Finance news you need to know today

JAY Z’s fortunes jumped 30 per cent last year to give him an estimated net worth of $1.1 billion, but it was not enough to dethrone Sean “Diddy” Combs.

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

1. SYDNEY — The Australian market looks set to open higher as the dust settles on the federal budget and following a mixed lead from Wall Street. At 0701 AEST on Thursday, the share price futures index was up 12 points, or 0.2 per cent, at 5,883.

2. SYDNEY — Meanwhile, the Australian dollar is hardly changed against its US counterpart, losing earlier gains. The local currency was trading at 73.54 US cents at 0700 AEDT on Thursday, from 73.56 on Wednesday.

3. BEIJING — China’s April producer price inflation cooled more than expected in a sign manufacturing activity may be losing momentum along with other sectors of the economy.

4. DALLAS — Boeing is suspending test flights of a new commercial aeroplane because of possible problems with a key engine part.

5. NEW YORK — Jay Z’s fortunes jumped 30 per cent last year to give him an estimated net worth of $810 million (A$1.1b), but it was not enough to dethrone Sean “Diddy” Combs from the top of Forbes’ annual list of the world’s wealthiest hip-hop artists.