Santos Ltd's boss says coal seam gas (CSG) is a crucial way forward to a low carbon economy and many attacking it oppose the resources industry generally.

Standard & Poor's is confident France will maintain its top AAA credit rating, the agency's European chief said, amid rumours of a possible downgrade.

Australian shares closed weaker on profit-taking, led lower by energy stocks and the big banks.

Investors face at least one more year of market volatility, the outgoing boss of ASX said after the company posted a 7.4 per cent rise in annual profit.

Wesfarmers to embark on $3 billion expansion plan as it shrugs off natural disasters, weak consumer sentiment after posting 23 per cent profit rise.

Foster's Group has rejected a hostile takeover bid by UK-based behemoth SABMiller plc, saying the $4.90 offer price undervalues the company.