AAP

Origin Energy says it had to act after agreeing to fork out up to $US800 million ($A865.57 million) for a stake in a new gas project off the Western Australian coast.

Oil prices have finished lower on mixed economic data and signs of higher crude output from members of the Organisation of Petroleum Exporting Countries (OPEC).

The Dow and S&P 500 again rose to new records following a solid report on US manufacturing activity, even as the Nasdaq lost ground.

A former senior project officer at the City of Perth has escaped a prison sentence for acting corruptly while overseeing capital works projects.

Australian shares have lost ground as weak iron ore prices weighed on the market.

Nickel miner Western Areas plans to expand its operations and pay down debt as higher nickel prices make marginal projects more viable.

Former Leighton Holdings chief executive Wal King has been appointed deputy chairman of Africa-focused iron ore hopeful Sundance Resources.

Foreign Minister Julie Bishop has warned that Australia must not fall into a trap of thinking that it can only benefit from a guaranteed peaceful rise of China as the world's largest economy and a superpower.

The Australian share market has opened slightly lower as weak iron-ore prices and concerns China's softening economy overshadows Wall Street's new highs.

Drought-hit farmers will start receiving funds from a $280 million pool set up by the federal government to provide cheap loans as soon as next week.

Spot gold fell to a near four-month low Thursday in subdued European trading hours.

The Australian dollar hit an almost two week high after official data showed business investment intentions for the coming financial year are getting stronger.

The battle between two giant meat processors over hot dog maker Hillshire Brands has helped boost Wall Street, lifting the S&P 500 to a new record.

The Australian share market has closed lower as falling iron ore prices weighed upon the resources sector.

Business investment has fallen for the second quarter in a row, weighed down by big falls in mining investment.

The Australian share market has opened lower on soft US leads and a further drop in iron ore prices.

Westfield's $70 billion restructure plan looks doomed with a significant number of investors voting against the move.

The Australian dollar remains steady in the absence of any major economic news or data.

The CEO of Exxon Mobil Corp says alternative fuels will grow but that oil will remain the world's leading source of energy for another quarter century.

Wall Street stocks have finished lower following mixed earnings reports as investors looked ahead to major US economic data releases.

In a landmark court decision, a judge has ruled against a Western Australian organic farmer who was suing his neighbour for allegedly contaminating his farm with genetically modified canola.

The Australian share market has closed in positive territory after touching a six year high in afternoon trade.

The competition watchdog is taking egg producers and their lobby group to court, alleging they tried to induce members to cull hens and dispose of eggs to reduce the number available to consumers.

Full details of the federal government's paid parental leave scheme will be released when negotiations with the states have been completed, a Senate estimates hearing has been told.

Woolworths may sell its chain of hotels and liquor stores, saying the move would be in line with its strategy of maximising shareholder value.

The Australian share market has opened on a positive note, led by the big banks, after an encouraging lead from the United States.

Qantas will close its call centres in Brisbane and Melbourne with the loss of about 450 jobs, as the airline moves ahead with a $2 billion transformation program.

The Australian dollar is steady after a quiet night of trade on currency markets.

The S&P 500 has notched a record close for the second straight session as US stocks rallied following some solid economic data.

Global oil prices have dipped after a successful presidential election in Ukraine over the weekend helped ease some concerns despite continued fighting in the pro-Russian east.

The Australian share market has closed flat, with few local and offshore leads.

Mining giant BHP Billiton may soon start axing jobs at its Worsley Alumina operations in Western Australia.