Search

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

Corporate Finance DealsView all

Sandfire seeks $94.5m takeover of MOD

Sandfire Resources confirmed today it has approached MOD Resources about a potential takeover, with the target proceeding instead with a $15 million capital raising to support work on its T3 copper project.

Navitas to recommend acceptance of $2.1bn bid

Navitas directors have recommended shareholders accept an increased $2.1 billion takeover proposal by a consortium that includes its founder and former chief executive, Rod Jones, who says the new ownership would boost the company's prospects .

Takeovers Panel receives second Flinders’ notice

Flinders Mines' second largest shareholder has submitted an application to the Takeovers Panel to prevent the company from continuing with its proposed delisting, just a day after it received a similar notice from its 12th largest shareholder.

Shine acquires Carr & Co

ASX-listed law firm Shine Corporate has expanded its presence in Western Australia with the acquisition of local firm Carr & Co Divorce and Family Lawyers.

Lateral raises $7.3m for Soar, Unocart

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.

Politics & the EconomyView all

ASX trading higher on early energy boost

Australian shares are higher as renewed US-China trade optimism lifts global equities, with the local energy and financial sectors particularly buoyant in early trade.

Policy risk topping Australian concerns: Allianz

More than a third of Australian risk management experts believe legislative and regulatory changes are the biggest threat to local businesses this year, ahead of a federal election and growing economic protectionism overseas.

Female CEO for WA Treasury Corp

The state government's trend of appointing female leaders to run key agencies has continued, with Kaylene Gulich appointed chief executive of the Western Australian Treasury Corporation today.

WA stocks hit harder than most in 2018

The final months of 2018 hit investors in Western Australian stocks hard, with the Business News index of 30 local ASX-listed companies falling 13.3 per cent.

Nationals MP Broad quitting to save face

Fallen Nationals MP Andrew Broad is quitting politics to ensure he doesn't remain a diminished figure and "half-laughing stock" in parliament, after a scandal involving a younger woman.

Upcoming Business News EventsView all

Central Park - 19 February 2019

Hyatt - 28 February 2019

PropertyView all

Fini targets market uptick

One of Perth’s best-known private developers is focusing on building momentum for an expected market recovery in 2019.

Planning changes pave way for two-tower Civic Heart

Finbar Group’s new $330 million Civic Heart in South Perth will comprise two towers at 39 and 22 storeys, with the state government giving its tick to planning guideline changes for the site.

Chinese investor buys Vasse Coles for $20m

An unnamed Chinese private investor has purchased a Coles supermarket in the state’s South West for $19.6 million, part of a $50 million asset sell-off by the retail chain.

Court rules against land developer

The Supreme Court has found prominent land developer and real estate agent Colin Heath breached his fiduciary duties in regard to his role in long-running land development ventures with the Godecke family.

Survey reveals shared concerns over Airbnb users

Property owners using websites such as Airbnb to rent out their homes share similar concerns to their neighbours over short-stay users, with a new survey indicating both groups support tighter regulat

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

Philanthropic trusts hit $830m

Big donations to three philanthropic trusts in Western Australia augur well for future charitable donations, although the state’s wealthiest person, Gina Rinehart, has bucked the trend.

Screenwest moves on from drama

Screenwest’s new CEO anticipates a strong project pipeline will allow the organisation to move past a period of instability.

$3.4m for refugee support

Communicare, Save the Children and Centrecare have joined forces to deliver a new federal program for migrants and refugees to Western Australia called Settle In.

Former NAB exec to lead Minderoo

Andrew and Nicola Forrest have recruited a former banking executive as the inaugural chief executive of their private company Minderoo, while also disclosing its total assets more than doubled last ye

Kalaf joins Festival board

Former Youth Focus chief executive Fiona Kalaf has been appointed to the board of arts organisation Perth Festival.

EnergyView all

Clough for civil works at $4bn Snowy 2.0

Perth-based contractor Clough has been chosen in collaboration with Italian business Salini Impregilo as preferred tenderer for civil works at the Snowy Hydro 2.0 pump storage project.

Case for renewables, but coal will power on

Wind and solar generation backed by storage are competitive with coal and gas, according to a recent report by the CSIRO, but that does not mean coal-fired generation will be out of the picture.

Second waste to power plant closing on construction

Proponents of a $400 million waste to energy facility to be built in East Rockingham are hoping to get construction under way within months after finalising a waste supply deal with utilities giant Suez.

Appointments wrap

Former Synergy executive Stephanie Unwin is set to lead regional energy retailer Horizon Power next year, while Screenwest, SNC-Lavalin, Worksafe WA and Destination Perth have also announced significant appointments.

Pluto gas enters domestic orbit

Domestic gas has started flowing from Woodside Petroleum’s Pluto plant near Karratha today, around six years after LNG exports from the facility got under way.

"Mark My Words" PodcastsView all

18 January 2019

PODCAST: Mark Pownall and Mark Beyer discuss Woodside projects, Heath Development, Navitas, rising philanthropy and our special report on WA’s biggest deals and dealmakers.

11 January 2019

PODCAST: Mark Pownall and Mark Beyer discuss Perth’s luxury suburbs, crayfishing drama, tourism downturn, bumper grain harvest, Minderoo’s new CEO and our special report on the increasingly important and newsworthy aged care sector.

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.

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

Corporate finance 2018

Corporate finance 2018

21 January 2019

Annual review of WA deals and outlook

Goldman, Freehills top deal tables
Cutting through tech funding maze
Lithium, gold  and  base metals driving deals
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?

MiningView all

Wright Prospecting pays out $700m

The descendants of iron ore pioneer Peter Wright have received total dividends of $702 million over the past three years, according to recently lodged financial statements that also reveal the big legal expenses they have paid.

Northern Star expects cost rise

Northern Star Resources’ full-year production guidance remains unchanged at a healthy 850,000-900,000 ounces, but its shares slumped today after it flagged a lift in all-in sustaining cost guidance.

Asic appoints Morgan Stanley to sell Tribune shares

The Australian Securities and Investments Commission has appointed Morgan Stanley Wealth Management to sell approximately 12 million ordinary shares in Tribune Resources.

Calls for faster approvals

About 5,000 exploration, tenure and mining approvals were sitting in the Department of Mines, Industry Regulation And Safety’s pipeline at the end of the September quarter last year, according to the department’s latest approvals performance data.

Fenix shares soar on drilling results, end day up 64%

Shares in Fenix Resources were up by as much as 150 per cent today before falling at the close of trade, after the company announced it had intersected substantial high-grade iron ore via a drilling program at its flasgship Iron Ridge project, located in the Murchison region.

OpinionView all

Bishop faces critical call

Opinion: Julie Bishop’s standing with the electorate and fundraising skills make her a key player at the coming federal poll, but will she stand?

Craying foul: fishing sector pays for past policy mistakes

Opinion: Upheaval in a key fishing resource highlights how policymakers need to build flexibility into their approach to regulating industries from the start.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss Woodside projects, Heath Development, Navitas, rising philanthropy and our special report on WA’s biggest deals and dealmakers.

An upside for every downside

The protracted Brexit negotiations, a tough-talking new leader in Brazil, and a buoyant gold price all bode well for WA in the year ahead.

Mark my words podcast

PODCAST: Mark Pownall and Mark Beyer discuss Perth’s luxury suburbs, crayfishing drama, tourism downturn, bumper grain harvest, Minderoo’s new CEO and our special report on the increasingly important and newsworthy aged care sector.

RetailView all

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.

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.

Tommy Hilfiger opens Perth store

International designer clothing brand Tommy Hilfiger has today opened its first full-price store in Western Australia, with a new outlet located in the Claremont Quarter.

Retail reward for Quick Flick

A retail deal with Priceline Pharmacy is the latest win for local makeup business The Quick Flick, which was launched last year by Perth university student turned entrepreneur Iris Smit.

SCA in $270m Perth shopping spree

Sydney-based SCA Property Group has purchased four Perth shopping centres for a combined $269.4 million as part of a larger deal with ASX-listed Vicinity Centres.

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

Greenland clears path for rare earth processing

Greenland Minerals now has a formal means for the Chinese processing of its rare earth concentrates from the massive Kvanefjeld project in Greenland that contains the radioactive elements uranium and thorium. This follows its largest shareholder Shenghe Resources Holding forming the China Nuclear Hua Sheng Mining joint venture with subsidiaries of China National Nuclear Corporation.

Calima’s Montney well continues to build excitement

Wireline logs at Calima Energy’s first well at the revered Montney oil and gas play in Canada have returned porosities and hydrocarbon saturations comparable to those in adjacent producing wells. Analysis of the log and core data also confirmed the presence of three zones that match those already targeted by other operators in the region. The company has also spudded the first of two horizontal wells.

MGC gets green light for cannabis dementia drug trial

MGC Pharmaceuticals has secured approval from Australia’s Therapeutic Goods Administration to start the Phase IIB clinical trial of its CogniCann medical cannabis treatment for dementia and Alzheimer’s patients. The company’s manufacturing facility in Ljubljana, Slovenia, has also secured a permit to extract and develop its own Phytocannabinoid active pharmaceutical ingredients.

Australian Potash makes high quality potassium salt

Australian Potash has hit a major milestone with the manufacture of high grade sulphate of potash at its pilot processing plant in Perth that exceeded its previous expectations of product quality. The 98% purity SOP product was generated from the first raw salt products from the pilot pond network at the company’s Lake Wells SOP project, located about 180km northeast of Laverton in the Goldfields region of WA.

Terrain poised to drill gold target near Leonora

Terrain Minerals plans to undertake a 650m RC drilling campaign at a priority and potentially high impact gold target under transported soil cover at the Wild-Viper project tenement north of Leonora in WA. A successful drilling program will validate the company’s structural geological model and potentially unlock the multiple targets it has identified throughout the tenement.

Most viewed people

Simon Grant-Rennick

Simon Grant-Rennick

Former Executive Director, Marketing &
Sales (Interim Chair since July 2017), Hipo Resources

Arief Sidarto

Arief Sidarto

Non-Executive Director, Macmahon Holdings

James Baillieu

James Baillieu

Non-Executive Chair, BidEnergy

John Langoulant

John Langoulant

Chairman, GESB
Chairman, DBP
State Chairman WA, Westpac
Non-Executive Chair, Telethon Kids Institute
State President, WA, Committee for Economic Development of Australia
Non-Executive Chair, Rottnest Island Authority
Non-Executive Chair, Pawsey Supercomputing Centre
Chairman, Australian Gas Infrastructure Group
Non-Executive Chair, ARTrinsic Inc

Colin Heath

Colin Heath

Managing Director, Heath Development Company
Non-Executive Director, Royal Flying Doctor Service

Thought LeadershipView all

More than "giving for good", supporting BCRC-WA saves lives

Breast Cancer Research Centre-WA (BCRC-WA) will open a world class integrated breast cancer treatment, research and patient support service centre in Perth in 2020 which will further consolidate our r

Land of Sweeping Plains

Schneider Electric and SA Power Networks combine to combat distributed power network outages.

Amazon Alexa is coming, you're invited.

In 1950, Bell Labs invented Audrey, a machine that could understand the digits zero to nine with a degree of accuracy up to ninety percent.

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.