AAP

BHP Billiton has delivered a better than expected half year profit based on cost cutting rather than commodity prices while predicting the good times to continue.

Gold and silver have hit fresh multi-month highs on the European spot market, although analysts say there are near-term risks to further gains.

The Australian dollar has lost a bit of ground in quiet overnight trade with US markets closed for the Presidents' Day public holiday.

Western Australians could go back to the polls as early as next month after the High Court could not declare who was elected to the WA Senate because of lost votes.

Businesses are hopeful that better times are ahead, but at the moment small firms in particular are facing an upward struggle.

Australian shares have finished higher, buoyed by local earnings results and offshore gains.

Voters in Western Australia will find out tomorrow whether they will go to a fresh Senate election which could determine the fate of the Abbott government's agenda.

Engineering and property services group UGL is hopeful of growing earnings in 2014 despite fielding offers for its property business.

The Australian sharemarket has opened stronger due to record Chinese credit growth, a strong lead from Wall Street and better-than-expected domestic earnings season.

Trade Minister Andrew Robb says a free trade deal with Korea will be a big boost for Australia's struggling manufacturing and agricultural sectors, with massive tariff reductions making it much easier to compete.

Freight rail operator Aurizon has suffered a 39 per cent slide in first half profit due to asset writedowns and redundancy costs.

Gold has posted the biggest weekly gain since August as signs of a faltering recovery in the US economy boosts demand for precious metals as a haven.

US stocks have surged higher this week as investors were reassured by the Federal Reserve, cheered by a congressional move to raise the debt ceiling and undeterred by disappointing economic data.

The Australian dollar is higher as the prospect of a stable interest rate outlook helps investors shrug off last week's disappointing jobs figures.

The Australian share market closed higher following a good lead from US markets and encouraging company earnings reports.

Opposition leader Bill Shorten has attempted to rebuild bridges with Western Australia's major mining identities, admitting to past Labor mistakes while touting Perth as the iron ore capital of the

Australia's largest car and truck retailer has managed a small rise in half-year profit, as changes in its road transport operations weighed on earnings.

A third consecutive year of weak uranium prices has led to Paladin Energy's half-year net loss increasing to $US255 million.

Prime Minister Tony Abbott says he supports changing the law to allow Qantas to be majority overseas-owned, but won't be offering the airline a "free ride on the taxpayer".

The Australian share market has opened half a per cent higher after Wall Street shrugged off disappointing retail sales figures.

History is not a useful guide in predicting movements in the Australian dollar at the moment, a central bank official says.

Newcrest Mining has suffered an 88 per cent profit drop after being hit by a slide in gold prices, a massive tax bill and writedowns.

US stocks have closed higher, shrugging off some disappointing retail sales and jobless claims data.

Gold has posted the longest rally since July 2011, topping $US1,300 an ounce for the first time since November, after signs of faltering US economic growth added to the increasing investor appetite for haven assets.

The Australian dollar has risen after weak US economic figures raised hopes the US Federal Reserve might not increase the tapering of its economic stimulus program any time soon.

Premier Colin Barnett has warned more workers could lose their jobs this year, after the collapse of contractor Forge Group and a jump in the state's unemployment rate.

Mining giant Rio Tinto posted a full-year profit of $US3.7 billion in 2013, with large cost reductions and production records driving its underlying profit growth.

The Australian share market's run of gains has ended, due to mixed reactions to corporate profit reports.

Upmarket retailer David Jones has increased its sales in the three months to January 25 by almost five per cent to $618 million.

Australia's unemployment rate rose to 6 per cent in January, official figures show, the highest level since July 2003.

The Australian sharemarket has opened slightly higher after Telstra lifted its first half profit by almost 10 per cent.

Telstra has lifted its dividend for the first time in eight years after announcing a $1.7 billion profit.