AAP

Deadly explosions in Boston and disappointing China economic growth have rocked US stocks, sending the broad-market S&P 500 down more than 2.0 per cent.

The Australian share market has closed sharply lower as commodity price falls and weak economic data from China sparked a major sell off.

Mining company Rio Tinto warns the jobs of 1300 workers are at risk after a court overturned approval for a coal mine's expansion.

A large group of Australian councils, charities and churches who sued the now defunct US investment bank Lehman Brothers are one step closer to receiving a multi-million dollar settlement.

Australia's housing sector is in the tentative stages of a recovery as investors and home owners take advantage of low interest rates.

Mining giants Rio Tinto and BHP Billiton are expected to post softer iron ore and coal shipment reports after a series of cyclones hit northern Australia earlier this year.

Veteran Senator Mark Bishop has withdrawn his nomination for Labor party endorsement at the federal election in September and says he's looking forward to life outside politics.

Australian stocks have opened weaker, with the big miners leading the broader market lower after commodities prices, particularly gold, were hit hard in offshore trading.

Premier Colin Barnett says Prime Minister Julia Gillard has shown a low regard for students in his state in the federal government's school funding plan.

Mining companies should be focusing on improving productivity rather than just digging up bigger volumes of minerals, according to a report by consultants PwC.

Gold careened into bear-market territory on Friday, slipping below $US1,500 an ounce at one point, further succumbing to investors' push for higher yields.

There has been plenty of recent ammunition to feed scepticism in the bull market of 2013 - yet stocks continued to float higher, racking up solid gains for the week.

The Australian dollar has pushed higher, helped along by continued strength on share markets.At 1700 AEST, the currency was at 105.56 US cents, up from 105.21 US cents yesterday.

Australian shares closed marginally higher on Friday to complete their biggest one-week gain since last October.

The NSW government has agreed to privatise the state's ports, in a deal that will net more than $4 billion for infrastructure projects in the state.

APA Group is to sell the Moomba-to-Adelaide gas pipeline system to QIC Global Infrastructure for $400.6 million.

More than 330,000 people have applied to work Down Under as part of Tourism Australia's six 'Best Jobs in the World' promotion.

Mining billionaire Andrew Forrest says Australia will be left behind if efforts aren't made to make Sydney a strategic trading centre for Chinese currency.

Shares in Calibre Group have plummeted nearly 52 per cent after the engineering and asset management firm issued a profit warning.

Treasurer Wayne Swan is encouraging Australian businesses to get "ahead of the curve" and push toward greater use of the Chinese renminbi (RMB) currency in their trade dealings.

The Australian share market has opened higher after Wall Street hit fresh record highs overnight.

US stocks have pushed to new record levels after the government's weekly report on jobless claims came in better than expected.

The Australian dollar hit a fresh 10-week high following gains on US sharemarkets, but lost some ground after disappointing jobs figures.

Mining billionaire Andrew Forrest has shown how you do philanthropy at the big end of town: put a million bucks on the table and challenge everyone in the room to match it.

The Australian share market has bounced back to close above the key 5,000 point mark for the first time in a month amid hopes that local interest rates will fall.

Norton Goldfields expects to increase production and continue cutting costs to help keep it on track to meet its 2013 production targets.

Australian grocery giant Woolworths is considering setting up shop overseas, but won't say where it's looking.

Gina Rinehart will probably have to face court when her bitter family trust fund battle is played out later this year.

Australia is lagging the world's best economies when it comes to productivity and needs a new plan to stop it falling further behind, BHP Billiton's chairman says.

Remerging Western Australia's power retailer and generator is a backwards step, federal Resources Minister Gary Gray says.

The job market appears to be in good shape, despite the unemployment rate climbing to a three-and-a-half year high in March.

Australian stocks have opened higher, led by strong gains from the big banks and supermarket chains.