Latest Headlines

Twenty-five businesses share $166m food contract

The Department of Finance has selected 25 businesses for its new common-use arrangement contract to supply food and beverage items to government agencies across Western Australia.

NAB cops new $1.18bn remediation hit

National Australia Bank is set to cop a $1.18 billion hit in its full-year results including an extra $832 million in customer remediation costs related to dodgy insurance and the fees-for-no-service advice scandal.

MinRes, IGO make opposite moves on Kimberley JVs

Mineral Resources has terminated a joint venture agreement with Hexagon Resources, while Independence Group bolstered its JV deal with Buxton Resources.

Big Four banks all withhold full rate cut

Westpac and ANZ have followed the lead set by rivals Commonwealth Bank and NAB and will not pass on Tuesday's 0.25 per cent rate cut in full.

ASX dives at open as banks lead slide

The Australian share market has opened sharply lower, mirroring falls on Wall Street overnight.

Morning Headlines

WA seeks nominations for TAB privatisation

Oil prices sink on weak US economic data

Oil prices slipped overnight, pressured as weak US economic data dimmed crude's demand outlook while reports of an output decline from the world's largest oil producers in the third quarter kept prices from falling further.

Gold bounces after release of weak US data

Gold jumped 1.0 per cent overnight, reversing course from earlier in the session when it touched a near two-month low, as the US dollar pared gains after weak US manufacturing data bolstered bets for another interest rate cut by the US Federal Reserve.

TraumaSim sews up US deal

A Midvale business which creates simulated injuries for military and emergency services training has bought its United States counterpart as it plans to expand stateside.

Mader Group has positive ASX debut

Shares in WA mining maintenance contractor Mader Group have traded at a premium to its initial public offering price on its first day on the Australian share market.

ASX rallies, Aussie dips after rate cut

The Australian share market has enjoyed its best day in nearly a month following the Reserve Bank's decision to cut the cash rate for a third time this year.

Another Wesfarmers payroll failure stings 6,000 workers for $15m

Less than a week after Bunnings admitted to underpaying workers due to payroll error, a second Wesfarmers division has said it discovered a payroll mistake, which has left around 6,000 workers underpaid to a total of $15 million.

$3bn QLD challenge to WA’s ‘battery valley’ hopes

Magnis Energy Technologies has unveiled the feasibility study for Australia's first battery manufacturing plant near Townsville, which could put a dent in Western Australia’s ambition to establish the country’s primary battery minerals processing and manufacturing hub.

RBA cuts cash rate to new record low 0.75%

The Reserve Bank of Australia has cut the cash rate to a new record low of 0.75 per cent, with the board prepared to go even lower if the nation's economy does not respond.

Goal posts moving again in super review

OPINION: Political battlelines drawn as the Morrison government delves into the workings of the $2.8 trillion superannuation industry.

Bankwest appoints new MD

Bankwest has announced the appointment of Sinead Taylor as the first female to lead the organisation in its 124-year history.

GR shares slump as it confirms potential profit hit

GR Engineering has emerged from an ASX suspension today to disclose that its bottom line will likely be impacted by two major subsidiaries of its client Northern Oil & Gas Australia going into administration last month.

Perth house prices fall again

The median price of a house in Perth recorded the largest decline among all state capitals for September, with the slump over the past five years now surpassing 20 per cent, according to the latest CoreLogic data.

Oil Search names Botten successor

Former Buru Energy managing director Keiran Wulff will replace outgoing Oil Search managing director Peter Botten, with the long-serving leader to hand over the reins in February.

Phylogica partners with Lions Eye Institute

Phylogica has announced a commercial collaboration with Lions Eye Institute trading under the name Vision Pharma, bringing the biotechnology company a step closer to commercialising its drug delivery technology.

Kathmandu to splash $350m on Rip Curl

Iconic Aussie sportswear brand Rip Curl has agreed to be acquired by Kathmandu in a $350 million deal that will create a $1 billion Australasian surfing and outdoor adventure company.

Morning Headlines

Resource bosses urge action on US rare earths deal

Oil prices fall on demand fears

Oil prices fell overnight on fading concerns of supply shortfalls and conflicts in the Middle East as global benchmark Brent posted its biggest quarterly loss this year on demand fears due to the escalating US-China trade conflict.

Platinum, gold slide as US dollar soars

Platinum plunged more than 5.0 per cent and gold shed 2.0 per cent overnight, leading a sharp decline across precious metals driven by a soaring US dollar, with deficit-hit palladium too giving up some gains from a record rally in which it breached $US1,700 per ounce.

Managing happiness En Masse

WELLNESS@WORK: Mark Dean and his team of behaviour-change consultants are focused on improving wellbeing, workplace culture and productivity.

Quigley amps up corruption fight

State Attorney General John Quigley has taken a battle between parliament’s upper house and the Corruption and Crime Commission to the Supreme Court.

Haegel relishes BHP fixer role

Eddy Haegel has made a career breathing new life into struggling assets at BHP, including the revival of the mining giant’s nickel business; sharing his story at a Business News breakfast today, he was also bullish about the potential to develop more downstream processing of battery minerals in WA.

ASX posts strong gains but ends week lower

The Australian share market has closed higher, with gains across the board, but the ASX still suffered its first losing week since mid-August.

MLG steps up listing plans

Kalgoorlie-based contractor MLG has recruited a high-profile finance executive as it moves closer to joining fellow mining services companies Mader Group and DDH1 Drilling in a stockmarket listing.