AAP

Rio Tinto has sold a rare Argyle diamond for a record $2 million as overseas buyers snapped up dozens of precious stones in this year's Pink Diamonds Tender.

At least 200 jobs will be cut at Perth's Sir Charles Gairdner Hospital but the Western Australian government says patient care will not be affected.

The Australian share market has opened lower, as the US political impasse over the debt ceiling goes down to the wire.

From Saturday, 12th of October:

Gold futures have slumped to a three-month low as the belief that US political leaders would reach a compromise to raise the country's borrowing limit reduced demand for a rainy-day asset.

The Australian dollar is half a US cent lower following disappointing Chinese data and continuing uncertainty over the US political stalemate.

The Australian share market has posted its largest one day gain in more than three months due to signs the US will avoid a debt default by raising its debt ceiling.

The corporate watchdog has rejected criticism that it has been slow to investigate allegations of foreign bribery by big Australian companies.

Fairfax Media will scrap the print edition of BRW Magazine from the end of November as it moves away from its traditional print-based mastheads and bolsters its online business.

Western Australia's nickel miners believe the industry has hit rock bottom, and will be buoyed by a surge in demand by the end of the decade.

Broadcasters Seven West Media and Prime Media have agreed to continue their affiliation for another six years.

Live cattle could be exported from Western Australia to China in six months, says Premier Colin Barnett, who has hosed down fears Australian animals could be mistreated in Asia.

Clive Palmer believes the Australian Electoral Commission will "rig" the Fairfax recount and deliver victory to his LNP opponent.

Australia's outbound travellers have been promised a freeze on the departure tax for up to three years.

Former UWA graduate Russell Waugh has stepped down as head of UGL's engineering business amid allegations he was aware of bribery and corruption during his time as an executive at Leighton Holdings.

Senior coalition government minister Julie Bishop argues there's a "very grey area" between work and play for travel expense claims as she defended charging taxpayers to attend a wedding in India.

Australian stocks have followed global markets higher on optimism US politicians are moving towards a deal to prevent the country hitting its debt ceiling.

The Australian dollar has rallied half a US cent overnight, reversing earlier losses after investors re-assessed local jobs data and the US political situation.

US stocks have surged on progress towards a potential deal in Washington to prevent a debt default, recovering a hefty portion of their losses since the partial government shutdown began.

Despite talk of bringing about family harmony, the Rinehart children's bitter feud with their billionaire mother Gina Rinehart continues to become more complicated.

Three men are facing court over a property fraud in Western Australia which is alleged to have netted them more than $6 million.

The Australian share market has closed lower despite Australia's unemployment rate falling to 5.6 per cent.

Perth-based Cash Converters will fight a $40 million legal battle launched by customers claiming they were charged illegal levels of interest on personal loans.

There will be a recount in the desperately tight Senate race in Western Australia after Electoral Commissioner Ed Killesteyn overruled his local officers and granted a request from Greens Senator Scott Ludlam.

Mining magnate Clive Palmer says his alliance with the Australian Motoring Enthusiast Party will bring stability to federal parliament.

Western Australia's unemployment rate fell to just 4.6 per cent in September, official figures show.

The Abbott government has rejected suggestions it could be forced to pay companies more than $2 billion if it presses ahead with scrapping the carbon price before 2015.

The federal government insists Australia's foreign investment rules do not discriminate against China, despite suggestions to the contrary from Western Australian Premier Colin Barnett.

The share market has opened slightly lower as falls in commodity prices prices overnight weigh on resources stocks.

US stocks have closed mixed as the White House moved to convene meetings with leading members of congress to seek an end to economic policy paralysis in Washington.

The Australian dollar is slightly higher after the release of US Federal Reserve meeting minutes and news of Janet Yellen's nomination as Fed chief.

Oil prices have fallen sharply after a weekly government report on US oil inventories showed a surprising build in stocks and the US budget impasse dragged on.