AAP

The first week of the corporate profit season shows a growing optimism among the big end of town but smaller players are being hurt by continuing consumer caution.

Investor dissatisfaction over what they say is an inadequate buyback proposal by Rio Tinto has led to the miner's shares losing ground on the London and Australian stock exchanges despite bumper profits.

Prime Minister Julia Gillard has proposed a 50-50 public hospitals funding arrangement with the states and territories.

Interest rates are not excessively restrictive but Australians are becoming more cautious about their funds, Reserve Bank of Australia governor Glenn Stevens says.

The Australian stock market opened lower this morning, after a poor lead from overseas markets.

Australia's biggest gold miner, Newcrest Mining, has more than doubled its first half net profit due to record gold production and higher commodity prices.

An investigation is underway after a vessel almost sank near the $43 billion Gorgon gas project on Barrow Island off Western Australia's northwest coast.

The Australian dollar was lower this morning, after better than expected US employment data brought investors back into the US dollar.

New deal rules out Belmont stadium – The West; Aspen has to retract on Del Borrello – The West; WA plea for boom-time jobs – The Fin; Regional town vision draws lukewarm response – The Fin; Little support for idea of Olympics in Perth – The West

Telstra and the company building the national broadband network have reached a deal pivotal to the rollout of the $40 billion project.

US stocks recovered to near break-even on Thursday as reports spread that Egypt's President Hosni Mubarak would resign, after being pushed down by bearish forecasts from Pepsi and tech companies Cisco and Akamai.

The Australian dollar was lower on Thursday following an uncertain reaction to local jobs data and how it could affect the direction of interest rates.

Parliament will investigate a milk price war after concerns the major supermarkets are attempting to drive out competition.

Telstra Corporation's push to win back market share has led to a steeper than expected fall in first-half net profit, even though it netted more than one million new customers.

After three gruelling months, the Australian Baseball League is ready to crown its inaugural champion.

Rio Tinto has beaten expectations with a near $US10 billion ($A9.93 billion) leap in annual earnings due to strong prices for its key products of iron ore and copper.

Australian shares have risen slightly, taking the All Ordinaries over 5,000 for the first time in 10 months, as investors waited on the release of Rio Tinto's first half result and analysed other profit reports.

Prime Minister Julia Gillard will get a national agreement on health and hospital reforms if she can separate the GST from the deal, West Australian Premier Colin Barnett says.

Backers of West Australian Labor leader Eric Ripper have been rewarded, with the leader of the reformed right-wing faction Michelle Roberts believed to have been handed the shadow treasury portfolio.

Leighton Holdings subsidiary Thiess and joint venture partner Siemens have won a five-year deal with Telstra worth $350 million.

A Brazilian steelmaker has increased its stake in Riversdale Mining, fuelling speculation of a potential stalemate in Rio Tinto's $3.9 billion takeover bid for the Africa-focused coal miner.

Qantas has rejected claims that the jobs of its pilots are under threat, after a union threatened strike action.

Australia's unemployment rate stayed steady at at two-year low of 5.0 per cent in January, despite the economic impact of the Queensland floods.

The federal government has welcomed an agreement between Telstra and the NBN Co finalising key commercial terms for the rollout of the national broadband network.

Iron ore miner Atlas Iron has amassed a controlling stake in iron ore explorer Giralia Resources NL.

The Australian stock market has opened flat after gains throughout the week, with small movements across the board.

US stocks have closed mixed in listless trading as investors shrugged off Federal Reserve chairman Ben Bernanke's testimony to Congress and merger and acquisition activity in the stock exchange sector.

The Australian dollar opened domestic trade lower today, as currencies struggled to find direction during a cautious offshore session.

Taj-on-Swan buyer emerges – The Fin; Grylls floats supertown plan to revive the bush – The West; Hatfull hits back at bid to oust him – The West; Wheatbelt farmers faced with soil getting drier – The Aus; Big WA gas find for Chevron – The Aus

The West Australian government's long awaited legislation for fixed-term elections is expected to be introduced next week nearly two and a half years after it was promised.

Australia's economic outlook looks bright, despite a gloomy background of developed economies struggling to shake off the effects of the global financial crisis.

The Australian bourse closed in the black for the third consecutive day after a better than expected profit result from Commonwealth Bank drove gains in the financial sector.