Finance news you need to know today

A DIRECTOR of a company that took advantage of men suffering sexual dysfunction has been declared bankrupt.

THE Australian share market is expected to start the day mostly flat, after US stocks gave up gains made earlier in the session. At 0730 AEDT on Thursday, the share price futures index was down four points, or 0.07 per cent, at 5,977.

The Australian dollar on Thursday is lower, extending the losses that started after the release of weaker than expected inflation figures on Wednesday. At 0730 AEDT, the local currency was worth 80.58 US cents, down from 80.90 cents on Wednesday.

WORLD FINANCE UPDATE:

WASHINGTON — The US Federal Reserve has kept interest rates unchanged anticipate inflation will rise this year, in a sign it is still on track to raise borrowing costs again in March under incoming central bank chief Jerome Powell.

LUXEMBOURG — Annual inflation in the eurozone dropped to 1.3 per cent in January, falling for the second consecutive month.

LONDON — The British government is to hand over analysis to the UK parliament which warns of the negative impact of Brexit in a bid to deflect accusations that ministers are badly prepared for leaving the EU.

SEOUL — South Korean electronics giant Samsung saw record sales and profits in the last quarter of 2017 thanks in part to high demand for more memory in electronic devices.

WEDNESDAY HIGHLIGHTS:

SIRTEX — The head of Sirtex Medical says he is not surprised US suitor Varian Medical offered a 49 per cent share price premium in its $1.6 billion takeover offer for the Australian cancer treatment developer.

TREASURY WINE — Winemaker Treasury Wine Estates will undertake a major overhaul of its distribution network in the key US market in a bid to get even better performance from its operations there.

BILLABONG AGNES — The chief executive of Boardriders, which this month agreed to add Billabong to its portfolio of surf and sportswear brands, has gone missing at sea, but his boat has been recovered from a beach on the French coast.

CPI — Inflation remains below the Reserve Bank’s target, despite a spike in fuel and tobacco contributing to a 0.6 per cent rise in the December quarter.

CBA — Commonwealth Bank is considering whether to make a financial provision in next week’s first-half financial results related to AUSTRAC’s allegations it breached money-laundering and terrorism-funding laws.

DOMINOS — Domino’s Pizza says it has already put steps in place to protect franchisees’ profits as it prepares to pay higher wages under a new agreement with employees.

TEN NETWORK — Ten Network creditors have begun to receive their promised dividend payout following the embattled broadcaster’s $41 million takeover by US media giant CBS.

AWE — Oil and gas producer and explorer AWE has given suitor Mineral Resources three business days to match a superior proposal lobbed by Japanese firm Mitsui & Co.

ORIGIN ENERGY — Electricity and gas company Origin Energy has boosted half-year revenue 40 per cent and lifted production 12 per cent.

INVESTORS — Investors are steering away from safe stocks and are turning to more glamorous options such as tech and lithium stocks which are centred around innovation, an investment director at Bennelong Asset Equity Partners says.

IPO MARKET — Smaller companies dominated the initial public offerings (IPOs) market in 2017, driving the number of new listings to its highest level in over a decade, a new report says.

COCA COLA AMATIL — The head of Coca-Cola Amatil’s Australian beverage business, Peter McLoughlin, is stepping down to take extended sick leave.

AIM ACCC — A director of a company that took advantage of men suffering sexual dysfunction has been declared bankrupt after failing to pay the consumer watchdog’s legal costs. Jacov Vaisman is the former director of the Advanced Medical Institute (AMI) and NRM, the company that bought AMI and continued to operate the business. The Australian Competition and Consumer Commission took AMI and Mr Vaisman to court in 2015 for taking advantage of vulnerable men suffering sexual dysfunction.