Finance news you need to know today

IKEA’S full-year net profit rose 19.6 per cent to $6 billion, the group says, citing growth in both mature and emerging markets.

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

1. SYDNEY — The Australian dollar has strengthened against its US counterpart and is once again heading toward 75 US cents. At 0700 AEDT on Thursday, the local unit was trading at 74.77 US cents, up from 74.34 cents on Wednesday, aided by the US currency’s decline against a basket of currencies and a rise in iron ore prices.

2. SYDNEY — The Australian share market looks set to open higher following a strong overnight lead from Wall Street and gains across Europe. At 0640 AEDT on Thursday, the local share price index was up 45 points, or 0.82 per cent, at 5,526.

3. WASHINGTON — A US bank regulator is ready to fail Wells Fargo on a national scorecard for fair lending, sources familiar with the decision say, in a move that could limit near-term expansion for the bank.

4. LONDON — It is inconceivable that Britain’s parliament would not be able to vote on the country’s final deal with the European Union, but that would not reverse the fact it is leaving the bloc, Britain’s Brexit minister David Davis says.

5. LONDON — British regulators fined US drug maker Pfizer and distributor Flynn Pharma a record STG89.4 million ($A151.3 million) for increasing the cost of an epilepsy drug by as much as 2600 per cent.

6. BRUSSELS — Credit Agricole, HSBC and JPMorgan Chase are being hit with a fine totalling 485 million euros ($A698 million) for market collusion, the European Commission says.

7. STOCKHOLM — Swedish furniture retailer Ikea’s full-year net profit rose 19.6 per cent to 4.2 billion euros ($A6.0 billion) dollars, the group says, citing growth in both mature and emerging markets.