AAP

Spanish suitor Iberdrola has conditionally offered to raise its bid for wind farm operator Infigen Energy in an effort to speed up acceptance from the latter's shareholders.

QBE Insurance Group has flagged a half-year net loss after tax of $US750 million ($A1.1 billion), reflecting the impact of the COVID-19 pandemic, higher claims and a loss on its investment portfolio.

Beach Energy said its earnings and oil production will be slightly below previous full-year guidance due to the impact of the coronavirus pandemic and low oil prices.

Oil prices rose about $US1 a barrel overnight, hitting the highest level in more than four months with a boost from a European Union stimulus deal and hopeful news about coronavirus vaccine trials.

Gold soared to a nine-year peak overnight, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $US20 threshold to an over six-year high.

Bauer Media Australia, the country's biggest magazine publisher, has announced it will close eight of its brands - including Elle and Men's Health - due to the impact of the coronavirus pandemic.

The Reserve Bank of Australia sees no need to adjust its policy measures in the current environment, minutes of its July policy meeting show.

The Australian share market has rallied hard, closing at its best level since before the pandemic after the federal government confirmed two wage subsidy programs would continue past September.

Private medical records have been intercepted and posted online in Western Australia, raising alarm about the use of "insecure" paging services by government agencies.

Downer expects to report a full-year statutory net loss of $150 million-$160 million after recognising charges worth $386 million on account of goodwill impairment, restructuring and portfolio review costs.

JobKeeper will be extended to a 12-month scheme but reduced in two stages as part of the federal government's overhaul of coronavirus support.

Santos will book non-cash impairments of up to $US800 million ($A1.1 billion), joining a number of global energy majors forced to write down assets.

Oil prices were little changed overnight as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.

Gold prices jumped to their highest level since September 2011, and silver hit a near four-year peak as a spike in COVID-19 infections and hopes for increased stimulus measures supported safe-haven demand.

Cooper Energy says it and Japan's Mitsui Group will invest $37 million to upgrade the Minerva Gas Plant near Port Campbell, Victoria to process gas from four existing offshore gas wells.

The Australian share market has finished lower, with every sector except mining and technology in the red as the coronavirus outbreak creeps back into NSW.

Australia's environmental protection laws are ineffective and require power to be shifted to the states to carry out assessments, a review has found.

South32 will take a non-cash impairment charge of $US109 million ($A156 million) in its full year accounts against its manganese alloy smelters.

Small to medium-sized businesses will be able to access government-guaranteed loans worth up to $1 million under a plan to drive investment.

Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.

Gold jumped on Friday, poised for its sixth consecutive weekly gain, as a record-breaking rise in coronavirus infections in the United States fuelled uncertainly about an economic recovery, while a weaker greenback also added support.

Arrivals from Victoria face mandatory 14-day hotel quarantine at their own expense in Western Australia while travellers from NSW will be tested immediately.

The Australian share market has managed a late recovery to end the week higher, with shares in Fortescue Metals Group hitting an all-time high of $16.66.

The federal government hopes Australia will be the backdrop of more screen productions thanks to $400 million to help the industry recover from coronavirus.

Rio Tinto has reported a 1.5 per cent rise in iron ore shipments for the second quarter and says demand for the steelmaking ingredient is improving in China.

Scott Morrison is preparing to introduce another wave of coronavirus economic support with almost one million Australians now out of work.

Oil prices fell 1 per cent overnight after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.

Gold fell below the key $US1,800 level overnight as the US dollar strengthened and the European Central Bank kept its monetary policy on hold, prompting some investors to lock in profits.

The Federal Court has ordered private health insurer Medibank to pay $5 million in penalties for making false representations to customers.

The Australian share market has closed lower as Victoria reported the most coronavirus cases since the start of the pandemic and the country's unemployment rate hit a two-decade high.

Helloworld Travel has announced a $50 million capital raising at a hefty discount to bolster its balance sheet as the travel company looks to survive the coronavirus pandemic.

A $2 billion push to train school leavers and job seekers during the coronavirus pandemic will put the onus on businesses to hire staff.