Finance news you need to know today

SUNCORP and Allianz will be forced to repay almost $63 million to customers who were sold “junk” insurance when buying cars.

THE Australian share market looks set to open comfortably higher after a strong positive lead from Wall Street with the Dow heading for its first close above 26,000 points. At 0700 AEDT on Thursday, the share price futures index was up 15 points, or 0.25 per cent, at 5,975.

Meanwhile, the Australian dollar has lifted half a US cent and is clinging to the upside of 80 US cents. The local currency was trading at 80.06 US cents at 0700 AEDT on Thursday, from 79.51 on Wednesday.

WORLD FINANCE UPDATE:

LONDON — Britain’s lower house of parliament approved a bill to sever ties with the European Union, handing the legislation over to the upper chamber where it may face a more difficult journey.

SAN FRANCISCO — Facebook will conduct a new, comprehensive search of its records for possible propaganda that Russian operatives may have spread during the run- up to Britain’s 2016 referendum on EU membership.

FRANKFURT — Deutsche Bank expects to move fewer staff than some senior officials had expected from London following Britain’s departure from the European Union.

LONDON — Britain needs to allow more time for firms to take on the 8,500 workers whose jobs are threatened by the demise of Carillion, unions claim as Prime Minister Theresa May faced criticism for the way the UK government outsources public services.

LONDON — Britain’s Rolls-Royce is considering the sale of its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as part of a restructuring of the company into three core units.

NEW YORK CITY — Apple will make about $US38 billion ($A53 billion) in tax payments on its overseas cash and plans to open a second US campus as part of a five-year, $US30 billion US investment plan.

LONDON — Bitcoin slid to $US10,000 ($A14,000) for the first time since December 1, leaving the cryptocurrency to close down by half from its peak hit last month.

GENEVA — Donald Trump’s view of world trade will be challenged next week when he visits the World Economic Forum (WEF) at Davos, judging by a paper seen by Reuters that is aimed squarely at his “America First” stance.

WEDNESDAY HIGHLIGHTS:

SIRTEX — Sirtex Medical shares have surged after the liver cancer treatment specialist flagged improved first-half earnings and a turnaround in second-half sales.

A2 MILK — Dairy producer The A2 Milk Company is dramatically expanding its business in the United States, rolling out its products across the northeast of the country to give it a presence in 5,000 stores nationwide.

HOUSING FINANCE — The number of first-home buyers has continued to rise but investors have retreated from the property market, official home loan approvals figures show.

SOUTH32 — Diversified miner South32 has boosted its expectations for South Africa manganese production and maintained full-year guidance for all other products after a solid first-half performance.

ASIC INSURANCE — Insurers Suncorp and Allianz will be forced to repay almost $63 million to thousands of customers who were sold worthless or near-worthless insurance add- ons when buying cars at dealerships.