Financial Services

DESPITE the global credit crunch, which has wiped trillions of dollars off international share markets and made it more difficult for business to borrow money, Western Australia has again recorded another stellar year of growth, and the outlook remains st

RISING office rents in the Perth CBD are prompting a change in the city's tenant profile, with a number of companies relocating after rent reviews, and others pushed out of the city into fringe suburbs.

THE odds are very much against the survival of the BankWest brand now that the bank has been bought by the Commonwealth Bank of Australia.

THE Western Australian economy ended the 2007-08 financial year on a positive note, with most of the growth again driven by increased business investment.

A key market analyst says a realistic outlook for nickel prices over the next few years is around $US17,000 per tonne and producers should take heart from an expected doubling in demand over current levels by 2030.

Perth-based energy group Aviva Corp Ltd has agreed to a $22 million merger with Canadian coal producer NEMI Northern Energy and Mining Inc.

An arbitrator has been called in to settle a dispute between Alinta and its gas supplier, the Woodside-operated North West Shelf venture, that could involve third parties by way of subpoenas.

Perth has recorded the smallest increase in the rate of inflation over the September quarter, while the nation's headline inflation consumer price index rose at its fastest pace in almost 13 years.

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Higher than expected revenue projections over the next two years have prompted the state government to cut land tax by 7 per cent, Treasurer Troy Buswell announced today.

Paladio Group Ltd subsidiary, Decmil Australia Pty Ltd, has secured its second Woodside contract, worth $115 million, for civil works at the Pluto liquefied natural gas project.

The board shake out at West Australian Metals Ltd continues, with directors Leon Reisgys and Rodger Johnston resigning before a vote to remove them could be held.

Cooper Energy Ltd has hit back at share price valuations for its takeover target Incremental Petroleum Ltd, claiming it is not "realistic".

Less than a week after placing its shares in a trading halt pending a financial review, West Perth-based Matilda Minerals Ltd has called in administrators from Ferrier Hodgson.

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Wesfarmers Limited has approved a major project to expand the reserves of its Curragh mine in Queensland.

Shares in Leederville-based Blackham Resources Ltd have jumped 46 per cent after a resource boost in the Scaddan coal-to-liquids joint venture with Wesfarmers Premier Coal Ltd that is projected to have mine life of over 45 years.

CBH Resources Ltd has hit back at claims that its proposed merger with Perth-based Perilya will expose the latter's shareholders to additional risks in relation to CBH's Endeavour mine and debt position.

Nationals leader Brendon Grylls said only half of the $675 million of the royalties for regions will be budgeted this year in order to maintain the state's AAA credit rating.

Shares in Perth-based Resolute Mining Ltd have been placed in a trading halt as the company assesses its ambitious $51 million capital raising.

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Despite the uncertain economic climate, Arafura Resources Ltd has unveiled ambitious plans to raise some $26 million through a rights issue.

West Perth-based Altera Resources Ltd has walked away from a proposed $13 million acquisition of an underground coal gasification company.

Partnerships between Western Australian businesses and arts organisations have won four out of 13 awards at this year's Australia Business Arts Foundation Awards.

North Perth-based metals explorer Aura Energy Ltd has entered into a deal, potentially valued at $460 million, with Chinese company Sino King Investment Ltd.

The global financial meltdown has prompted the University of Western Australia, along with tertiary institutions across the country, to tighten the financial belt after falls in investments.

A subsidiary of VDM Group Ltd has secured a near $6 million contract from Cemex for works in the Pilbara.

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The corporate watchdog has banned Dalkeith man Pierre Schinazi from providing financial services for five years over his role in the collapse of Westpoint.

Western Australia miners have been hit hard in trade today with the metals and mining index plummeting over 12 per cent on fears that the meltdown will spark a global slump and reduce demand for commodities.

The collapse of Lehman Brothers has put the spotlight on BHP Billiton's takeover of Rio Tinto, with Chinalco in urgent talks with Lehman Brothers' liquidators to retrieve a 12 per cent stake it holds in Rio.

Mining services company Imdex Ltd is set to acquire Western Australian manufacturer Australian Drilling Specialities for $12 million in cash and scrip.