News

Oil prices fell to the lowest in more than a year overnight as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies.

Gold fell 1 per cent overnight as the dollar firmed and investors opted for riskier assets after China took steps to relieve pressure on its economy from the impact of the coronavirus outbreak.

Twenty-eight companies have been delisted from the Australian Securities Exchange, as new national listing rules took effect today.

The local share market has nosedived amid fear that the deadly coronavirus epidemic will cause a prolonged shutdown of Australia's biggest trading partner.

The full impact of the novel coronavirus outbreak has begun to weigh on the Australian economy, with aviation, commodities and education absorbing the worst of the shock.

Building approvals in Western Australia rose by 3.6 per cent to 982 in December, while total housing approvals across Australia dipped 0.2 per cent.

Minister for Resources and Northern Australia Matt Canavan has quit cabinet today and thrown his support behind former deputy prime minister Barnaby Joyce, who has announced plans to seek leadership of the National Party tomorrow. It follows the resignation of deputy Nationals leader Bridget McKenzie yesterday and Greens leader Richard Di Natale today.

Oil Search shares have dropped more than 10 per cent in value after negotiations on developing a new gas field in Papua New Guinea fell apart over the weekend.

Australian shares have nosedived amid ongoing fear and uncertainty of the potential economic fallout of the deadly coronavirus epidemic.

Joyce circles after minister quits

Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries, killing more than 200 people.

Gold prices rose on Friday and were heading for their best month in five as worries over economic growth due to the fast-spreading coronavirus boosted appetite for safe havens.

The local bourse has closed marginally higher - experiencing its first losing week this year - but still had its best month since last February.

Contact information for nearly 1,500 visitors to The Perth Mint has been stolen through a data breach of West Perth-based market research company Metrix Consulting.

Former Boston Consulting Group managing partner Ross Love has been made chair of the Fremantle Ports Authority, with the Mid West and Southern Ports authorities also appointing new chairs earlier this month.

Commonwealth Bank of Australia will make an $83 million provision for insurance claims from the recent bushfires across the country.

Funds manager Perpetual plans to buy US responsible investments firm Trillium Asset Management to take advantage of growing demand for sustainable investment.

Australian stocks seem set to end the week on a positive note despite continued international concern about the deadly coronavirus epidemic and its impact on the global economy.

Telstra follows Rio in scrapping reverse factoring

Oil prices fell 3 per cent on Thursday to the lowest in three months on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting.

Gold prices rose overnight as concerns of a slowdown in global growth due to a virus outbreak in China weakened risk appetite among investors.

Design agency HASSELL has been selected to develop a master plan for the 56-hectare Burswood Park on the Swan River foreshore.

Australian stocks have closed lower as gains by financial and consumer staples sectors failed to offset losses among resources and health care shares.

Construction has commenced on the Bushfire Centre of Excellence based at Nambeelup near Mandurah, with Perkins Builders contracted to deliver the site’s $18 million build.

The City of Perth will hold elections on October 17, Local Government Minister David Templeman announced today, following the council’s dissolution.

United Way WA, Barking Gecko Theatre and Co3 Australia are among the beneficiaries of $2.1 million of donations from Healthway and Lotterywest to aid companies in executing public health and wellbeing programs.

Gold Road Resources shares rose by more than 11 per cent today after the company announced higher than expected cash generation from its Gruyere gold mine in Western Australia.

Insurance giant Suncorp Group expects the cost of three natural hazards in its second half to be capped at $300 million.

Nearmap shares sunk nearly 30 per cent after the aerial mapping company issued an earnings warning, saying it had lost two major clients in North America as mapping for the driverless car industry stalled.

Australian stocks remained in the doldrums at noon as gains in big banks and consumer staples failed to offset losses among resources and healthcare shares.

Huawei's bid to end 5G ban

Oil prices were mixed overnight as worries about the coronavirus outbreak and swelling US crude inventories weighed on prices, counter-balanced by talk that OPEC could extend oil output cuts.