AAP

Australian stocks have opened stronger following news China will lift controls on lending interest rates.

Western Australia remains the top performing economy in the nation, while the ACT has jumped into second position as its jobs market improves.

The Australian dollar has gained some ground after China's central bank said it would lift controls on lending interest rates, allowing financial institutions to set them.

US stocks ended mixed on Friday after strong earnings from some industrial companies were countered by feeble results from Microsoft and other technology companies.

The Australian share market has ended the week with a fall as negative sentiment across Asia prompted a selloff in local resources stocks.

Billabong is facing a challenge to its recapitalisation deal with private equity firm Altamont from two US hedge funds seeking to strike their own deal with the troubled surfwear retailer.

Customs officers and West Australian police are attempting to intercept an asylum seeker boat heading towards the Pilbara coast after it sailed near an oil and gas facility.

Analytical testing services group ALS has raised $112 million from institutional investors as it seeks to complete the funding for its takeover of two businesses.

Proposed changes to fringe benefits tax (FBT) will make the tax system fairer and more sustainable, Workplace Relations Minister Bill Shorten says.

Shares in explosives and mining industry supplier Orica have tumbled after it reduced it full-year profit guidance by 10 per cent.

Santos has cut its production forecasts, but higher gas prices have helped boost the energy company's revenue.

The Australian share market has opened almost a third of a per cent higher.

The Dow and the S&P 500 have closed at new record highs on robust corporate earnings reports and the latest reaffirmation of the Federal Reserve's easy-money policy.

The Australian dollar is higher despite losses overnight following the release of strong US data.

Treasurer Chris Bowen says the end of the Chinese resources investment boom is a challenge but not a crisis for Australia.

The Australian share market has again nudged above the 5,000 point mark but fell away in afternoon trade to end only slightly higher.

Labor's candidate for the federal seat of Perth has disputed claims by transport minister Troy Buswell about the CityLink rail project.

Woolworths is bracing for its home improvement division to lose $139 million as the building sector struggles and wage costs blow out.

Rail operator Aurizon will cut more jobs under plans to make $230 million in cost savings and productivity gains over the next two years.

Energy giant Woodside Petroleum has suffered a fall in sales revenue due to the temporary closure of one of its facilities.

The Australian share market has opened half a per cent higher.

The Australian dollar is higher after US Federal Reserve chairman Ben Bernanke said the tapering of economic stimulus was not on a preset course.

US stocks rose after Federal Reserve Chairman Ben Bernanke said the Fed's policy on tapering its bond-buying program was not on a "preset course."

The Australian dollar edged higher ahead of US Federal Reserve chairman Ben Bernanke's appearance before the US Congress.

The Australian share market has closed slightly lower as investors wait for an update on economic stimulus measures in the US from that country's top central banker.

Chinese overseas investment leapt 29 per cent to $US45.6 billion ($A49.62 billion) in the first half of 2013, with major increases in the Australian and US markets. Data from China's commerce ministry on Wednesday shows overseas investment increased significantly in the period, with money flowing into Australia up 93 per cent from last year.

Engineering company Downer has had its blasting services contracts in the mining sector extended for $230 million.

A sharp drop in confidence among medium-sized businesses can be blamed on uncertainty ahead of the federal election, a survey says.

The federal government is hinting it may recall parliament to consider its plan to dump the carbon tax and replace it with an emissions trading scheme.

Shares in ailing surfwear retailer Billabong are riding a wave after news chief Launa Inman will step down as part of a deal with a US private equity group to help refinance its debts.

Iluka Resources' revenue from its mineral sands operations has dropped 42 per cent in the first half of 2013 after lower prices forced it to cut production.