Finance news you need to know today

HOME and car insurance premiums are expected to rise by up to five per cent next year because the cost of repairs are higher.

Get ready for insurance premium hikes.

THE Australian market looks set to open flat after an uninspiring mixed session on Wall Street At 0700 AEST on Friday, the share price futures index was down one point, or 0.02 per cent, at 5,664.

Meanwhile, the Australian dollar has lifted against a weaker greenback. The local currency was trading at 79.49 US cents at 0700 AEST on Friday, from 79.28 on Thursday.

WORLD FINANCE UPDATE:

LONDON — The Bank of England kept interest rates at a record low again on Thursday and cut its forecasts for growth and wages as it warned that Brexit was weighing on the economy.

WASHINGTON, DC — The number of Americans filing for unemployment benefits fell last week, pointing to a tightening labour market that likely keeps the Federal Reserve on course to announce plans next month to start reducing its massive bond portfolio.

SAN FRANCISCO — Tesla Inc has jumped 6 per cent as its quarterly report fuelled bets that its new Model 3 sedan will propel the luxury electric car-maker into the mainstream.

NEW YORK — A key sales figure has fallen at Yum Brands’ Pizza Hut chain in the second quarter though its other brands KFC and Taco Bell performed better.

BATTLE CREEK, US — Americans care more about belly health than low-calorie diets, according to cereal maker Kellogg.

THURSDAY HIGHLIGHTS:

CBA — Commonwealth Bank has been accused of more than 53,000 breaches of laws put in place to combat money laundering and the financing of terrorism.

SUNCORP — Home and car insurance premiums are expected to rise by up to five per cent next year because the cost of repairs are higher, Suncorp says.

FRAUD — Businesses are being urged to up their online protection, with 78 per cent of card fraud occurring online, a new report has found.

ACCC HOLDEN — Holden has promised the competition watchdog it will review and refund customers who were issued warranties that failed to deliver guarantees required under consumer law.

ACCC NIPPON — A Japanese shipping company has been convicted of criminal cartel conduct and ordered to pay a $25 million fine, the second-highest in the competition watchdog’s history.

TRADE — Australia’s trade surplus narrowed to $856 million in June, from a $2.02 billion surplus in May.

KATHMANDU — Strong winter sales growth in Australia and New Zealand has boosted outdoor clothing retailer Kathmandu’s full year profit by as much as 13.4 per cent.

ENERGY SANTOS — Top energy industry executives have blamed poor policy by state and federal government for driving domestic electricity and gas prices higher.

API — Shares in Australian Pharmaceutical Industries have plunged after operator of Priceline pharmacies and health and beauty stores lowered its profit growth forecast because customers have been spending less.

CROWN — Billionaire James Packer has formally returned to the board of casinos operator Crown Resorts, just over 18 months since he stood down to focus on the casino operator’s development projects.

FLIGHT CENTRE — Flight Centre has continued its expansion strategy, acquiring a travel operator based in Canada’s Quebec province for an undisclosed sum.

WATTLE HEALTH — Infant formula supplier Wattle Health Australia will raise up to $12.4 million to fund a recent acquisition and joint venture.