Finance news you need to know today

CABCHARGE has posted a $91 million full-year loss as it resets its operation in the face of growing competition from ride sharing giant Uber.

THE Australian share market looks set to open firmly higher with investors appearing to relax following the widespread risk aversion prompted by North Korea’s firing of a missile over Japan. At 0700 AEST on Wednesday, the share price futures index was up 29 points, or 0.51 per cent, at 5,661.

Meanwhile, the Australian dollar is still climbing against its US counterpart which rebounded as markets reversed their risk averse response to North Korea’s missile firing. The local currency was trading at 79.52 US cents at 0700 AEST on Wednesday, up from 79.40 on Tuesday.

WORLD FINANCE UPDATE:

HOUSTON — Federal regulators say dozens of offshore oil-and-gas platforms and rigs in the Gulf of Mexico have been evacuated as Tropical Storm Harvey continues to dump heavy rainfall on the region.

BRUSSELS — Google has submitted details of how it plans to stop favouring its shopping service to comply with a European Union antitrust order, EU regulators say.

DETROIT — Volkswagen is recalling almost 281,000 CC and Passat sedans and wagons in the US because the fuel pumps can fail and cause the cars to suddenly stall.

LONDON — European Commission President Jean-Claude Juncker has delivered a fresh rebuke to British Prime Minister Theresa May over her government’s handling of the Brexit process.

TUESDAY HIGHLIGHTS:

BLACKMORES — Vitamin maker Blackmores’ full year profit has tumbled as regulatory rumours dampened demand from Chinese consumers in Australia.

CALTEX — Caltex Australia will cut jobs as part of a review of its operations as it looks to offset the impact of losing its supply contract with Woolworths.

REX — Growth in passenger numbers, expansion into Western Australia and a lower fuel bill have helped airline Regional Express return to profitability, and it expects its improved performance to continue.

HOME SALES — Significantly fewer new apartments were sold in Australia in July, contributing to a slide in new home sales for the month.

CBA — Commonwealth Bank shareholders should welcome APRA’s inquiry into the lender as a balanced and non-political intervention that can restore the shine to a tarnished brand, a leading analyst says.

SPECIALTY FASHION — Specialty Fashion says a Qatari takeover of the Millers and Rivers owner is unlikely to go ahead and has warned weak consumer spending will continue to hurt sales.

CABCHARGE — Cabcharge has posted a $91 million full-year loss as it resets its operation in the face of growing competition from ride sharing giant Uber and rival transport payments processors.

RIO TINTO LEAVE — Mining giant Rio Tinto has announced a domestic violence package that includes up to 10 days of extra leave and other support for affected workers.

ATLAS IRON — Atlas Iron has swung to a full-year profit as a rebound in iron ore prices helped the junior miner recover from a writedown-driven loss a year earlier.

CONSUMER ANZ — Consumers are more positive than they have been of late but lacklustre wages growth and soaring power bills are still dragging on confidence, an economist says.

ACCC WOOLWORTHS — The consumer watchdog says it proposes allowing the use of Woolworths fuel discounts at BP petrol stations if the energy company is successful in buying the supermarket giant’s service sites.

RETAIL FOOD GROUP — Coffee, bakery and pizza franchise player Retail Food Group’s expansion overseas and its newly acquired food distribution business have boosted its annual profit.

DOWNER — Engineering and mining contractor Downer EDI says its acquisition of facilities management provider Spotless and new rail infrastructure projects will drive the company’s growth.

SPOTLESS — Downer EDI’s $1.3 billion takeover offer for Spotless Group has closed with the engineering services firm holding an 87.8 per cent controlling stake.