AAP

Rare earth miner Lynas Corporation says it is stockpiling two rare earth metals and limiting sales to its strategic partners because of price volatility amid the US-China trade war and a slowing global economy.

The Australian Taxation Office (ATO) is planning to visit around 700 small businesses in Broome, Cable Beach, Derby and Kununurra, Western Australia in August as part of the agency’s work to tackle the black economy and protect honest businesses from those doing the wrong thing.

Oil prices inched up on Friday, ending the week higher after stronger-than-expected US economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply.

Gold prices rose on Friday after slipping to more than one-week lows in the previous session as soft US inflation numbers offset better-than-expected second-quarter economic growth that kept bets alive for an imminent interest rate cut.

The Australian share market has finished broadly lower, despite gains for the mining and energy sectors.

Aurora Capital has abandoned its planned takeover of Yowie Group and says it would instead support winding up the Australian chocolatier if management cannot plot a convincing near-term turnaround strategy.

The Australian share market has opened lower, with utilities the only sector able to make any early gains.

RBA flags low rates for years

Oil prices edged higher overnight supported by rising tensions between the US and its allies and Iran and a big decline in US crude stockpiles, but gains were capped due to lingering worries about slowing economic growth that could reduce fuel demand.

Gold fell one per cent overnight to touch a one-week low as robust US economic data outweighed the European Central Bank's decision to hew to an accommodative monetary policy, with investors focusing on next week's Federal Reserve meeting.

The Australian share market has moved higher for a third straight day, with the All Ordinaries index breaking through its all-time peak set nearly a dozen years ago.

Newcrest Mining says its gold output rose 4.2 per cent in the fourth quarter as production at its Cadia and Lihir mines ramped up.

The All Ordinaries index has hit an all-time high before retreating as the Australian share market opened slightly higher.

Oil prices fell one per cent overnight, failing to draw lasting support from a large decrease in US crude stockpiles as investors worried about global oil demand.

Gold gained overnight en route to snap a three-session losing streak on expectations the US Federal Reserve and other major central banks would adopt a dovish approach to monetary policy while silver soared to a more than one-year high.

The Australian share market has surged on hopes the US and China will reached a trade deal, with the All Ordinaries index hitting its highest closing price ever.

Oil rose to almost $US64 overnight, jumping late in the session after the head of US Central Command said the United States may have taken down a second Iranian drone over the Strait of Hormuz last week.

Gold inched down overnight to its lowest level in a week as a robust US dollar offset weak US economic data, and investors awaited clearer signals on the Federal Reserve's trajectory for interest rates.

The Australian share market has finished broadly higher with all sectors posting gains.

At least three institutional investors in Australia are pushing for global miner BHP to consider external candidates to replace Andrew Mackenzie as new CEO, sources with direct knowledge of the matter say.

Oil prices rose more than one per cent overnight as investors worried about possible supply disruptions in the energy-rich Middle East after Iranian forces seized a British tanker last week.

Gold prices steadied overnight after a sharp fall in the previous session, as investors waited for the US Federal Reserve's decision on interest rates at its meeting next week.

The Australian share market has edged lower, with traders apparently feeling cautious on a number of fronts.

Australia's top bureaucrat has cleared former ministers Julie Bishop and Christopher Pyne of any potential misconduct over jobs they have accepted since retiring from federal politics.

The Western Australian government has suspended its tourism campaign featuring MasterChef's George Calombaris after he was fined for underpaying restaurant workers by almost $8 million.

The Australian share market is lower at the start of a new week with mining and energy the only sectors to gain any ground.

Oil prices rose about one per cent at the end of last week, supported by rising tensions between the United States and Iran, even as concerns that slowing economic growth could dent global oil demand cast a cloud.

Gold dipped more than one per cent at the end of last week as the US dollar firmed and investors took profits after prices briefly surpassed $US1,450 to hit a six-year peak on dovish signals from the US Federal Reserve and is still on course for a second week of gains.

The Australian share market has rallied to end a mostly lacklustre week a tad higher than where it began, thanks to gold miners and the big banks.

National Australia Bank has tasked former Commonwealth Bank of Australia retail boss Ross McEwan with rebuilding the bank's battered reputation as its new chief executive and managing director.

Oil fell about 2.5 per cent a barrel overnight, weighed down by weakness in US equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week's hurricane in the region.

Gold prices held steady overnight, holding close to a two-week high, as the US dollar eased on rising expectations of an interest rate cut by the US Federal Reserve.