Politics & the Economy

Gold up again as investors seek safe haven

Gold has risen to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains.

Oil jumps, but still down over three weeks

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.

Whitebark in $5m Xanadu sale

A sluggish approvals process for seismic work at the Xanadu prospect in the Perth Basin has led Whitebark Energy to sell its stake in the project in a $5 million deal, with the money to head to Canada instead.

WA trucking gets $31m boost

A pool of more than $30 million will be spent across the state to build new truck rest stops and upgrade existing roads to improve safety for heavy vehicles.

McGowan pushes for quick GST fix

NSW and Victoria would not have been subjected to the treatment Western Australia has been under the current GST system for more than 10 years, WA Premier Mark McGowan has declared.

Morning Headlines

Super hit in $50bn plunge

Ratings agency lifts WA finances outlook

A ratings agency has upgraded its outlook for Western Australia's finances, based on higher Commonwealth grants, expected revenue growth and tight spending control.

Role for business, unions as AI wave looms

Government and business must involve trade unions to develop plans to train Australia’s workforce for the increased presence of automation, according to Siemens Australia chief executive Jeff Connolly.

Morning Headlines

Future Fund selling $850m in assets

Gold hits three-month high as stocks dip

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.

Oil slumps 5% as global equities tumble

Oil prices plunged about five per cent overnight to two-month lows as a sell-off in global equity markets raised worries about demand growth and after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran.

Wall St extends falls on earnings concerns

US stocks have fallen with worries about the earnings outlook adding to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in t

Morning Headlines

PEXA sale windfall for WA

Pathway to prosperity requires focus on strengths

Perth does not need to over emphasise economic diversification to revitalise the local economy, but rather embrace its competitive advantages, according to a report released by the Committee for Perth today.

Uni VCs skip education strategy launch

Premier Mark McGowan and StudyPerth chair Rod Jones this morning launched a new strategy to attract international students to Western Australia, with Mr Jones throwing out a challenge to the sector to turn the strategy into action.

Oil flat despite Saudi pledge on output

Oil futures changed little after paring earlier losses, despite Saudi Arabia's pledge to raise crude production to a record high, two weeks before US sanctions potentially choke off Iranian supplies.

Wall St drops as China support fades

US stocks have edged down as early support from a rally in China faded, with lower oil prices and disappointing earnings signals from firms including Halliburton and Hasbro helping pull the market lower.

Morning Headlines

Worley rides resources revival with $4.6b bid

Gold falters as rising dollar dents appeal

Gold prices have slipped, pressured by a rallying dollar and the metal's failure to break above a key technical level.

Exports jump as outlook improves

SPECIAL REPORT: Gold Corporation, Alcoa, Roy Hill and Chevron have all posted higher revenue numbers in Business News’ annual analysis of WA’s biggest exporters.

EPA given $3.3m boost

The Environmental Protection Authority will receive a $3.3 million funding boost to deal with a recent spike in proposals in Western Australia, with the government also announcing plans for a scheme to allow the outsourcing of some assessments.