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BHP appoints Edgar Basto as minerals president

BHP has selected former iron ore boss Edgar Basto to lead its Australian mining operations, after he served as acting minerals president since the appointment of chief executive Mike Henry last year.

Invex raises $26m for clinical trials

Invex Therapeutics has received a $5 million investment from Andrew Forrest’s Tattarang as part of a share placement, with the proceeds to go towards the company’s research into neurological diseases.

Hitting the road on hydrogen

The team behind a planned green hydrogen project to be built near Dongara are hoping to raise $1 billion by the end of the year, while BP is undertaking feasibility on a plant close to Geraldton, less than an hour’s drive north.

Omni Bridgeway on front foot

The biggest player in Australia’s litigation funding market has supported new licensing rules proposed by the federal government while also pushing for the new requirements to be extended to law firms.

Store closures, job cuts in Target review

Wesfarmers has outlined plans to halve Target's 284-store network and slash jobs after a review found financial performance unsustainable at the troubled Target business.

ASX opens flat amid US-China tension

Shares have started trade nearly flat on the Australian market although the financial, energy and materials sectors were marginally higher.

Morning Headlines

$500m for road to recovery

Brent at highest price since March

Global benchmark Brent rose more than 1 per cent overnight to its highest price since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people's movements.

Gold falls as investors bank on cash

Gold fell more than 1 per cent overnight as investors booked profits from recent rallies and some switched to the safety of cash driven by growing US-China trade tensions and doubts about an economic recovery.

$5.2 million for 49 drilling projects

Nearly 50 drilling projects will be funded through the state government’s Exploration Incentive Scheme, with winners including big businesses such as AngloGold Ashanti Australia and Rio Tinto.

ASX dips, snapping four-day winning streak

The Australian share market has snapped its four-day winning streak, closing modestly lower after it failed to rise above a level closely watched by short-term traders.

Govt announces urgent review of WA workforce

The state government has appointed a review team to identify skills and training development solutions in response to the impact of COVID-19 on the Western Australian workforce.

New China rules unsettle iron ore stocks

BHP and Fortescue Metals Group have welcomed new inspection rules for iron ore imports into China, but only after the news raised concerns that trade tensions between China and Australia could have claimed another victim.

Kalium Lakes seeks $61m for potash project

Kalium Lakes has formally launched a heavily discounted share placement and rights issue to raise up to $61 million, with the funds to cover an overrun in capital costs at its Beyondie potash project in Western Australia.

NRW on track for strong FY20

Shares in NRW Holdings rose by more than 30 per cent today after the Perth-based contractor foreshadowed strong full-year earnings and brought forward its $10.7 million interim payout to next month.

Strike Energy moves ahead with West Erregulla

Strike Energy has partnered with the Australian Gas Infrastructure Group (AGIG) to build and operate one of the largest onshore gas facilities in Western Australia in a deal worth more than $200 million.

State govt delays NDIS transition date

The disability sector's peak body has welcomed moves by the state government to delay Western Australia’s transition to the National Disability Insurance Scheme's new quality standards until December 1 due to COVID-19, and to allocate $2 million to help the sector meet the new requirements.

Electric vehicles return to agenda

Electric vehicles and pumped hydro are high on the federal government’s list of short-term priorities to reduce emissions, a new report shows, as Energy Minister Angus Taylor quietly moves towards an interventionist emissions policy.

Community sport gets govt boost

The Western Australian government will fast-track $12 million in community sport and recreation facilities grants, with applications to open up next week.

Performance anxiety lingers for the arts

Arts organisations are cautiously planning how they might perform and interact once restrictions are lifted.

Economic pressures ramp up

OPINION: The government faces a challenge to balance public health concerns with the need to get the WA economy going again.

Outback WA gets first community battery

Residents in the Kalgoorlie-Boulder region will get improved power quality and consistency with the installation of its first community battery.

ASX edges higher on virus recovery hopes

Shares on the Australian market have risen by more than 0.5 per cent in early trade as investors look to a swift recovery from the coronavirus pandemic.

Morning Headlines

Gas not coal to shore up solar, wind Domestic gas will play an increasing role over coal in backing up the growing renewable energy sector over the next decade. The Fin

Oil rises on lower US stocks, more demand

Oil prices rallied overnight after US crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.

Gold firms on stimulus hope, vaccine doubt

Gold rose overnight amid extensive stimulus measures and uncertainty over a possible coronavirus vaccine, but bullion's gains were limited as risk appetite improved on hopes of an economic recovery.

Premier defends WA’s closed border

Premier Mark McGowan has criticised a push by the NSW and federal governments for Western Australia to reopen interstate borders, citing the eastern states’ inconsistent health advice and high rates of community transmission.

Aust shares up for the fourth straight day

The Australian share market has finished higher for a fourth straight day, shrugging off early losses of nearly 1 per cent.

Revenue glass half empty for hospitality

Turnover for clothing retailers and cafes Australia-wide was halved in April 2020 compared to the same month in 2019, with Deloitte warning employment in some sectors may not recover for five to six years.

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