Finance news you need to know today

FACEBOOK is deleting about 66,000 posts a week as the social media giant cracks down on what it considers to be hate speech.

THE Australian market looks set to open lower following falls on Wall Street’s three key indexes with the Nasdaq dropping more than one per cent. At 0700 AEST on Wednesday, the share price futures index was down 12 points, or 0.2 per cent, at 5,642.

Meanwhile, the Australian dollar is lower against its US counterpart, and back below 76 US cents, despite the greenback falling in the overnight session. The local currency was trading at 75.82 US cents at 0700 AEST on Wednesday, from 76.02 on Tuesday.

WORLD FINANCE UPDATE:

WASHINGTON, DC — The International Monetary Fund says it has cut its growth forecasts for the US economy to 2.1 per cent in 2017 and 2018, dropping its assumption that the Trump administration’s tax cut and fiscal spending plans would boost growth.

KIEV — A major ransomware attack on Tuesday hit computers at Russia’s biggest oil company, the country’s banks, Ukraine’s international airport as well as global shipping firm AP Moller-Maersk.

LONDON — The UK will be out of the EU customs union and single market by March 2019, Brexit minister David Davis has said.

BRUSSELS — The European Commission handed down a record 2.42 billion euro ($A3.59 billion) fine to Google on Tuesday for breaching EU antitrust rules after a seven-year investigation prompted by complaints from both sides of the Atlantic.

WASHINGTON, DC — The US State Department has placed China on its global list of the worst offenders in human trafficking and forced labour, a step that could aggravate tensions with Beijing that had eased under President Donald Trump.

NEW YORK — Facebook is deleting about 66,000 posts a week as the social media giant cracks down on what it considers to be hate speech.

TUESDAY HIGHLIGHTS:

BLACKMORES — Blackmores has confirmed “with regret” the departure of chief executive Christine Holgate to Australia Post, and has drafted in former head Marcus Blackmore to temporarily fill the gap. Ms Holgate, a former postie, doesn’t mind taking a pay cut.

AVEO — Retirement village operator Aveo has rejected accusations that it has a “churn target” on how many residents should leave a year so it can profit from the exit fees.

RIO TINTO — China’s Yancoal looks to have sealed its bid for Rio Tinto’s NSW coal operations after raising its offer price to $US2.69 billion ($A3.55 billion) to top a rival offer from commodities trader Glencore.

CBA RATES — Commonwealth Bank has followed its peers by raising its variable rates for interest-only mortgages, becoming the last of the big four banks to adjust its rates mix in an attempt to slow down riskier lending.

IRON ORE — Iron ore prices could hold at current levels in the September quarter on the back of still-solid demand for steel from China’s property and infrastructure sector, UBS analysts say.

REA — REA Group has made its move into home financing by buying a majority stake in mortgage broker Smartline and securing a broking partnership with National Australia Bank.

SEVEN WEST — Seven West Media has appointed John Driscoll as its regional chief executive for Western Australia.

SPOTLESS — Engineering group Downer EDI is seeking seats on the board of takeover target Spotless after taking a majority stake in the facilities services company.

FORTESCUE — Fortescue Metals Group has outlined plans to boost the number of driverless trucks at its mines in the next financial year.