AAP

The solar-energy industry has warned that Western Australia's solar panel installers could go bust by the end of the year after changes announced to the government's feed-in-tariff scheme.

Shares in Australia's big banks have come under heavy selling pressure as short-sellers take their toll, attracted by banks' lending vulnerability amid a two-speed economy.

Prime Minister Julia Gillard remains concerned about a West Australian government plan to increase mining royalties on iron ore and says the issue remains up for discussion.

Junior minerals explorer Blackthorn Resources says mining giant BHP Billiton has terminated the Mumbwa joint venture partnership, withdrawing from the copper-gold project in Zambia.

BP says loading times at its Port Hedland fuel terminal in Western Australia have been cut by 40 per cent.

Agribusiness Elders has posted a $14.6 million first half loss, smaller than a year ago, and lowered its forecasts for full year underlying profit.

Virgin Australia is the latest airline to announce a new fare structure, reducing the number of fare options from five to three.

Australian shares have opened lower due to a weak lead from Wall Street and concerns about Europe's debt woes.

Stocks closed broadly lower for a third straight week on signs that US consumer demand may be weakening.

The Australian dollar was slightly lower after a sharp sell off in the euro on Friday night sparked by further Greek sovereign debt worries.

Capex surge puts heat on rates – The Fin; MUA 'is holding nation to ransom' – The Aus; Bid to bar Serco on cleaning contract – The Aus; Qantas plans to cash in on mining boom – The Fin; $40m Budget injection speeds up City Square – The West

Tiger Airways says its Australian operations will focus on flying profitably rather than growth in fiscal 2012, after natural disasters pushed the airline's business Down Under to a full year loss.

Australia's geothermal sector has responded to criticism it is not progressing fast enough, saying major new geothermal projects can take as long to develop as a liquefied natural gas plant.

The Australian share market closed moderately weaker, dragged down by materials stocks as investors digested lower base metals prices and the West Australian government's iron ore royalty hike.

Dairy farmers say Wesfarmers has acted with extreme arrogance in refusing a request from shareholders to hold an extraordinary general meeting to discuss Coles' ongoing milk price war.

Mining companies should fight the West Australian government for raising royalty rates like they fought Canberra over the mining tax, federal Resources Minister Martin Ferguson says.

Fortescue Metals Group has announced a maiden iron ore reserve estimate of 716 million tonnes (Mt) for the first stage of its Solomon Hub in Western Australia.

ANZ Banking Group signed another agreement with a major Chinese bank as it ramps up attempts to capture trade flows and cross-border deals between China, Australia and New Zealand.

West Australian Premier Colin Barnett is not worried that his budget may cause frustration for federal Treasurer Wayne Swan.

Australian shares have opened lower, with resources stocks weighing on the market after falls in commodity prices.

Prime Minister Julia Gillard says Western Australia will get less money for major projects and in GST payments following tax changes by the Barnett government.

The Australian dollar is trading higher this morning, benefiting from weakness in the US currency.

Utility price rises overshadow 'people's Budget' – The West; Swan threat to rip $2bn from WA – The West; Business leaders hit out at 'lack of vision' – The Aus; Turnbull parades his ambitions – The Fin; Builders warn of $6000 hit to homes – The Aus

US stocks overcame disappointing economic data on Thursday and ended the day in positive territory, while a dazzling market launch by LinkedIn revived dreams of another dot-com boom.

Western Australia's peak tourism body says the state budget's $15 million allocation for events will provide a major boost for a sector struggling in the two speed economy.

A national savings fund is needed to curb the federal government's "orgy of spending" and reap the full benefit from mining boom mark two, shadow communication spokesman Malcolm Turnbull says.

Australian shares posted a third straight day of gains as stronger commodity price gave rise to more optimistic views on the prospects for a global economic recovery.

Pallets supplier and documents manager Brambles continues to target an annual operating profit of around $US760 million ($A715.9 million), after sales in the nine months to the end of March lifted five per cent.

James Hardie Industries has signalled a return to paying dividends and good profits in the Asia-Pacific, even though the key US housing market will remain flat and costs will rise.

Treasurer Wayne Swan can't say yet where the compensation for families under the carbon tax will cut out, and it won't necessarily be at $150,000.

Fortescue Metals Group has had its corporate credit rating raised to B+ by Standard & Poor's Ratings Services, based on the iron ore producer's steady production rate.

After two budgets which were dominated by what the opposition labelled "savage" increases in electricity prices, the West Australian government is set to bring out its more charitable side.