AAP

Engineering firm UGL's first half profit has slumped by 53 per cent due to $25 million in costs from a restructure.

US stocks have closed decisively higher following strong reports on consumer confidence and the housing market.

 A sharp jump in global miner Rio Tinto's debt has led to a downgrade in its credit outlook by ratings agency Standard & Poor's.

 The Australian dollar has closed relatively flat as investors hold out to see how European markets react to Italy's election results.

The Australian Greens and the federal coalition both want Labor's mining tax subjected to another Senate inquiry, but for entirely different reasons.

Travel agency Jetset Travelworld will continue to cut costs while it considers ways to boost business.

The Australian share market has closed lower but pared back earlier heavy falls.There were losses among the miners and big banks as investors took profits after recent gains.

Qantas has rejected former prime minister Malcolm Fraser's claim it interfered in the case of two Australian businessmen languishing in detention in Dubai.

QBE Insurance will cut hundreds of staff as it streamlines its global operations, but insists there will be no mass redundancies.

Developer Cedar Woods Properties expects a record profit this year after the Western Australian housing market underpinned a big jump in first half earnings.

Former Premier Ray O'Connor, who was jailed for six months in the mid 1990's as part of the WA Inc scandal, has died.

The Reserve Bank of Australia says it has scope to cut interest rates, if needed, to offset the effect of the high Australian dollar.

Residents in parts of Port Hedland in Western Australia are being urged to leave their homes now, as Severe Tropical Cyclone Rusty intensifies as it approaches the coast.

Atlas Iron is confident enough about iron ore demand to press on with production growth this year despite low prices contributing to a heavy full year loss.

Virgin Australia's first half profit has slumped by 56 per cent but it expects to improve its underlying performance despite challenging economic conditions.

The Australian sharemarket has opened almost 1.5 per cent weaker as former Italian prime minister Silvio Berlusconi's strong electoral showing sparked fears of eurozone instability.

Seven Group Holdings has flagged a rise of up to 20 per cent in full year profit despite being cautious about current trading conditions.

The Australian dollar has closed lower in response to disappointing Chinese manufacturing data.

Lawyers are preparing to mount a class action against Vodafone after years of complaints about the telecommunications provider.

Perth Zoo's big animals may be moved to a larger site, Premier Colin Barnett has confirmed.

The Australian share market has closed higher as investors continued to feel optimistic despite weaker manufacturing data from China.

The average price of petrol has hit a 10-month high.

 The federal opposition in the Senate has put forward a motion of no confidence in the Labor government for its handling of the mining tax.

The Australian Greens say the federal government is likely to run out of time to introduce major media reforms, including a large regulator for the sector, ahead of the election.

Western Australia appears set to follow Victoria and opt out of Julia Gillard's proposed Gonski school reforms, if Premier Colin Barnett is re-elected in March.

At least $13 billion is needed to reduce congestion at Australian airports to cope with increased demand from Asia.

In the face of a high dollar, Australian tourism chiefs are turning to multi-billion-dollar business events to lure more foreigners - and their cash - to our shores.

Tropical Cyclone Rusty has been upgraded to a category two and is moving slowly towards the Pilbara coast but it's unclear when or where it will hit land.

Ten Network Holdings shares are up in early trade as market players express hope that new management may improve the struggling free-to-air broadcaster's performance.

Caltex Australia has returned to profitability as its refining businesses showed the results of recent structural changes.

Nurses have accepted an in-principle offer of a 14 per cent pay increase over three years from Premier Colin Barnett, putting an end to bed closures and further strike action.

The Australian sharemarket has opened higher as investors continuing to chase high yielding stocks.