AAP

Bega Cheese has increased its takeover offer for Warrnambool Cheese and Butter, but it doesn't match the $505 million offered by rival Murray Goulburn.

The share market has opened strongly on comments by the US Federal Reserve suggesting tapering of its stimulus program won't occur until next year.

Virgin Australia is raising $350 million from shareholders to reduce debt and provide cash for its new business strategy.

Australia's largest grain handler GrainCorp blames takeover costs and a smaller crop for a 31 per cent slump in its full year profit - and warns of tougher conditions ahead.

US stocks have pushed to fresh all-time highs after a strong earnings report from Macy's raised hopes about the upcoming holiday shopping season.

Oil prices have bounced back somewhat after the US benchmark contract reached a five-month low the previous day.

The Australian dollar has bounced on stronger consumer confidence figures and US dollar selling.

Kevin Rudd has announced he is quitting parliament.He said there came a time in every politician's life when families said "enough is enough".

The share market has posted a significant fall as investors took profits and consider the possibility of the United States reducing its economic stimulus program soon.

Rail operator Aurizon's shareholders have delivered a 'first strike' against what they have cited as an overly generous executive pay policy.

The three-way bidding war for Warrnambool Cheese and Butter has escalated, with Murray Goulburn now offering $505 million to trump Canadian bidder Saputo.

Treasurer Joe Hockey has introduced legislation to repeal Labor's mining tax and related measures that were supposed to be funded by the impost.

Seven West Media chief executive Tim Worner is hopeful of improved market conditions in December but says the broader ad market remains short and unpredictable.

Shopping centre owner Westfield Group is on track to meet its income growth forecasts, despite no improvement in local retail conditions.

Australian stocks have started the session lower following a weak lead from global markets.

Construction giant Leighton Holdings is on track to make a profit of up to $600 million this year but the company says its current debt levels are higher than expected.

US stocks have closed mostly lower amid renewed speculation about the Federal Reserve's intentions to reduce its massive monetary stimulus.

Gold has extended its recent losses as automatic selling orders pushed prices deeper below $US1,300.

The Australian dollar is lower amid fears that tapering of US economic stimulus could begin soon.

Australian shares have edged higher as gains by mining and chemical companies offset more falls by the major banks.

Seven Group says it will cut 630 positions across its Westrac business in a divisional restructure.

The Greens are demanding an explanation from Clive Palmer about an apparent alliance with the Australian Sports Party's senator-elect Wayne Dropulich.

The Australian stock market has opened higher, offsetting losses from the previous session.

Oil prices rose on Monday after marathon talks in Geneva aimed at persuading Iran to curb its disputed nuclear program ended without an agreement.

Rupert Murdoch's newspaper publishing business News Corporation has reported a net profit of $US38 million ($A40.60 million) for the first quarter.

US stocks have ended modestly higher as investors appeared to take a breather in a semi-holiday session after Friday's strong rally on the back of encouraging jobs data.

A surprisingly strong US jobs report continues to weigh on the Australian dollar in the absence of any other significant economic data.

Former federal police commissioner Mick Keelty is already convinced the missing votes in the Western Australian Senate election materially affected the result, but says it's unlikely their disappearance was caused by corruption.

Rural services company Elders expects to report a loss of more than $500 million for its recently concluded fiscal year.

Explosives and chemicals supplier Orica expects higher profits in 2014 as key North American coal markets improve, and the company sells more sophisticated explosives and blasting systems.

The Australian share market has closed lower as investors put aside a positive lead from US markets and took a breather from a strong run upwards in recent months.

A jump in the number of new home loans during September is another sign that interest rate cuts take time to boost the economy, an economist says.