Late dash drives shares higher

Chamber of Commerce and Industry WA chief economist Dana Mason says growth continues to be uneven across industries, with resources and resources-related sectors performing strongly, nevertheless small businesses and consumer-related companies suffering from low consumer confidence.

BusinessDay's Brian Robins notes in this analysis - Power prices out of whack - that distributors in Victoria have been doing nicely, even as service levels decline.

12.47pm: Optus is going to the High Court to appeal the decision that stopped its nearly-live streaming service to its mobile phone clients.

A fortnight ago the federal court stopped the service which streams sport to clients phones because it constituted a breach of copyright. Telstra, the AFL and the NRL had taken the telco to court arguing the TV Now service was robbing them of revenue. The rights holders had between the millions of dollars at stake in rights fees and advertising revenue.

“We believe the TV Now case is in the extreme important in deciding the future for research, consumer choice and competition. Increasingly, developments like cloud computing will see Australians using applications held online and wanting to store online to put it more exactly than just using fixed hardware based in the home," Optus CEO Paul Sullivan says.

11.17am: Rio boss Tom Albanese quips that the company's iron ore business in the Pilbara is the best business in the entire world, expect for maybe the production of Apple Ipads.

11.13am: Rio is as well repeating its mantra about Australia being a hard place to do business afterwards shareholders have asked where Australia ranks as an investment destination.

11.09am: More from Rio Tinto... chief executive Tom Albanese has praised mining magnate Nathan Tinkler for the way he turned a former Rio asset into a lucrative business play.

‘‘Overall, we are somewhat more confident than six months ago, just in case to which I believe our strong balance sheet will serve to strongly underpin our business in the face.’’

The result for the year to March 31 has been unveiled as Optus, which is owned by Singapore Telecommunications, announced its fourth quarter net profit as well rose 2.1 per cent to $267 million. Nevertheless, earnings dipped 1.1 per cent in the quarter to $2.296 million.

9.38am: As well this morning, Rupert Murdoch's News Corporation reported a 47 per cent lift in third-quarter net profit to $US937 million as improved revenues from cable TV networks and films more than offset lower revenues from newspapers. In afterwards-market trade, News Corp shares were up 4.4 per cent at $US20.25, afterwards closing at $US19.38 on the Nasdaq.

9.32am: For a comprehensive look at this morning's business news, check today's need2know and the business press digest. Here are the key markets links for today: