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AAP Business News

Rio's iron ore drops after cyclone, fire

Rio Tinto has posted a 3 per cent drop in iron ore shipments in 2019 as the Anglo-Australian miner's operations faced disruptions due to cyclone and a fire at a port facility.

Treasurer, finance minister confident on course for surplus

Federal Treasurer Josh Frydenberg is confident his government will be able to keep its election promise of surpluses over the next four years, despite marked downgrades to the outlook in his last budget update.

Morrison restructures top govt agencies

Scott Morrison is reducing the number of federal government departments and sacking five senior bureaucrats in a major shake-up of the public service.

Economic growth remains at snail's pace

Australia's GDP showed only a slight expansion in the last three months, while WA's state final demand fell by 0.2 per cent for the quarter - the second weakest performing state.

Evolution to buy Canadian gold mine

Evolution Mining has agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corporation for $US375 million ($A553 million) in cash.

Woodside sketches out decade of growth

Woodside Petroleum has laid out plans to triple its gas and oil reserve base which will come from more than $US36 billion worth of projects in Australia, Senegal and Myanmar over the next seven years.

Rules eased for medicinal cannabis in WA

The Western Australian government is making it easier for people to access medicinal cannabis.

EPA approves Covalent's lithium project

Covalent Lithium's Earl Grey lithium project has been recommend for approval by WA's Environmental Protection Authority provided its proponents minimise the impact on flora and fauna, including chuditch and malleefowl.

Climate protesters shut down Perth CBD

Climate activists have brought traffic to a standstill in Perth's CBD as streets were shut down and police arrested protesters causing disruption.

Orora to sell packaging unit for $1.7bn

Orora shareholders are in line to pocket $1.2 billion after the company decided to offload its cardboard packaging unit to Japan's Nippon Paper for $1.7 billion.

CBA, ANZ split on consumer confidence

Economists for two big banks are split on whether consumer confidence is rebounding as larger-than-normal tax refunds land in bank accounts.

ACCC won't block Elders' $187m AIRR tilt

The competition watchdog says it has no reason to block Elders' proposed $187 million cash-and-scrip takeover of wholesale buyer Australian Independent Rural Retailers, which has 12 member stores in Western Australia.

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.

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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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AWE shares jump on takeover bid

Shares in oil and gas group AWE have jumped more than 20 per cent following a $430 million takeover bid from a Chinese state-owned energy corporation.

Rio appoints new chair, updates strategy

Mining giant Rio Tinto has appointed former Anglo-American Plc executive Simon Thompson as its new chairman to succeed incumbent Jan du Plessis.

WA economy on the mend

The Australian economy expanded at a slower-than-expected rate in the three months to September, however WA’s domestic economy appears to be on the mend, growing 0.9 per cent for the quarter.

AWE in the midst of a takeover battle

Mineral Resources has launched a $484 million takeover bid for oil and gas group AWE amid the ongoing battle for control of the Waitsia gas field north of Perth.