AAP

Wesfarmers expects a 74 per cent drop in first-half earnings from its insurance division because of a high number of natural disasters.

 Australian shares were flat in early trade after poor results from US banks capped gains from more positive mining figures and economic data overnight.

BHP Billiton looks set to break its first-half profit records despite softer iron ore prices, with a surge in production giving the global miner confidence it will beat full-year targets for the st

US stocks followed European counterparts higher on Tuesday buoyed by encouraging economic news from Germany and China, and a strong reading from a New York regional economic activity indicator.

ANZ Banking Group has launched its first round of job cuts amid fears that up to 5,000 jobs could disappear from Australia's big banks in two years.

The Australian dollar rose more than one US cent after trader sentiment was buoyed by the publication of stronger than expected economic growth in China.

 Eric Ripper's future in the Western Australian Labor Party remains on shaky ground as more members speak out against his leadership.

Australian shares closed at their highest level in five weeks after better than expected Chinese economic growth buoyed already optimistic investor sentiment.

Prime Minister Julia Gillard says she's concerned about reports that Australian mining companies are being forced to buy Chinese equipment to secure minerals export contracts.

The federal government must better explain the productivity gains that small and medium businesses can achieve from the National Broadband Network, a new report on technology investment says.

Manganese miner OM Holdings expects to post a loss of about $12 million for the 2011 calendar year, due to the high Australian dollar and several one-off costs.

Rio Tinto has easily beaten its full year iron ore production guidance but copper output was hampered by industrial action.

Independent MP Andrew Wilkie has thrown his support behind a Western Australian push for a bigger share of GST.

 Iron ore pellet producer Grange Resources has forecast a lift in full year output by as much as 15 per cent because of better conditions at its Savage River mine in Tasmania.

Optus has appointed the former head of British mobile phone operator Hutchison Three as its chief operating officer in Australia.

Fortescue Metals Group says it is confident it will find enough customers for its iron ore when it ramps up annual production to 155 million tonnes from next year.

Prime Minister Julia Gillard says the opposition is being "deeply irresponsible" by talking down the Australian economy while markets are skittish over the European debt crisis.

Total personal finance commitments fell 7.8 per cent in November to $7,199 billion, Australian Bureau of Statistics data shows.

Australian shares have opened higher after a successful French debt auction overnight boosted European markets.

The Australian dollar rose overnight, despite news that Standard & Poor's had downgraded the creditworthiness of the eurozone's bailout fund.

French President Nicolas Sarkozy has warned Europe faces an "unprecedented crisis" but urged calm in the face of Standard & Poor's multiple eurozone rating downgrades.

 Australia's banks will endure mandatory stress tests imposed by the International Monetary Fund (IMF) to ensure they can withstand another financial crisis. 

 The Australian dollar fell more than half a cent in the wake of Standard and Poor's decision to downgrade France's credit rating.

 Australian shares end sharply lower after a mass downgrade of European bloc countries' credit ratings took the wind out of investor's winning streak.

The first political opinion poll of the year shows the federal coalition continuing to hold an election-winning lead over Labor.

Fortescue Metals Group is considering developing its North Star magnetite iron ore project in Western Australia as a joint venture.

 Europe's debt crisis is worrying Australian employers and keeping them from hiring staff, economists say.

Australia's financial regulator will force superannuation funds to report their investments every six months under new regulations being developed this year.

Australia is set for a higher rate of unemployment in 2012, new figures show.

The number of home loans approved in November has beaten market expectations and the prospects for 2012 look good, economists say.

Australian shares have opened lower after a downgrade of nine of the European bloc countries' credit ratings sparked a fresh wave of risk aversion ahead of more Chinese data this week.

Leighton Holdings says its underlying profit for the six months to December will be stronger than previously forecast.