Finance news you need to know today

BILLIONAIRE investment guru Warren Buffett has suffered a blow to his massive fortune, with his company Berkshire Hathaway reporting a 37 per cent drop in its second-quarter profit.

FILE - In this May 5, 2014 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. The stock price of Warren Buffett's Berkshire Hathaway company has topped $200,000 for the first time. Class A shares of Berkshire jumped past the milestone to an all-time trading high of $201,625 Thursday morning, Aug. 14, 2014. (AP Photo/Nati Harnik, File)

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

1. OMAHA, Nebraska— Warren Buffett’s Berkshire Hathaway has reported a 37 per cent drop in its second-quarter profit as the paper value of its investments fell and its insurance companies reported an underwriting loss.

2. SYDNEY— The Nine Network has won the rights to broadcast NRL games from 2018 to 2022 in a deal worth $925 million. Nine Entertainment Group will pay $185 million a year to broadcast four live games a week as well as the finals series, State of Origin and other special event matches.

3. SYDNEY— JB Hi-Fi will launch a $15.2 million share buyback after lifting its full year profit 6.35 per cent following a big increase in second half sales.

4. SHANGHAI— China’s foreign trade performance worsened in July with both exports and imports falling on an annual basis, customs says, spelling more worry for the world’s second-largest economy.

5. BEIJING— Consumer inflation in China rose to 1.6 per cent in July as downward pressure on prices eased further in the world’s second-largest economy.

6. WASHINGTON— The US economy churned out solid job growth in July that looks likely to leave the Federal Reserve on track for an interest rate increase this year.

7. ATHENS— Greece and its creditors have resumed talks in Athens, with both sides indicating that the terms of a third bailout will be finalised in short order.

8. MUMBAI— Apple iPhone manufacturer Foxconn has agreed to invest $US5 billion ($A6.8 billion) on a new factory in the western Indian state of Maharashtra, in what is seen as a major boost for Prime Minister Narendra Modi.