AAP

The Australian market has rallied strongly after Russian president Vladimir Putin announced he had no plans to invade Ukraine.

Prime Minister Tony Abbott has urged Qantas to lobby Labor, the Australian Greens and crossbench MPs to support government changes to allow greater foreign ownership of the airline.

Engineering firm Downer EDI has won a $70 million contract to perform structural, mechanical, piping and electrical work at the Technical Ammonium Nitrate Plant project on the Burrup Peninsula in Western Australia.

US stocks have soared and investors pushed the S&P 500 to its second record close in three days on signs of easing tensions over Ukraine.

The Australian dollar is firmer as global risk appetite grows on the back of hope tension between the Ukraine and Russia is easing.

Gold prices have dropped, as easing fears over the situation in Ukraine drain trader interest in haven assets in favour of riskier bets such as stocks.

A scrapyard in the South West has been fined $80,000 over an unsafe work environment where a worker was fatally crushed under a piece of metal.

The Australian share market has closed higher, underpinned by gains by the big four banks.

Mining magnate Gina Rinehart has tumbled 10 places on a list of the world's wealthiest, despite getting richer.

The Reserve Bank of Australia has kept the cash rate at 2.5 per cent, amid signs that the local economy is starting to improve.

The Australian market has opened flat after already adjusting to the news of unrest in Ukraine.

Federal government plans to allow Qantas to be majority foreign-owned appear stuck on the runway, with only two of six key crossbenchers supporting the coalition in the new Senate.

US stocks have fallen sharply as investors recoiled from equities in the face of mounting tensions over Ukraine.

Global oil prices have soared to the highest levels this year as the Ukraine crisis raised concerns about disruptions to energy supplies.

The Australian dollar is treading water as the Ukraine crisis hits appetite for riskier assets.

Electrical and homewares retailer Harvey Norman has lifted its half year profit by 36 per cent, overcoming a tough retail market to grow sales.

The sharemarket took a slight fall on the last day of the month, but enjoyed growth in February after a solid corporate earnings season.

Western Australia will go back to the polls on April 5, after governor Malcolm McCusker confirmed the date of the re-run of last year's Senate election.

Woolworths has lifted its first half profit 14.5 per cent amid solid sales growth from its core supermarkets business.

The Australian share market has opened flat following weak overseas leads from the US.

Virgin Australia has slumped to a first half loss of $83.7 million as it fights to take market share from rival Qantas.

The S&P 500 has set a new record close as buyers pushed up stocks helped by a cautiously positive view of the economy from Federal Reserve Chair Janet Yellen.

Federal MP Clive Palmer has indicated he won't support law changes that would allow Qantas to be foreign-owned as the embattled carrier's chief prepares to meet union officials for crisis talks.

Gold futures have risen after Federal Reserve Chair Janet Yellen said recent data have pointed to softness in the US economy, increasing demand for the precious metal as an alternative investment.

The Australian dollar is firmer, having regained some ground after slumping on weaker-than-expected business investment data.

Industrial relations is set to become a new political battleground after the Abbott government introduced wide-ranging changes to workplace law.

The sharemarket has closed lower due to a worse than expected fall in business investment in the December quarter.

Ship builder Austal expects to meet its full year revenue target after reporting a 76 per cent increase in first half profit.

Business investment in Australia had an unexpectedly large fall in the last three months of 2013, led by a big drop in mining related investment.

The Australian share market has opened flat following weak overseas leads from the US.

Qantas will axe 5,000 jobs in a bid to dramatically cut costs after posting a $252 million first half loss.

Global oil prices have risen, with US prices gaining a boost from a bullish stockpiles report and another wintry blast hitting the country.