Business
ASX 200 Slips at Midday Monday as Bank Selloff Offsets Gains Across Mining, Gold and Tech Stocks
The S&P/ASX 200 was trading lower at midday Monday, down 39.9 points, or 0.43%, to 9,223.7 as of 2:30 p.m. AEST, as a sharp selloff across the major banks weighed on the broader index even as mining, healthcare, gold and technology stocks posted solid gains.
Monday’s dip follows a strong run for Australian equities, with the benchmark index closing at 9,263.60 on Friday and posting a second consecutive weekly gain of 3.2%, according to CNBC. The index had touched fresh record highs twice during the previous week before easing 0.1% on Friday as traders locked in profits, according to Trading Economics.
Westpac drags the big four banks lower
The steepest declines Monday came from the financial sector, led by a soft third-quarter earnings update from Westpac. According to Market Index, the bank’s results showed a stable net interest margin of 1.89%, with core margin up 1 basis point to 1.78%, while lending grew 2% across business, institutional and housing segments and deposits rose 2%. Despite those modestly positive underlying figures, Westpac’s stock fell sharply following the update, and the disappointment spread across the sector.
The broader pullback in bank shares pushed the big four collectively down between 1% and 4.6% during Friday’s session, according to Trading Economics, with weakness continuing into Monday’s trade. Insurers also weighed on the market late last week, with QBE, Insurance Australia Group and AUB Group all posting notable losses on Friday.
Miners, gold and healthcare provide a counterweight
Offsetting the bank-driven weakness, several major resources and healthcare names posted solid gains Monday. According to Market Index, gold and uranium stocks opened broadly higher, while BHP added 1.1%, Northern Star Resources gained 1.8% and Evolution Mining rose 1.5%, based on Trading Economics’ tracking of Friday’s session moves that carried into the current trading week.
CAR Group also rallied Monday following a broadly in-line full-year 2026 result and encouraging guidance for fiscal 2027, according to Market Index’s live coverage of the session.
A notable corporate takeover bid emerges
Beyond the broader index moves, Market Index reported a significant corporate development Monday: Canada’s Element Fleet Management has lodged an indicative bid for ANZ-based fleet manager FleetPartners. The proposal, submitted after market close on Aug. 7, offers $3.80 cash per share via a scheme of arrangement, valuing FleetPartners at approximately $820 million (US$578 million) in equity — a 34.3% premium to the company’s undisturbed closing price of $2.83 on July 31.
According to Market Index, Element indicated it would lift its offer to $4.00 a share if FleetPartners grants a three-week exclusivity period through a process deed by 5 p.m. AEST on Aug. 11, with no further increase flagged absent a superior competing proposal. The offer remains subject to due diligence, a formal scheme implementation agreement, and regulatory approvals from Australia’s Foreign Investment Review Board and the Australian Competition and Consumer Commission, and is conditional on no further dividends or capital returns beyond those already announced.
Treasury Wine Estates takes a major writedown
Separately, Market Index reported that Treasury Wine Estates disclosed an additional $558.4 million post-tax material item charge for fiscal 2026, reflecting a non-cash writedown of its U.S. assets along with further brand impairments, incremental to an earlier impairment already taken at the half-year mark. The charge arrived alongside better-than-expected full-year 2026 earnings and a reiterated outlook for fiscal 2027. Despite the positive earnings surprise, Treasury Wine shares remained down 27% year-to-date, though the stock has rebounded 61% from its March 26 low.
Property sector faces localized pressure
Arena REIT shares also came under pressure Monday after its tenant, Edge Early Learning, requested a deferral or abatement of rent in late July, according to Market Index’s coverage — a reminder that even amid broader index strength, individual sectors continue to face company-specific headwinds tied to tenant and operator financial pressures.
Global backdrop weighing on sentiment
Monday’s session unfolded against a backdrop of mixed signals from global markets. According to CNBC, Asia-Pacific markets traded broadly higher earlier in the session, with Japan’s Nikkei 225 adding more than 0.5%, the Kospi gaining 0.53% and Australia’s benchmark briefly trading as much as 0.54% higher before the afternoon bank-led pullback took hold.
Investor sentiment globally has also been shaped by uncertainty over the Strait of Hormuz standoff between the United States and Iran. According to CNBC, optimism that the two countries were nearing an agreement to allow free passage of vessels through the critical waterway dimmed over the weekend after Iran denied engaging in direct negotiations with Washington on reopening the strait. President Donald Trump told Axios on Sunday that the U.S. was “only semi-negotiating” with Iran and wanted the country to feel continued economic pressure, further complicating the outlook.
Ahead this week: a closely watched rate decision
Looking ahead, traders are bracing for the Reserve Bank of Australia’s policy decision later this week. According to Trading Economics, caution has already begun creeping into the market ahead of that announcement, with sticky underlying costs clouding the outlook even after three separate rate hikes so far this year. Fresh economic data out of China, Australia’s top trading partner, added to that unease Monday, with July inflation there easing to a six-month low and producer prices rising at their slowest pace in three months — signals of continued soft demand in one of Australia’s most important export markets.
Business
Volume’s up in passion project
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Burnham brings forward ban on ‘subscription traps’ to ease cost of living
Subscriptions will be easier to cancel and companies will be compelled to make it clear when contracts auto-renew at a higher price, Andy Burnham has announced.
The prime minister is also planning to outlaw shops from falsely claiming products previously retailed at much lower prices to advertise supposed deals, which he said tricks shoppers into thinking they are getting better value on purchases.
Burnham will bring forward a package of changes announced under his predecessor Sir Keir Starmer to end so-called subscription traps and a crackdown on “pretend prices”.
Shadow chancellor Mel Stride branded the measures “reheated” and said the prime minister “has already run out of ideas”.
The plans were announced under Sir Keir in April, but are being brought forward by Burnham’s government in a bid to give families “room to breathe” amid the high cost of living.
On subscriptions, the government said the changes will mean businesses have “to provide clearer up-front information, regular reminders and a much easier exit to contracts” for customers.
Burnham, who is embarking on a tour of the UK while Parliament is in recess, has promised a series of “everyday fixes” to help people with the cost of living.
He said: “I’m determined to pull every single lever we can to provide people with some room to breathe on the cost of living.”
The measures being brought forward are aimed at making it easier for consumers to cancel unwanted subscriptions and stopping people being rolled onto expensive contracts without their knowledge.
They were expected to come into force next spring, but Burnham’s government has promised they will now be implemented by January 2027.
When they were announced in April, the government said the plans would save consumers £400m a year in total, or up to £170 per person.
On top of the already planned changes, Burnham is also vowing to end shops’ use of “pretend prices”. This will stop retailers using “was” prices, made-up discounts or misleading recommended retail prices (RRPs) to highlight deals.
The government will launch a consultation this autumn to decide how the new measures should be implemented.
Consumer group Which? said it has “repeatedly exposed businesses, including trusted household brands, ripping off customers with dodgy deals that aren’t what they seem”.
Its head of consumer rights policy, Sue Davies, welcomed the announcement and called for the government to bring the rules in “swiftly”.
But Stride said: “The cost of living didn’t become a problem last week, so you have to ask why it has taken Labour so long to enact legislation passed by the previous government.”
The Digital Markets, Competition and Consumer Act, passed under the Conservatives in 2024, cracked down on hidden fees, fake reviews online and made it easier for customers to cancel subscriptions.
The Liberal Democrats urged Burnham to “go further” to protect consumers, with Treasury spokesperson Daisy Cooper calling for “strengthened protections against rogue traders” and action to tackle supermarket “shrinkflation” – the practice of products being made smaller yet being sold for the same price.
The announcement is Burnham’s latest intervention aimed at easing the cost of living, following a £2 bus fare cap in England and a VAT cut on household electricity bills.
But he is likely to come under pressure to make more significant changes in the Budget, which will be delivered by Chancellor John Healey on 28 October.
But Healey has made it clear he will oversee “strong fiscal discipline” – which will limit how much the government has to spend.
Business
Marshalls reports first-half revenue decline amid weak demand

Marshalls reports first-half revenue decline amid weak demand
Business
Online Media Solution’s Approach to Building Professional Websites That Reflect Every Business
A business or individual doesn’t have a professional, functional, and organized website in the modern age, they’re all but doomed to failure. Business discoverability and clarity is absolutely crucial, regardless of the industry they’re representing, and the ubiquity of the internet makes a professional website the best, first, and arguably most important touchpoint for a business. However, not every business or entrepreneur is a master of website construction—fortunately, that’s where Online Media Solution can help.
Online Media Solution (OMS) was created to help businesses build professional and organized websites as part of a larger strategy to establish a clearer online presence. The company works with businesses to empower their brand with a combination of product research, CMS integration, blog integration, SSL certifications, and sleek custom website designs. In working alongside their clients, OMS helps them overcome their most critical challenges, which often results in new industry perspectives and insights. The result is a world-leading management consulting firm, where bold thinking, inspired people, and a passion for results come together for extraordinary impact.
“In the digital age, a clear online presence is the new business card,” says business owner. “Every business deserves a professional online presence that reflects its values; the most successful websites are those that seamlessly blend creativity with practical features. The future of web design is adaptable, organized, and always user-centered.”
Thoughtful Processes And Smooth Experiences
A functional and effective business website requires a broad range of functions depending on the business at hand, but at its core a website does a few things: it presents vital information about the business to build trust and credibility, it establishes a home and digital footprint for the company for brand visibility, and and provides a way for customers or clients to engage with the company. This means that most business websites need a few key things: a sleek and usable design, a content management system (CMS) to host and manage content, the content itself (in the form of blogs, white papers, or other copy), and some basic security connections and encryption—all things OMS handles with aplomb.
Online Media Solution’s process focuses on making website content more robust and comprehensive, as well as overall easier to organize, update, and manage. OMS’s core values dictate their operations: thoughtful planning, clean design, dependable support, clear communication, and a commitment to streamlining clients’ website-building processes. The company uses a structured and supportive approach throughout, in which clients receive guidance, access to support, and assistance from an account manager in order to better understand the project, receive needed information, and stay informed through the development process.
“A typical Online Media Solution project involves creating a custom website with an organized layout, professional branding, product setup, blog integration, and ongoing support,” company employee says. “By bringing these elements together, the company can help a client present its business more clearly and professionally online.”
Online Media Solution’s overall offering is designed to empower clients’ brands in a number of ways. Early product research helps identify the top products and trends in a client’s space, which helps them align their offerings with customer needs. Through blog and CMS integration, OMS gives clients the tools they need to effortlessly update and release content with streamlined content management, allowing for easier audience engagement. Custom SSL certificates—digital certificates that authenticate a website’s identity and enable encrypted connections—protect users visiting clients’ websites, building long term trust. By the end of the process, OMS has wrapped all of this into a website that’s complete with a unique, visually appealing design that align with the client’s brand and audience.
“The company begins with the business’s goals, brand, content, and website needs,” says a business owner. “Creative elements such as custom graphics, color choices, fonts, and page design are then combined with clear navigation, organized content, and practical features so the finished website is both visually appealing and easy to use.”
A Demand With No Sign Of Decline
The importance of a polished professional website cannot be understated. The world exists in an age of information driven by algorithms and online visibility; any business that lacks an online footprint and a website is a business that, to many, lacks credibility—assuming they’re seen at all. Everything from brand recognition, to lead generation, to client trust and communication hinges on a company’s website being functional and comprehensive. Given that the Internet has become the load-bearing pillar of modern commerce, there is no sign of that importance declining anytime soon.
“Businesses that need a new website, a more professional online presentation, better-organized content, product setup, CMS integration, or ongoing website support may benefit from Online Media Solution’s services,” explains a website developer. “Its approach can be especially helpful for businesses that want structured guidance throughout the website-building process.”
Online Media Solution understands this well. The company is based in Washington State, a renowned technology center in the United States and the home of design and functionality juggernauts like Microsoft and Amazon. That environment has encouraged and inspired OMS to value dependable communication, organized processes, and professional services that set them apart from their peers in the space. The result is a focus on website professionalism through organized layouts, custom design, SSL certificates, structured content, and dependable hosting-related features.
“A professional website reflects the quality and reliability of the business,” CEO explains. “Dependable hosting and SSL certificates are the bedrock of online professionalism. An organized website structure is the framework for effective communication, and a structured website paves the way for a clearer business message.”
As time moves on, Online Media Solution expects businesses to continue placing greater importance on clean layouts, simple navigation, mobile-friendly presentation, flexible content management, and websites that are easier to update. The company prepares for these changes by focusing on adaptable design, organized website structure, and practical website features. Additionally, they plan to continue improving their website design process, client communication, content organization, and support services in order to best empower their clients and help them manage their online presence more effectively. They hope to work closely with clients long into the future, all while maintaining a structured approach that can support businesses in different locations.
Business
From Hong Kong to New York: Henry Chen Connects Global Digital Asset Communities
In many ways, the real value of a new service or technology can only be understood once it hits the international stage. This is as true for goods and assets as it is for services, be they physical or digital. Especially in today’s increasingly globalized markets, the ability for a given asset to perform consistently across distantly separated communities is crucial for its success. For digital assets and technologies like cryptocurrency and the blockchain, where established institutions are only just buying into their potential, building global connections is of paramount importance.
This is precisely what seasoned finance professional, entrepreneur, and community builder Henry Chen has spent recent years doing. As Partner and CBO of SNZ Holdings, former Head of Capital Markets and RWA at KuCoin Group, and former Executive Director at Goldman Sachs in Hong Kong, Chen can bridge the old-school financial institutions and the hungry innovative fintech solutions of today. With fifteen years of experience spanning both traditional finance and modern fintech—with a specific focus on the institutionalization of cryptocurrencies, on-chain financial infrastructure, and blockchain mass adoption—Chen is uniquely positioned to foster and connect digital asset communities across the globe.
“When developers, users, and entrepreneurs are all part of the same ecosystem and can engage directly, products improve more quickly and adoption happens more organically,” Chen explains. “That kind of interaction is especially powerful in Web3, where protocols, applications, and infrastructure need to work together across many different participants. The community model allows that coordination to happen in a much more fluid and adaptive way.”
Building Community One Gathering At A Time
Henry Chen has organized and attended events in Hong Kong, New York, and San Francisco focused on building the future of blockchain and digital assets, and has made connecting these digital asset communities a key focus of his work moving forward. Each city is interested in the future of blockchain and digital assets, each from a different perspective. As a result, opportunities to foster and interact with the communities in these cities represent opportunities to deepen connections and grow the overall digital asset space. It’s through events like these, and the community collaborations they enable, that Chen hopes to connect digital asset communities around the world.
“The most meaningful gatherings create new relationships, unlock specific collaboration opportunities, and give participants a clearer perspective on what really matters in the next phase of the industry,” says Chen. “That requires thoughtful curation, honest content, and an environment where people feel comfortable discussing both opportunities and constraints.”
Perhaps the most successful example is the organization and creation of Hong Kong’s first permanent community space for the Ethereum ecosystem in Asia: Hong Kong Ethereum Community Hub. The Hub’s Grand Opening drew over 1500 registrants from around the world, and garnered the support of an array of institutional co-sponsors. This novel space—created and organized by Chen in collaboration with SNZ, Ethereum Foundation, and other leaders in the Ethereum community—serves as an international nexus connecting Web2 and Web3 developers from the East and West through daily co-working, community events, and workshops for the Ethereum community.
“The hope is that ETH HK Hub becomes a model for how physical community infrastructure can strengthen decentralized ecosystems,” Chen says. “If we can demonstrate that a well-run, values-driven hub can create lasting value for builders, institutions, and the broader Ethereum community, then other regions may follow with their own hubs.”
Aside from Hong Kong Ethereum Hub, Chen’s events in New York and San Francisco demonstrate that digital asset ecosystems continue to be a hotbed of innovation and experimentation. Each of the three community centers showed a unique perspective. Hong Kong is very focused on building institutional-grade infrastructure and attracting capital to a long-term ecosystem. New York’s digital asset community tends to frame digital assets within the context of global capital markets, compliance, and product structuring. San Francisco is, as always, the birthplace of experimentation, and its proximity to Silicon Valley’s product culture—especially around AI—continues to affect its ideas and frontier applications.
“What stands out across all three cities is that on-chain finance increasingly looks like the next generation of fintech,” explains Chen. “The infrastructure is still at an early stage, but the direction is clear: blockchain can make finance more accessible, more efficient, and more programmable in ways that can meaningfully upgrade the financial system.”
The Value Of Connection To Web3
As digital asset communities continue to grow, institutions and individuals alike are rushing to build connections and establish community centers. Indeed, leaders and organizers like Henry Chen are becoming linchpins of the ecosystems they interact with, and that’s for one reason: connecting global communities is becoming one of the most valuable contributions someone can make in Web3. Established financial institutions are investing resources into Web3 and digital assets more than ever before; the time of the typical investor being the most valuable contributor has already come and gone. For those most interested in Web3’s development and flourishing, the most meaningful way to contribute is to bring people together and build communities.
“In practical terms, that means helping founders sharpen strategy, connect with the right institutions and markets, and navigate regulation, product design, and execution in a more efficient way,” Henry Chen explains. “The role is less about being a typical investor or agent and more about taking the journey from concept to company-building materially easier and more credible with the founding teams.”
This shift in focus comes as a direct result of the optimism and real development in the broader digital asset ecosystem. Experienced market participants are seeing projects that combine real-world problems with credible execution capability and realistic paths to adoption—projects that aren’t focused on generating buzz, but on solving actual systemic bottlenecks. Real World Asset tokenization continues to gain momentum, in large part because institutions are starting to structure tokenized products that fit within existing legal and operational frameworks, but also because there’s a growing focus on secondary liquidity, utility, interoperability, and data transparency.
“What gives the most optimism is the combination of maturity and ambition in the current conversations,” says Chen. “There is far less focus on purely speculative cycles and far more focus on infrastructure, RWA, payments, on-chain finance, and developer tools—areas that can support multi-decade growth. People are asking harder questions, but they are also building more serious answers.”
Business
BlackRock TCP Capital: Upgrading To Hold – The Portfolio Sale Changes The Thesis
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Business
Tech leaders say AI means less work – their staff say they work up to 90 hours a week
For years now, executives at companies that are pouring hundreds of billions of dollars a year into developing various artificial intelligence tools have insisted that the technology will ultimately mean people will spend less of their time working.
An engineering director at Google said four years ago that AI would deliver a four-day work week by 2025, external.
Earlier this year, and just one year after that engineering director’s prediction, OpenAI took up the challenge, in a manner of speaking. It formally urged companies to start testing out a four-day work week (with no change in pay), claiming that AI will soon be able to speed up so much human labour that the corporate world should prepare itself.
However, a former OpenAI technical employee who left the company last year told the BBC the firm never actually trialled the four-day work week it suggested others should try while they were there.
Instead, the person described what was often a gruelling work culture marked by frequent “crisis meetings”, working on weekends, and “super cut-throat” performance reviews that would see colleagues suddenly let go.
“You go in on Saturday or Sunday just to catch up or make sure things aren’t broken,” the person said.
Other companies have also pushed the idea that AI will effectively reduce the number of hours people need to work, for better or worse.
Anthropic has boasted that its popular coding tool and chatbot Claude is capable of working on its own for seven hours without a break, external, essentially a full corporate workday. Meta’s Mark Zuckerberg has said his company is in the middle of the year when “AI starts to dramatically change the way that we work” and that such tools let far fewer employees do more than they ever could have before.
While Meta has since laid off 1 in 10 of its employees, Anthropic’s chief executive Dario Amodei has warned that as AI tools inevitably become more productive, it could mean, external even broader job losses.
Despite these claims, workers inside these same tech companies, who are not only developing but using the very AI tools that will purportedly perform at least some of people’s work, say they are clocking in far more than the typical five-day, 40-hour work week.
Business
Hypoport reports 5% profit growth in first half of 2026

Hypoport reports 5% profit growth in first half of 2026
Business
Clive Palmer’s bid to remove Perth judge from ASIC dispute fails
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If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.
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Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.
The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.
The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.
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Major market reopens for Australian canola
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Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:
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Only subscribers have full access to all content on the Business News website.
If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.
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Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.
The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.
The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.
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