AAP

Iron ore miner Fortescue Metals Group has booked a seven-fold increase in first half net profit and says it has an exciting future in a strengthening iron ore market.

Cape Lambert Resources says it took advantage of a dip in its share price on Thursday to implement an on-market share buy-back that was flagged in October.

Shares in James Hardie Industries fell four per cent after the company slashed its full year guidance after reporting a third quarter loss of $US26.4 million ($A26.15 million).

The Australian sharemarket opened lower today, dragged down by the banks and unimpressed by a resurgent US economy.

US stocks finished higher on Thursday after a strong manufacturing report overshadowed a bigger than expected rise in the number of people applying for unemployment benefits.

The Australian dollar has opened almost one US cent higher today, following the release of a raft of US economic data and high commodity prices.

ASIC to probe allegations of $100m fee siphoning–The Aus; Banking giant pays $83m for Wellard stake-The West; Chevron defends record on local content-The Aus; Forrest sweats on Federal Court ruling–The Aus; Santos plays down LNG move despite find-The West

Wesfarmers says milk sales at its Coles supermarkets have risen by about 15 to 20 per cent since it began a price war on the consumer staple to achieve customer loyalty.

Qantas Airways says the airline group will buy 10 new planes and lease a further 18 aircraft by the end of 2012/13 to support expansion and growth.

Administrators have been appointed to the retail group that operates the Borders and Angus & Robertson bookstores, Australia's largest booksellers.

The Australian dollar ended the local session higher ahead of the US Federal Reserve Chairman Ben Bernanke's testimony on the economic outlook before the American Senate.

AMP says the year ahead remains uncertain for the wealth manager despite overcoming market volatility and consumer caution to post a five per cent increase in full year net profit.

The Australian sharemarket closed at a two-and-a-half-year high on Thursday, propelled by signs of recovery in the United States economy and positive company earnings reports.

Wesfarmers has confirmed its potential interest in acquiring Australia's biggest ammonia producer, Burrup Fertilisers, which is in receivership.

Virgin Blue Holdings says it's increasing the fuel surcharge for flights to the US and is also lifting its baggage charges.

Demand for seamless globalised trading platforms is relentless and governments should be aware of this when approving ownership of bourses, ASX Ltd's chief executive says.

Union boss Paul Howes has hit out at critics of his aggressive campaign against Rio Tinto, dismissing a federal cabinet minister as "immature" and unnamed critics as "gutless bastards".

Iron Ore explorer Brockman Resources has received final environmental approvals to develop its flagship Marillana ron Ore Project in Western Australia.

Wesfarmers says it increased first half profit 33 per cent as it continues to be optimistic about the future performance of its retail businesses.

The Australian sharemarket was stronger in opening trade, following positive leads on Wall Street overnight.

Oil and gas producer Santos has reported a 15.2 per cent increase in full year net profit on higher prices for the fuels.

Bunnings Warehouse Property Trust has bought 10 Bunnings Warehouses and three properties to be developed for $241.7 million.

The Australian dollar has opened higher this morning, as weaker than expected US economic data saw the greenback lose value.

Barnett lays down the law on Oakajee – The Fin; Wesfarmers a suitor for Burrup Fertilisers – The Aus; Oswal tries to rescue shipping company – The Fin; Aspen men lose Margaret River project - The Fin; London law behemoth scoops up Perth firm – The West

Qantas Airways has signalled a double-digit increase in capacity across its group of airlines after posting a fourfold lift in first half net profit led by its mainline operations.

Solid earnings from computer maker Dell helped lift US stock markets Wednesday and as traders also welcomed an upbeat economic assessment from the Federal Reserve.

The Australian dollar ended the local session weaker and back below parity with the US dollar after Prime Minister Julia Gillard said she would not alter the proposed mining tax on super profits.

West Australian Premier Colin Barnett says the federal government's mining tax is still the "most hopeless piece of public policy" despite BHP Billiton announcing a record half-yearly profit.

West Australian Premier Colin Barnett should drop compulsory acquisition of land for a gas hub after a court ruling cleared the way for a negotiated deal, the Kimberley Land Council says.

Australian Workers Union boss Paul Howes is "out of touch" and trying to recreate the "glory days" of the union movement in his attack on Rio Tinto, West Australian Premier Colin Barnett says.

The Australian sharemarket was flat on Wednesday with investors taking profits after BHP Billiton announced a massive profit.

Cameron Mansell, the man accused of murdering Perth millionaire Craig Puddy, has fired his legal team for the second time.