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Aust market tumbles after Wall St sell-off

Broad-based losses to the local indices dragged the Australian share market down following a sell-off on Wall Street overnight and weakening oil prices.

Civcon wins Belmont Park contract

Subiaco-based Civcon Civil & Project Management has been awarded a $55 million contract as part of Golden Group’s $3.8 billion Belmont Park Racecourse development.

Gary Martin named as one of LinkedIn’s top voices

Australia Institute of Management WA chief executive Gary Martin was the only Western Australian to be named in LinkedIn’s inaugural list of top influential opinion makers.

NEXTDC strikes subsea agreement

NEXTDC has struck a deal with ASX-listed Superloop, giving the Brisbane-based company connectivity to the new Indigo subsea cable system for its Perth operations, including an $80 million data centre currently under construction.

Youth Focus announces new CEO

Charity chief executive Arthur Papakotsias has been appointed the new chief executive of Youth Focus, replacing the outgoing Fiona Kalaf.

NRW wins coal contract

Belmont-based NRW Holdings has secured a contract with Fitzroy Australia Resources for work at the Ironbark No. 1 coal mine in Queensland.

New CEO for City of Perth

The commissioners running the City of Perth have appointed an acting chief executive, with local government consultant Murray Jorgensen set to take the reins.

Northern Star lobs $150m deal to Tribune, Rand

Northern Star Resources has made a $150 million offer to move to full ownership of the East Kundana joint venture gold project near Kalgoorlie.

Cycliq to raise up to $2m

Perth-based Cycliq has announced plans to raise up to $2 million as the cycling products developer ramps-up its business in the lead up to Christmas.

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.

ASX plummets in wake of Wall St sell-off

The Australian share market has nosedived at the open, hot on the heels of a major overnight sell-off on Wall Street.

Morning Headlines

Frydenberg doubles limit on staff shares

Oil price weakens after Trump supply tweet

US crude prices turned negative as President Donald Trump said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting supply next year, citing softening demand.

Gold at one-month low on stronger dollar

Gold slid to its lowest level in a month overnight as the dollar rose to 16-month highs, boosted by the US Federal Reserve's hawkish interest rate policy and political uncertainty in Europe.

Apple, Goldman Sachs drag on Wall St

Wall Street's major indexes declined, with the S&P 500 weighed by technology and financial stocks as shares of Apple and Goldman Sachs came under pressure.

New CEO for Metals X

Poorly performing copper miner Metals X has appointed Damien Marantelli as its new managing director, with incumbent Warren Hallam and chief operating officer Allan King leaving the company.

ASX closes higher on financial sector

After a soft start the Australian share market has finished in the black with the index bolstered by the financial sector.

MinRes confirms train derailment

Mineral Resources has confirmed that about 30 empty iron ore wagons were derailed on a return train trip to the company’s Koolyanobbing mine near Southern Cross on Sunday.

Junior miners to raise $5m

Two local junior explorers have announced capital raisings, with Arafura Resources to launch a $3 million share purchase plan and Encounter Resources receiving a $1.8 million investment from Peter Bradford-led Independence Group.

Pilbara Minerals set to approve expansion

Lithium producer Pilbara Minerals has resolved to approve the stage two expansion at its Pilgangoora mine once all necessary approvals and funding have been secured.

Broome tour company wins top tourism award

Kimberley Wild Expeditions, a member of the Indigenous Champions Program, won the tourism industry’s highest prize over the weekend, just days after the Tourism Council WA called on the state government to maintain funding for Aboriginal tourism.

Sheffield locks in engineering, debt deals

Sheffield Resources has confirmed GR Engineering Services will design and build the processing plant for the mineral sands-focused company’s Thunderbird project in the Kimberley.

Healthscope opens books to $4.5bn offer

Healthscope has opened its books to Brookfield Capital Partners after the private equity firm made a $4.5 billion play for the private hospital operator, trumping a rival offer already on the table.

Navitas rejects $2bn takeover

The board of Navitas has rebuffed a $2 billion takeover offer from a consortium of investors, which includes co-founder Rod Jones, saying the deal is well below its valuation of the education services company.

Ramelius lifts Explaurum offer to $73m

Ramelius Resources has increased its takeover bid for gold-focused Explaurum, with the miner making an indicative $73.4 million offer after its first proposal was rejected.

Green light for Karrinyup shopping centre development

AMP Capital will begin a long-awaited $800 million development at Karrinyup Shopping Centre next week, increasing the size of the centre from about 60,000sqm to almost 110,000sqm.

Heavyweights drag ASX down at the open

Heavyweight banking and mining shares dragged on the market during early trade, with Australian shares opening the new week lower in the wake of a Wall Street sell-off and concerns over a Chinese economic slowdown.

Morning Headlines

Coalition continues to slide down a slippery poll

US crude on longest losing run since '84

Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.

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