AAP

Woodside Petroleum has struck an agreement with Daewoo International Corporation for a production sharing contract in Burma.

Shares in Australian grains trader and maltster GrainCorp have been placed in a trading halt after a potential suitor requested talks with GrainCorp.

National Australia Bank has raised its provisions to deal with the impact of an economic downturn by $250 million, a move that will negatively impact its full year earnings.

Australian stocks have opened lower, dropping from near 15-month highs amid weakness in the resources and financial sectors.

The Australian dollar is slightly lower, as it retreats from a two-week high reached following positive Chinese data.

Google's shares have plunged after a surprise drop in earnings in a prematurely released quarterly report, but while the Nasdaq sank the Dow avoided being pulled down as well.

The Western Australian Farmers Federation has reiterated its support for the proposed winding up of the wheat industry's regulatory body after a similar organisation asked it to reconsider.

Former prime minister Kevin Rudd says he "hopes" the revamped mining profits tax reaps enough to meet budget forecasts.

The Australian dollar hit an almost three-week high after traders breathed a sigh of relief over China's latest economic growth figures.

Australian stocks have closed at near 15-month highs after gaining one per cent on good news from home and abroad.

Bank of Queensland's new management is confident an overhaul of its lending practices will prevent a repeat of its $17 million full year loss - the first posted by a local bank in two decades.

The Gillard government has used a draft report into electricity supplies to renew its argument that the carbon tax isn't responsible for the bulk of price hikes.

Oil and gas company Santos has maintained its full year forecasts and achieved record quarterly sales revenue due to a steep increase in the gas price.

The federal Treasury anticipates sluggish global economic growth outlook for the next 12 to 18 months, a Senate hearing has been told.

An improvement in land sales during the three months to June 30 suggest that Australia's housing sector could be on the path to recovery.

 India's leader has personally praised Prime Minister Julia Gillard for her government's revised stance on uranium sales and has declared a "new chapter" in the bilateral relationship.

The Australian Greens have launched a campaign to protect the nation's natural icons they say are under threat from mining companies and the government.

Woolworths' first quarter sales have increased by 4.3 per cent to more than $15 billion.

The Australian market opened almost one per cent higher as rising iron ore prices led to strong opening gains for the mining giants.

The fate of thousands of Australian sheep hangs in the balance, with a Pakistani court deferring a decision on whether or not to cull them.

US stocks have fought off early selling pressure linked to disappointing quarterly results from IBM and Intel to close broadly higher, extending two days of solid gains.

The Australian dollar rose past 103 US cents for the first time in two weeks, as Asian markets were buoyed by good news from Europe and the US.

Rupert Murdoch has survived a second shareholder push to oust him as News Corp's chairman, with the media mogul painting a rosy picture of the company's recent achievements and future under his gui

 The Australian share market has climbed to its highest closing level since July 2011 as investors took heart from stronger US markets and fresh hopes that debt-ridden Spain will ask for some

Nine Entertainment has avoided administration, with its lenders taking control of the company after reaching a deal over its $3.3 billion debt.

Australian households have cut spending, paid down debt and are feeling more comfortable about their finances.

Australia should embark on a consistent policy of engaging with India instead of trying to fix its patchy relationship through uranium sales, the Australian Greens say.

Australia's largest independent music retailer, Allans Billy Hyde, will close with the loss of 513 jobs after the failure to find a buyer for the struggling business.

Australia's economy is growing at a slower-than-normal pace, but is expected to pick up over the next six to nine months.

Ten Network is in danger of having to conduct its second capital raising in less than six months, after the $145 million sale of its outdoor advertising business hit a hurdle.

Property developer Stockland says earnings will fall by at least 10 per cent in the 2012/13 financial year because of the severely weakened housing market.

BHP Billiton remains bullish about the demand for iron ore, despite predicting that Chinese steel consumption will slow.