Finance news you need to know today

THE world’s most iconic front page could soon be very different. Time Magazine is considering a merger with a troubled tech giant, Bloomberg reports.

TIME MAGAZINE COVER Baltimore riots

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

1. SYDNEY — The Australian dollar has lost some steam after the recent recovery in oil and equities fizzled out. At 7am on Wednesday, the local unit was trading at 72.16 US cents, down from 72.29 cents on Tuesday.

2. SYDNEY — The Australian share market is about one per cent lower after a sharp slide in oil prices prompted selling on Wall Street. At 10.20am, the benchmark S&P/ASX200 index was down 58 points, or 1.16 per cent, at 4,921.6 points. The broader All Ordinaries index was down 53 points, or 1.05 per cent, at 4,986.1 points.

3. HOUSTON — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business.

4. FRANKFURT — Mars Inc has recalled chocolate bars and other products in 55 countries, mainly in Europe, after a piece of plastic was found in a Snickers bar in Germany, the US confectionery maker says.

5. LONDON — Deutsche Boerse and the London Stock Exchange are taking a fresh run at a merger that would create a large European exchange operator potentially capable of facing down strong competition from the United States and Asia.

6. WASHINGTON — US consumer confidence has fallen to the lowest level in seven months as worries about a slowing economy and tumbling stock prices take a toll.

7. WASHINGTON — US home sales crept upward in January, a sign that demand for housing remains strong amid signs of slower growth across the broader economy.

8. WASHINGTON — US bank earnings jumped 11.9 per cent in the final three months of 2015 compared with the previous year on rising revenue, and legal expenses declined as some big banks wound down legal settlements that arose from the financial crisis.

9. DETROIT — Uber is once again facing tough questions about safety after one of its drivers was charged with murder.

10. NEW YORK — Magazine publisher Time Inc is considering a deal to merge with struggling internet company Yahoo, Bloomberg has reported, citing people familiar with the matter.