AAP

Rio Tinto has splashed out $US518 million ($A482 million) on a project to run the world's first driverless long-distance, heavy-haul rail network.

Australian stocks have opened more than one per cent higher, as firmer oil prices and a relaxing of banking requirements in China fuelled a rally in the resources and energy sectors.

Australia's largest steelmaker, Bluescope Steel, has reported a $530 million first-half net loss for the six months to December 31.

European stock markets closed higher on Friday as investors took heart from the latest comments on the Greek debt crisis and positive US economic data, analysts said.

 The Australian dollar rose to a one-week high after encouraging US economic data and the delivery of a Greek bailout package looked more certain.

The Australian share market finished firmer at a one-month high on the back of fresh investor optimism sparked by a robust Wall Street overnight.

Australia's two most powerful supermarket players, Woolworths and Coles, have increased their dominance on a global scale after being named among the top 21 retailers in the world.

ANZ Bank has hinted at further interest rate rises, despite its stronger than expected $1.48 billion first quarter profit.

Sims Metal Management says there are signs of a tentative recovery in the scrap metal recycling market but has not offered guidance for its full year after first half profit plunged into a loss.

Protesters who set up an Aboriginal tent embassy in Perth have vowed to stay after ripping up a council move-on notice.

 There are calls for the Australian aviation industry to be investigated after budget carrier Air Australia went into administration.

Employment forecasts underpinning the government's November fiscal update are slipping out of reach.

Wine supplier Treasury Wine Estates wants to produce more luxury wines and boost its presence in the fast-growing Chinese market.

Former Labor government minister and assistant police commissioner Bob Kucera looks set to make a political comeback.

Treasury boss Martin Parkinson believes returning the federal budget to surplus is sensible, given the current state of the Australia economy.

Air Australia's demise has nothing to do with the carbon tax, Workplace Relations Minister Bill Shorten says.

The Australian share market has opened stronger, with investors bouyed by further signs the US economy is recovering and renewed hopes the Greek bailout deal will go ahead.

Industrial services company and takeover target Spotless has posted weaker first-half net profit of $16.5 million, down 5.2 per cent on the previous corresponding period.

The Australian dollar has risen almost one US cent on further signs the American economy is recovering and renewed hopes the Greek bailout deal will go ahead.

US stocks have surged to their highest close of the year.

The Australian dollar is almost one US cent lower amid uncertainty over a planned bailout package for Greece.

The Australian share market was dragged lower by renewed concerns that Greece is heading towards default and a weak lead from Wall Street while lower commodity prices weighed on mining stocks.

Three former directors of national whitegoods distributor Kleenmaid have been charged with defrauding a bank of $13 million.

The resources boom is unlikely to derail other industries in Australia, according to Reserve Bank of Australia deputy governor Philip Lowe.

Alcoa joint venture partner Alumina has rejected claims that the carbon tax is the main factor behind the stalled expansion of the Wagerup alumina refinery in Western Australia, saying th

Billabong shares have been placed in a trading halt amid reports it received a $A776 million takeover bid from US private equity giant TPG.

Almost a third of Australia's accounting and finance firms intend hiring new staff.

Stronger than expected jobs data has helped the Australian dollar to recover ground lost over concerns some European Union countries may be willing to let Greece default on its debt.

Westpac has painted a bleak outlook for the economy after posting a weaker than expected $1.5 billion quarterly profit.

Two consecutive rate cuts by the Reserve Bank of Australia appear to have boosted employer confidence.

Wesfarmers has bucked the job shedding trend with plans to employ more people this year at Coles and its other retail chains, after underwhelming the market with a flat first half profit result.