US Stock prices closed substantially higher overnight despite sizeable swings on Wall Street.

SYDNEY, Feb 21 (Reuters) - Australian miner Iluka Resources Ltd ILU.AX said its net profit in 2007 more than doubled, in line with previous guidance, but it expected a sharp drop in earnings in 2008 due to adverse currency effects.

MELBOURNE, Feb 21 (Reuters) - Telstra Corp Ltd TLS.AX, Australia's largest phone company, beat expectations with a 13 percent increase in first-half profit, helped by rapid mobile phone and broadband subscriber growth, and lifted its 2008 guidance.

WELLINGTON, Feb 21 (Reuters) - New Zealand electronic retail card spending rose in January, data showed on Thursday, but it was mainly driven by higher fuel prices and is unlikely to alter the view that consumer spending is cooling.

SYDNEY, Feb 21 (Reuters) - Australian gaming group Tabcorp Holdings Ltd TAH.AX said on Thursday first-half profit fell 3 percent, hit by an outbreak of horse influenza, and warned of potential tougher trading conditions ahead.

SYDNEY, Feb 21 (Reuters) - Australia's Fairfax Media Ltd FXJ.AX said on Thursday its first-half net profit rose 37.8 percent, helped by a strong performance at its regional businesses which offset weak markets in major cities.

BRUSSELS (AFP) - The European Trade Union Confederation (ETUC) launched a drive for higher wages on Wednesday, arguing that corporate fat cats were ill-placed to call for moderation.

WASHINGTON (AFP) - US consumer prices rose a slightly stronger-than-expected 0.

LONDON (AFP) - The dollar picked up some lost ground Wednesday after higher-than-expected US inflation data undercut the accepted view that the US central bank will be able to continue cutting interest rates sharply.

The following substantial shareholder notices were made to the Australian Stock Exchange (ASX) yesterday.

One of Australia's largest unions says a national parental leave scheme would encourage workforce participation and productivity.

ABUJA (AFP) - Russian gas giant Gazprom is optimistic that talks with the Nigerian authorities will result in a deal worth more than seven billion dollars, a Gazprom executive said Wednesday in Abuja.

WASHINGTON (AFP) - The Federal Reserve on Wednesday slashed its 2008 US economic growth forecast by a half point to a range of 1.3 to 2.0 percent, citing the housing slump, tight credit and higher oil prices.

NEW YORK (AFP) - The global Chinese telecommunications company Huawei suffered a setback Wednesday as US technology group 3Com and private equity firm Bain Capital said their proposed merger plan had hit a hurdle.

WELLINGTON, Feb 21 (Reuters) - Auckland International Airport Ltd AIA.NZ, New Zealand's largest airport and subject of a & #36;1.4 billion partial takeover bid by a Canadian fund, reported a 3.9 fall in first-half net profit on higher costs and

SYDNEY, Feb 21 (Reuters) - Australian shares may rise on Thursday, rebounding from steep falls posted in the previous session, after upbeat earnings pushed U.S. stocks higher, while energy firms may gain after oil prices hit a fresh record.

News Corp has approached the four major record labels about launching an online music service through its popular MySpace social networking site.

WELLINGTON, Feb 21 (Reuters) - Auckland International Airport Ltd AIA.NZ, New Zealand's largest airport and subject of a & #36;1.4 billion partial takeover bid by a Canadian fund, reported a 3.9 percent fall in first-half net profit on higher costs

Queensland Premier Anna Bligh says her state faces particular difficulties in dealing with climate change.

LONDON (AFP) - Global mining giant Anglo American on Wednesday said its 2007 net profit jumped 18 percent to 7.30 billion dollars (4.96 billion euros), boosted by high output and soaring metals prices.