Finance news you need to know today

SHARES in Retail Food Group have plunged to an eight-year low after warning its half-year profit is set to fall by more than a third.

THE Australian share market looks set to open firmly lower after Wall Street’s key indexes dipped ahead of the US tax reform bill vote that will slash the US company tax rate by 40 per cent. At 0700 AEDT on Wednesday, the share price futures index was down 14 points, or 0.23 per cent, at 6,063.

Meanwhile, the Australian dollar has slipped slightly against a subdued US counterpart ahead of the Congressional tax bill vote. The local currency was trading at 76.64 US cents at 0700 AEDT on Wednesday, from 76.67 on Tuesday.

WORLD FINANCE UPDATE:

WASHINGTON — The Republican-controlled US House of Representatives has approved sweeping, debt-financed tax legislation, sending the bill to the Senate, where politicians are due to take up the package later.

NEW YORK CITY — US securities regulators have temporarily suspended trading in the shares of Crypto Company, a small firm that saw its stock rise more than 2700 per cent this month after signing a deal to buy a cryptocurrency data platform.

LONDON — Transport for London had “one or two” issues regarding the accuracy of details provided by Uber, the regulator’s lawyer has said during a hearing over the taxi app’s appeal against the loss of its London licence.

TUESDAY HIGHLIGHTS:

RETAIL FOOD GROUP — Shares in Gloria Jean’s owner Retail Food Group have plunged to an eight year low after the company warned its half year profit is set to fall by more than a third.

RBA MINUTES — The Reserve Bank has painted a foreboding outlook for consumer spending, as wages continue to grow slowly and household debt levels remain high.

NAB MORTGAGES — National Australia Bank has refunded $1.7 million to almost 1000 mortgage customers after charging them too much interest because it failed to properly set up their offset accounts.

ANZ — ANZ chairman David Gonski regrets that public concern about big banks’ behaviour was allowed to escalate to the point that a royal commission became necessary to restore confidence in the industry.

BHP — BHP Billiton will remain a member of the Minerals Council of Australia for now but has decided to exit the World Coal Association over differences in climate and energy policy.

CONSUMER ANZ — Consumers are heading into Christmas on a high, with improved confidence about both current and future economic conditions.

FAIRFAX NZ — Fairfax has failed in its bid to overturn a decision by New Zealand’s competition watchdog blocking a merger between its local assets and rival NZME.