AAP

US stock markets have closed deep in the red as politicians in Washington remained deadlocked over a deal to reopen the government and avoid default on its debts.

Oil prices have fallen as US lawmakers remained deadlocked over a budget and debt ceiling deal and as negotiations began on Iran's nuclear program in Geneva.

Premier Colin Barnett has changed his media relations strategy, shying away from regular talk radio slots and turning to live chats on news websites.

The Australian share market closed one per cent higher amid signs that politicians in the United States may soon reach a deal over the US budget and debt ceiling.

Global miner Rio Tinto is confident of hitting its 2013 iron ore production target of 265 million tonnes, after achieving further growth in the September quarter.

Prime Minister Tony Abbott has promised electricity and gas bills will fall immediately if the carbon tax is abolished.

A class action against failed fuel pill company Firepower has been ordered to enter mediation, says litigation funder IMF Australia.

Another interest rate cut by the Reserve Bank of Australia is still a possibility, but it is not ready to make that move immediately.

Toyota Australia is to cut jobs and must slash the cost of building cars in Australia in an effort to keep its local operations viable.

Divisions within the government over foreign ownership of farmland appear to be deepening, with Labor accusing the coalition of speaking with "two heads" about Chinese investment.

The Australian share market has opened higher after markets in the United States lifted amid encouraging signs that a deal was within reach on the US budget and debt ceiling.

Telstra has defended chief executive David Thodey's $8.8 million pay packet after a shareholder questioned whether the telco's performance justified such a salary.

US stocks reversed losses and finished higher amid encouraging signs from the White House and Congress that a deal is in reach on the budget and debt ceiling.

The Australian dollar has jumped to a one-month high on hopes of a resolution to the US political stand-off over the debt ceiling.

Investor nervousness has weighed on the local market as the deadline approaches to resolve the US political deadlock over the debt ceiling.

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.