AAP

Oil prices rose modestly Monday after the EU slapped an embargo on Iran's crude exports as part of tough new sanctions aimed at stopping Tehran from funding its disputed nuclear program.

The Australian dollar has continued its solid performance over the weekend against the US dollar, influenced by relatively good economic fundamentals.

 The industrial relations umpire has signed off on a workplace agreement between Qantas and its engineers.

Another official interest rate cut is looking more likely as new evidence shows price pressures are easing.

 Toyota Australia has confirmed it will cut 350 jobs due to pressures caused by the high Australian dollar.

The Australian share market closed weaker as investors awaited an outcome to Greek debt restructure plans, with eurozone finance ministers scheduled to meet later today.

The multi-billion-dollar Australia-Pacific liquefied natural gas (APLNG) expansion project is nearing a decision to proceed.

Motorists will pay less for petrol in the weeks ahead after unleaded petrol prices hit an 11-week high last week, an economist says.

Treasurer Wayne Swan would welcome new foreign lenders to the Australian loans market, saying more competition would mean better deals for borrowers.

 A Chinese nuclear company has moved a step closer to bidding for Australian uranium explorer Extract Resources but the target says it is still seeking alternative suitors.

A lower than expected rise in producer prices is expected to set the tone for the release of key inflation figures later this week.

 Record production in the December quarter has helped Mirabela Nickel meet its 2011 targets, and the company expects higher production in 2012.

Western Australia continues to lead the nation's economic growth and is set to maintain its course for most of this year, a new report says.

Australian shares opened slightly weaker as cautious investors looked for news on the Greek debt situation following weak overseas leads.

The Australian dollar rose to its highest level in 12 weeks amid hopes Greece will reach a deal with its creditors to avoid a disastrous default on its debt.

European shares notched up a fifth straight week of gains last week, as the outlook for the global economy improved and on optimism Greece would avoid a messy default.

Defence Minister Stephen Smith says he is not concerned that incoming Western Australian Labor leader Mark McGowan could battle the federal government on infrastructure funding from the mining tax.

The Australian dollar rose more than a quarter of a cent during a quiet day of trading following a boost on news of successful European bond auctions.

Default superannuation funds included in workplace awards could be subject to new criteria decided by the Productivity Commission.

Australian shares ended the day on a strong note for their third successive week of gains.

Economists believe the rate of inflation in Australia is continuing to slow although it maybe the cooling world economy that will play a greater role in cutting interest rates.

WorleyParsons and its 50/50 joint venture partner in Indonesia have been awarded a $US180 million contract by oil and gas giant Chevron.

Billionaire iron-ore heiress Gina Rinehart has no right to suppress the details of her family trust battle, the NSW Court of Appeal has found.

Junior iron ore producer BC Iron is hunting for acquisitions and has achieved positive quarterly cashflow for the first time after beating its production guidance.

The head of Wesfarmers' insurance arm has defended the local industry in the face of premium rises of as much as 15 per cent for home insurance.

Prime Minister Julia Gillard says the government is "determined" to return the federal budget to surplus, despite a soft jobs market and reduced expectations for global growth.

African Iron's board recommends its shareholders accept Exxaro's takeover offer.

Australian shares have added one per cent in early trading as successful debt auctions in Europe and more positive bank earnings in the US buoy optimism.

The Australian dollar is firmer as concerns about Europe's debt crisis eased overnight.

It was another day of quiet but solid gains on Wall Street on Thursday.

 The Australian dollar was marginally lower in response to worse that expected domestic unemployment data.

After slashing more than 3000 jobs in 2011, banks are set to drip-feed more job cut announcements in the name of corporate restructures and managing costs.