Finance news you need to know today

CREDITORS of the embattled Ten Network will meet for the first time with administrators in Sydney within a fortnight as takeover rumblings continue.

THE Australian market looks set to open higher, ignoring the negative lead of Wall Street where the technology stocks slump has worsened, and major international bourses fell virtually across the board. At 0700 AEST on Friday, the share price futures index was up 19 points, or 0.33 per cent, at 5,723.

Meanwhile, the Australian dollar has fallen below 76 US cents, losing the strong gains made following better-than-expected jobs data showing that the unemployment rate had fallen to a four-year-low of 5.5 per cent. The local currency was trading at 75.78 US cents at 0700 AEST on Friday, from 76.08 on Thursday.

WORLD FINANCE UPDATE:

LONDON — The Bank of England has decided to keep its main interest rate at a record low of 0.25 per cent as the economy weakens ahead of Britain’s departure from the European Union.

LONDON — The British government says talks to leave the European Union will start on Monday, as planned.

PRAGUE — The European Union’s door remains open to Britain although the country is likely to continue in its divorce proceedings after voting to leave the bloc a year ago, European Commission First Vice President Frans Timmermans says.

LUXEMBOURG — Greece says a deal ending months of an impasse on its bailout program offered markets greater clarity on future debt re-profiling for the indebted country and ease its return to debt markets.

WASHINGTON, D. C. - The US Senate nearly unanimously backs legislation to impose new sanctions on Russia, and to force President Donald Trump to get Congress’ approval before easing any existing sanctions on the nation.

NEW YORK — Nike wants to be more nimble on its feet.

LONDON — A major IT failure that caused travel chaos for tens of thousands of British Airways passengers last month will cost its parent company IAG GBP80 million ($AU134.96 million), its chief executive says.

THURSDAY HIGHLIGHTS:

LABOUR FORCE — A surprise surge in full-time employment has driven Australia’s jobless rate to a four-year low and could spark some decent growth in long-stagnant wages, economists say.

TEN — Creditors of the embattled Ten Network will meet for the first time with administrators in Sydney within a fortnight as takeover rumblings continue around the broadcaster.

TELSTRA — New South Wales and Victoria will be hit the hardest by the 1,400 job cull flagged by Telstra, a move unions describe as an “ambush” on workers.

SCENTRE — Australian consumers aren’t broke but are being more selective about the products they buy, according to the man in charge of the country’s Westfield shopping centres.

SANTOS — Santos chief executive Kevin Gallagher says Australia is not facing a gas shortage and has attacked government “distractions” and failure to support new development for high prices now threatening industry and household budgets.

COMMBANK — Commonwealth Bank has offered a total $29.1 million in compensation to customers who lost out as a result of its poor financial advice or incorrectly imposed fees.

ARRIUM — A Korean consortium has emerged as the likely new owner of troubled steelmaker Arrium after being chosen as the preferred bidder by the Whyalla-based company’s administrators.

SPOTLESS — Engineering and maintenance firm Downer EDI says it has lifted its interest in takeover target Spotless Group to nearly 30 per cent as Spotless continues to urge its shareholders to reject Downer’s offer.

BELLAMYS — Shares in Bellamy’s have lifted as the infant formula supplier resumed trading after completing the first phase of a $60.4 million capital raising.