Finance news you need to know today

RECESSION-HIT Venezuela’s imports plunged by more than half in 2016 as the nation prioritised debt payments despite chronic product shortages.

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

1. SYDNEY — The Australian dollar has rebounded as its US counterpart slipped overnight following weak US labour market data. The local currency was trading at 73.61 US cents at 0635 AEDT on Tuesday, up from 73.08 US cents on Monday.

2. SYDNEY — Meanwhile, the Australian share market is set to open lower, after Wall Street stocks declined following a slide in oil prices. At 0700 AEDT on Tuesday, the local SPI 200 futures contract was down 22 points at 5,753 points.

3. BERLIN — The European Union must consider limiting Britain’s access to its single market if London fails to accept the bloc’s four freedoms in Brexit negotiations, German Chancellor Angela Merkel said on Monday.

4. WASHINGTON — US consumers increased their borrowing in November at the fastest pace in three months, the Federal Reserve has said.

5. CARACAS — Recession-hit Venezuela’s imports plunged by more than half to nearly $18 billion in 2016, President Nicolas Maduro said on Monday, as the nation prioritised foreign debt payments despite chronic product shortages.

6. DETROIT — Volkswagen AG suffered a new setback on Monday when an executive was charged with conspiracy to defraud the United States over the company’s diesel emissions scandal and the automaker was accused of concealing the scandal from regulators.

7. PARIS — Airbus is set to post an eight per cent rise in deliveries for 2016, beating expectations, after a sprint to the finish line that narrowed the gap with archrival Boeing, according to industry experts and records of aircraft movements.

8. GLASGOW — Scotland’s First Minister has ruled out holding a second referendum on independence this year.