AAP

The Nasdaq led US markets toward strong gains on Wednesday, helped by news that the IMF was to raise $US500 billion ($A483.35 billion) to boost its crisis-fighting capacity.

Westpac Banking Corporation has put the future of 28 IT management roles in doubt by commencing a review of their roles as part of a group-wide restructure.

Australian shares edged up marginally to a fresh five-week high as upbeat mining figures and hopes for a Greek debt deal dragged shares out of the doldrums.

Biofuels producer Algae.Tec has signed a deal to fund the construction of a facility in China that will produce a renewable alternative to fossil fuels.

Australian travellers and British expats will be cheering after the dollar hit a 27-year high against the pound.

Australia is in for a tough economic year after the World Bank slashed its global growth forecasts and warned there could be a worldwide recession worse than three years ago.

Prime Minister Julia Gillard will write to Premier Colin Barnett about reports the builder of Australia's largest infrastructure project is being directed to import Chinese equipment and services.

 Western Areas hopes to become Australia's second largest nickel producer through the expansion of its existing domestic operations and new mines in Finland and Canada.

Property developer Cedar Woods says it expects a boost in sales in 2012 after two consecutive rate cuts.

OZ Minerals lifted gold output in the final quarter of 2011 while copper production fell but it still achieved full-year production in line with guidance.

Recent interest rate cuts by the Reserve Bank of Australia have failed to lift consumer confidence, says Westpac.

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.