AAP

The Australian dollar is slightly lower ahead of the outcome of the euro zone finance ministers meeting in Brussels.

European shares closed at a near seven-month high on Monday as euro zone finance ministers edged closer to a long-awaited agreement on a rescue package for Greece.

Australia's wheat export regulator should be reformed, rather than abolished, to protect the industry's reputation overseas, a Senate hearing has been told.

The Australian dollar was unmoved from its last close today, ignoring positive developments in China because of uncertainty ahead of a key euro zone meeting to resolve Greece's debt crisis.

Billabong shares swelled by more than eight per cent amid speculation that a fresh takeover offer could trigger more bids for the troubled retailer.

Developers of Western Australia's troubled $6 billion Oakajee port and rail project are hopeful it will go ahead after Japan's Mitsubishi took full control of the company today.

The Australian share market rallied over one per cent on a raft of corporate earnings results and the likelihood of euro zone finance ministers approving another bailout for Greece.

The insulation properties of wooden power poles deteriorate with age and power companies should consider more regular inspections to avoid the risk of fire, new research suggests.

Big business is urging the federal government to keep its promise to return the budget to surplus unless there is a serious deterioration in the global economy.

The Kerry Stokes-controlled Seven Group Holdings has agreed to sell its wireless broadband business to Singapore Telecommunications' Australian unit Optus for $230 million.

Engineering firm UGL has reported a 15 per cent fall in first-half profit due to acquisition costs but it says it is on track to deliver a five per cent rise in full-year underlying profit.

Rio Tinto has splashed out $US518 million ($A482 million) on a project to run the world's first driverless long-distance, heavy-haul rail network.

Australian stocks have opened more than one per cent higher, as firmer oil prices and a relaxing of banking requirements in China fuelled a rally in the resources and energy sectors.

Australia's largest steelmaker, Bluescope Steel, has reported a $530 million first-half net loss for the six months to December 31.

European stock markets closed higher on Friday as investors took heart from the latest comments on the Greek debt crisis and positive US economic data, analysts said.

The Australian dollar rose to a one-week high after encouraging US economic data and the delivery of a Greek bailout package looked more certain.

The Australian share market finished firmer at a one-month high on the back of fresh investor optimism sparked by a robust Wall Street overnight.

Australia's two most powerful supermarket players, Woolworths and Coles, have increased their dominance on a global scale after being named among the top 21 retailers in the world.

ANZ Bank has hinted at further interest rate rises, despite its stronger than expected $1.48 billion first quarter profit.

Sims Metal Management says there are signs of a tentative recovery in the scrap metal recycling market but has not offered guidance for its full year after first half profit plunged into a loss.

Protesters who set up an Aboriginal tent embassy in Perth have vowed to stay after ripping up a council move-on notice.

There are calls for the Australian aviation industry to be investigated after budget carrier Air Australia went into administration.

Employment forecasts underpinning the government's November fiscal update are slipping out of reach.

Wine supplier Treasury Wine Estates wants to produce more luxury wines and boost its presence in the fast-growing Chinese market.

Former Labor government minister and assistant police commissioner Bob Kucera looks set to make a political comeback.

Treasury boss Martin Parkinson believes returning the federal budget to surplus is sensible, given the current state of the Australia economy.

Air Australia's demise has nothing to do with the carbon tax, Workplace Relations Minister Bill Shorten says.

The Australian share market has opened stronger, with investors bouyed by further signs the US economy is recovering and renewed hopes the Greek bailout deal will go ahead.

Industrial services company and takeover target Spotless has posted weaker first-half net profit of $16.5 million, down 5.2 per cent on the previous corresponding period.

The Australian dollar has risen almost one US cent on further signs the American economy is recovering and renewed hopes the Greek bailout deal will go ahead.

US stocks have surged to their highest close of the year.