Finance news you need to know today

AMAZON is launching a new social network aimed at getting its hardcore users to spend even more money with the e-commerce giant.

THE Australian share market looks set to open higher, with investors expected to take the lead from Wall Street where the major indices closed at record highs. At 0715 AEST on Thursday, the share price futures index was up 30 points, or 0.53 per cent, to 5,695 points.

Meanwhile, the Australian dollar has continued to make gains, helped by a recovery in iron ore and oil prices and as traders stay bullish ahead of the employment data release. At 0700 AEST on Thursday, the local currency was worth 79.56 US cents, from 79.22 US cents on Wednesday.

WORLD FINANCE UPDATE:

WASHINGTON — Thirty-two million Americans would lose their health insurance by 2026 under a U.S. Senate plan to repeal Obamacare without providing a replacement, the Congressional Budget Office reported on Wednesday.

WASHINGTON — Senior U.S. and Chinese officials concluded contentious economic talks on Wednesday but the outcome was clouded by the cancellation of closing news conferences and U.S. demands for a “more fair” trading relationship with Beijing.

NEW YORK — Amazon is launching a new social network aimed at getting its hardcore users to spend even more money with the e-commerce giant.

PARIS — French Economy Minister Bruno Le Maire said on Thursday that Britain must pay what it owes to the European Union and it is a non-negotiable prerequisite for Brexit talks.

BRUSSELS/WARSAW — The European Union on Wednesday gave Warsaw a week to halt judicial reforms it said would put courts under direct government control, or face punishment for undermining democracy in the largest ex-communist member of the bloc.

WEDNESDAY HIGHLIGHTS:

APRA — Australia’s biggest banks will have to find billions of dollars of extra cash by 2020, but the new requirement does not look like being much of a problem for them.

FITCH — Ratings agencies says the big four banks will comfortably meet new capital requirements aimed at strengthening the sector, though interest rate hikes are possible.

BHP — BHP Billiton has forecast further increases in iron ore production after meeting its targets for the financial year, but an extended strike at a Chilean copper mine will dent its bottom line.

TELSTRA — Telstra shares are under fresh pressure following chairman John Mullen’s comments that the telco’s future as a dividend-paying business could be on the wrong side of history.

SUPER — Australian superannuation funds have overcome 12 months riven with political and economic uncertainty to post an eighth consecutive year of growth.

WINE — China’s thirst for Australian wine continues to grow at a faster rate than anywhere else in the world.

ZOONO — Shares in Zoono, maker of a hand sanitiser that uses molecular technology first developed for shipping in 1930, have jumped after the company secured a distribution deal with supermarket giant Woolworths.

IAG — Insurance Australia Group is simplifying its operating model as part of its $250 million cost savings exercise.