AAP

The latest federal budget could not have been worse for Western Australia, with the state losing more than $1 billion in government funding compared with 2011/12, the state government says.

Turmoil in the eurozone and a clutch of disappointing earnings reports have sent US markets tumbling.

The federal government intends to spread the benefits of the mining boom, but from what continues to be a shrinking pot.

Australian companies have been abandoned by the federal government, the Tax Institute says.

The federal government has reportedly scrapped a promise to cut the company tax rate.

The Australian dollar has moved slightly higher, recovering some of the gains lost in Monday's sell-off, despite renewed concerns about Europe's debt crisis.

CO2 Group has gained $3.8 million in federal government grants to fund carbon sink projects in Western Australia and New South Wales.

The federal government says it was always confident its carbon tax would withstand any legal challenge, after one of its biggest critics backed down.

The Australian share market has closed slightly higher, in the wake of better than expected trading on United States and European markets.

OneSteel shareholders have voted in favour of changing the company's name to Arrium.

Leighton Holdings insists that its portfolio of projects is performing well despite its two big ticket developments costing the construction giant $254 million in pre-tax earnings.

The Senate has remembered Judith Adams for her bravery and stoicism during a long battle with cancer.

The Commonwealth Bank of Australia is cutting interest rates on its one- and three-year fixed home loans by up to 0.34 percentage point.

Mineral sands miner Iluka says it will cut its annual production of zircon in 2012 because the global economic outlook remains unclear.

 Australia's trade deficit widened in March after flooding and industrial action held back coal exports, economists say.

Australian shares opened slightly higher after gains for European stocks when their markets had a change of heart about the election of France's first Socialist president in nearly two decades.

The price of oil has dropped to its lowest level of the year after elections in Europe created uncertainty over the region's plan for recovery.

US stocks have closed mixed, showing little impact from the weekend votes in France and Greece which cast doubt on the path of financial reform across the troubled eurozone.

The Australian dollar has fallen more than one US cent after a negative global reaction to disappointing US employment data and European election results dragged stock markets lower.

Orica's new boss has come out swinging, saying the company is riding high on the mining boom despite a horror year from a public relations perspective.

Commonwealth Bank of Australia is the latest major lender to announce job cuts, with about 100 positions to be axed.

A high-profile anti-whaling and environmental activist has been given a suspended jail term for bursting into the offices of Western Australia's Forest Products Commission (FPC) and throw

Holden says its car making operations in Australia are viable and sustainable but it doesn't expect to grow imports while the dollar remains high.

Job advertisements posted a sharp fall in April after three consecutive months of rises, a private survey shows.

Australian residential building approvals rose 7.4 per cent to 11,501 units in March, while retail spending rose 0.9 per cent, official figures show.

Rio Tinto has named its nominees to the board of minerals explorer Ivanhoe Australia after taking effective control of the company's major shareholder.

Business conditions worsened in April, unwinding the gradual improvement in activity of the past few months, a survey shows.

Australian stocks have opened almost 1.5 per cent lower, following instability in European markets after the election of France's first Socialist president in nearly two decades.

Treasurer Wayne Swan says the International Monetary Fund has given a "ringing endorsement" to Labor's plan to return to surplus.

US stocks plunged Friday after the government reported that hiring slowed sharply last month. The report confirmed investors' fears that the US economic recovery is faltering.