HERE are eight things making news in business and finance today.
1. SYDNEY The Australian dollar has extended its gain against the US dollar. At 0635 AEST on Wednesday, the local unit was trading at 76.70 US cents, up from 76.33 cents on Tuesday.
2. SYDNEY The Australian market looks set to open higher following a weak but positive lead from Wall Street, where the Nasdaq closed at a record high. At 0645 AEST on Wednesday, the share price index was up 10 points at 5,500.
3. LONDON Britain’s economy started to shrink the month following the vote to leave the European Union, according to a forecast from the National Institute of Economic and Social Research.
4. WASHINGTON American workers’ productivity slipped in the April-June quarter, feeding into a 12 month decline in how much people are producing for each hour worked.
5. LONDON Gambling companies Rank Group and 888 Holdings have submitted a joint takeover offer for William Hill Plc that potentially values the UK bookmaker at up to STG3.6 billion ($A6.14 billion), the Financial Times reported.
6. FRANKFURT/HONG KONG British oil major BP is seeking buyers for its 50 per cent stake in Chinese petrochemicals joint venture SECCO, its largest investment in China, in a deal sources said could fetch $US2-$US3 billion.
7. LAVAL, Quebec Valeant Pharmaceuticals International Inc (VRX) has reported a loss of $US302.3 million in its second quarter.
8. NEW YORK Delta Air Lines says it’s cancelled more than 500 flights worldwide on Tuesday as the carrier works to restore operations after a power outage hit its computer systems on Monday.
Courtesy : news.com.au