AAP

US stocks ended the week mired in red on Friday as investors shrugged off US inflation and consumer confidence reports and weighed disappointing company earnings and a firmer dollar.

The Australian dollar was one US cent lower, as Greece's sovereign debt problems continue to worry investors.

Carbon threat to power supply – The Fin; Gillard's standing worse than Rudd's – The Aus; Miners say 23,000 jobs at risk – The Aus; Wines or mines: Margaret River divides ministry – The Fin; Pair in bid for rich Lynas asset – The West

Mining giant BHP Billiton says it has addressed all environmental, social, cultural and economic issues raised over its planned expansion of the Olympic Dam uranium and copper mine.

Qantas Airways' mooted plan to establish a premium airline based in Asia have been criticised by the pilots' union.

Perth-based construction and engineering group Clough has blamed a drop in its full year profit guidance on bad weather, site access and unexpected tendering costs.

The Australian stock market closed slightly higher today, despite spending much of the session lower, but investors remained cautious.

Contempt charges against Seven Group Holdings chairman Kerry Stokes will be heard on June 28.

Skills and Jobs Minister Chris Evans says it is "scandalous" that Opposition Leader Tony Abbott failed to address Australia's skills shortage in his federal budget reply.

Prime Minister Julia Gillard has defended the lack of targets in the nation's first population policy, saying it is about communities, not figures.

Global drilling contractor Boart Longyear told shareholders in Perth today it is on track for solid growth this calendar year as exploration for nonferrous metals rises to potentially record levels.

The Australian Greens want to cap the pay packets of corporate bosses, proposing a limit of 30 times the average wage of their workers.

Opposition Leader Tony Abbott says his budget speech-in-reply offered "vision" in contrast to Labor's "spin".

Qantas engineers have scrapped strikes planned for next week and ruled out industrial action for at least a month, the airline says.

Gold miner St Barbara says it has approached the board of Catalpa Resources with a merger proposal to form "a leading Australian mid-tier gold company" forecast to produce around 480,000 ounces of gold in fiscal 2012.

The Australian market has recovered slightly in opening trade, following a recovery on Wall Street in both commodities and equities.

A small recovery in commodities and a rally in companies that make consumer staples like toilet paper and pasta helped the financial markets reverse a decline Thursday to end the day with modest gains.

The Australian dollar was close to one US cent higher this morning, as traders digest local employment data and as debate continues on the chances of a June cash rate rise.

Abbott throws his lines into Labor's vote pool – The Aus; Big Australia plan downsized – The West; Qantas plans Asian airline to bust unions – The Fin; New Woodside boss sticks to guns – The Aus; Murchison boss flags exit – The West

BlueScope Steel has blamed the soaring Australian dollar for an expected second half loss, in the same week OneSteel slashed its profit guidance.

Australia and India have vowed to double two-way trade flows within five years and agreed to work out a far-reaching free trade deal to underpin further growth.

Employees who work for 10 years or more behind a desk may have an increased risk of developing bowel cancer, West Australian researchers say.

The Australian share market closed at a seven-week low after a slump in commodity prices, particularly oil and copper, weighed on the resources sector.

Meridian Minerals says its major Chinese shareholder has signed a non-binding agreement to buy its Lennard Shelf lead and zinc project in Western Australia for $78 million.

Aquila Resources says the Hardey deposit at its West Pilbara iron ore project in Western Australia will cost $1.6 billion to develop.

The Australian dollar was 2.5 US cents lower at noon, as a surprise fall in local employment numbers pushed back expectations of a cash rate hike from the Reserve Bank.

A continued downward trend in the unemployment rate will still have the central bank concerned and expectations are that interest rates will soon be going up.

Prime Minister Julia Gillard has rejected opposition claims of a "class war", saying budget changes to benefits would help 90 per cent of families.

Fairfax Media has confirmed it will outsource all sub-editing work from its flagship Sydney and Melbourne newspapers, the Media Entertainment and Arts Alliance says.

The Gillard government is putting the pressure back on Opposition Leader Tony Abbott to put up or shut up when he delivers his budget in reply speech on Thursday night.

Qantas passengers have been spared a horror Friday with the airline's engineers calling off a strike at the last minute, citing safety worries over recent technical mishaps.

Australian stocks have opened more than one per cent lower, led by the miners, after commodities and US equities slumped overnight.