AAP

Nickel miner Independence Group has posted a 79 per cent rise in first half profit on the back of higher nickel prices and stronger production.

Arafura Resources says annual sales revenue from its Nolans Bore rare earths project in the Northern Territory will be $US1.7 billion ($A1.68 billion) if current high prices continue.

A proposed $4.085 billion transaction between Seven Group Holdings and West Australian Newspapers Holdings is poised to create the nation's largest media company.

Rio Tinto says ongoing wet weather associated with two tropical cyclones in Western Australia's Pilbara region will likely affect its shipped tonnages for the March quarter.

The Australian stock market closed lower on Monday after the Chinese government's decision to tighten bank lending requirements and Middle East tensions set a negative tone for the start of the new trading week.

The Australian dollar closed flat as a weak performance on the local share market muted the effects of robust commodity prices on the resources-sensitive currency.

Woodside Petroleum says cyclones and wet weather have hampered construction of its Pluto liquefied natural gas (LNG) project on Western Australia's North West Shelf.

With the possibility of being banned as a company director hanging over his head, Andrew Forrest remains bullish that Fortescue Metals Group will continue to prosper with or without him.

Former West Australian Labor frontbencher Alannah MacTiernan has defended Transport Minister Troy Buswell who has come under the spotlight again for a string of minor traffic offences.

Global warming is likely to be reducing rainfall in Western Australia, a Senate hearing has heard.

Cash Converters International says it increased half year profit by 42 per cent and the company expects continued growth in the second half in the personal loan books in Australia and the UK.

LogiCamms increased its first half profit by 68 per cent to a record high as the engineering services firm took full advantage of the resources boom.

Imdex returned to profitability as the drilling products and services provider increased market share and benefited from simplifying its business.

One of media operator Kerry Stokes's media interests, West Australian Newspapers Holdings, has offered to buy another of his interests, Seven Media Group, for an enterprise value of $4.085 billion.

Woodside Petroleum has posted a record full year profit due to strong output at the oil and gas giant's flagship North West Shelf operations in Western Australia.

The Australian sharemarket opened lower today, dragged down by the big miners after China increased its Reserve rate ratio on Friday.

The Australian dollar was trading almost level with its local close on Friday, failing to stay above the 101.50 US-cent mark.

Stokes in $3.5 billion media deal – The Fin; Voelte at odds with Shelf group – The Fin; More strife looms on city building site – The West; Super agency to oversee major planning projects – The West; Talison bid to match China drive – The West

Mining services provider Maca has reported half year net profit up 121 per cent, and says it expects to exceed full year profit guidance contained in its pre-float prospectus.

Bluescope Steel has reported a $55 million first half loss and says there remains an oversupply of steel in developed countries.

US stocks have closed at fresh two-year highs in choppy trade as investors turned cautious ahead of a long holiday weekend.

West Australian Newspapers Holdings increased first-half profit 1.3 per cent as the company also went into a trading halt to make an announcement about a takeover of Seven Media Group.

The Australian dollar gained one per cent this week, trading near its post float high, as investors were encouraged to buy risk assets by good US economic data.

Communications Minister Stephen Conroy has described the collapse of Australia's largest booksellers as a tragedy but says new jobs will be created as the internet evolves.

The Australian share market closed flat as a disappointing quarterly trading update from ANZ Banking Group weighed upon the banking sector.

The federal government was always going to face hurdles in the home straight to its controversial mining tax, but a new set of figures has made the course even trickier.

Fortescue Metals Group says it has expressed interest in acquiring the Tavan Tolgoi coal deposit in Mongolia, but insists it remains focused on iron ore.

Perth-based Automotive Holdings Group is optimistic about the second half of the 2010/11 financial year, after reporting a modest rise in underlying profit in the first half.

The federal government needs to change its skilled migration policies and offer incentives to apprentices to counter the national skills shortage, an industry group says.

Fortescue Metals Group has been cleared of failing to maintain a safe environment when a cyclone ripped through its rail construction camp in 2007, killing two workers.

Craft brewers Little World Beverages has posted a 35.4 per cent rise in half year profit, and predicted full year net profit before significant or non-recurring items would be as much as $8.8 million.

Iron ore miner Fortescue Metals Group has booked a seven-fold increase in first half net profit and says it has an exciting future in a strengthening iron ore market.