Finance News Update, what you need to know


The Australian dollar has drifted back below 94 US cents following positive economic data out of the US.


At 0630 AEST on Monday, the local currency was trading at 93.96 US cents, down from 94.15 cents on Friday.

And the Australian share market looks set to open lower after Wall Street tumbled following some disappointing earnings reports in a move that some analysts attributed to profit taking.

At 0645 AEST on Monday, the September share price index futures contract was down eight points at 5,522.


MOSCOW – The Russian central bank has moved to shield the country’s economy from tightening Western sanctions over Ukraine, raising its main interest rate in a bid to forestall a resurgence of capital flight.

WASHINGTON – Durable goods orders in the US rebounded in June from a sharp fall in May, boosted by a jump in defence aircraft orders, official data shows.

LISBON – The Portuguese parliament has passed new public sector wage cuts in a bid to meet its target of reducing the deficit.

MOSCOW – Nearly a quarter-century after McDonald’s startled and delighted Soviets with their first taste of US fast-food culture, the company is facing a law suit that could ban it from selling some of its signature products.

DETROIT – The US government’s highway safety agency has decided to seek further information from General Motors about air bag failures in some Chevrolet Impala full-size cars.

LONDON – Rupert Murdoch’s media empire 21st Century Fox has struck a mega deal with British satellite television group BSkyB to create a pan-European pay-TV giant.

SAN FRANCISCO – Audio technology veteran Bose Corporation is suing Beats Electronics over patented technology for cancelling noise in earphones.

LONDON – Anglo American has announced a tripling of first-half profits as the global miner shrugged off disruptions caused by strikes at platinum mines in South Africa.

BEIJING – The top one per cent of households in Communist-ruled China control more than one third of the country’s wealth, while the bottom 25 per cent control just one hundredth, official media said, citing an academic report.