Finance news you need to know today

GULF-STATE subsidies are allowing Emirates, Etihad and Qatar Airways to drive down prices and crowd out competition, US airlines claim.

HERE are eight things making news in business and finance today.

1. SYDNEY — The Australian dollar has extended its gains after soaring past the 76 US cent mark after the trade data. The local currency was trading at 76.61 US cents at 0703 AEDT on Friday, from 76.43 on Thursday.

2. SYDNEY — The Australian market looks set to open flat, following a rocky night on Wall Street where shares were in and out of negative territory. At 0703 AEDT on Friday, the share price futures index was unchanged at 5,598.

3. WASHINGTON — The US Treasury Department has adjusted sanctions on Russian intelligence agency FSB, making limited exceptions to the measures put in place by former President Barack Obama over accusations Moscow tried to influence the US presidential election with cyber attacks on political organisations.

4. NEW YORK — The CEO’s of the three largest US airlines have asked to meet with Secretary of State Rex Tillerson to discuss allegations that Gulf-state subsidies are allowing Emirates, Etihad Airways and Qatar Airways to expand rapidly, drive down prices and crowd out competition on key routes.

5. NEW YORK — Microsoft Corp has sent a proposal to US President Donald Trump’s administration to create a program to let people from seven predominantly Muslim nations enter and leave the United States on business or family emergency travel if they hold a valid work or student visa and have not committed any crimes.

6. LONDON — The Bank of England has revised up its growth forecasts for the British economy for the coming three years but cautioned about the inflation outlook in the wake of the pound’s sharp decline since the country’s vote to leave the European Union.

7. LONDON — The British government is trying to ease some of the uncertainty around the UK’s exit from the European Union, saying it seeks an outcome of “mutual benefit” to both sides.

8. EDINBURGH — Scotland’s devolved parliament will vote on the triggering of Article 50, which formally starts the process of Britain leaving the European Union, even though its vote is not binding.