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Aust shares end lower but US futures up

The Australian share market has closed lower but did claw back some earlier losses as the Dow Jones futures index pointed to a possible positive session on US markets tonight.

GO2 exposed in VCS receivership

Belmont-based labour hire provider Go2 People has revealed it is owed about $445,000 by contractor VCS Civil and Mining, which went into receivership last week, while a director involved in both businesses has been forced to step down.

Zenith up on promising guidance

Shares in remote power provider Zenith Energy were up 7 per cent today as the company announced an unaudited before tax profit of up to $11 million for the first half of the financial year.

Prospect reprices raising

Lithium hopeful Prospect Resources has repriced its recently announced $10 million capital raising, with last week’s slump in the stock market forcing the company to drop the proposed share price.

US investment outflow threat

An international trade body has warned the recent package of tax cuts in the US will lead to a reduction in that country’s foreign investment stock overseas, with Australia potentially vulnerable.

JB Hi-Fi shares slump on margin warning

JB Hi-Fi shares have slumped despite a big lift in first-half profit, after the home electronics and entertainment retailer warned of margin pressures and issued lower-than-expected guidance.

CSIRO to investigate Pilbara gold

The Commonwealth Scientific and Industrial Research Organisation will work with local explorer Artemis Resources to investigate the conglomerate hosted gold recently discovered at the company’s tenements in the Pilbara.

NBN discounts ease customer congestion

Congestion on the national broadband network has eased as more customers turn to higher speed plans after rollout company NBN Co slashed its top speed packages last year.

Iron ore drag on Aurizon performance

Iron ore revenue for rail operator Aurizon dropped 9 per cent in the first half of the financial year, although the business overall delivered a big increase in profit.

Crypto raising a Discovery process

A Perth corporate advisory firm is acting as lead manager to raise $US15 million for an Australian cryptocurrency that will make it easier for banks to verify the sources of payments they receive from the growing digital cash market.

Online trade shifts hours debate

As part of the 25-year Business News anniversary, we take a look at how the retail trade debate has changed.

Aust shares ignore Wall St and open lower

Despite a stronger lead out of the US, Australian shares have slipped sharply in early trade as reporting season begins in earnest and Asian markets brace for more volatility.

Morning Headlines

‘As long as it takes’ for cuts to tax

Gold dips as US dollar firms

Gold has slipped, under pressure from a firmer US dollar and worries about rising global interest rates, but still found some support as a safe-haven asset as world stock markets fell.

Oil skids to biggest weekly loss in 2yrs

Oil prices have slid more than three per cent on Friday as US futures fell below $US60 a barrel for the first time since December on renewed concerns about rising crude supplies.

$A is up against a stronger $US

The Australian dollar has regained some lost ground against the US dollar which itself has preserved its recent gains.

Construction tenders February 9 2018

TendererProjectCloseSubmissionsPACT ConstructionCaversham - mixed use developmentFeb 13tenders@pactconstruction.com.auByte ConstructNortham - Western Power branch refurbFeb 14tenders@byteconstruct

Government backs EPA on Mandogalup

The state government has endorsed findings by the Environmental Protection Authority that will allow for urban development on a portion of land near an Alcoa waste dump in Perth’s southern suburbs.

RBA cool on inflation risk

A global upswing driven by the manufacturing and industrial sectors will provide a tailwind for Australia’s economy, according to the Reserve Bank of Australia’s quarterly statement on monetary policy, but underlying inflation is expected to remain low until at least mid 2020.

Eden postpones $6m raising

Perth-based Eden Innovations has postponed a planned $6 million capital raising in response to this week's stock market weakness.

Shares weaker after US plunge

Wesfarmers, Woodside Petroleum and South32 were among Australian shares that closed lower in the wake of another overnight collapse on Wall Street but local losses were relatively contained as many Asian markets tumbled steeply.

Market moves hit portfolio values

Altura Mining directors Allan Buckler and Paul Mantell and AusCann Holdings directors Mal Washer and Harry Karelis have been among a group of major Western Australian investors to have the value of their portfolios hit as markets have fluctuated in recent weeks.

High-profile departures from Perth Modern board

Three high-profile business people have resigned from the board of Perth Modern School, just weeks after two other board members did not seek re-election, as the fallout from a governance dispute and a review by KPMG continues.

Mark my words podcast

PODCAST: In this Business News podcast Mark Beyer and Mark Pownall discuss market volatility, Cooper & Oxley, Bunnings, infrastructure WA, Ron Sayers, Kelvin Ryan, and musical chairs in Perth’s law firms.

CEO lunch with Jody Nunn

Working under strong, effective leaders has had a profound impact on the career of AICD state manager, WA Jody Nunn.

Decmil wins $37m work

Decmil Group has been awarded two contracts totalling $37 million for road construction work in Victoria, which includes $29 million worth of work for VicRoads

Myer shares dive after new profit warning

Solomon Lew is calling on fellow Myer shareholders to "save the company" with a board spill after shares in the troubled retailer plummeted to a fresh all-time low on the back of its latest profit warning.

Bikes mean business for Steadyrack

Perth-based bike business Steadyrack has installed more than 600 bike racks at Woodside’s new Capital Square office building as cycling in the city grows in popularity.

Synergy privatisation deal faces rule change risk

Changes to the accounting treatment of leases to be introduced next year could pose problems for the state government’s financial boffins, bringing numerous contracts onto agency balance sheets, including potentially $1.3 billion worth in the case of power generator Synergy.

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