Finance news you need to know today

AUSTRALIAN banks have agreed to stop selling on-the-spot add-on insurance — “junk insurance” — to customers applying for credit cards.

THE Australian market looks set to open flat despite a strong lead from international markets overnight. At 0700 AEST on Wednesday, the share price futures index was down 3 points, or 0.05 per cent, at 5,711.

Meanwhile, the Australian dollar on Wednesday has fallen against the greenback as the US dollar took respite overnight with most data coming in as expected. The local currency was trading at 79.68 US cents at 0700 AEST on Wednesday, down from 80.02 on Tuesday.

WORLD FINANCE UPDATE:

NEW YORK — Apple has reported a 7.2 per cent rise in quarterly revenue, buoyed by better-than-expected sales of its iPhones ahead of the smartphone’s 10th- anniversary edition launch later this year.

WASHINGTON — The White House says US President Donald Trump had a role in producing a statement in which his son denied that a meeting he had with a Russian lawyer was related to the 2016 presidential campaign, comments later shown to be misleading.

WASHINGTON — US consumer spending barely rose in June as personal income failed to increase for the first time in seven months amid a decline in dividend payments, pointing to a moderate pace of consumption growth in the third quarter.

ISLAMABAD — Pakistan’s lower house of parliament has elected veteran lawmaker Shahid Khaqan Abbasi as the country’s new prime minister, a loyalist of outgoing Nawaz Sharif, who was disqualified by the Supreme Court for concealing assets.

MOSCOW — The United States has begun removing furniture and equipment from a diplomatic property in Moscow in the first sign of compliance with a Kremlin order to slash its presence in Russia as retaliation for new US sanctions.

TUESDAY HIGHLIGHTS:

RATES — The central bank has warned that a rising Aussie dollar could slow the pace of economic growth and job creation.

VODAFONE — Vodafone Hutchison Australia has added 190,000 new customers to take its subscriber base to 5.7 million and flagged a $2 billion spending spree to bolster its market position.

NAVITAS — Shares in education giant Navitas have fallen heavily after the company announced an 11 per cent drop in full year profit and said a decline in government-backed language training contracts had hurt the outlook for its English language training division.

CREDIT CORP — Shares in Credit Corp have surged after its full year profit rose 20 per cent and the debt collector and lender forecast further growth.

TREASURY WINE — The company behind Penfolds and Wolf Blass wines has declared confidence in its strategy for China after investment bank Goldman Sachs said the company’s expectations for growth were unrealistic.

ASIC INSURANCE — Australian banks have agreed to stop selling on the spot add-on insurance to customers applying for credit cards, following an audit by the corporate regulator.

CONSUMER ANZ — Consumer confidence has hit its highest point since February, on the back of strong full-time jobs growth and a fall in the unemployment rate.

SLAVERY ACSI — Australian companies should be legally bound to check and report on slavery risks across their operations and supply chains, a major superannuation investor group says.

OROTON — Troubled luxury handbag retailer Oroton has secured a six-month extension of a $35 million finance package with Westpac in a deal that could result in a major shareholder controlling the company’s debt.

ETHICS — Australians have a poor view of the ethical standards of large corporations and their top managements, particularly in the banking and finance sector, an annual survey by the Governance Institute of Australia has found.

FORTESCUE CHILDCARE — Fortescue Metals has begun offering staff at its Perth headquarters a free childcare service.