Finance news you need to know today

HERE are eight things making news in business and finance around the world today.
 

Google Vice President Tom Hutchinson, left, and President of Google Europe, Middle East and Africa, Matt Brittin, give evidence to the British government Commons Public Accounts Committee.

1. WASHINGTON — Federal Reserve Chair Janet Yellen has returned to Congress with a brave face amid a worsening meltdown in global markets and growing scepticism the US central bank can carry out its long-planned pivot to “normal” monetary policy.

2. WASHINGTON — Fewer Americans applied for unemployment benefits last week in a sign of a stable job market despite the slowing global economy hitting stocks and commodities.

3. ALBANY, New York — US federal and state authorities have announced a $US3.2 billion ($A4.51 billion) settlement with Morgan Stanley over bank practices that contributed to the 2008 financial crisis, including misrepresentations about the value of mortgage-backed securities.

4. MILAN — Italian prosecutors are investigating at least three managers at Alphabet Inc’s Google as part of a probe into the company’s suspected evasion of taxes worth 227 million euros ($A360 million), investigative sources say.

5. NEW YORK — Shares of Boeing Co have plummeted after a report said the US Securities and Exchange Commission is investigating the aircraft manufacturer’s accounting.

6. PURCHASE, New York — PepsiCo says revenue for its North American snacks and drinks units rose in the fourth quarter, boosted by pricing.

7. LONDON — English Premier League soccer club Manchester United showed its commercial strength when it raised its core earnings expectations for the year as it posted a 26.6 per cent rise in quarterly revenue.

8. WASHINGTON — International Monetary Fund chief Christine Lagarde has been nominated for a second term as the agency’s managing director.