley as executive dean.

Contemporary music a catch for Freo Arts

Fremantle Arts Centre has developed a diverse range of revenue streams, including contemporary music and arts training courses, to fund local artists.

Rocky Bay expands disability focus

Disability service provider Rocky Bay has navigated its second not-for-profit acquisition, as it makes the move towards extensive infrastructure redevelopment.

EnergyView all

Signs point to coal closures

Older coal fired power stations such as Synergy’s Muja C&D could begin closing in 2023, driven by changing market dynamics, while harsher carbon policies would accelerate shutdowns, according to a recent report by the Australian Energy Market Operator.

Alcoa locks in gas supply

Alumina producer Alcoa of Australia has signed three supply deals with BHP Group, Woodside Petroleum and Chevron to provide about 23 petajoules of gas between them annually from 2020 for its Western Australian refineries.

SNC-Lavalin wins Perdaman contract

Vikas Rambal’s Perdaman Industries has signed up Canadian engineering company SNC Lavalin as lead contractor on its $4 billion Karratha urea project, one day after announcing a gas supply deal with Woodside Petroleum.

RAC invests in $15m EV chargers

The Royal Automobile Club of WA has invested in Sydney-based Chargefox’s $15 million rollout of electric vehicle charging stations across Australia, which includes two in Perth.

Woodside, ENN pursuing options

Woodside Petroleum has signed a cooperation agreement with Chinese gas company ENN, while it is continuing work on the Scarborough, Browse and Pluto projects.

"Mark My Words" PodcastsView all

14 December 2018

PODCAST: Mark Beyer and Matt Mckenzie discuss Stan Perron, our update on major WA projects — some going ahead, some not — Westport, the space agency, lobster quotas, and our person of the year feature.

07 December 2018

PODCAST: Mark Pownall and Mark Beyer discuss property development challenges, weak housing market, Fast Brick Robotics (FBR), subcontractor protections, and our special report on Business Dynasties, including the Buckeridge, Perron, and Blackburne families.

30 November 2018

PODCAST: Mark Pownall and Mark Beyer discuss the Rio Tinto expansion, fracking move, Rob Scott, Eastern Goldfields, Stan Perron and our special report on CEO salaries.

23 November 2018

PODCAST: In this podcast Mark Pownall and Dan Wilkie discuss lithium deals, apartment projects, housing construction, Perdaman contracts, and our special report on wealth creators.

16 November 2018

PODCAST: Mark Pownall and Mark Beyer discuss the Navitas takeover, Karrinyup expansion, Belmont Park apartments, GST changes, Woodside's future, Wesfarmers demerger, and our look back at the past 25 years, including our special report on WA's biggest employers.

Food & WineView all

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.

Xanadu wins top gong

Margaret River-based Xanadu Wines has claimed the coveted Jimmy Watson Memorial Trophy at the Royal Melbourne Wine Awards, which were held last night.

Small fish expanding the gin pool

WA gin distillers Grumpy Fish and The West Winds Gin are taking small steps in a crowded market, using local flavours and sustainable techniques to attract lovers of the spirit.

Special ReportsView all

WA Business Dynasties 2018

WA Business Dynasties 2018

14 December 2018

Blackburnes leaving lasting legacy in Perth property

Blackburnes’ lasting legacy on Perth property
Success is  one thing, smooth succession quite another
CEO salary survey 2018

CEO salary survey 2018

03 December 2018

Our annual survey highlights new trends

Drop in million-dollar club
Ellison earns $4.7m, or is it $2.4m?
Wealth creators 2018

Wealth creators 2018

27 November 2018

Mixed results for WA's wealthiest

Perron Group set up for long haul
Mixed year for WA's wealth creators
Commitment pays for Sayers, Tomasi
Fund Managers 2018

Fund Managers 2018

05 November 2018

New strategies to deliver returns

Funds grow as dynamic shifts
Ibaera filling a funding niche
NWQ making volatility work
Commercial property 2018

Commercial property 2018

29 October 2018

Foreign buyers lift market share

Perth office market absorbs foreign funds
Brookfield builds for the future
Sirona positive on Perth growth

MiningView all

Birimian plans $8.2m raising, reviews business

Subiaco-based Birimian has announced plans to raise $8.2 million for its Goulamina project in Mali, while the lithium aspirant also flagged a business review and two separate agreements with Chinese companies.

Tampia capex falls to $111m

A revised feasibility study released by Explaurum has detailed a reduced capital cost of $111 million for its Tampia project in the Wheatbelt, as Ramelius Resources increased its stake in the gold explorer to 20 per cent.

Capricorn secures $107m debt deal

Gold aspirant Capricorn Metals has locked in a $107 million debt package, while Subiaco-based TNG has appointed a German bank to lead a $US600 million ($850 million) debt raising.

Ramelius adds cash to Explaurum offer

Ramelius Resources has revised its hostile takeover offer for gold-focused Explaurum, adding a 2 cents per share sweetener to its original deal.

CFC posts $18m profit in FY18

Diversified family business CFC Group has registered a big jump in profit for the 2018 financial year, aided by strong performances across its three primary operations.

OpinionView all

Mark my words podcast

PODCAST: Mark Beyer and Matt Mckenzie discuss Stan Perron, our update on major WA projects — some going ahead, some not — Westport, the space agency, lobster quotas, and our person of the year feature.

Curbing wild election promises

Opinion: With the government seemingly on track to delivery a budget surplus, one key aspect of the Langoulant review is worth another look.

Telling lack of local investment

Opinion: WA punches well above its weight in terms of technical and operational skills, but our manufacturers could do with a bit more hometown support.

Powerful players pressure premier

Opinion: Two high-profile billionaires have the state government in their sights, and Premier Mark McGowan has some tough decisions ahead.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss property development challenges, weak housing market, Fast Brick Robotics (FBR), subcontractor protections, and our special report on Business Dynasties, including the Buckeridge, Perron, and Blackburne families.

RetailView all

Wesfarmers nabs M&A expert for board

Wesfarmers has appointed mergers and acquisitions expert Mike Roche to its board as it seeks out fresh opportunities, after offloading Coles and exiting the UK hardware market.

Scott embraces disruption at Wesfarmers

Disruption, a demerger and divestments are shaping Wesfarmers’ long-term approach to growth, managing director Rob Scott told last week’s Success & Leadership breakfast.

Laura Ashley enters administration again

Laura Ashley has been placed in administration for a second time, falling victim to the same forces that have claimed a raft of Australian retailers.

Bunnings UK sell-off still stings Wesfarmers CEO Scott

Wesfarmers chief executive Rob Scott says while decisions to sell out of Bunnings’ loss-making operations in the UK and Ireland, and to demerge supermarkets giant Coles, were easy in a commercial sense, the Bunnings move in particular proved taxing on an emotional level.

Myer completes refinancing, AGM looms

The embattled Myer board has made a fresh pitch to shareholders ahead of a likely explosive annual general meeting on Friday, declaring the completion of its refinancing was a vote of confidence.

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

WA rental rate cut will benefit Australian Potash

Australian Potash is set to benefit from a hefty reduction in WA State Government rental rates for potash brine projects as part of an initiative to help develop a new industry in the state. From the new year, rental rates for brine mining leases will be slashed from $18.70 per hectare to just $2.32 per hectare for the first five years before rising to $4.64 per hectare from the sixth year onwards.

Novo continues Pilbara gold exploration push

Conglomerate gold developer Novo Resources continues to progress exploration and resource development activity for its large tenement holdings in WA’s Pilbara region. At the Egina project, bulk samples of gold-bearing gravels are being processed through the company’s gravity gold plant on-site, whilst progress on other work programs was reported for the Karratha, Beatons Creek and Talga Talga gold projects.

TNG appoints German bank to lead debt raising efforts

TNG Ltd has appointed Germany’s KfW IPEX-Bank to lead a syndicate that will raise USD$600m to underpin development of its Mount Peake vanadium-titanium-iron project in the Northern Territory. The final capital requirements will be determined and optimised during the ongoing front end engineering and design study and lender’s due diligence.

Venus to update Youanmi vanadium oxide resources

Venus Metals has completed a detailed resource definition drilling program at its Youanmi vanadium oxide project near Sandstone in WA, in preparation for updating the mineral resource estimate for the deposit. The work will allow the company to convert a large part of the existing inferred resource into measured and indicated oxide resources, from which ore reserves can then be optimised.

Metalicity defines targets for new Pilbara copper play

Metalicity Limited says it has outlined four significant structural exploration targets for copper-gold at both of its recently secured large project regions in the Paterson province of the Pilbara region in WA. The company identified two targets each at the Mandora and Desert Queen projects that cover over 900 square kilometres, after compiling and modelling existing geophysical and geological data sets.

Most viewed people

Elizabeth Perron

Elizabeth Perron

Non-Executive Director, Perron Group
Executive Chair (since Dec 2018), Stan Perron Charitable Trust

Lisa Rodgers

Lisa Rodgers

Incoming Director General (from 28 Jan 2019), Department of Education

Gary Ebeyan

Gary Ebeyan

Non-Executive Director, DWS Advanced Business Solutions

Laurence Iffla

Laurence Iffla

Board Member, Future Living Trust
Non-Executive Director (Chair since Dec 2018)
(Deputy Chair 2016-2018), Perron Group
Non-Executive Director (Chair since 2009), Harry Perkins Institute of Medical Research

Erik Palmbachs

Erik Palmbachs

Chief Financial Officer, Cardinal Resources

Thought LeadershipView all

Boosting your career prospects

It should come as no surprise that today’s job market is changing rapidly.

WA BREAST CANCER SPECIALIST’S DETERMINATION TO CURE INCURABLE

Finding a cure for metastatic breast cancer is what drives Perth medical oncologist Professor Arlene Chan, a world leader when it comes to research into advanced breast disease.

Rocking out: How Roy Hill used digitisation and automation to improve mining.

Mining is such an ancient, manual process, dating back to the beginning of civilisation, that thinking about technology and mining together often seems incongruous.

Canning – a welcoming and thriving City

OPINION shapers from the government, investment, transport and construction sectors were invited to the Business News boardroom to discuss the future development of Perth’s growing south-east corridor

Breast Cancer Researcher Honoured with Order of Australia

In September, Professor Arlene Chan was awarded a Member of the Order of Australia for her services to breast cancer research. The clinical trials she leads are helping to increase survival rates in breast cancer patients.