AAP

A federal Senate committee investigating the milk price war has delayed handing down its final report, saying it needs more time to sort through the complex issues.

Santos has downgraded its full year production guidance, blaming wild tropical weather for a drop in first quarter production and sales.

The Australian stock market has opened firmer following positive offshore leads from equities and commodities markets, with strength in the materials and financial sectors.

The coal industry says it wants the Gillard government to go back to the drawing board and come up with a new plan to ensure mines aren't closed as a result of the proposed carbon tax.

Flooding and cyclones have hit production at several of BHP Billiton's divisions but in iron ore the world's biggest resources company held up better than its rivals.

Coles owner Wesfarmers has reported a seven per cent rise in quarterly sales in its supermarket chain, as it says price deflation particularly in non-food retailing continued to affect results.

US stocks notched up solid gains on Tuesday as investors weighed positive company earnings and better-than expected data on the sick housing sector.

The Australian dollar has opened more than half a US cent higher, as investors shun the US currency and as the euro rises.

No windfall in resources boom: Swan – The Aus; PM challenges business on carbon – The Fin; WA regulator savages power subsidy 'welfare' – The Fin; AFL tipped to help fund new stadium – The West; Firm's big stag profit reflects faith in mines – The West

Prime Minister Julia Gillard has promised the carbon price will create more jobs, as industry leaders and unions step up concerns mining and manufacturing positions will be lost.

Nickel producer Independence Group says it has acquired a 92.26 per cent share of base metals miner Jabiru Metals under a friendly takeover offer.

The Australian share market closed sharply lower as investors fretted over Standard & Poor's downgrade on its outlook for US sovereign debt.

Engineering consulting and contracting firm GR Engineering Services has made a strong debut on the Australian Securities Exchange.

All speed and red light camera fines in Western Australia will be channelled into funding road safety measures by 2012, the state government says.

Colac meat processor CRF says a takeover bid by supermarket giant Coles is the best outcome possible for shareholders and workers.

The ACTU wants talks with industry and the federal government on how to manage the impact of the proposed carbon tax.

Qantas Airways will charge a fuel surcharge on frequent flyer redemption seats, as part of another round of air fare increases driven by rising fuel prices.

Mincor Resources has reported a fall in March quarter nickel sales due to production problems at two of its five mines in Kambalda.

Prime Minister Julia Gillard has tried to soothe concerns that medical research funding will be cut in the budget, saying there has never been more money invested in the area than under her government.

Shares in gold miner Newcrest Mining fell 1.6 per cent, after the company downgraded full year production guidance due to extreme wet weather on the east coast and political unrest in Africa's Ivory Coast.

Interest rates look set to stay where they are for a while, with the Reserve Bank of Australia seeing no case to raise the cash rate when its board met earlier this month.

Woodside Petroleum is battling to meet the start-up date for its Pluto liquefied natural gas project after cyclone-related weather delays in Western Australia that cut its March quarter production by 12 per cent.

The Australian share market followed offshore markets lower in opening trade, falling one per cent as investors digested the decision of ratings agency Standard & Poor's to cut the US sovereign debt outlook rating to "negative".

International credit rating agency Standard & Poors has raised its long-term corporate credit rating on miner Rio Tinto to A- from BBB+.

US stocks plunged on Monday after ratings agency Standard & Poor's issued its first warning on US debt, citing Washington's inability to tackle looming fiscal deficits.

The Australian dollar has opened almost half a US cent lower as concerns over the eurozone's debt levels continue to dampen risk appetite.

BHP's $48bn iron expansion – The Aus; CEOs plan carbon tax showdown – The Fin; States face $6bn hit to revenue – The Fin; WA considers reneging on COAG deal – The Fin; Dollar forces big fall in land prices – The West

Australia faces a shortage of skilled workers if the government fails to broaden its IT education programs in line with the NBN rollout, a parliamentary committee has heard.

A federal court judge has extended a freeze on assets owned by Radhika Oswal, the wife of fertiliser tycoon Pankaj Oswal, as the Australian Taxation Office (ATO) seeks to recover an alleged tax debt of $140 million.

The Australian share market shrugged off negative sentiment in early trading to close slightly higher as the big banks made up for softness in the resources sector.

Australian residential land sales have reached their lowest level in a decade, after almost halving from a year earlier, a housing report shows.

OM Holdings has rejected a major shareholder's claims the manganese miner hasn't provided enough information about a planned issue of new shares and dual listing in Hong Kong.