AAP

The Australian share market rebuffed positive offshore leads to finish slightly lower as losses in energy and financial stocks and heavy falls in News Corporation weighed on a benign market.

Premier Colin Barnett will ignore a recommendation by the state's economic watchdog that homeowners bear 90 per cent of the cost bury powerlines.

Two former directors of failed stock lender Opes Prime have formally pleaded guilty to breaching their duties as company directors.

Australia's biggest trade union has embraced the federal government's carbon pricing scheme, giving Labor a much-needed boost on an otherwise bad day.

Prime Minister Julia Gillard believes Australia's underlying economic fundamentals are strong and ripe for reform despite unease in Europe and the US.

Western Australia's economy is now judged as the strongest in the nation, while NSW's financial performance remains in the doldrums, according to the latest CommSec State of the States report.

Santos will buy the majority of Eastern Star Gas's coal seam gas permits in a deal worth $924 million.

Hanlong Mining Investment has made its second bid for a Western Australia-based resources company in a week, unveiling a takeover offer for Africa-focused iron ore miner Sundance Resources that valued it at $1.44 billion.

Australian stocks have opened lower, defying a positive finish on Wall Street as weakness in the energy and consumer discretionary sector, particularly another big decline for News Corporation, offset gains among telecoms and gold stocks.

US stocks rose on Friday after a blockbuster earnings report from Google and a pair of multibillion-dollar takeover bids helped overshadow the debt-ceiling debacle in Washington.

The Australian dollar has started the trading day weaker, with both Europe and the US still struggling to find a solution to ward off potentially catastrophic sovereign defaults.

Miners move to lock in labour – The Fin; Growth in west to soar by 6.75 per cent – The Aus; Citic's budget blown as costs soar – The Aus; Job cutbacks looming in banks, retail – The Aus; Raisama steps up oil and gas project – The Fin

Shares in Lynas Corporation backtracked despite the rare earths miner saying China had further tightened its export quotas for the sought-after materials.

The Australian dollar tanked sharply in late trade, dropping below 107 US cents, after a major local bank said it expected the central bank to cut interest rates by Christmas.

Australians shares fell for a second straight day as investors were unwilling to establish positions into the weekend amid weak overseas leads, and retail stocks continued to bled.

Pricing carbon pollution will unleash a new wave of investment in clean energy technology and build a stronger economy for Australia for years to come, federal Treasurer Wayne Swan says.

Shares in iron ore miner Fortescue Metals Group eased after a higher than expected jump in June quarter costs.

Tiger Airways passengers with flights booked for August can cancel their tickets without being penalised, while the grounded airline waits to hear when it will be cleared to fly again.

Four past Australians of the Year are petitioning the federal government to offer better protection of the fragile waters off the southwest coast of WA.

BHP Billiton expects to undertake more acquisitions in the booming US shale gas sector after its $US15.1 billion ($A14.13 billion) takeover of Petrohawk Energy, chief executive Marius Kloppers says.

The Australian sharemarket opened lower this morning, dragged down by BHP shares following negative offshore leads.

US stocks fell on Thursday as the market worried about a possible US debt default if Congress fails to act soon to raise the borrowing limit.

The Australian dollar has started the trading day slightly weaker, after US Federal Reserve chairman Ben Bernanke said the central bank was in no hurry to implement another round of stimulus measures.

Gillard open to media probe – The Aus; Job and housing fears a drag – The Fin; Critics slam 'rushed' modelling – The Aus; Minister promises to consult industry on rule changes – The Aus; $4.1 billion charge of the light rail brigade – The West

Calls for an inquiry into media behaviour are growing in Australia as the impact of the News of the World phone hacking scandal travels beyond Britain.

US miner Peabody Energy and the world's biggest steel maker, ArcelorMittal, have agreed to improve their joint $4.7 billion takeover bid for Queensland-based coal miner Macarthur Coal.

A last minute rally wasn't enough to lift Australian stocks back into the green at the close of trade today.

A farmers' rally in Perth has been told that "mung bean" activists will continue to plot the destruction of Australia's live cattle export industry.

Mining colossus Rio Tinto has reported a rise in second quarter production of its cash-cow commodity, iron ore, despite heavy rain denting its March quarter performance.

The federal opposition insists its direct action plan to tackle climate change is better than Labor's carbon tax, despite criticism from economists.

David Jones says a dramatic plunge in consumer confidence among well-heeled shoppers, exacerbated by carbon tax fears, has led to a record fall in sales.

Shares in Iluka Resources rose after the minerals sands miner flagged an increase in its full year production target.