The future of the Perth Cultural Centre’s Picabar has been placed in doubt, after its operators disclosed their lease had been terminated by the state government, which has transferred management of the precinct to the Perth Theatre Trust.
The Australian share market has defied predictions of doom and gloom to climb at the start of a new trading week, with the heavyweight mining and banking sectors eking out early gains and healthcare stocks up by nearly three per cent.
Oil prices have risen, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Oil prices rose overnight, following the US stock market higher a day after Wall Street's biggest drop since 2011, and as Saudi Arabia's energy minister signalled major producers may have to intervene in crude markets to support prices.
Gold rose by a percentage point overnight to its highest level in over three months as the dollar weakened and global stock markets tumbled, with rising political and economic uncertainties adding to bullion's appeal.