AAP

Wall Street contended with rising tensions over Ukraine and Iraq, yet US stocks still finished in the black for the week with a big rally.

The Australian share market has closed lower, falling more than 1 per cent as Russia announces trade sanctions and the US considers airstrikes on Iraq.

The Australian share market has closed lower, falling more than one per cent as Russia announces trade sanctions and the US considers airstrikes on Iraq.

Russia must stop bullying Ukraine or face increased sanctions from Australia and its Western allies, Prime Minister Tony Abbott has warned, a day after Russia announced a 12-month trade ban on agricultural goods from Australia, the European Union, US and several other Western nations.

In a crushing blow to job seekers, the central bank has warned that it does not expect a sustained fall in the unemployment rate for another two years.

Prime Minister Tony Abbott has assured a business conference that tax reform has not ended with the repeal of the carbon tax.

Australian households have been doing it tough in the past year, with almost half cutting spending on essential items like groceries and healthcare.

Interest rates aren't likely to be moving for the foreseeable future as the Reserve Bank waits to see how the Australian economy copes with its current challenges.

News Corporation's Australian titles have suffered an 18 per cent fall in revenue, but chief executive Robert Thomson believes conditions in the advertising market will improve.

Small businesses will lose more than $2 billion over three years because of welfare changes that will force people to apply for 40 jobs a month, Labor says.

The consumer watchdog has put 250 energy companies on notice to estimate to their customers how much the removal of the carbon tax will affect prices.

The Australian stock market has opened lower as tensions increase over Ukraine and the Middle East conflicts.

The Australian dollar has recovered some of the losses made after the shock rise in the unemployment rate.

US stocks have finished lower as advances by jihadists in Iraq trumped encouraging labour-market data and spurred talk of possible military action by the US.

US oil prices have rallied from a six-month low following reports that the Obama administration is considering air strikes in Iraq.

Rio Tinto has more than doubled its half-year net profit to $4.76 billion ($US4.4 billion), but the world's second largest miner was below consensus analyst expectations.

The Australian stock market has closed virtually flat, shrugging off a 12-year high in the unemployment rate.

Professional men in Australia are more than twice as likely as women to see their gender as an advantage in the professional workplace, a survey suggests.

A surprising jump in Australia's unemployment rate has poured cold water on any expectations of a rate hike in the foreseeable future.

The head of Australia's competition watchdog believes consumers should pay more to use electricity, roads and airports during peak periods.

India's central bank governor, renowned for forecasting the 2008 financial meltdown, has warned that the world economy faces risk of another market crash as asset prices surge.

A possible move by Coles and Woolworths into the home loan market could benefit consumers by forcing the big banks to offer cheaper products, a former Australian Competition and Consumer Commission (ACCC) chief says.

The Australian sharemarket has opened flat following soft leads on Wall Street.

Oil prices in New York have fallen again on worries about lower demand, even after an inventory report showed a surprising drop in US gasoline supplies.

Gold prices have risen to their highest level in nearly two weeks, as worries grew over economic weakness in the euro zone and tensions between Russia and the West.

US stocks have edged higher despite new Russian sanctions against the West and amid disappointing news that major potential media and telecom mergers fizzled.

The Australian dollar is higher, getting a boost from a one per cent rise in the gold price and a better outlook for the Chinese economy.

The share market has fallen for a fourth straight session as investors weigh up a possible escalation of conflict in Ukraine and potential interest rates hikes in the US.

Pilbara iron ore miner BC Iron predicts the iron ore price will head above $US100 per tonne over the next six months as demand for the company's product remains strong.

Strike action has been averted at Esperance Port, but is set to occur at Port Hedland.

Most of the thousands of staff affected by the collapse of mining services and recruitment firm Bluestone Group have been saved from unemployment.

Wesfarmers subsidiary Coles has recruited one of its fiercest critics, former Victorian premier Jeff Kennett, to help sort out disputes with the supermarket giant's suppliers.