Finance News Update, what you need to know

(Australian Associated Press)


WORLD FINANCE UPDATE:

The Australian market looks set to open fractionally in the red, after Wall Street closed little changed with stronger-than-expected US retail sales figures failing to counter disappointing results from retail stocks.

At 0700 AEST on Wednesday, the share price futures index was down five points, or 0.09 per cent, at 5,699.

Meanwhile, the Australian dollar has fallen further against its US counterpart, after a lift in the greenback following the strong retail sales data and a 1.4 per cent fall in the price of iron ore.

The local currency was trading at 78.23 US cents at 0700 AEST on Wednesday, from 78.47 on Tuesday.


ELSEWHERE:

WASHINGTON – US consumers went out shopping in a big way in July, pushing up retail sales by the largest amount in seven months.

LONDON – Britain’s Royal Bank of Scotland will cut almost 900 technology jobs at its London office by 2020, in its latest plan to reduce costs, the Unite union says.

NEW YORK – Amazon says it is selling debt to pay for its $US13.7 billion ($A17.5 billion) deal to buy organic grocer Whole Foods.

BERLIN – Germany’s second-biggest airline Air Berlin has filed for insolvency after its main shareholder Etihad halts financial aid.

DETROIT – Ride-hailing service Uber has agreed to protect customer data and audit the use of rider information in order to settle a complaint filed by the US federal government.

SAN FRANCISCO – A federal judge in San Francisco has ordered LinkedIn to stop blocking a startup company from scraping LinkedIn personal profiles for data.

LOS ANGELES – Andrew Liveris, the Australian chief executive of The Dow Chemical Company and a staunch ally of US President Donald Trump, is facing pressure to join the growing line of business leaders quitting the president’s American Manufacturing Council.

0

Like This