Finance news you need to know today

COMMERCIAL free-to-air networks are calling for the scrapping of children’s and preschool content quotas due to dwindling young audiences.

THE Australian share market looks set to open lower, with investors expected to mimic Wall Street’s lead where stocks ended little changed. At 0700 AEST on Friday, the share price futures index was down 11 points, or 0.19 per cent, to 5,688 points.

Meanwhile the local currency has held on to its gains, supported by broad US dollar weakness and a partial recovery in Australia’s key commodity prices following steep declines in April and May. At 0700 AEST on Friday, the local currency was worth 79.57 US cents, up from 79.24 US cents on Thursday.

WORLD FINANCE UPDATE:

WASHINGTON — The latest version of US Senate Republicans’ legislation to repeal and replace the Affordable Care Act would leave 22 million Americans without health insurance coverage by 2026, the US Congressional Budget Office says.

WASHINGTON — Exxon Mobil showed “reckless disregard” for US sanctions on Russia while Secretary of State Rex Tillerson was the oil giant’s CEO, the Treasury Department says as it handed down a $US2 million ($A2.5 million) fine.

WARSAW — Polish politicians have passed a bill which allows parliament to appoint Supreme Court judges, defying objections from lawyers, opposition leaders and the European Union which says the move undermines democracy and the rule of law.

SAN FRANCISCO — Entrepreneur Elon Musk says he’s received “verbal government approval” to build an underground transport hyperloop between New York and Washington, DC, although he did not say who gave the approval or how any such project would proceed.

LONDON — Britain’s culture secretary says she needs more time to consider Twenty-First Century Fox’s takeover bid for the Sky pay television and broadband network.

BRUSSELS — EU and British negotiators have ound some common ground at the end of a first full round of Brexit talks but big differences remain over citizens’ rights and uncertainty persists over the financial settlement and the Irish border.

THURSDAY HIGHLIGHTS:

MYER — Myer boss Richard Umbers remains committed to his “wanted brands” strategy despite the retailer suffering a $46 million hit from the collapse of its Topshop experiment and continuing pain from fashion label sass & bide.

LABOUR FORCE — Continuing strength in full-time employment has strengthened hopes of a turnaround in Australia’s jobs market.

SANTOS — Santos has lifted its full year production and sales guidance after higher liquefied natural gas prices contributed to an improved quarterly performance.

TV BROADCASTERS — Commercial free-to-air networks are calling for the scrapping of children’s and preschool content quotas, with dwindling young audiences and restrictive advertising making shows difficult to fund.

BELLAMYS — Shares in embattled infant formula maker Bellamy’s fell sharply as they resumed trading after the surprise suspension of a key Chinese regulatory licence for its newly acquired canning facility.

ARRIUM — Australia is not the industrial nation that it should be with the natural resources it possesses, the British billionaire industrialist who has rescued Australian steelmaker Arrium says.

ACCC BROADBAND — The competition watchdog says a lack of transparency around national broadband speeds is hurting the industry and has placed retailers on notice that they may be penalised for misleading claims.

ANSELL — Ansell is confident of further growth and will spend as much as $US100 million ($A126 million) over the next three years as it heads into its condom-free future.

WOODSIDE PETROLEUM — Oil and gas giant Woodside Petroleum’s production dropped 6.6 per cent in the second quarter of 2017 due to outages at some of its facilities and a lower share of pipeline gas from the North West Shelf.

SOUTH32 — Shares in South 32 have fallen after the diversified miner’s annual production of many commodities, including coal, dropped and the company missed its full- year production guidance on some of them.

EVOLUTION — Evolution Mining has lifted output and cut costs in the June quarter, helping it easily hit full-year production and cost guidance.