Finance news you need to know today

AUSTRALIA’S biggest dairy processor, Murray Goulburn, has posted full-year loss of $371 million amid plummeting milk supplies.

THE Australian market looks set to open more than half a per cent higher after Wall Street lifted following a Politico report that was positive on the Trump administration’s progress with its economic policy. At 0700 AEST on Wednesday, the share price futures index was up 32 points, or 0.56 per cent, at 5,745.

Meanwhile, the Australian dollar has fallen against its strengthened US counterpart. The local currency was trading at 79.12 US cents at 0700 AEST on Wednesday, from 79.40 on Tuesday.

WORLD FINANCE UPDATE:

PARIS — Tourist visits and revenues are up sharply in the Paris region, tourism authorities say as they released figures for the first half of 2017.

LOS ANGELES — Donning a cape and saving the universe continues to be good for Chris Hemsworth’s bank account.

LOS ANGELES — George and Amal Clooney are donating $US1 million ($A1.3 million) to fight hate groups.

TUESDAY HIGHLIGHTS:

BHP BILLITON — BHP Billiton has flagged an exit from its troubled US shale assets and bumped up returns to shareholders as stronger commodities prices helped it post a solid return to profitability.

MURRAY GOULBURN — Australia’s biggest dairy processor, Murray Goulburn, could have become a takeover target as plummeting milk supplies pushed the business to a full-year loss of $371 million.

TEN NETWORK — Ten Network says it did not tell shareholders that James Packer was pulling the plug on his financial support for the troubled broadcaster because his backing was not a factor in its share price.

SEVEN GROUP — Seven Group Holdings shares have surged despite a profit slump as the diversified group found new revenue supplying parts to the mining industry and gained $540 million selling its Westrac China business.

SYDNEY AIRPORT — Sydney Airport has posted its strongest growth in passenger numbers in 12 years, with 21 million passing through the airport in the first six months of 2017.

INGHAMS — Recently listed poultry producer Inghams Group has achieved a better-than- expected annual profit of $59 million, due partly to the supermarket battle over roast chickens.

GREENCROSS — Greencross admits it is not immune to Amazon but believes its shift towards putting veterinary clinics inside pet care stores will give it a strong competitive advantage.

AMCOR — Amcor more than doubled its annual profit to $US597 million ($A752 million) after acquisitions dominated a year of strategic restructuring.

OIL SEARCH — Oil Search has recorded a fourfold increase in half year profit due to higher oil and gas prices and cost reductions.

VIRTUS — Fertility services group Virtus Health is confident ageing first-time mothers and more single women and same sex couples wanting to have children will support its long term growth, as it deals with a recent drop in demand.

CONSUMER ANZ — Consumer confidence has fallen to its lowest level since mid-2015 with households concerned about lacklustre wages growth and seemingly ever-rising energy costs.

MONADELPHOUS — Engineering services firm Monadelphous Group’s annual profit has fallen 14 per cent as competition and reduced spending by customers put pressure on its margins.