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.

Finance news you need to know today

1. SYDNEY — The Australian dollar is holding steady in quiet trade ahead of the Christmas holiday period. At 0700 AEDT on Thursday, the local unit was trading 72.41 cents, level with its local close on Wednesday.

A Takata airbag inflater. Some inflaters have been prone to explosions.

2. SYDNEY — And the Australian market looks set to open higher, following gains of around one per cent on Wall Street. At 0649 AEDT on Thursday, the March share price index futures contract was up 64 points at 5,162.

3. WASHINGTON — A gauge of US business investment plans fell in November and the prior month’s increase was revised sharply lower as the drag on manufacturing from a strong dollar and spending cuts in the energy sector showed little sign of abating.

4. LONDON — Britain’s economy grew less strongly than previously thought in much of 2015, according to official data that is likely to surprise the Bank of England as it ponders when to raise interest rates.

5. WASHINGTON — US transportation officials say they have confirmed an eighth US death due to an explosive airbag made by Japanese car parts maker Takata.

6. BELEK, Turkmenistan — Turkmenistan on Wednesday completed a pipeline that can ship gas from the world’s second largest gas field to the West or, alternatively, boost eastbound shipments to China and, in future, to Pakistan and India.

Today's Finance News

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

BHP Billiton boss Jac Nasser says it remains "robust and resilient".

1. SYDNEY — The Australian dollar has retraced some of its losses made after expectations of a November rate cut increased following the Commonwealth Bank’s interest rate hike. At 0630 AEDT on Friday, the currency was trading at 72.11 US cents, up from 71.96 cents on Thursday.

2. SYDNEY — And the Australian share market looks set to open higher after US and European shares lifted on raised expectations the European Central Bank may announce more economic stimulus following a December policy stance review. At 0645 AEDT on Friday, the December share price index futures contract was up 82 points at 5,314.

3. WASHINGTON — New claims for US unemployment insurance benefits held near a 42-year low last week, adding evidence to beliefs that the US job market is tightening.

4. WASHINGTON — The US housing market, a bright spot in the economy, showed resilient growth in September as existing-home sales rebounded even as tight supply and rising home prices curb demand.

5. MADRID — Spain’s jobless rate has fallen to a four-year low, official data shows, giving Prime Minister Mariano Rajoy’s conservative government a boost in its hard-fought battle to retain power in December elections.

6. LONDON — Despite resource shares being under pressure, BHP Billiton remains “robust and resilient” chairman Jac Nasser has told the company’s AGM in London.

7. RIO DE JANEIRO — Brazilian mining giant Vale, the world’s largest iron ore producer, has reported a sharp drop in third quarter earnings despite cost-cutting, in a reflection of the global economic slowdown and Brazil’s currency depreciation.

8. NEW YORK — McDonald’s has reported higher third-quarter earnings on better US sales and said the strong results were evidence the company was making progress on its turnaround.

Today's Finance News

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

Global computer disk drive leader Western Digital

1.SYDNEY — The Australian dollar has dropped, following Chinese equities down. At 0630 AEDT on Thursday, the currency was trading at 72.13 US cents, down from 72.50 cents on Wednesday.

2. SYDNEY — And the Australian share market looks set to open lower following a mixed performance on international markets overnight. At 0645 AEDT on Thursday, the December share price index futures contract was down 26 points at 5,213.

3. NEW YORK — Coca-Cola’s profit and revenue fell in the third quarter as the world’s biggest drink maker booked charges related to its cost-cutting push and took a hit from the strong dollar.

4. NEW YORK — Shares of supercar maker Ferrari rocketed as high as $US60 ($A82.60) as they first traded on the New York Stock Exchange, 15 per cent above the IPO price of $US52.

5. LONDON — China has vowed to take a one-third stake in Britain’s first nuclear power plant in decades in a project led by French energy giant EDF, on the second day of President Xi Jinping’s business-themed state visit.

6. NEW YORK — Global computer disk drive leader Western Digital has announced it will pay $US19 billion ($A26.16 billion) for flash memory specialist SanDisk, the latest mega-deal in computer storage.

7. NEW YORK — Boeing earnings soared in the third quarter and the company has hiked full-year forecasts as aircraft deliveries picked up to record levels on its huge backlog of orders.

8. NEW YORK — General Motors has reported slightly lower third-quarter profits as the costs of ignition-switch litigation settlements offset strong profits in North America.

9. NEW YORK — YouTube has announced a new paid-subscription service that will eliminate advertisements as the video service behemoth looks to better tap its vast commercial potential.