WA’s Top Business Stories of the Week: A Roundup of the Latest News and Trends
As the business world continues to evolve, there are always new stories to follow and trends to be aware of. In Western Australia, there has been a variety of notable developments in the business scene. From mergers and acquisitions to technological advancements, here are some of the top business stories of the week in WA.
Mergers and Acquisitions
One notable merger that took place this week was between Perth-based engineering firm Monadelphous Group and Canadian company SNC-Lavalin. The deal will see SNC-Lavalin acquire a majority stake in Monadelphous’ oil and gas construction business. This merger is expected to increase opportunities for both companies and lead to growth in the oil and gas sector.
Meanwhile, Eastern Goldfields announced that it has secured a $30 million commitment from US-based institutional investor, Hawke’s Point Holdings. This funding will go towards their Western Australian gold mining operations, assisting in the development of their projects.
Technological Advancements
The Western Australian government has announced a major investment in blockchain technology. The government has granted $2 million to Power Ledger, an energy start-up that uses blockchain to democratize renewable energy, for the development of its technology. The funding will be used to expand the company’s energy trading platform in the Asia-Pacific region.
Another technological advancement was announced by Woodside Petroleum. The company is trialing autonomous underwater vehicles (AUVs) to improve their monitoring for subsea infrastructure. The AUVs use advanced sensing technology to gather data and transmit it back to engineers onshore.
Industry Developments
The Western Australian Government will soon regulate the ride-sharing industry with legislation passing both houses of parliament. As of July 2019, ride-sharing companies such as Uber and Ola will need to apply for a license and provide details about their drivers. The state government hopes to create a level playing field between taxi and ride-sharing services.
Furthermore, HSBC Bank announced its commitment to growing the Western Australian economy. The bank has increased its business lending capacity in the state by 75 per cent, showing confidence in Western Australia’s business prospects.
In Conclusion
The Western Australian business world is constantly changing and these recent developments highlight the range of opportunities available. Whether it’s through mergers and acquisitions, technological advancements or new regulations, Western Australian businesses are constantly adapting and evolving to stay ahead of the game. These trends provide both challenges and opportunities to businesses in the region, and it’s important to keep an eye on changes to stay ahead.
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