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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

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

Strata changes offer premium potential

Western Australia’s revamped strata regulations have made it easier for property owners to sell together and realise a higher premium than if they sold individually, particularly in strategic locations.

Perth property recovery a slow road: Riskwise

Property investors in Perth are facing a bleak outlook, according to new research, which showed a combination of oversupply of units and apartments, lending restrictions and low rental returns would result in 15 per cent negative growth over the next five years.

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

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.

Summer Nights heat up the Blue Room

As business winds down ahead of the Christmas break, The Blue Room Theatre is ramping up its offering with the release of its Summer Nights campaign for Fringe World Festival 2019.

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

BHP in $300m tax deduction dispute

Treasurer Ben Wyatt has said he does not think BHP Group has been a bad corporate citizen after it was today revealed the iron ore miner might owe up to $300 million to the state in royalties, the company’s third such battle in recent years.

MZI to sell Keysbrook

MZI Resources has decided to explore the sale of its Keysbrook mineral sands mine after recurring technical setbacks left the company saddled with high debt.

Ausdrill wins deals worth $171m

Ausdrill has won contracts in Western Australia worth a combined $171 million, including for underground mining services at Regis Resources’ Rosemont project.

Geologist found dead in Burkina Faso

West Perth-based gold and uranium explorer Predictive Discovery said employees at its joint venture with Progress Minerals in the West African country of Burkina Faso were safe, after a geologist working for its Canadian partner was kidnapped from the project site and killed.

Rio Tinto iron ore production up 2%

Mining giant Rio Tinto expects to produce more iron ore this year, after it shipped 338.2 million tonnes of iron ore from its Pilbara operations in 2018, in line with full-year guidance.

OpinionView all

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.

Activation, targeting key to build tourism

Opinion: Los Angeles and Miami should inspire Western Australians hoping to ignite tourist attention, but our state needs to consider how to generate the most value from the industry.

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.

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

Bougainville project looks prospective for Kalia

Kalia Limited’s preliminary interpretation of new geophysical data over its Mt Tore JV tenements located on Bougainville Island in PNG has identified intrusive geological complexes and structural pathways for potential mineralisation. Imagery produced from the survey data is being used by Kalia personnel on-site for the generation of new exploration targets.

PharmAust could double delivery of cancer drug in dogs

PharmAust has received new data from Canada’s BRI Biopharmaceutical Research that a specific combination of diet and excipient could double the amount of its Monepantel anti-cancer drug that can be delivered into the bloodstream of dogs. This could increase the flexibility for dosing schedules of Monepantel and potentially simplify the treatment of canine cancers.

Nzuri extends copper footprint to 1.2km in DRC

Nzuri Copper has extended copper mineralisation to 1.2km of strike at its Kasangasi prospect, located 20km west from the flagship Kalongwe deposit in the DRC. Results of up to 15m @ 1.07% copper from 83m down-hole were returned. The company also reported impressive cobalt results from the Monwezi 7 prospect, saying the prospect has potential to be a key, near-mine, additional source of high-grade cobalt feed.

Coolgardie starts mining higher grade ore at Geko

Coolgardie Minerals has started mining the higher grade oxide ore at its Geko pit near Bullabulling in WA under the second stage of its three stage mine plan. About 260,000 tonnes of ore at an average grade of 2.23g/t gold will be mined during this stage. Ore with a grade exceeding 2.75g/t gold will be offered to Northern Star Resources under the existing ore sale agreement.

King River makes inroads into vanadium capex reduction

King River Resources has recovered up to 92% vanadium in heated sulphuric acid vat leaching metallurgical test work on coarse lump ores from its massive Speewah project, located near Kununurra in the Kimberley region of WA. The company says the encouraging results support the development of an alternative ore processing route for its flagship vanadium project that could drastically lower capital and operating costs.

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.