Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has dropped as air strikes in Syria pushed investors toward haven assets.

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At 0630 AEST on Wednesday, the local currency was trading at 88.43 US cents, down from 89.00 cents on Tuesday.

And the Australian share market looks set to open lower after Wall Street endured its third straight day of losses.

At 0645 AEST on Wednesday, the December share price index futures contract was down 34 points at 5,371.

ELSEWHERE:

GENEVA – Global commerce is set to expand by 3.1 per cent this year, the World Trade Organization has said, cutting its previous forecast of 4.6 per cent due to weak growth and demand.

BRUSSELS – Business activity in the 18-nation eurozone slowed further in September, a key survey shows, adding to concerns that a timid economic recovery could be close to stalling.

WASHINGTON – US business groups have blasted as counter-productive the government’s moves to curb tax inversion mergers that allow a company to escape US taxes.

WARSAW – The Warsaw stock exchange, central Europe’s leading market, says it has decided to put the brakes on a possible merger with its Vienna-based counterpart.

FRANKFURT – One of Deutsche Bank’s co-heads, Juergen Fitschen, has been charged with attempted fraud linked to the bank’s long-running legal battle with the Kirch media group, prosecutors say.

NEW YORK – The chairman of BNP Paribas plans to resign in the aftermath of the French bank’s record $US8.9 billion ($A9.6 billion) fine for violating US sanctions.

MOSCOW – Russian politicians have given overwhelming backing to a bill that, if passed, would limit foreign ownership in Russian media to 20 per cent, impacting several media critical of Russian President Vladimir Putin.

NEW YORK – The Procter & Gamble is selling its Iams and Eukanuba brands in Europe to Spectrum Brands, shedding the remaining parts of its pet care business.

DEERFIELD, Illinois – CF Industries is in preliminary talks with Norway’s Yara International about a possible merger that would create a mammoth player in the fertiliser industry.

THE HAGUE – Philips has announced it will split in two, separating its healthcare-lifestyle division from the historic lighting business in a dramatic streamlining move by the 120-year-old electronics giant.

LONDON – Aircraft maker Airbus hopes to get certification for its new long-haul A350 model by the end of September, its Chief Executive Officer Fabrice Bregier says.

NEW YORK – Coke, Pepsi and Dr Pepper say they’ll work to reduce the calories Americans get from beverages by 20 per cent over the next decade by more aggressively marketing smaller sizes, bottled water and diet drinks.

DETROIT – Cadillac is moving its headquarters to New York next year to be closer to more people living lives of luxury.

SHANGHAI – US technology giant Microsoft will launch its Xbox One in China on September 29, becoming the first game console to enter the market in 14 years.

Posted by at 27/03/2019
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