Finance News Update, what you need to know


The Australian dollar is at a three-week high following higher-than-expected inflation figures.


At 0630 AEST on Thursday, the local currency was trading at 94.56 US cents, up from 94.40 cents on Wednesday.

And the Australian share market looks set to open higher after a mixed performance on Wall Street where the S&P 500 reached a record high.

At 0645 AEST on Thursday, the September share price index futures contract was up 17 points at 5,544.


MOSCOW – Shrugging off the threat of additional Western economic sanctions, Russian officials have indicated the 2014 growth forecast is likely to be doubled.

WASHINGTON – The International Monetary Fund has lowered its US economic growth forecast for 2014 after severe winter weather in the first quarter delivered a sharp contraction.

MADRID – The Spanish economy has grown at its strongest rate for six years in the second quarter of the year, expanding by 0.5 per cent from the previous three months, the country’s central bank says.

NEW DELHI – The World Bank has offered India up to $US18 billion ($A19.5 billion) in financial support in the next three years, while lavishly praising new right-wing premier Narendra Modi’s “ambitious vision” for the country.

PARIS – Swiss bank UBS has been charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said.

NEW YORK – General Motors has announced six recalls covering nearly 718,000 vehicles in the US, adding to its recall tally after an ignition-switch auto safety scandal.

FRANKFURT – German auto giant Daimler, maker of Mercedes-Benz and Smart cars, has reported a sharp rise in second-quarter underlying profit driven by record sales in its luxury car division.

WASHINGTON – US aerospace and defence giant Boeing has raised its full-year profit outlook after a strong second quarter that saw profit soar 52 per cent on higher jetliner deliveries.

LONDON – British drugmaker GlaxoSmithKline has slashed its 2014 profits forecast as second-quarter earnings sank on the back of weak US trade, adverse currency moves and a Chinese bribery probe.

SAN FRANCISCO – Facebook’s quarterly profit has more than doubled amid big gains in ad revenues and a jump in users.

TOKYO – Bitcoin investors have voiced anger after the first creditors’ meeting for failed Tokyo trading exchange MtGox, whose spectacular collapse hammered the digital currency’s reputation and left a trail of unanswered questions.