AAP

Trade, higher education and green growth will top Prime Minister Julia Gillard's agenda when she meets with Asia-Pacific leaders at a major summit in Russia this weekend.

The US Justice Department has has accused oil giant BP of "gross negligence and willful misconduct" in the massive 2010 Gulf of Mexico oil spill, court documents show.

US stocks have closed essentially flat on the eve of a crucial European Central Bank (ECB) policy meeting amid hopes for action to stem eurozone financial turmoil.

The Australian dollar has retreated to lower ground on concerns about the weaker iron ore price and outlook for global and domestic growth.

The Australian share market has finished lower as concern about Chinese growth dragged down material and industrial stocks.

Flinders Mines says a steep fall in the iron ore price won't harm the company's prospects, as it heads towards first production.

BHP Billiton will push ahead with its $US1 billion ($A981.98 million) Eagle Ford petroleum expansion in Texas as it aims to boost worldwide production levels by eight per cent.

Australia's principal federal political leaders have rejected Gina Rinehart's suggestion local wages are too high and are holding back the nation's competitiveness.

Treasurer Wayne Swan has criticised the standard of national debate about the economy, saying it's being conducted in a "bizarro world".

Australian employers are routinely breaking overtime laws, according to a major new survey of hourly wage earners.

Australia has chalked up an unprecedented 21 years of continuous economic expansion, but the central bank may have to step in before the end of the year if the buoyancy is to continue.

Oil refiner Caltex has raised $550 million from investors to help fund a restructure that includes the overhaul of its Sydney oil refinery.

The Australian sharemarket has opened more than three-quarters of a per cent lower after data showed that US manufacturing had contracted for the third straight month.

Australia's enviable run of solid economic growth is expected to have continued in the three months to June.

Concerns about the global economy have prompted the Australian dollar to fall more than half a US cent, reversing its rally following the Australian reserve bank's decision to keep the official int

US stocks have closed mixed after a key report showed the third straight monthly contraction in the manufacturing sector, a key engine behind the economy's still-sluggish recovery.

The Australian dollar has climbed closer to 103 US cents after the central bank suggested interest rates could remain unchanged for the remainder of the year.

The fare war over Australia's domestic skies appears to be starting to bite at Qantas Airways, new figures suggest.

Australian stocks have slid more than half a per cent, as falls among the big retail banks pushed the broader market lower.

Australian fashion retailer Ojay has gone into administration with store closures and job losses predicted.

The Reserve Bank of Australia has left the cash rate unchanged at 3.5 per cent for the third board meeting in a row.

More mining projects will be deferred as the nation leaves the heady days of the resources boom behind, Qantas chairman Leigh Clifford predicts.

The Business Council of Australia has backed calls by coalition-led state governments for GST revenues to be distributed by the commonwealth according to population.

Western Australia won't hand control of its education system to Canberra and won't be dictated to by the prime minister, Premier Colin Barnett says.

Prime Minister Julia Gillard has urged the mining industry to recruit Australians willing to work on projects rather than bring in temporary skilled migrants.

The head of iron ore miner BC Iron says China's demand for the steel making commodity will pick up again under its next head of government.

Australian shares have opened flat due to a lack of direction from the US after Wall Street was closed for a public holiday.

The Reserve Bank of Australia (RBA) is expected to keep its official interest rate on hold when its board meets later this morning.

Europe's main stock markets have risen amid growing hopes the European Central Bank could unveil a bond-buying program later this week, while investors digested poor manufacturing data.

Petrol prices appear to have topped out after rising sharply over the past few months to a 13-week high, and could ease a little further over the next couple of weeks, Commonwealth Securities says.

The Australian dollar has fallen to a fresh five-week low on concerns about global growth.

The Australian share market has finished slightly higher, as investors positioned themselves ahead of key announcements from overseas.