AAP

Andrew Penn has been appointed the new chief executive officer of Telstra, replacing David Thodey who announced his retirement after almost six years at the helm.

The Australian dollar is lower, weighed down by tensions over Greece's bailout negotiations with European officials.

Oil prices have fallen after the US government reported crude inventories increased again to record highs, adding to concerns about the global supply glut.

The share market has closed lower as investors took profits from the rally sparked by a massive takeover offer for Toll, and many celebrated the Chinese New Year.

Virgin Australia has narrowed its first-half loss to $53.1 million, driven by a five-year $1 billion cost-cutting program and domestic yield growth.

Shares in James Packer's Crown casino group have soared despite a 47 per cent slump in first-half profit.

Treasurer Joe Hockey has warned that while Australia's economic fundamentals are strong, it would be irresponsible to assume that performance will last forever.

Diversified conglomerate Wesfarmers is upbeat on the outlook for its businesses after its flagship division, Coles, lifted its first-half earnings more than 7 per cent.

The Australian share market has opened higher.

US stocks have recovered from early losses to finish little-changed as Federal Reserve meeting minutes suggested it would wait longer before raising interest rates.

The Australian dollar is lower despite getting an initial boost following the release of the US Federal Reserve's January policy meeting minutes.

Oil prices have fallen before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.

Gold has reversed losses after minutes from the Federal Reserve's last meeting show some central bank officials were worried about raising rates too soon.

The share market has closed higher as a massive takeover offer for logistics group Toll sent its stocks soaring.

Iron ore miner and steel company Arrium has slammed the federal government for failing to crack down on the dumping of cheap foreign steel imports.

Shareholders in Toll Holdings are set for a windfall after Japan Post made a $6.5 billion takeover for the Australian transport and logistics firm.

Shares in The Reject Shop have jumped by more than 9 per cent on signs its sales are picking up, but profit was down for the half-year.

Kerry Stokes' Seven West Media has suffered a near $1 billion half-year loss after being forced to write down the value of its TV and newspaper businesses; underlying net profit, however, was only 8 per cent lower at $137.6 million.

The stock market is flat after giving back early gains made by the big banks.

Woodside Petroleum plans to cut more than 300 jobs this year as it slashes expenditure following a sharp fall in the oil price.

The Australian dollar has hit a one-week high, helped by optimism about the European economy and that a deal will be reached to keep Greece in the eurozone.

US stocks have shrugged off the latest stumble in Greek debt talks as the S&P 500 edged to a new closing high.

World oil prices have risen, reversing earlier losses, as traders kept an eye on the crisis in crude exporter Libya.

Gold prices have fallen, with thinner volumes seen as the market approaches the Lunar New Year.

Perth-based mining services company Ausdrill will take a pre-tax hit of up to $220 million due to falling commodity prices and slowing mining activity, while also disclosing the loss of a big contract in Africa.

A disappointing trading update from one of the big four banks and concerns about the Greek debt standoff have driven the share market lower.

ANZ Banking Group has started 2015 on a disappointing note, with its first-quarter results generating concerns about the outlook for Australia's third largest bank.

Mineral sands miner Iluka Resources has sunk from an $18.5 million profit to a $62.5 million full year loss but insists its financial health is sound.

Gina Rinehart's Hancock Prospecting has reached a settlement with Wright Prospecting over access to their joint venture documents.

The Australian sharemarket is lower, pulled back by the banks, especially market heavyweight Commonwealth Bank, which has gone ex-dividend.

Fortescue Metals Group has slashed its dividend after suffering an 81 per cent fall in first-half profit on the back of sharply lower iron ore prices.

Federal Social Services Minister Scott Morrison has ruled out including the family home in the pension assets test.