AAP

The Australian dollar surged more than one US cent to a one-month high on optimism that world finance leaders were close to announcing a comprehensive plan to tackle Europe's sovereign debt crisis.

US stocks scored their third straight week of gains on Friday as anticipation of a fairly solid third-quarter earnings season trumped worries about Europe and weak economic growth.

Qantas aircraft engineers have cancelled all industrial action for the next two weeks.However, strikes planned for Sydney airport for Friday have begun as scheduled.

The Australian dollar continued its climb above parity, after a tumultuous night offshore when ratings agency Standard and Poor's cut its credit rating for Spain.

Virgin Australia's boss has rejected claims that Qantas long-haul pilots earn 50 per cent more than Virgin's.

Leighton Holdings' Offshore division has been awarded a $US518 million ($A509.7 million) contract by Iraq's South Oil Company (SOC).

The amount of money Australians spend online is expected to swell to around $10 billion over the next five years, prompting large and small stores to position themselves for a piece of the pie.

Australian shares extended earlier losses to close lower following negative leads from US and European markets.

Opposition Leader Tony Abbott has warned businesses not to invest in carbon offsets, because a future coalition government will rescind the carbon tax.

The federal government has announced plans to update Australian copyright laws, to cope with the explosion of material published on the internet.

Iron-ore heiress Gina Rinehart has been given seven days to appeal a decision that refuses her bid to stop court action launched by her children over their multi-billion dollar family trust.

When Julia Gillard took over from Kevin Rudd last year, she set herself three key goals.

Jetstar has warned that prolonged industrial action by check-in staff could affect the budget airline's ability to offer low fares.

The federal opposition will back the government if it intervenes in the increasingly bitter row between unions and Qantas.

Protesters say they will target "war criminals and parasites" among Commonwealth leaders meeting in Perth later this month.

The Australian share market opened lower as investors looked beyond a potential plan from France and Germany to fix the embattled eurozone.

PanAust has downgraded its earnings guidance and adjusted its production forecast due to lower copper prices and extreme rainfall at its Phu Kham operation in Laos.

The International Monetary Fund (IMF) has warned Australia and its Asia-Pacific neighbours that policymakers face a "delicate balancing act" between concerns over the global growth outlook and stil

The Australian share market closed higher, with investors displaying greater confidence the eurozone was on track to resolve its debt crisis soon.

Prime Minister Julia Gillard says that having a robust economy that creates jobs doesn't come by accident.

Australia's biggest iron ore producer Rio Tinto has set a new quarterly record for sales of the steelmaking commodity.

Mining-focused engineering contractor Macmahon Holdings has been placed in a trading halt at the request of the company.Macmahon last traded at 63 cents.

The high speed national broadband network will still be completed on time despite delays in the rollout of the $35.9 billion project across Australia, a parliamentary inquiry has been told.

The first major step towards national work safety laws has been passed by federal parliament's lower house.

Western Areas has rejected speculation it may buy Kagara Ltd's Lounge Lizard nickel mine in Western Australia, despite the asset lying within Western Areas' main project area.

The Australian dollar has gained ground after the release of better than expected Australian employment figures.

A Sumatran orangutan born and bred at Perth Zoo will be released into a protected rainforest in Indonesia to help re-establish a population of the endangered species in the wild.

Apple has won a Federal Court battle to halt rival Samsung from selling its latest computer tablet, the Galaxy Tab 10.1.

Qantas has announced it is grounding five aircraft and cutting up to 100 domestic flights a week as a result of ongoing industrial action.

Regulators and governments can help avoid financial market meltdowns sparked by credit booms like the global financial crisis in 2008, an Australian central bank official says.

The competition watchdog has indicated it will clear Virgin Australia's partnership with Singapore Airlines, saying the deal will benefit consumers.