AAP

Shares in Coal & Allied surged more than 27 per cent after Rio Tinto and Mitsubishi Development made an informal takeover proposal for the NSW-based miner.

JB Hi-Fi Ltd shares have opened more than four per cent lower after the company reported a 7.55 per cent decline in full year net profit.

The Australian share market had clawed back some losses at noon after Standard and Poor's downgraded the United States credit rating for the first time in history over the weekend.

Treasurer Wayne Swan says Australia's economy is in good shape and can cope with the worst the world can throw.

The Dow Jones Industrial Average gained 0.54 per cent on Friday to close at 11,444.61 after a roller-coaster day on the markets, ending the week with steep losses.

PM calls for calm amid global financial turmoil – The West; Metal price plunge hits home – The West; Retailers push for IR shake-up – The Fin; Apache Energy warns of spiralling WA gas price – The Fin; WA lashed over safety failure in gas blast – The Fin

Grounded airline Tiger Airways Australia should know by the end of next week whether it can resume flights, after a court hearing on the suspension was again adjourned.

The federal government should abandon plans to introduce a carbon tax while international markets are in turmoil, Acting Opposition Leader Julie Bishop says.

Oil prices extended sharp losses to near $US86 a barrel in Asia amid expectations a slowing global economy will weaken demand for crude.

Australia will be "failing in humanity" if it sends unaccompanied asylum seeker children to Malaysia, Western Australian Premier Colin Barnett says.

Australian construction activity stayed in the doldrums in July, largely due to weak levels of new work and poor consumer confidence, a report shows.

Treasurer Wayne Swan has moved to soothe investors' nerves amid plunging global share markets, saying Australia is a world apart from the situation in Europe and the United States.

The central bank has warned that debt crises in Europe and the US could unravel in a disorderly way and drag on Australia's economic growth.

Marine life in Australia's southwest is not protected by the federal government's proposed marine parks, scientists say.

Australian shares remained around four per cent lower at noon as fears of a new global economic crisis gripped the local market.

The Australian dollar dropped more than two US cents overnight as fears rise over the US economy and the European sovereign debt crisis deepens.

The Dow Jones Industrial Average plunged 4.3 per cent yesterday, its worst one-day drop since the financial crisis, as global markets melted down over fears of a new economic downturn.

Labor rules out online retail tax – The Fin; Synergy posts $6.5m loss as costs bite – The West; Premier keen on third party to develop Anketell – The West; WA power dispute snares Indian billionaire – The West; An up and down day for the mining giant – The Fin

Once every three months, Australia's central bank has a golden opportunity to make perfectly clear what it has in mind for interest rates.

Federal Deputy Opposition Leader Julie Bishop has collected signatures in downtown Perth for a petition calling for a national plebiscite on the proposed carbon tax.

The Australian share market extended its losses, falling for the second consecutive day, to its lowest finish in 11 months amid worldwide investor concern about the faltering US economy.

Rio Tinto's fast growing iron ore mining operations in the Pilbara were the key driver behind a 30 per cent increase in first-half net earnings to a record $US7.6 billion ($A7.1 bill

There are strong grounds for lowering the tax-free threshold on products bought online from overseas but scrapping it altogether is not worthwhile, the Productivity Commission says.

A mine that will tap into the richest known deposit of rare earths in the world has been officially opened in the northern Goldfields by Premier Colin Barnett.

Gindalbie Metals has signed a rail access agreement that paves the way for WestNet rail to undertake a $450 million upgrade of the 200 kilometre rail line from Morowa to Geraldton

Mortgage sales fell 3.7 per cent in July, on fears of an interest rate rise and the carbon tax, a major broker says.

The federal government should support national heritage listing for the Kimberley to balance out a planned gas hub near Broome, the council representing traditional owners says.

Construction and contracting giant Leighton Holdings has improved its earnings guidance for 2010-11, as it reports stronger confidence that it can complete the Brisbane Airport Link project on time

Duet Group says it expects to pay a distribution of 16 cents per security in 2011/12 as it suspends its distribution reinvestment plan while it goes to the market to raise $277 million in new capit

Shares in Rio Tinto-owned Energy Resources of Australia slumped almost six per cent as the uranium miner posted a first half loss after suspending operations at its Ranger Mine on above average rai

The Australian share market remained cautious at open today, after Wall Street finished slightly higher in overnight trade despite further disappointing data.