The All ords added three points.The ASX 200 index finished flat.Looking across the region,it is a positive session,Japan's Nikkei edged higher,there is a strong gain in Shanghai,and the Australia dollar is hoding just above 74 US cents.

Oil and gas company Santos has slashed its levels of investment and cut cost to cope with local oil prices.Santos spends 65% less in capital expenditure to increase production during the second quarter of 2015.When compared with the same time a year ago,the decrease of spending capital comes as the company near completion of its biggest project-The L plant in Queensland.A 32% slide in oil prices  has seen the compamy's revenue droven 19% tp 786 million dollars during the second quarter,despite a lift in production.

Great banks are due to reopen on Monday,after the Euro's own finance ministers have agreed to give Grace  a 10 billion dollar briding loan.The life line is reward for Great prime minister Alexies after he won parliamentary banking for tough new austerity measures.The European commission says the emgergency funds will help Grace stablize its economy until middle August when the thrid bail-out is processed.