Finance news you need to know today

THE positive side of China’s currency devaluation has begun to shine through, with the Australian dollar slightly higher as a result.

A teller counts yuan banknotes in a bank in Lianyungang, east China's Jiangsu province on August 11, 2015. China's central bank on August 11 devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and bolster the world's second-largest economy. CHINA OUT AFP PHOTO

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

1. SYDNEY — The Australian dollar is one US cent higher, as traders start to see the positive side of China’s currency devaluations. At 0700 AEST on Thursday, the local unit was trading at 73.76 US cents, up from 72.62 cents on Wednesday.

2. SYDNEY — The Australian share market looked set to open higher, after US stocks recovered from the dramatic falls on the back of China’s devaluation of its currency. At 0716 AEST on Thursday, the September share price index futures contract was up 23 points at 5,322.

3. WASHINGTON — The US government ran a much higher budget deficit in July than a year ago, but it’s still on track for the lowest full-year deficit in eight years.

4. NEW YORK — Credit rating agency Standard & Poor’s has praised China’s devaluation of its currency and said the move did not threaten a currency war.

5. NEW YORK — Chinese e-retail giant Alibaba says it more than doubled net profit to $US4.97 billion ($A6.8 billion) in the first quarter thanks to exceptional gains, but sales growth was less than expected.

6. ATHENS — Greek Prime Minister Alexis Tsipras says he is confident his debt-crippled nation will secure loan support from a third international bailout heading for parliamentary approval this week.

7. LONDON — Britain’s government has urged shops at airports to lower the prices of tax-free items as a campaign for passengers to refuse to show their boarding cards over the issue gathered pace.