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MMA proceeds with major capital raising

Struggling marine services company MMA Offshore will raise nearly $100 million to repay debts and repair its balance sheet, despite opposition from major shareholder Halom Investments.

Aust shares follow negative Wall St lead

The share market is following a negative lead from overseas markets, weighed down by weakness among miners and banks.

Morning headlines

US energy investors lining up $11b tilt for Santos, BHP shale sale moves and more.

$A is steady against $US

The Australian dollar is hardly changed against a little changed US dollar.

Western Power aims for $1bn savings

Western Power plans to reduce spending by nearly $1 billion in the next five years compared to the five years just gone, according to a proposal by the state-owned network operator to the state’s economic regulator.

Oil falls for 4th day, US stockpile rises

Oil prices have fallen for a fourth session after the US government reported an unexpected increase in crude and petrol stockpiles, but an increase in refining runs and a drawdown in distillates he

Gold drops slightly in choppy trade

Gold prices have dropped in see-saw trade, first rising to the highest since October 20, then sliding and hovering near session lows, as the US dollar pared losses.

$30m in contracts awarded for port development

Contracts totaling $30 million have been awarded to Austral Construction and marine solutions business TAMS Group to replace ageing channel markers offshore and within the port of Port Hedland.

Games wins show WA potential

Western Australian game developers received a major shot in the arm last month, with two locally made games awarded at Melbourne International Games Week.

AWE raises $38m for WA gas project

Sydney-based gas producer AWE will raise $38 million via a share placement to fund the next stage of the Waitsia gas field project in the Perth Basin.

Horizon in $7.1m Carnarvon distributed grid plan

Horizon Power will roll out a $7.1 million distributed energy pilot project in Carnarvon, while the state government has unveiled a trial to incentivise demand management by users during peak periods in Broome.

Heritage-listed strip for sale

Five heritage-listed buildings on William Street have been put up for sale by the Metropolitan Redevelopment Authority (MRA), with offers open until December 18.

New Energy, Phoenix engineer ways forward on waste

Two companies pursuing ambitious waste-to-energy projects in WA remain positive despite hitting problems with their original engineering partners.

Companies cheer marriage equality vote

Australian businesses have cheered the nation's majority 'yes' decision in support of same-sex marriage and are urging federal parliament to legislate quickly.

Energy, miners drag ASX lower

The Australian share market has closed lower after sharp falls in oil and base metal prices weighed on energy and mining companies.

Brolga buys Habitat 1

Interior design and construction firm Habitat 1 has been purchased by Broome-based builder Brolga Developments & Constructions.

Holiday Planet sold to UK cruise company

Perth-based travel company Holiday Planet has been sold to UK firm Image Cruising, which is majority owned by international travel giant Emirates Group.

Myanmar $7m raising for Bawdwin

Myanmar Metals has announced a $7 million capital raising that will allow the company to extend the option over its Bawdwin project until May next year and fund ongoing expenses.

Wyatt still open to bank tax despite SA move

Treasurer Ben Wyatt has kept open the possibility of a bank tax in Western Australia, after South Australian Premier Jay Weatherill today quietly dropped his state’s planned tax on the five biggest financial institutions.

WA cafe owners fined $150,000

Two former Bunbury cafe operators have been fined more than $150,000 after deliberately underpaying a number of their employees over a 15-month period, starting in 2013.

Resources stocks weigh on Aust sharemarket

The materials and energy sectors are under pressure in early trade as the Australian share market continues to reverse its climb past 6,000 points.

Morning headlines

Former Xstrata boss in race to chair Rio The Fin

Oil prices fall for third straight day

Oil prices have fallen for a third day in a row as forecasts for rising US crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA).

Gold edges up from one-week low

Gold rose slightly on Tuesday, as a weakening US dollar and sluggish stock market helped pull the precious metal off a one-week low hit in early trade, while traders also said uncertainty over the fate of a US tax cut prompted some safe-haven buying of gold.

$A little changed against $US

The Australian dollar is steady against the US dollar after an up and down night of trade that saw the currency peak near 76.50 US cents.

Inclusivity builds opportunity

AWB Building Co principal Graeme Kennedy cites the introduction of the National Disability Insurance Scheme as the key driver of his decision to set up his business three years ago.

Quintis receives $US20m lifeline

Embattled sandalwood producer Quintis has been thrown a lifeline after entering into a high-interest debt facility for up to $US20 million ($15 million), while also announcing a net loss after tax of $416.8 million for the year to June 2017.

SKA precursor telescope doubled in size

A $2.2 million expansion of the Murchison Widefield Array radio telescope has been completed, doubling the number of antenna stations at the facility, as design work on the planned Square Kilometre Array continues.

Shell quits entire Woodside stake

Royal Dutch Shell has sold its entire shareholding in Woodside Petroleum for $3.5 billion, after strong demand from institutional investors prompted the energy giant to upsize its previously announced sell-down.

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