Latest Headlines

Today at AOG: US petroleum company Hess is pursuing development of its Equus gas field off the Pilbara coast, with senior manager Andrew Drayton telling the Australasian Oil & Gas conference today it would proceed with a variety of tendering opportunities this year, including for subsea work.

Former treasurer Peter Costello will lead Nine Entertainment Co through what the group hopes will be sweeping changes to media regulation in Australia.

Crown Resorts has reported a slump in normalised first-half profit, with Perth and Melbourne maintaining their contribution but weak market conditions in Macau affecting its joint-venture casino resorts there.

Mining group South32 plans to cut 390 jobs at its Worlsey Alumina operation in Western Australia’s South West, as part of a global cost-cutting drive following its $US1.7 billion ($A2.4 billion) loss for the half year to December.

The Australian share market has opened slightly higher after Wall Street performed better overnight amid increased oil prices.

Wesfarmers regroups for customer focus

Gold has risen above $US1,250 an ounce and has neared a one-year high, acting as counter against risk alongside top-rated government bonds as oil's earlier weakness rippled into global equity markets.

The Australian dollar has softened, following the fortunes of global shares.

US stocks have mounted a late-session rally to close higher after an increase in oil prices helped reduce investors' fears about banks' vulnerability to energy companies struggling to pay their debts.

Grain handler CBH Group has called for more information on the $1 billion-plus offer from Graincorp-backed Australian Grains Champion to corporatise and list the cooperative, highlighting concerns around long term cost increases, the proportion of grower ownership and board representation.

Perth-based law firm AdventBalance, which pioneered a new approach to flexible delivery of legal services, has announced plans to merge with London counterpart LOD, formerly Lawyers On Demand.

Blackham Resources hopes to begin producing at its Matilda gold project near Wiluna within six months, after a definitive feasibility study confirmed it will cost $32 million to bring the mine into production.

Local gold miners Saracen Mineral Holdings, Silver Lake Resources and St Barbara reported a profitable six months, however shareholders won’t be seeing any returns in the form of dividends.

The Australian share market has finished 2 per cent lower, driven down by heavy selling of the big banks and miners.

Software product management is not the same as software project management, and the sooner startup founders understand this, the better.

Waste management company Tox Free Solutions has posted a slight increase in profit despite a dip in revenue, but has increased its return to shareholders.

River cruise operator Captain Cook Cruises has been sold to national operator SeaLink Travel Group, in a deal worth around $12 million.

The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.

Today at AOG: Former APPEA environmental director Miranda Taylor has been appointed as chief executive of the federal government’s newly established energy resources growth centre, which will be known as National Energy Resources Australia.

Takeover target Asciano has lifted its first-half profit on the back of strong coal haulage volumes but warns its earnings for the full-year could still be flat.

Iron ore miner Fortescue Metals Group will continue slashing costs after first-half profit dropped 4 per cent to $US319 million ($A442 million), as fellow miner BC Iron reported a half-year loss of $62.9 million amid falling prices.

Shares in Atlas Iron have surged despite the iron ore miner reporting a half-year loss of $114 million.

Power generation company Pacific Energy has won a contract to supply electricity to Doray Minerals’ Deflector gold project in the Murchison region for an undisclosed sum.

WorleyParsons aims to offload more than $100 million of assets after a 77.9 per cent slump in first half profit led it to scrap its interim dividend.

The Australian share market is around one per cent lower after a sharp slide in oil prices prompted selling on Wall Street.

Telstra has appointed the boss of rail and ports operator Asciano, John Mullen, as its new chairman as the mobile giant seeks new growth areas.

230 TAFE jobs go as colleges cut to five

Shares in Wesfarmers have slumped after losses from the group's coal mines partly offset Coles' and Bunnings' strong gains.

The Australian dollar has lost some steam after the recent recovery in oil and equities fizzled out.

Gold has risen about one per cent, spurred by a fall in global equities and inflows into bullion funds that helped the precious metal recover ground lost in previous sessions.

Wall Street stocks have slid, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year.

Western Australia-based building products distributor Retroflex Building Supplies has collapsed, owing creditors around $2.4 million.