Bluescope Steel has hit back at criticism that more than $3 in bonuses paid to executives was partly a reward for restructuring that led to 1,000 sackings.

The chief executive of bionic ear-maker Cochlear received a pay rise of nearly 17 per cent in 2011.

Australian shares rose 1.5 per cent as investors clung to comments from French and German leaders that Greece's future was "in the eurozone".

Myer expects its annual profit to fall by up to 10 per cent in the current fiscal year as it endures the worst retailing environment in 30 years.

Thousands of workers at Freeport-McMoran's gold and copper mine in eastern Indonesia have begun a month-long strike over a wage dispute.

Facebook plans to wait until late next year before going public, the Financial Times reports.