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AAP Business News

Michael Hill underpaid staff by millions

Michael Hill International says it will spend $10 million to $25 million to compensate employees who were underpaid over a six-year period.

ACCC flags Landmark-Ruralco merger concern

The ACCC is examining whether a proposed takeover of Ruralco Holdings by a Canadian fertiliser giant could reduce wholesale competition and lead to discrimination against some independent retail stores.

Five WA ministers in cabinet

Scott Morrison says he has high expectations for his new ministry, with Western Australians Christian Porter, Linda Reynolds and Ken Wyatt among those to be promoted.

Virgin Aust expects minimum $35.6m FY loss

Virgin Australia expects to report a full-year underlying earnings loss of at least $35.6 million and has warned that weaker domestic demand could push that out further.

TPG, Vodafone shares crash on merger block

TPG Telecom shares have crashed along with those of Vodafone's local joint venture partner after the competition watchdog blocked the communications giants' $15 billion merger.

Lynas posts 33% March quarter output jump

Takeover target Lynas Corporation has reported a 32.5 per cent rise in production of rare earths oxides during the quarter, as it fends off a takeover offer from retails-to-chemicals conglomerate Wesfarmers.

Keybridge unwraps $20m bid for Yowie

Listed investment firm Keybridge Capital has unwrapped a $20 million takeover bid for loss-making confectionary company Yowie.

Backflip on mortgage broker changes

Mortgage brokers will continue receiving trail commissions beyond 2020 under a federal coalition government, with Treasurer Josh Frydenberg revealing a plan to scrap them has been dropped.

WA govt rejects EPA carbon neutral advice

A recommendation by Western Australia's environmental watchdog that new emissions-intensive projects should be carbon neutral has swiftly been rejected by the state government.

Chances of RBA cut grow as GDP falls short

The Reserve Bank of Australia's stance on rates may be getting a little less neutral after Australian economic growth fell well short of the central bank's own downgraded forecast.

Coles unloads pubs operation in $200m deal

Coles is offloading management of its 87 pubs, including four in Western Australia, in a $200 million deal with private equity controlled Australian Venue Co.

Carnegie suspended from ASX

The cash-strapped company that received Western Australian government funds despite not meeting milestones attached to a wave power project has been suspended from trading on the Australian stock exchange for failing to lodge its half-year financial report.

Austal lifts payout as Navy cash sails in

Shipbuilder Austal has increased its shareholder payout after announcing a two per cent lift in first-half profit on its expanding US Navy and commercial ferry work.

Rio Tinto earnings up 2%, dividend boosted

Australia's biggest miner Rio Tinto says it will return billions to shareholders, after it recorded a 2 per cent rise in underlying earnings for 2018, to US$8.63 billion ($12.2 billion).

Regis records 12.6% profit fall, CEO resigns

Regis Aged Care chief executive Ross Johnston will leave his role with the aged care provider in September.

Seven West profit dips on ad sales plunge

Seven West Media says its half-year net profit has fallen by 13.8 per cent as stringent cost-saving measures failed to offset a fall in advertising revenue, with the group flagging further changes including at its WA operations.

Bendigo profit dips but banks on royal commission lift

Bendigo and Adelaide Bank shares have taken a dive after a 2.4 per cent dip in first-half profit, despite the lender hoping to benefit from the big four's public relations disaster at the royal commission.

AGL increases WA customers by 57%

AGL Energy has continued its growth in the Western Australian gas market, revealing it had approximately 33,000 customers by the end of 2018, a rise of 12,000 from six months prior.

Qantas buys $60m stake in Alliance charter

Qantas has bought 20 per cent of Alliance Airlines and wants to grab an even larger stake of the regional charter operator.

Healthscope agrees $4.5bn Brookfield buyout

Healthscope has agreed to a $4.5 billion takeover by Canadian investment firm Brookfield, despite rival bidders suggesting they could increase their offer.

WA government seeks assurance from Huawei

There are doubts Chinese government-owned telecommunications giant Huawei will be able to deliver a $136 million contract for Perth’s rail network, after the United States brought criminal charges against the company.

WA accepts $121m remote housing deal

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

IOOF shares down as APRA moves on execs

Shares in IOOF Holdings have lost more than a quarter of their value after the prudential regulator moved to disqualify the beleaguered wealth manager's top brass and impose new licence conditions.

Rio Tinto to sell stake in Rossing Uranium

Global miner Rio Tinto says it will sell its entire stake in Rossing Uranium to China National Uranium Corp for up to $106.5 million.

Wellard cops remuneration strike

Wellard shareholders have given the cattle exporter’s remuneration report a strike for the second time in three years at today’s annual meeting in Fremantle.

WA unemployment rate dips to 5.7%

Western Australia’s jobless rate has fallen to 5.7 per cent in October, while the national figure remains at a six-year low.

WA to pay down debt with GST windfall

The state government has confirmed it will use an estimated $1.7 billion GST windfall to pay down its debts, after the legislation cleared federal parliament today.

Incitec takes $7m WA loss

Explosives manufacturer Incitec Pivot has reported a 34.8 per cent fall in profit for the year to September, including a $7 million hit from lost business in Western Australia.

Lendlease flags $350m impairment

Lendlease's chief executive says he is embarrassed by the problems that have forced the construction company to take a $350 million post-tax impairment in its first-half results.

Treasurer rejects gas pipeline purchase

Treasurer Josh Frydenberg has rejected a Chinese consortium's proposed $13 billion purchase of APA Group, saying the deal would result in an undue concentration of foreign ownership of the country's gas transmission pipelines.

WA judge to lead royal commission

West Australian Supreme Court judge Joseph McGrath and former Australian Public Service commissioner Lynelle Briggs have been appointed to lead the federal government's aged care royal commission, which is expected to take 18 months.

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Worker dies at Perth wastewater plant

A construction contractor from Henderson-based Civmec has died while working on a wastewater treatment plant upgrade in Perth's south.

Rinehart kids join billionaires' club

Gina Rinehart's four children have joined their mining mogul mother among the world's richest people, with nine Western Australians included in Forbes' latest world billionaire rankings.

TPG lifts guidance, iiNet and Internode in hot water

TPG Telecom has lifted its full-year guidance after first-half underlying profit rose, but the internet provider’s two subsidiaries, iiNet and Internode, are being forced to compensate 11,000 customers following an investigation by the consumer watchdog.

Scaffidi back to work

City of Perth Lord Mayor Lisa Scaffidi says she is focused on diversifying the city’s economy away from the mining industry as she returns to work after a four-month absence.

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WA govt rejects EPA carbon neutral advice

A recommendation by Western Australia's environmental watchdog that new emissions-intensive projects should be carbon neutral has swiftly been rejected by the state government.

Busselton shortlisted for Qantas academy

Busselton has been shortlisted with nine other regional cities nationwide as the potential home for the new Qantas pilot academy, weeks after the environmental watchdog recommended conditional approval for the operations of a $70 million upgrade at the Busselton-Margaret River Airport.

Regis records 12.6% profit fall, CEO resigns

Regis Aged Care chief executive Ross Johnston will leave his role with the aged care provider in September.