Finance news you need to know today

TWITTER has lost almost all of the money it had invested in SoundCloud, the company disclosed as part of its annual report.

THE Australian share market looks set to open more than half a per cent higher and possibly at the 6,000 point mark as strong positive sentiment returns to markets with Wall Street closing well above one per cent higher. At 0700 AEDT on Monday, the share price futures index was up 31 points, or 0.52 per cent, at 6,004.

Meanwhile, the Australian dollar has risen against its stronger US dollar. The local currency was trading at 78.42 US cents at 0700 AEDT on Monday, from 78.24 on Friday.

WORLD FINANCE UPDATE:

WASHINGTON — The US Federal Reserve, looking past a recent stock market sell-off and concern about inflation, said it sees steady growth continuing and no serious risks on the horizon that might pause its planned pace of rate hikes.

WASHINGTON — Some major US firms have ceased their partnership with the National Rifle Association gun lobby following the backlash over the deadly Florida school shooting on Valentine’s Day.

OMAHA — Berkshire Hathaway’s fourth-quarter profit more than quadrupled as it received a $US29 billion boost from the new tax law that easily offset any weakness in the company’s businesses.

LOS ANGELES — Twitter has lost almost all of the money it had invested in SoundCloud, the company disclosed as part of its annual report.

BARCELONA — Nokia has revealed an updated version of its curved 8110 mobile phone first seen in 1996 among its new devices at Mobile World Congress (MWC).

FRIDAY HIGHLIGHTS:

WOOLWORTHS — Woolworths’ first-half profit jumped 37.6 per cent to $969 million after comparable food sales at its Australian supermarkets rose 4.9 per cent.

CBA AUSTRAC — Commonwealth Bank has denied liability in a shareholder class action alleging it breached continuous disclosure obligations with its handling of AUSTRAC’s investigations into its compliance with money-laundering and terrorism-funding laws.

SOUTHERN CROSS — Shares in Southern Cross Austereo have plummeted after the company posted a more than 21 per cent fall in first-half profit, as the media group signalled more changes were needed at its struggling 2Day FM breakfast show.

MAYNE PHARMA — Generic drugs supplier Mayne Pharma slipped to an impairment-driven first-half loss of $174.2 million but says a recovery is already underway.

ACCENT — The Athlete Foot’s brand owner Accent Group has lifted first half profit by 19.4 per cent to $25.3 million thanks to strong growth in online sales and the rollout of more stores.

REGIS HEALTHCARE — Aged care provider Regis Healthcare has reported a 12 per cent decline in half- year profit to $27.9 million, with the results impacted by lower occupancy levels.

WOOLWORTHS ACCC — Woolworths is considering challenging the competition watchdog’s decision to reject the sale of its service stations to BP.

MCGRATH — Troubled realtor McGrath has announced the return of former chief operating officer Geoff Lucas as chief executive from next week.

SHAVER SHOP — Grooming and beauty products specialist Shaver Shop lifted first-half profit 9.2 per cent to $6.9 million on the back of record sales and an expanded store network.

BILLABONG — Struggling surfwear icon Billabong has maintained its full-year earnings guidance, despite the retailer’s ongoing deterioration ahead of a planned takeover by the owner of rival Quicksilver.

TASSAL — Tassal expects a record annual profit after bigger and heavier salmon helped the fish farmer lift first-half profit to a record $28.4 million.