Finance news you need to know today

GENERAL Motors will invest an additional $1 billion in its US factories and will move some production from Mexico to the US.

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

1. SYDNEY — The Australian dollar is higher against the US greenback, which fell after comments from US President-elect Donald Trump. The local currency was trading at 75.59 US cents at 0640 AEDT on Wednesday, up from 75.24 on Tuesday.

2. SYDNEY — The Australian share market is set to open lower following declines in U.S. and European stock markets. At 0640 AEDT on Wednesday, the local SPI 200 futures contract was down 10 points at 5,641 points.

3. LONDON — Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on Tuesday in a decisive speech that set a course for a clean break with the world’s largest trading bloc.

4. GLASGOW — The British government’s plan for leaving the European Union is “economically catastrophic” and Scotland must have the option of voting for independence if its views on Brexit are rejected, Scottish First Minister Nicola Sturgeon said.

5. WASHINGTON — General Motors Co on Tuesday confirmed it will invest an additional $1 billion in its U.S. factories in 2017 and will move some parts production from Mexico to the United States that was previously handled by a supplier.

6. MEXICO CITY — Seeking to boost its paltry tax take, Mexico’s government will offer those holding undeclared capital abroad a lower tax to repatriate it and invest it at home, a draft of the decree obtained by Reuters showed.

7. WASHINGTON — Rolls-Royce Plc agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and U.K. Serious Fraud Office said in statements Tuesday.

8. LONDON — British American Tobacco has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc, creating the world’s biggest listed tobacco company, after it increased an earlier offer by more than $2 billion.