Finance news you need to know today

FORMER GE boss Jeffrey Immelt has taken himself out of the running to lead Uber as the company seeks to overcome its ethical scandals.

THE Australian market looks set to open after Wall Street closed mainly higher following key speeches at the annual Jackson Hole, Wyoming, central bankers meeting. At 0700 AEST on Monday, the share price futures index was up six points, or 0.11 per cent, at 5,716.

Meanwhile, the Australian dollar has gained against a markedly weakened US dollar, with the US dollar index losing 0.6 per cent following the Jackson Hole speeches. The local currency was trading at 79.25 US cents at 0700 AEST on Monday, from 79.04 on Friday.

WORLD FINANCE UPDATE:

HOUSTON — About 22 per cent of US Gulf of Mexico oil production is offline because of Tropical Storm Harvey, the US Department of the Interior’s Bureau of Safety and Environmental Enforcement says.

HOUSTON — Both major airports in Houston have been closed amid severe flooding blamed on Tropical Storm Harvey.

WASHINGTON, DC — US President Donald Trump is accusing Canada and Mexico of being “very difficult” at the negotiating table over the North American Free Trade Agreement, and threatening anew to terminate the deal.

LONDON — The opposition Labour Party says it would keep Britain in the European single market and customs union for a transitional period after Brexit, offering a clear alternative to the policies of Prime Minister Theresa May.

NEW YORK CITY — Former General Electric CEO Jeffrey Immelt has taken himself out of the running to lead Uber as the ride-hailing giant seeks to overcome its ethical scandals and turn itself into a profitable business.

FRIDAY HIGHLIGHTS:

QANTAS — Drastic restructuring, a boom in domestic travel and a well-timed exit from unprofitable mining industry routes have helped Qantas deliver its second- highest underlying full-year profit result on record.

AUSTRALIA POST — Australia Post will hand Ahmed Fahour a final $10.8 million pay packet after the company nearly trebled its annual profit in the departed chief executive’s final year in charge.

FAHOUR — Australia Post has waved off Ahmed Fahour with a $10.8 million farewell but the former chief executive’s success has ensured there should never be a need to repeat such controversial largesse.

QANTAS YES — Qantas chief executive Alan Joyce says he will pour “a significant amount” of his own money towards the Yes campaign for same-sex marriage.

MEDIBANK — Australia’s biggest private health insurer, Medibank Private, is continuing to lose customers in its core health insurance business, but the company says the decline is slowing.

QANTAS FLIGHT — Qantas wants to launch non-stop flights from Australia’s eastern states to Europe in five years time.

BELLAMYS — Troubled infant formula maker Bellamy’s Australia says its turnaround program is starting to work, but uncertainty remains over the timing of product registration with China’s health authorities.

MAYNE PHARMA — Mayne Pharma has more than doubled its full-year net profit to $86 million, led by an improving contract manufacturing business and a boost from its expanded portfolio of generic and specialty products.

SUPER RETAIL — Super Retail Group — owner of Rebel Sports, Rays and Supercheap Auto — has lifted full-year net 62 per cent to $101.8 million, helped by a transformation and expanding margins in all its three major divisions.

SIMS METAL — Metals recycler Sims Metal Management expects to further improve performance in FY18 after swinging to a solid full-year profit in a booming scrap market.

TOPSHOP — Topshop’s UK owner has rescued four Australian stores from potential closure after the group’s local franchise owner collapsed into administration.

SELECT HARVESTS — Australia’s biggest almond grower, Select Harvests, has suffered a 73 per cent drop in full-year profit after wet weather and lower nut prices crunched its bottom line.

AGL ENERGY — AGL Energy has agreed to offload its gas assets in north Queensland to a consortium comprising of Chinese gas distributor Shandong.

SCOUT — Amazon-backed US home security start-up Scout Security has made a strong debut on the Australian share market, with its shares climbing 18 per cent on their first day of trading.

REGIS — Aged care provider Regis Healthcare has substantially boosted its final dividend as expansion and refurbishments helped lift revenue and profit.