AAP

Unions claim victory in Pilbara – The Fin; Study shows giants' tax break – The West; CFMEU sets up fighting fund – The Fin; States in call to stall new OHS laws – The Aus; Only a 'trickle' of Indon beef - The West

Australian shares closed sharply lower on concerns the US government may default if an agreement cannot be reached on raising its debt ceiling.

Federal Treasurer Wayne Swan says it will be in everyone's interest for a speedy resolution of US budget issues.

Explosives and fertilizer maker Orica has reaffirmed that profit in fiscal 2011 will be higher than that reported in 2010.

The company behind clothing stores Just Jeans, Jay Jays, Jacqui E and Portmans has downgraded its earnings outlook and announced the closure of as many as 50 underperforming shops.

The carbon tax could force thousands of tourism businesses to close and cost tens of thousands of jobs, an industry group says.

A poll suggesting voters are warming to Labor's carbon tax is the result of a taxpayer-funded advertising blitz, the federal opposition says.

A rise in producer prices confirms there is pressure on consumer prices, at least in the short term.

Fortescue Metals Group will remain profitable if the iron ore price slumps by $US100 a tonne, new chief executive Neville Power says.

Beef producer Australian Agricultural Company (AACo) does not expect the live cattle trade to Indonesia to resume quickly, but is still expecting a profitable year.

Grains marketer and maltster GrainCorp has boosted its malting operations, agreeing to buy maltster GermanMalt GmbH & Co KG for an enterprise value of about $77 million.

Australian stocks opened weaker, as weakness among industrials and energy companies dragged the broader-market lower after a mixed lead from offshore.

Mixed earnings reports -- with General Electric and McDonald's beating expectations, while Caterpillar fell short -- held back US markets on Friday, though Microsoft gave Nasdaq a solid boost.

The Australian dollar was trading higher, as traders await an announcement from the US on the ongoing debt ceiling negotiations.

Markets on a knife-edge – The Aus; Investors face tough profit season – The Fin; Murchison looks for deal to save company – The West; Shell move clouds Woodside's Sunrise – The Fin; Miners 'soaking up limited resources – The Aus

Some Western Australian politicians say introducing an adults-only classification for games will expand moral boundaries and make it difficult to monitor games children play.

Shares in Austar United Communications plunged 18 per cent after the competition regulator said Foxtel's takeover bid for the regional pay television provider could substantially lessen competition

Consumers will pay comparable prices for entry level access to internet services on the National Broadband Network, but superfast connections will cost up to $2,280 per year.

Import and export price figures show the terms of trade most likely hit a new high in the June quarter.

Treasurer Wayne Swan says the sooner Europe and the United States resolve they debt issues, the better it will be for everybody.

Commonwealth Bank of Australia's chief executive-designate, New Zealander Ian Narev, flagged a "high degree of continuity" for the bank's strategy when he replaces compatriot Ralph Norris on Decemb

The Australian share market opened higher today, after European leaders struck a new deal to manage the sovereign debt issue.

US stocks rallied on Thursday as eurozone leaders clinched a deal to bail out Greece, boosting financial stocks that had been battered in recent weeks by fears of a European debt crisis.

The Australian dollar is one US cent higher this morning, after Eurozone leaders agreed overnight to a deal that will grant Greece a new bailout.

WA gas must rise 40pc: Alinta – The Fin; NBN fees to start at $60 a month – The Aus; Privacy 'no risk to free press' – The Aus; Eclipse takes landfill levy fight to court – The West; Property prices still falling – The West

The corporate watchdog has unlicensed lenders in its sights as it seeks to crack down on those who are yet to gain full approval to provide credit services.

Police Minister Rob Johnson says the upcoming Commonwealth Heads of Government Meeting has nothing to do with the government's "fair and generous" pay rise offer to police.

Global insurer QBE Insurance Group has split its Australia Asia Pacific business into two because of the rapid growth of its operations in the region.

Australia is not at risk from the debt crisis spreading through Europe or the looming debt default in the United States, a senior official from an international organisation says.

The Australian share market closed slightly higher, bolstered by news that Europe had moved a step closer to resolving its debt crisis.

Newcrest Mining has met its full year production targets after all of its mines contributed to a 16 per cent rise in June quarter gold output.