Finance news you need to know today

BILLABONG has received a merger proposal from the owner of Quiksilver that values the surfwear retailer at about $200 million.

THE Australian share market looks set to open lower after news that former US security adviser Michael Flynn said he was willing to testify against President Trump over Russia’s involvement in the US presidential election. At 0700 AEDT on Monday, the share price futures index was down six points, or 0.1 per cent, at 5,991.

Meanwhile, the Australian dollar has slipped just under 76 US — after sporadically rising above the key level earlier in the morning — but it still higher against its US counterpart. The local currency was trading at 75.98 US cents at 0700 AEDT on Monday, from 75.64 on Friday.

WORLD FINANCE UPDATE:

WASHINGTON — The US Senate has narrowly approved a tax overhaul, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

BRUSSELS — The European Commission added to mounting confidence in Brussels that it is set for a Brexit deal with London when it scheduled talks with EU lawmakers ahead of a crunch meeting with Theresa May.

DUBLIN — It is not yet clear if Britain and the European Union can agree on written assurances to avoid a hard Northern Ireland border by a Monday deadline, Irish Foreign Minister Simon Coveney says.

BERLIN — A suspicious package found near a Christmas market in the German city of Potsdam two days ago was not terrorism-related, but part of an attempt to blackmail delivery company DHL, an official says.

DALLAS — CVS will buy insurance giant Aetna in a roughly $US69 billion ($A97 billion) deal that will help the US pharmacy chain provide more health care and keep a key client, according to a person with knowledge of the matter.

NEW YORK CITY — Walt Disney and 21st Century Fox have restarted more serious discussions that could result in the owner of ABC and ESPN picking up pieces of the empire controlled by the Murdoch family, according to a report in The Wall Street Journal, while Comcast also remains interested in pursuing a potential deal.

WUZHEN — Apple chief Tim Cook says developers using its platform in China number 1.8 million and have earned a total 112 billion yuan ($A23.70 billion), roughly a quarter of total global App Store earnings.

WUZHEN — Chinese President Xi Jinping says the country will not close its door to the global internet, but that cyber sovereignty is key in its vision of internet development.

FRIDAY HIGHLIGHTS:

TELSTRA — Telstra has cut its full-year guidance for earnings and revenue, blaming the temporary suspension of the national broadband network rollout by NBN Co for impacting its financials.

PREMIER — Premier Investments chairman Solomon Lew has upgraded the long-term outlook for the group’s star business, stationery chain Smiggle.

GODFREYS — Shares in vacuum cleaner merchant Godfreys have plunged to an all-time low after the company cut its earnings forecast due to weaker than expected sales and delays in its franchise rollout.

GETSWIFT — Former Melbourne AFL player Joel Macdonald’s logistics software company GetSwift has soared on the ASX after it scored two major US retailers — online giant Amazon and fast food group Yum!

BILLABONG — Billabong has received a merger proposal from the owner of the Quiksilver and Roxy brands that values the surfwear retailer and wholesaler at about $200 million.

MANUFACTURING AI — Growth in Australia’s manufacturing sector jumped in November, bouncing back from two months of slower expansion that coincided with the closure of the Holden and Toyota car plants.