ARCELORMITTAL, the world's largest steelmaker, has taken a 14.9 per cent stake in Macarthur Coal and entered into discussions with company regarding a potential transaction.

THE Coalition's proposal to cut fuel excise is a "concrete measure" that will bring down the price of petrol, Opposition Treasury spokesman Malcolm Turnbull says.

THE Australian dollar was lower at noon after some unwinding of carry trades during today's Asian session, leading it lower from its fresh overnight high.

THE American sub-prime crisis has hit Macquarie Group's property trusts, causing the group to write down $293 million in its real estate investments.

THE share market had declined about 1 per cent by noon after data showing accelerating inflation in the US hurt Wall Street overnight, causing local shares to slide today.

QBE has withdrawn its $8.7bn takeover bid for IAG after the target's board last night rejected it - and IAG shares have tumbled.

PETROL prices broke through the $1.60 a litre barrier in some capital cities this afternoon as world oil prices trade at all-time record highs.

THE world's richest man, US investor Warren Buffett, remains open to buying more businesses in the United States despite the decline of the US dollar and recent banking sector wobbles.

CONSUMER sentiment improved slightly in May thanks to a post-budget bounce, but remains "disturbingly low", a survey says.

THE dollar burst through US96c yesterday to a 24-year high on expectations of higher interest rates rises and commodity prices.

ALLAN Moss, the softly spoken patriarch of Macquarie Bank for the past 15 years, yesterday ended his public reign with a record full-year profit of $1.8 billion.