AAP

Australian shares retained early losses at noon after the market opened almost three per cent lower due to investor fears on the European debt crisis.

Labor could turn a landslide election defeat into a winning position by bringing Kevin Rudd back as prime minister, according to a poll showing support for Julia Gillard at a record low.

The Australian dollar was nearly two cents lower this morning, after risk aversion among traders spiked on rumours of a Greek default and the resignation of a senior European banker.

US stocks plunged on Friday, with the Dow Jones Industrial Average sliding more than 300 points, as global stock markets were stung by increased anxiety in the eurozone over Greece's bailout.

The Australian share market closed slightly higher, led by consumer staples and telecom stocks, but shed some of its earlier gains as traders took a wait-and-see approach to the US debt crisis.

Hundreds of timber jobs are at risk because of foreign companies that sell their wares at prices much lower than the going rate, the industry says.

Australia's banks can easily meet a new official timeframe for introducing new Basel III capital reforms, global ratings agency Moody's Investors Service says.

Australian companies that register a vessel in Australia will be exempted from company tax from July 2012.

Mining giant Rio Tinto has agreed to surrender its entitlement to a key Pilbara water supply in return for a government waiver on secondary iron ore processing obligations.

The Australian share market opened higher despite a weak lead from Wall Street, after US President Barack Obama delivered a $US447 billion ($A423.06 billion) plan to Congress to stimulate the Ameri

The Australian dollar was trading lower this morning, as traders await a key speech from President Barack Obama on the economy and on US dollar strength.

US stocks slid Thursday as traders awaited a key speech by President Barack Obama to Congress on stimulating the economy and job growth.

Protesters opposing a multi-billion-dollar gas hub in the Kimberley have hit back at traditional owners who accused them of threatening behaviour and making racial slurs.

The Australian share market closed flat after disappointing jobs data prompted a selloff ahead of economic news from China and the US.

The federal government is ready to discuss the Fair Work Act with interested parties based on factual evidence and not "wild claims", jobs minister Chris Evans says.

Australia's unemployment rate rose to a 10-month high in August and could force the central bank to cut interest rates, economists say.

The Takeovers Panel has declined to conduct proceedings against Foster's Group after SABMiller, which is trying to buy Foster's, raised concerns about the brewer's full year results report.

Atlas Iron has declared its takeover offer for fellow iron ore miner FerrAus unconditional.

The Australian dollar was trading half a US cent higher, after Germany's top court ruled in favour of eurozone bailouts and following yesterday's better than expected local national accounts data.

US stocks jumped on Wednesday after a German court ruling helped clear the way for a eurozone bailout plan and the Federal Reserve said the US economy was still growing slowly.

Communications Minister Stephen Conroy is confident Telstra and the competition watchdog will resolve fears over the telco's structural separation plans.

Lithium miner Galaxy Resources has put electric-bicycle batteries into its customer orbit.

Intrepid Mines has rejected a media report suggesting the gold, copper and silver explorer is in merger talks with G-Resources.

Australian construction activity has fallen to its lowest level in almost two and a half years, largely due to a lack of new work and tender opportunities, a report shows.

Usually we have to wait two weeks to get the director's cut of the reasons for interest rate decisions, but this week we only had to wait only a day.

Western Australian cat owners could have their homes searched and their pets seized if they're found not to be sterilised, microchipped and registered under proposed laws, the state opposition says

Shares in Northern Minerals rose after the rare earths explorer reported high grade exploration results from its Browns Range project in the state's far north.

Employment growth is expected to remain soft in August after a volatile month on global financial markets hurt business and consumer confidence.

Premier Colin Barnett has told the state's lead fire agency to stop "bickering", labelling its response to the Perth Hills bushfire report as nothing more than "over-the-top and wild" accusations.